Marketing Framework
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This document provides an overview of key marketing concepts in 7 paragraphs. It defines marketing as meeting customer needs profitably through creating, communicating, and delivering superior value. It discusses the goal-oriented and customer-focused nature of marketing, and covers the scope of marketing functions including research, strategy, support functions, exchanging, and feedback. It also outlines the marketing process, roles of marketing in generating profit and contributing to society, and core concepts such as needs, wants, demand, and customer value.
Marketing Framework
- 2. Mktg Meeting needs profitably :3SN4P Creatg,comctg,& deliverg sup val to the TC & maintg endurg relationship for the benefit of the org Societal process by which indivs & groups obtain what they need and want thru creatg, offerg & exchangg pdts of val with others Choosg TM,gettg,keepg & growg custs by cc&d sup val for profit
- 3. Nature 1.Goal oriented-co(profit)cust(need satisfn) society(welfare) 2.Cust focus-cust is king/sup val/make or break 3.Integrated approach-activities to complement& coordinate 4.persuasive-influence cust abt the sup val 5.pervasive-every level/dept needs to ‘think cust first’ 6.exchange-bet buyer& seller for mutual benefit 7.Long term approach-relationship(CRM)& retainment
- 4. SCOPE 1.Research:info abt biz envt(Biz oppty), cust & competitors in particular( sup val2 TM) 2.Basic fn(strategising)-comprehensive action plan that blends together the 4Ps to devp a sup mkt offer to theTM 3.Support fn( facilitating): financg,insurance, standardn& gradg, brandg &packagg ,assemblg & storg, transportn 4.Exchanging:initiatg for exchange, contingent to mkt situation 5.Feedback&Followup-maintenance(CRM)& growth
- 5. PROCESS/FUNCTIONS 1.scanning the mktg envt-to identify &analyse the biz oppty. 2.Selecting TM & MP 3.deciding mktg strategy-LCFN 4.Devlpg mktg prog ie 4P-devp,com & deliver a sup val 2 TC 5.Implement the mktg plan 7.feedback& follow up 4 maintenance & growth
- 6. ROLE/SIGNIFICANCE 1.Generate profit( tap mkt oppty) 2.Need satisfn-winnig cust 3.Welfare of society-CSR/improve std of living- *Paul Mazur:ceation& delivery of std of living to society 4.Employment generation- 5.Contributes to GDP 6.Create goodwill 7.Competitive edge 8.lifeline to mass media
- 7. core concepts Need;a state of felt deficiency of a basic satisfn #a basic requirement#pre-exist mkter can’t be created(*unaware*inarticulate) Types 1.stated-inexpensive car 2.real-low operating cost¬ the price 3.unstated-excellent dealer service 4.delight-onboard navigation system 5.secret-neighbour envy/’techno savvy’
- 8. •Want:desire for specific satisfier(pdt) •N turns into W,when directed towards a pdt •#shaped by one’s culture& personality •N(food/esteem/clothing)::W(burger/mercedes/PierreCardin) •Carpenter:simply giving cust what they W isn’t enough anymore,to get an edge,a mkter must help them learn what they W •Demand:a want backed by the ability& willingness to buy a pdtMM=DM:Mkter seeks influence the of LTC of D’states to meet the mktg objective
- 9. D-States Feature #eg Mktg task 1.Negative-Avoidance/dislike #vaccination/dentist/vasectomy Educating change attitude 2.No-Lack of awareness /interest #foreign language/new farming technique InformingConnect benefit& need 3. Latent-a N that can’t be satisfied by existing pdts •#harmless cigarette/fuel efficient car •Devpg/Creative mktg 4. Declining-Lowering D Stimulating/Re-mktg
- 10. 5.Irregular-Fluctuating #peak hour transit/resort/hotels/museum matching/Syncromktg Alter the D’pattern thru flexi pricing & promo 6.Full-Satisfying level Maintaining the current D level 7.Overfull-More D than that can be handled postponing/Demktg •Reduce D by inceasing P 8.Unwholesome- D for unhealthy,dangerous pdt #Cigarette,liquor,drug,cracker Desisting discouraging
- 11. • Value:the diff bet the benefit one gets and the cost one bears for the pdt V=B/C=(f+e)/(m+t+e+p)cust value triad:QSP(quality/service/price) • Satisfaction:the extent to which a pdt’s perceived perfo meets a buyer expectation • Exchange:the act of obtaining sthg in return of offering sthg • Transaction:a trade bet two parties that involves at least two things of value &agreed upon conditions • Quality:ability to satisfy cust need • Service:an intangible benefit that does not result into the ownership of anything
- 12. Contd Mkter-one who seeks a response from a prospect Mktg:obtaining a desired response from a prospect Mkt:a group of actual or potential custs for a pdt Mkt place-physical(store),mkt space-digital(internet) need mkt (diet seeking), pdt mkt(shoes)demographic (youth) geographic (Indian) Meta mkt(Mohan Sawhney):a cluster of contemporary pdts & services closely related in the minds of consumer but spread across a diverse set of industries Comptn:brand(wagonR-i10)industry(maruti-hundai) form (ola/uber-public transport)generic(vacation trip,LEDTv) ~ disposable income
Editor's Notes
- #3: 3SN4P:Sense,Serve&Satisfy Need For Profit//Plang& executg the conceptn,pricg,promo& distribtn of igs2create xchanges that satisfy ind &org objs. CCD:Creatg,commuctg& deliverg
- #5: Range of coverage of subject matter/
- #8: D(economics):the Q of a commodity which an indiv is willing to purchase at a particular price per unit of time
- #9: level,timing, &composition
- #13: Economist:mkt is a collection of buyes & sellers who transact over a particular pdt//