Marketing and Challenges

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What is GAP FILLING?

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What is the actual difference between Deciding And Achieving?

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What is the reason behind success of a STAND ALONE BUSINESS?

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What is it that makes wonders out of a BUSINESS?

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LAST QUESTION What is it all that thrives a MANAGEMENT students to run into an ENTERPRISE and mount it to PEAK…??

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MARKETING it is….

MARKETING:

MARKETING Marketing deals with identifying and meeting human and social needs. “MEETING NEEDS PROFITABLY” When eBay recognized that people were unable to locate some of the items they desired the most, they created an “ONLINE AUCTION CLEARINGHOUSE”

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Thus Marketing is: SOCIAL DEFINITION: “ It is a social process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.” MANAGERIAL DEFINITION” “ Marketing is the art of meeting demands profitably”

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Marketing versus Selling Marketing has often been described as “ THE ART OF SELLING ”, but people are surprised when they hear that the most important part of marketing is not selling..!!! Selling is only the tip of the marketing ICEBERG…… Thus the difference between Selling and Marketing is…………….

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Marketing Starts with the buyer & focuses constantly on needs of the buyer Seeks to convert customer’s needs into products Views business as ‘Customer Satisfying Process’ Consumer determines the price, price determines the cost Marketing is the central function of the business Views customers as the very purpose of the business Selling Starts with a seller & is preoccupied with the needs of seller Seeks to quickly convert product into cash Views business as ‘Goods Producing Process’ Cost determines the price Firms practicing Selling, Production forms CENTRAL FUNCTION of business Views customer as last link in business

CORE CONCEPTS of MARKETING:

Needs, wants & demands Target market, positioning & segmentation Offering & branding Value & satisfaction Marketing channels Market planning Market place, market space & meta-market Exchange & transaction CORE CONCEPTS of MARKETING

Marketing Philosophies:

Marketing Philosophies The Production Concept : oldest concept in business which holds that consumers will prefer products that are widely available & inexpensive The Product Concept : holds that consumers will favor those products that offer the most quality, performance, or innovative feature The Selling Concept: holds that consumers & business, if left alone, will ordinarily not buy enough of the organization’s products. (aggressive selling & promotional efforts)

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The Marketing Concept: this concept holds that the key to achieving organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating superior customer value to its chosen target markets The Holistic Marketing Concept: this concept is based on the development of marketing programs, processed, and activities that recognizes their breadth and interdependencies. Holistic marketing recognizes that “everything matters” with marketing and that a broad, integrated perspective is often necessary

Another dimension…..:

Another dimension….. Sellers point of view Buyers point of view PRODUCT CUSTOMERS SOLUTION PRICE COST PLACE CONVINIENCE PROMOTION COMMUNICATION

What is MARKETED?:

What is MARKETED? GOODS SERVICES EVENTS EXPERIENCES PERSONS PLACES PROPERTIES ORGANIZATIONS INFORMATIONS IDEAS

Who MARKETS?:

Who MARKETS? MARKETERS & PROSPECTS A marketer is someone who seeks a response (attention, a purchase, a vote, a donation) from another party, called the prospect . If both parties are seeking to sell something to each other, we call them both marketers.

Demand States:

Negative Demand Non-existent Demand Latent Demand Declining Demand Irregular Demand Full Demand Overfull Demand Unwholesome Demand Demand States

PRODUCTS…….:

PRODUCTS……. Products are the commodities offered for sale or an artifact that has been created by someone or some process. It is basically something that can be differentiated from services

Products versus Services:

Products versus Services Products are tangible, services are intangible Seller and buyer need not be present in case of sale of product, while the presence of both is necessary in case of services Products can be stored in warehouse, while the services can not be. Uniformity in quality can be maintained in case of a product, but not in case of a service. The service quality always differs. Products are associated with 4 Ps (product, price, promotion & place). While services are associated with 7 Ps, the 3 additional Ps are PEOPLE, PHYSICAL EVIDENCE & PROCESS

Marketing Mix for Product:

Marketing Mix for Product

The 4 Ps:

The 4 Ps Product : in this we consider product variety, quality, brand name, features, returns, design, warranties & guarantees, packaging, sizes Price : under this we decide upon list prices, discounts, allowances, payment periods & credit terms Promotion : in this we consider sales promotion, advertising, sales force, public relation & direct marketing Place : channels, coverage, assortiment, locations, inventory & transport

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Service is an identifiable, intangible activity that is main object of a transaction designed to provide want satisfaction to consumer. Services are something that can be characterized with 4 Is: Intangibility Inconsistency Inseparability Inventory In your SERVICE!

Marketing Mix for Service:

Marketing Mix for Service

PEOPLE…….:

PEOPLE……. Forms an inevitable part of service industry, since HUMAN is the very basic machinery providing the services. They interact with the customers and secure long term relationship beneficial for the business Plays major part in customer’s satisfaction, and securing long term business and wealth to the enterprise

PHYSICAL EVIDENCE…….:

PHYSICAL EVIDENCE……. Tangbilizing the intangible is what forms the part of this module. Deals with problem when the person rendering the service feel that he’s left with nothing by the end. The service are then associated with physical entities that customers can remember and even retain with them

PROCESS…….:

PROCESS……. Process refers to a systematic organized way in which the service provider undertakes transaction, supplies information and provides services in an acceptable way to the consumer. While designing a process, a balance has to be maintained between functionality, security, aesthetics and ease of use by customer. We need to empathize in designing service process

STATE BANK of INDIA:

STATE BANK of INDIA Largest public sector bank in INDIA 2 nd largest public sector bank in whole world Personal banking, corporate banking, ATM, mobile banking, net banking, demat, agri/rural banking, NRI service, SME services, loans, etc. SBI caters in various section and in quietly a dominator in SERVICE INDUSTRY (Service)

TATA MOTORS (product):

TATA MOTORS (product) A part of TATA group, TATA motors is India’s largest automobile company. Leader in commercial vehicles Subsidiary Brands are Tata Daewoo Commercial Vehicle, Hispano Carrocera, Jaguar Cars and Land Rover, Joint ventures Tata Nano, Tata Ace, etc Passenger cars and utility vehicles, Concept vehicles, Commercial vehicles, Military vehicles

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A happy customer

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An unhappy customer

Significance of MARKETING:

Significance of MARKETING Marketing affects our lives Marketing satisfies our needs FORM UTILITY PERSON UTILITY EXCHANGE UTILITY PLACE UTILITY TIME UTILITY KNOWLEDGE UTILTY Marketing generates revenue for business firm Marketing plays a crucial role in economic development

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Let’s pound in some!

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Marketing constitute an endless study and a vivid discussion path….but due to scarcity of time, money, and resources businesses face constraints and they have to operate within those limitations……..because without working out on the best combinations, even god cannot pile up loads of ….. (money, what else…)

Thank you….:

Thank you…. Karan Gulati

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