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BASICS OF MARKETING – 1 SESSION 2 Key terminologies. Learning objectives. To understand the scope of marketing function To understand the key terminologies used in marketing text. Scope of marketing. Goods :Soaps, Shampoos Services : Banks, Insurance Experiences :Esselworld - PowerPoint PPT Presentation
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Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
BASICS OF MARKETING – 1
SESSION 2
Key terminologies
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Learning objectives
• To understand the scope of marketing function
• To understand the key terminologies used in marketing text
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Scope of marketing
• Goods :Soaps, Shampoos• Services : Banks, Insurance • Experiences :Esselworld• Events : IPL• Persons :Religious gurus• Places : Kerala Tourism• Properties :Real estate• Organizations : Any corporate/social
organization• Information :Britanica Encyclopedia• Ideas :Every market offering includes idea-Some
other idea examples –”Save the tiger” campaign , “Lead India” campaign from TOI
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Scope of marketing
Marketing decision making relates to :• Consumer markets• Business markets• Global markets• Non profit and government markets
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Core marketing concepts
Target market and segmentation• Marketers view the sellers as constituting the
industry and the buyers as constituting the market
• Marketers can rarely satisfy everyone in the market. So they start with ‘ market segmentation’.
• Market segmentation involves identifying and profiling different groups of buyers.
• Target Markets present the greatest opportunity – those whose needs the firm can meet in a superior fashion.
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Core marketing concepts
Markets as various grouping of customers:
• Need markets (the diet seeking market)• Product markets (the shoe market)• Demographic markets (the youth market)• Geographic market (the Maharashtra market)• Other markets like voter markets, donor markets, etc.
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Core marketing concepts
Product or offerings• A product is any offering that can satisfy a need or want. • Major typed of basic offerings: Goods, services, Experiences, events, persons, places, properties, organizations, information and ideas.• A brand is an offering from a known source.• Product and brand are not the same. The brand experience is perceived , and much more than a physical product experience
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Core marketing concepts
• Value Proposition : A statement by company on what value is being delivered to the consumer
• Market Share : Percentage of total sale of the category by the company – It could be in value as well as volume terms– It could be for a brand or for more than a brand
by the company in the same category
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Core marketing concepts
Marketing channelsTo reach a target market marketer uses three different
kinds of marketing channels.• Communication channel: The marketer uses
communication channels to deliver and receive messages from target buyers. These also include dialogue channels (e mail, toll free numbers).
• Distribution channels: To display and deliver the physical product or service to the buyer or user. They include trade channels such as distributors, wholesalers, retailers etc.
• Service channels: They include banks and insurance companies that facilitate transactions, transporters, etc. which help to carry out transactions with potential buyers.
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Core marketing concepts
Supply chain
• Supply chain represents a value delivery system. When a company moves upstream or downstream, the aim is to capture a higher percentage of supply chain value.
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Core marketing concepts
Competition
Competition includes all the actual and potential rival offerings and substitutes that a buyer might consider.
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Four levels of competition
• Brand competition: Similar products or services to the same customers at similar prices.
• Industry competition: All companies making the same product or the class of product.
• Form competition: All companies manufacturing the products that supply the same service.
• Generic competition: All companies that compete for the same consumer money.
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Examples
• Example: Company – Maruti Udyog • Brand competition: Others n the same price
bracket
• Industry competition: All automobile manufacturers
• Form competition: Automobiles + Motorcycles + Bicycles + Trucks
• Generic competition: Consumer durables + Foreign Vacations + New Homes
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Core marketing concepts
Marketing mixThe set of marketing tool that the firm uses to pursue its marketing objectives in the target market. • Product• Price• Place• Promotion
Designed & developed by E4
SBA SEMESTER ONE SESSION 2 BASICS OF MARKETING- I
Ref: Marketing Management by Philip Kotler