Principles of Marketing Father of Marketing Philip Kotler

Principles of Marketing Father of Marketing – Philip Kotler

UNIT – I Ø Meaning and definition of market and marketing Ø Importance of marketing Ø Marketing and selling Ø Modern marketing concept Ø Global Marketing Ø E-marketing Ø Tele marketing Ø Marketing Ethics Ø Career Opportunities in Marketing

Ø What is Market? Ø How it is from Marketing?

Market

MARKETING

Market Meaning - Market refers to a place where buyer and sellers can come in contact with each other either directly or indirectly Definition – “ Market includes both place & Region in which buyer are in free competition with one another. ” – Pyle

Marketing Meaning The term marketing is derived from the term market. Marketing is the Process or technique of promoting, selling, and distributing a product or service. Definition - “Marketing is the creation and delivery of standard of living to society. ” - The American Marketing Association

Selling Vs Marketing Selling Marketing

Difference Between Marketing and Selling Bases of difference Selling Marketing Focus on product Focus on Customer wants Primary Motive Sales Customer Satisfaction Customer Needs Without Knowing customer First customer need is needs , Production and Selling known and then takes place. production takes place, then product is sold at profit. Orientation Internal company oriented External Market Oriented Motive Consumer Need is motive Buyer Need is motive Determination of Cost determines price Price Consumer determines price, price determines cost Customer Views customer as first Views Customer as last link

Importance of Marketing Ø Creating a Brand Ø Product Development Ø Communication Ø Creates Awareness Ø Building Relationships Ø Tackling The Competition Ø Creates Employment Ø Increases standard of living

Traditional Marketing (or) Marketing mix (or) 4 P’s & 4 C’s of Marketing

Modern Marketing Traditional marketing + 3 P’s Modern Marketing Peopl e Proces s Physical Evidenc e

Modern marketing concept In 1950 s the marketing concept emerged. The marketing concept is aimed at orienting a firm completely towards its customers. Every department from production to finance to human resource should be customer focus.

Modern marketing concept Ø Customer orientation Ø Coordinated effort by all departments of the firm to satisfy customers Ø Emphasis on long term relationships Ø Profitable way to do business over the long term

Modern marketing concept - Cont. . . , Production concept Product concept Selling concept Marketing concept Consumer concept Societal marketing concept

Modern marketing concept - Cont. . . , Production concept - companies think that consumer will buy the product which comes in the market. Product concept- companies give importance to the features or the quality of the product Selling concept - inform the consumer about the product which can be done through different ways of promotion.

Modern marketing concept - Cont. . . , Marketing concept – The manufacturer have to produce the product which the consumer wants. Consumer concept – Companies give attention to individual consumer it can be done through one to one marketing. Societal marketing concept - the company should make balance between company’s profits, consumer wants and society welfare

Global Marketing �What is Global Marketing? �How is it different from regular marketing?

Global Marketing

Global Marketing Ø Global marketing is more than simply selling a product internationally. Ø It includes the whole process of planning, producing, placing, and promoting a company’s products in a worldwide market. Ø Boundary less Marketing Examples : Coca-Cola , Kentucky Fried Chicken(KFC), Apple etc. ,

Importance of Global Marketing Ø Additional revenue Ø New insights into customer behavior Ø Alternative distribution strategies Ø Advance notice of new products Ø A major key to achieving success in foreign markets

E-Marketing �What is E- Marketing? �How is it different from regular marketing?

E-Marketing Ø E-marketing refers to the application of marketing principles and techniques via Electronic media and more specifically the Internet. Ø E -Marketing is also known as Electronic –Marketing (or) Internet Marketing(or) Online marketing.

E-Marketing tools Ø Business websites Ø Search Engine Ø Email Ø Online newsletters, catalogues , press releases, surveys & customer service Ø Banner advertising Ø Social Media Ø Mobile marketing Ø Web Log (Blog) - Web-based journals in which people can editorialize and interact with other Internet users.

Characteristics of E-Marketing Ø Addressability - A marketer’s ability to identify customers before they make a purchase. Ø Interactivity - allow customers to express their needs and wants directly to the firm through marketing communications. Ø Memory- A sense of group membership or feeling of belonging by individual members. The ability to access databases or data warehouses containing individual customer

Characteristics Of E-Marketing – Cont. , Ø Control -Customers’ ability to regulate the information they view and the rate and sequence of their exposure to that information. Ø Accessibility - The ability to obtain information available on the Internet. Ø Digitalization - The ability to represent a product, or at least some of its benefits, as digital bits of information.

Tele Marketing Telemarketing is a method of direct marketing in which a salesperson customer attract to buy products or services, either over the phone

Ø The term ‘TELE - MARKETING’ was first used in late 1970 s to describe bell system communication. Ø An effective telemarketing process often involves two or more calls. Ø First call determines the customer’s needs. The final call motivate customer to make a purchase

Benefits of using telemarketing Ø Provide a more interactive and personal sale service Ø Create an immediate rapport with your customers Ø Explain technical issues more clearly Ø Generate leads and appointments Ø Sell from a distance to increase your sales territory Ø Reach more customers than with in-person sales calls

Marketing ethics Ø Marketing ethics addresses principles and standards that define acceptable conduct in the market place. Ø Marketing usually occurs in the context of an organization, and unethical activities usually develop from the pressure to meet performance objectives. Ø Some obvious ethical issues in marketing involves clear cut attempts to deceive or take advantage of a situation

Marketing Ethics & Consumer Rights �The law and regulations are generally designed to protect the consumers from unethical practices by businesses �These laws and regulations recognize that consumers have certain basic rights in the market place �Each marketer must relay on his/her own value system to determine what is and is not ethical

ETHICAL VALUES • Honesty: to be truthful and forthright in our dealings with customers and stakeholders. • Responsibility: to accept the consequences of our marketing decisions and strategies. • Fairness: to try to balance justly the needs of the buyer with the interests of the seller. • Respect: to acknowledge the basic human dignity of all stakeholders.

CONTD……. Openness: to create transparency in our marketing operations. Citizenship: to fulfill the economic, legal and societal responsibilities that serve stakeholders in a strategic manner.

Career Opportunities in Marketing �Content Marketing Manager �Content Writer �Digital Brand Manager �Digital Marketing Manager �Director of Digital Marketing �Internet Marketing Coordinator �Internet Marketing Director �Internet Marketing Specialist �Search engine optimization Manager �Social Media Marketing Analyst �Social Media Marketing Coordinator �Social Media Marketing Manager