What is Marketing?

Marketing is "Meeting needs profitably"

What is Marketing Management?

Marketing Management is the art and science of choosing target markets and getting,keeping and growing customers through creating,delivering and communicating superior value.

Selling vs Marketing

• Selling starts with the seller and it is concerned only with the seller needs whereas Marketing starts with the buyer and concerned with the buyers needs
• Selling converts existing products into money whereas Marketing converts existing products into products
• Production is the central function of business whereas Marketing is the central function of business.
• Cost determines the price whereas Market determines the price.

Importance of Marketing

1. Finance,Operations,Accounting and Business functions wont really work without Marketing.
2. Financial success depends on marketing ability.
3. Marketing has a broader importance to the society as a whole and it helped introduce and gain acceptance of new products and enrich lives.
4. Marketers improve their position by innovating new products.
5. Successful Marketing has a demand for products and services and create jobs.
6. CEO's recognize role of marketing by building strong brands.
7. Marketers market ten types of entities.They are goods, services, event, experiences, places, properties, organizations,information,ideas and persons.
8. Decisions should be taken in internet fueled environment where consumers,technology competition and economic forces change rapidly. 
9. Social Media Marketing is done through Social Networking sites.
10. Marketers must decide :

• Features
• Where to sell product
• How much to sell on advertising,sales,internet and mobile marketing.

Types of Markets:

1. Consumer Markets
2. Business Markets
3. Global Markets
4. Non-Profit
5. Profit

Recent Trends in Marketing:

1. Internet Marketing
2. Mobile Marketing
3. Green Marketing
4. Cause Related Marketing
5. Societal Marketing
6. Experiential Marketing

Evolution of Marketing:

1. Production Era
2. Sales Era
3. Marketing Era
4. Customer Era
5. Consumer Era
6. Relationship Era

Core Marketing Concepts:

Maslow's Hierarchy of Needs:

Philosophies of Marketing:

1. Production Concept believes that consumers will favour products that are readily available at reasonable prices. Example:Household appliances like fridge ,washing machine,geyser were available only in white colour but now we have choice of different colours.
2. Product Concept:Consumers will favour products that offer the most in quality,performance and innovative features. Example:Consumers may be wanting a better solution to the mouse problem and not a better mouse trap.
3. Selling Concept:Consumers will not buy consumer products unless it undertakes pressure selling and heavy promotion tactics.Example:Life Insurance
4. Marketing Concept:Customer satisfaction plays a key role in marketing concept.Marketing Concept comprises of Inside out Selling Concept and Outside in Marketing Concept.
   
5. Customer Concept: Many companies are now moving from marketing concept to customer concept.These companies shape separate offers,services and messages to individual customers based on individual preferences.                                     Example:Barbie dolls,Levis jeans,Dell Computers
6. Societal Marketing Concept:Organisations should determine needs,wants and interest of target markets.The three considerations in societal marketing are company profits,consumer wants and society interest.
   

What is a Brand?

A brand is a name,sign or symbol which is used to identify goods and services of the seller to differentiate from goods and services of competitors.

Differences between Goods and Services

• Goods are tangible which we can feel,touch and see whereas services are intangible which could not be seen.
• Examples of goods are toys,stationary,furniture etc. Examples of services are hotel services,hair services and car services etc.
• Goods are produced and consumed at different place whereas Services are produced and consumed at same place.
• Promotion of goods is easy whereas promotion of services is difficult.
• Goods are based on 4P's.
• 4P's are Product,Price,Place,Promotion
• Services are based on 3P's.
• 3P's are People,Process,Physical Evidence.

Marketing Environment:

• Marketing Environment is a combination of micro environment,macro environment and it effects business and marketing operations. 
• Micro Environment affects business in a long run
• Macro Environment affects business and marketing at operating level
• Internal Environment includes the forces and actions inside the firm the effect marketing operation.

                                 

• Macro Environment includes the demographic factors,economic factors,technological environment,socio culture environment,political and legal environment,natural environment,seasonal factors,geographical environment,psycho-graphic factors and cultural environment.
• Micro Environment is about building relationships with customers by creating customer value and satisfaction.Marketing success will require working closely with other departments of the company,suppliers,market intermediaries,competitors and various public which combine to make up company's value delivery network.

STP Approach of Marketing:

• STP Approach is a strategic marketing plan .
• STP stands for Segmentation,Marketing and Positioning

Segmentation: 

• According to Philip Kotler,Market Segmentation is the sub dividing of market into homogeneous subsection which is selected as a market target to be reached with a distinctive marketing mix.        
• A market segment is composed of a group of buyers who share common characteristics,needs,purchasing behavior and consumption patterns.
• An effective segmentation is based on group of similarities.
• Different types of Market Segmentation are Geographical Segmentation,Behavioral Segmentation,Demographic Segmentation,Psychographic Segmentation,Benefit Segmentation,Consumer Segmentation.

Targeting:

• A target segmentation is one that a firm has selected from among those in the broader market and targeting is on the basis of various factors.
• After identifying market segments,the marketer decides which segment has greatest opportunities and which are its target markets.
• Different types of Target Marketing are Undifferentiated Marketing,Differentiated Marketing,Niche Marketing and Micro Marketing

Positioning:

• Positioning is the art of designing the company's offering and image to occupy a distinctive place in the mind of target market
• Positioning is based upon various factors.They are:

1. Positioning on specific feature or attribute
2. Positioning on benefits,problem,needs and solution
3. Positioning for specific usage occasions
4. Positioning for user category
5. Positioning against another product competitors
6. Positioning on quality or price