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Private & Confidential 1
What is Marketing??
Selling?
Advertising?
Promotions? Making products available in
stores?
Maintaining inventories?
All of the above, plus much more!
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Marketing = ?
Marketing is the process of planning and
executing the conception, pricing,
promotion, and distribution of ideas,
goods, services to create exchanges that
satisfy individual and organizational goals
American Marketing Association
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Marketing = ?
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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GREAT WORDS OF MARKETING
1. Thepurpose of a company is tocreatea customerThe only profit center is thecustomer.
2. A business has twoand only twobasic functions: market ing andinnovat ion. Marketing and innovationproduce results: all the rest are costs.
3. Theaim of marketing is to make sellingunnecessary.
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GREAT WORDS OF MARKETING
4. While great devices are invented in
the Laboratory, great products areinvented in the Marketing
department.
5. Marketing is too important to be leftto the marketing department.
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Marketing = ?
Marketing is the sum of all activities that take you
to a sales outlet. After that sales takes over.
Marketing is all about creating a pull, sales is all
about push.Marketing is all about managing the four Ps
product
price
place
promotion
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Marketing Mix Tools Marketers use numerous tools for desired
responses from their target markets. These toolsconstitute a marketing mix:
Marketing mix is the set of marketing tools thatthe firm uses to pursue its marketing objectives inthe target market.
Further it can be classified into 4 Ps
Ps of marketing: product, price, place, andpromotion.
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The 4 Ps & 4Cs
Marketing
Mix
Product
Price Promotion
Place
Customer
Solution
Customer
Cost
Communication
Convenience
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Difference Between - Sales &
Marketing ?
Salestryingto get the customer to want(to
purchase) what thecompanyproduces
Marketingtrying to get the company produce what the
customer wants
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Selling focuses on the needs of the seller
Marketing on the needs of the buyer
Selling is preoccupied with the sellers need toconvert his product into cash.
Marketing with the idea of satisfying the needsof the customer by means of the product and thewhole cluster of things associated with creating,delivering and finally consuming it.
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The market ing con cept rests on four
pi l lars: target market, customer needs ,
integrated marketing , and prof i tabi l i ty.
The sel l ing concept takes an inside-ou t
perspect ive. It s tarts w ith the facto ry,
focuses on exist ing p rodu cts, and callsfor heavy sel ling and p romot ing to
produce pro f i table sales.
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The market ing concep t takes an
ou ts ide-in perspect ive. It s tarts
w ith a wel l-def ined market,focuses on cus tomer needs ,
coord inates act iv i t ies that affect
customers, and produces p rof i tsby sat is fy ing customers.
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ScopeWhat do we
market Goods
Services
Events
Experiences Personalities
Place
Organizations
Properties
Information
Ideas and concepts
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Core Concepts ofMarketing
Based on :
Needs, Wants, Desires / demand
Products, Utility, Value & Satisfaction
Exchange, Transactions & Relationships
Markets, Marketing & Marketers.
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In order to understand Marketing let us beginwith the Marketing Triangle
Customers
CompetitionCompany
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Who is a Customer ??
Anyone who is in the market looking at a product /
service for attention, acquisition, use or consumption
thatsat isf iesa want or a need
CUSTOMER IS . . . . .
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Customer
CUSTOMER has needs, wants, demands anddesires
Understanding these needs is starting point of theentire marketing
These needs, wants arise within a frameworkor an ecosystem
Understanding both the needs and the ecosystem isthe starting point of a long term relationship
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Customers - ProblemSolution
As a priority , we must bring to our customers WHAT
THEY NEED
We must be in a position toUNDERSTANDtheir problems
Or in a new situation to give them a chance toAVOIDthe
problems
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Customer looks forValue
Value = Benefit / Cost
Benefit = FunctionalBenefit + Emotional
Benefit
Cost = Monetary Cost + Time Cost +Energy Cost + Psychic Cost
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Why a product like radio
declined and now once again
emerging as an entertainmentmedium ?
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What Were the Drivers of This
Change?Technology ?
Government policy ?
Other mediasubstitutes ?
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Why Market Leaders Suffered
?HMT vs. TitanHLL vs. Nirma
Bajaj vs. HondaDot.com boom, then bust and now resurgence
Market leadership today cannot be taken for
granted.New and more efficient companies are
able to upstage leaders in a much shorter period.
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The Give and Get of Marketing
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What Changed in Marketing
Organize by product units Focus on profitable transactions Look primarily at financial scorecard Focus on shareholders Marketing does the marketing Build brands through advertising Focus on customer acquisition No customer satisfaction
measurement Over-promise, under-deliver
Organize by customer segments Focus on customer lifetime value Look also at marketing scorecard
Focus on stakeholders Everyone does the marketing Build brands through performance Focus on customer retention Measure customer satisfaction and
retention rate
Under-promise, over-deliver
Old Economy New Economy
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Are Banks truly
marketing-savvy andcustomer - centric?
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Myth 1The larger the range of products, the morecustomer-centric I am.
Mythbuster The range of products has
emerged from being
compet i t ion-centr ic .
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Myth 2Better technology (read CRM) leads to
better customer service.
Mythbuster Technology
alone does no t deliver,
helps people do.
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Myth 3Launch a product and the customer will start
using instantly. - Give a customer a card and he will learn how to play
with it immediately
Mythbuster Customers need
To be educated too
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Mythbuster Customers
are no t on ly present
where compet i t ion is.
Myth 4The only way to get a customer is from
competition.
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Myth 5Just advertise and - You will sell.
Mythbuster Advert is ing w i l l only sel l ,
Not retain cus tomers.
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Myth 6No difference between marketing & selling
Mythbuster Selling focuses on the needs of the
sel ler; market ing on the needs of the buyer.
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Myth 7In the absence of relationshipstrust buildsfinancial brands
Mythbuster Trust is not a differentiator at all
i t is the very m inimum that the customer expects! !
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The real differentiator of
customer centricity in a
commoditised world of financialproducts -
Customer Service !
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Thank You