Marketing BasicsAravind Panicker

What is Marketing? • American Marketing Association(AMA) define

marketing as ▫ “an organisational function and a set of processes

for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders.”

• Marketing Management is defined as ▫ “the art and science of choosing target markets

and getting, keeping and growing customers through creating, delivering and communicating superior customer value.”

Evolution and OrientationProduction Concept

Product Concept

Selling Concept

Marketing Concept

Integrated Marketing Concept

Relationship Marketing Concept

Holistic Marketing Concept

Value as centre

3V’s• Kumar’s view :

▫ value segment (need)▫ value proposition ▫ value network

•Webster’s view :▫ value defining process ▫ value developing process ▫ value delivering process

Value Chain

Core Competence• 3 characteristics:

▫ is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits

▫ has applications in wide variety of markets▫ difficult for competitors to imitate

Strategic Tools • Macro Environmental study (PESTEL

Analysis)•Industry Analysis ( Porter’s Diamond)•Market Dynamics (Ansoff’s Matrix)•Portfolio Study (BCG, GE)

Data Systems • Marketing Information Systems • Sales Information Systems • Marketing Intelligence Systems

Understanding Business Environment • Macro-environment

▫ Needs & Trends ▫Demographics ▫ Economics▫ Socio-Cultural ▫ Natural ▫ Legal- Political▫ Technological

The Marketing Research Process

Characteristics of Good ResearchScientific Method

Research Creativity

Multiple Methods

Interdependence

Value & Cost of Information

Healthy Skepticism

Ethics

Marketing Productivity • Marketing Metrics • Marketing – mix Modeling

•Marketing Dashboard ▫ customer performance ▫ stakeholder performance

Market Demand Potential Market

Penetrated Market

Customer Value

Customer Perceived Value

Customer Loyalty Ladder

Consumer Behavior

Personality & Self Concept

Consumer Behavior Model

Psychological Processes affecting Buying Behavior

• Motivation▫ Maslow’s Hierarchy▫ Freud’s Theory ▫ Herzberg’s Theory

•Perception • Learning•Memory

Buying Behavior

Buying Decision Process

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