Nature and Scope of Marketing Presentation 1

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Nature and Scope of Marketing Presentation 1

• By Jyoti Sikka, S.S.C.B.S.

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The Importance of Marketing in Our Global Economy

• Marketing costs consume a sizable portion of
  buyers dollars
• Marketing is used in nonprofit organizations
• Marketing is important to business
• Marketing fuels our global economy

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The Importance of Marketing in Our Global Economy
(contd)

• Marketing knowledge enhances consumer awareness
• Marketing connects people through technology
• Socially responsible marketing can promote the
  welfare of customers and society
• Marketing offers many exciting career prospects

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Marketing Is Important to You!
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Definition

• Marketing The (1) process of (2) planning and
  (3) executing the (4) conception, (5) pricing,
  (6) promotion, and (7) distribution of (8) ideas,
  (9) goods, and (10) services to create (11)
  exchanges that (12) satisfy (13) individual and
  (14) organizational (15) objectives. (American
  Marketing Association official old definition
  numbering added.)

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Definition AMA new

• Marketing is an organizational function
• and a set of processes for creating,
• communicating, and delivering value
• to customers and for managing
• customer relationships
• in ways that benefit the
• organization and its stakeholders.

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Marketing the big picture
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Marketing Management Definitions

• Marketing management is the
• art and science
• of choosing target markets
• and getting, keeping, and growing
• customers through
• creating, delivering, and communicating
• superior customer value.

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The Scope Of Marketing

• Marketers are involved with marketing ten
• types of entities
• 1. Physical Goods
• 2. Services
• 3. Experiences
• 4. Events

• 5. Persons
• 6. Places
• 7. Properties
• 8. Organizations
• 9. Information
• 10. Ideas

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Key terms

• Marketer
• Prospect

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Demand States

• Negative
• Nonexistent
• Latent
• Declining

• Irregular
• Unwholesome
• Full
• Overfull

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Exchange and Marketing
In very basic economic systems, each seller must
meet directly with each buyer in order to
exchange something of value. As needs increase,
the number of exchanges can soon become
unmanageable for one person.
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Exchange and Marketing
In a centralized market, a buyer can go to one
location to find many different products from
many different sellers. By reducing the time
both buyers and sellers must spend to complete an
exchange, prices can be lowered.
Five exchanges required with central market
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Satisfying Exchange Relationships

• Exchange
• The provision or transfer of goods, services, or
  ideas in return for something of value

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The Concept of Exchange
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Key Customer Markets

• Consumer markets
• Business markets
• Global markets
• Nonprofit/Government markets
• Marketplace
• Market space
• Meta markets- cluster of complementary products
  and services

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A Simple Marketing System
COMMUNICATION
GOODS SERVICES
MARKET (A collection of buyers)
INDUSTRY (A collection of sellers)
MONEY
INFORMATION
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Structure Of Flows In A Modern Exchange Economy
Resources
Resources
Resource Markets
Money
Money
Services Money
Taxes Goods
Services
Government Markets
Consumer Markets
Manufacturer Markets
Sm
Taxes
Taxes Goods
Sm
Tg
Money
Money
Intermediary Markets
Goods Services
Goods Services
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The marketplace isnt what it used to be.

• Changing technology
• Globalization
• Deregulation
• Privatization

• Empowerment
• Customization
• Convergence
• Disintermediation

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QUESTIONS ??????