MODULE 1- MARKETING AND ITS SCOPE.pdf

MARKETING AND ITS SCOPE WEEK 1 – MODULE 1 LEARNING OUTCOMES: DEFINE AND EXPLAIN MARKETING IDENTIFY AND DESCRIBE THE SCOPE OF MARKETING  MARKETING DEFINED It is important to have loyal customers or what is known as “suki.” However, to attain this, it is important to have...

MARKETING AND ITS SCOPE WEEK 1 – MODULE 1 LEARNING OUTCOMES: DEFINE AND EXPLAIN MARKETING IDENTIFY AND DESCRIBE THE SCOPE OF MARKETING  MARKETING DEFINED It is important to have loyal customers or what is known as “suki.” However, to attain this, it is important to have a reliable and effective marketing strategy. Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Why activity? Because it involves actions, efforts, strategies carried out by individuals, institutions, or organizations to a achieve a specific objective Why set of institutions? Marketing is considered a set of institutions because it involves the collaboration of different organizations, entities, and intermediaries that have specific roles in the marketing process.  FOUR COMPONENTS OF MARKETING Creating Offerings: this includes developing products or services that provide value to customers, clients, partners, and society. Communicating Offerings: Marketing involves effectively conveying information about these products or services to the target audience. This communication can take various forms, such as advertising, promotions, or public relations. Delivering Offerings: This refers to the process of making the products or services available to customers. It involves distribution, supply chain management, and ensuring that customers can access the offerings. Exchanging Offerings: Marketing facilitates the exchange of value between the business and its customers. This involves transactions where customers receive the desired offerings in return for their payment or other forms of value. 4  T H E T R AD IT IONAL WAY OF VIEWING T HE COM PONENT S OF PRESENTATION TITLE M ARKET ING IS VIA T HE FOUR PS: 1. Product. Goods and services (creating offerings). 2. Promotion. Communication. 3. Place. Getting the product to a point at which the customer can purchase it (delivering). 4. Price. The monetary amount charged for the product (exchanging). 5  IM PORT ANT M ARKET ING CONCEPT S Needs are the basic human requirements (i.E. Food, clothing, shelter, and safety as physical needs; social needs for belongingness and affection; and individual needs for knowledge and self-expression). Wants are the desires shaped by culture, the environment, and influenced by others. Demands. it's the combination of wanting a product or service and being ready to pay for it. Exchanges are the acts of obtaining a desired object from someone by offering something in return. Marketing consists of actions trying to build an exchange relationship with an audience. Market is the set of all actual and potential buyers of a product or service. It is composed of people with both desire and ability to buy a product or service.  SCOPES OF MARKETING PRESENTATION TITLE Products and Services:Products and Service are the basic element of marketing. If there is no product there is no marketing. It is concerned with the nature and type of products, product quality and design, product planning and development, product decisions relating to branding, labelling, packaging, trademarks etc. Marketing Research:Modern marketing starts with an analysis of the various aspects of market and related areas. It includes an analysis of nature and types of customers, size of market, customer attitude, buyer behavior etc. An in-depth analysis of customers and markets is a prerequisite for every marketer to have a successful marketing. 7  SCOPES OF MARKETING PRESENTATION TITLE Consumer Needs and Wants: Consumer will purchase goods or services only if it fulfills his/ her needs and wants. Before offering a product, the marketer undertakes research activities in order to try and understand customer needs, and then try to offer a product which satisfies those customer needs. Consumer Behavior: In this, the marketer studies and analyzes how consumers respond to a particular product or service? Every consumer is different and unique in nature, therefore consumers have to be studied in a group as well as individually in order to understand their behavior and satisfy them accordingly. 8  SCOPES OF MARKETING PRESENTATION TITLE Pricing Policies: As marketing is an exchange process, money is exchanged for products. This aspect of marketing falls under the function of pricing strategies. Every product needs to be priced strategically in order to survive in the market and satisfy consumers. There are different pricing policies. Each policy depends on various factors like production cost, competition, product life cycle etc. Distribution: Study of distribution channels is important in marketing. It is necessary for a marketer to reach maximum customers with minimum cost. Promotion: Includes personal selling, sales promotion, world of mouth advertising etc. 9  SCOPES OF MARKETING PRESENTATION TITLE Consumer Satisfaction: Consumer satisfaction is the major objective of marketing. A consumer is satisfied when his/ her needs are fulfilled. Consumer satisfaction ensures that the business is moving in the right direction. Feedback from Customers: For successful marketing of goods it is essential that the marketer obtains the required feedback from customers. A proper feedback mechanism should be developed so that reasons for failure or less satisfaction may be identified and improvements in the products be made 10 THANK YOU