Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts?

s? How has marketing management changed? What are the tasks necessary for successful marketing management?
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 Any business enterprise has two, and only two basic functions Marketing and Innovation Peter F. Drucker

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Good Marketing is No Accident

The roaring success of four-wheeler Tata Ace, in a market earlier dominated by three-wheeler load carriers, was due to a deep understanding of the market needs and customer requirements.
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What is Marketing?
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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What is Marketing Management? 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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Selling is not marketing !!!!!

There will always be a need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available. Peter Drucker
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Selling is only the tip of the iceberg

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What is Marketed?
Goods Goods Services Services Events Events & & ExperiencesExperiences- disneyland disneyland Persons Persons Places Places & & Properties Properties Organizations Organizations Information Information Ideas Ideas
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Marketing Can Promote Ideas fortunately !

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A Simple Marketing System

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Demand States
Negative Nonexistent Latent

Declining

Irregular

Full

Overfull

Unwholesome

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Key Customer Markets

Consumer Markets Global Markets

Business Markets

Nonprofit/ Government Markets

marketplace, market space, meta markets

www.marutitruevalue.com

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Functions of CMOs
Strengthening the brands Measuring marketing effectiveness Driving new product development based on customer needs Gathering meaningful customer insights Utilizing new marketing technology
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Core Marketing Concepts

Needs, wants, and demands Target markets, positioning, segmentation Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment

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The marketplace isnt what it used to be

Information Information technology technology Globalization Globalization Deregulation Deregulation Privatization Privatization Competition Competition Convergence Convergence Consumer Consumer resistance resistance Retail Retail transformation transformation
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New Consumer Capabilities

A substantial increase in buying power A greater variety of available goods and services A great amount of information about practically anything Greater ease in interacting and placing and receiving orders An ability to compare notes on products and services An amplified voice to influence public opinion
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Company Orientations

Production

Product

Selling

Marketing

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Holistic Marketing Dimensions

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The Four Ps

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Performance Marketing
Financial Accountability Social Responsibility Marketing Social Initiatives Corporate social marketing Cause marketing Cause-related marketing Corporate philanthropy Corporate community involvement Socially responsible business practices
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Marketing Management Tasks

Develop market strategies and plans Capture marketing insights Connect with customers Build strong brands Shape market offerings Deliver value Communicate value Create long-term growth
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Marketing Debate: Take a Position!

Does marketing shape consumer needs? or Does marketing merely reflect the needs and wants of consumers?

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