MMPC-06: Marketing Management
Unit 1: Introduction to Marketing
1.1 Introduction
Marketing is the process through which businesses identify, anticipate, and satisfy consumer needs. It goes beyond mere advertising and selling by focusing on creating value for customers. The key idea is that businesses must understand their customers to deliver products and services that meet their demands.
1.2 Key Concepts and Theories of Marketing
1.2.1 Needs, Wants, and Demands
- Needs: Basic human requirements (food, shelter, safety).
- Wants: Shaped by culture and individual preferences (e.g., a person may need food but may want a pizza).
- Demands: When wants are backed by purchasing power.
1.2.2 Marketing vs. Selling
- Marketing: A broader approach focused on identifying and meeting customer needs.
- Selling: Narrower, focused on pushing products to customers.
1.2.3 Marketing Orientations
- Product Orientation: Focus on the product's features.
- Sales Orientation: Focus on aggressive selling techniques.
- Market Orientation: Focus on understanding customer needs.
- Societal Marketing Orientation: Focus on customer needs and societal well-being.
1.2.4 Marketing Management Philosophies
- Production Concept: Customers favor products that are available and affordable.
- Product Concept: Customers favor high-quality, innovative products.
- Selling Concept: Aggressive promotion and selling are crucial for success.
- Marketing Concept: The key is meeting customer needs better than competitors.
- Societal Marketing Concept: Focuses on balancing customer satisfaction and societal welfare.
1.3 Marketing Process
1.3.1 Situational Analysis
Analyzing the internal and external environments to understand the marketing landscape.
1.3.2 Marketing Strategy
Deciding on the market segments to target and positioning the product or service.
1.3.3 Marketing Mix (4 Ps)
- Product: The goods/services offered.
- Price: The amount charged for the product.
- Place: Distribution channels used to make the product available.
- Promotion: The methods used to communicate with and persuade the customer.
1.3.4 Implementation and Control
Executing the marketing plan and monitoring its performance.
1.4 Evolution of Marketing
- Early trade era: Barter system and basic exchange of goods.
- Production era: Mass production became the focus.
- Sales era: Companies relied on aggressive selling techniques.
- Marketing era: The focus shifted to understanding customer needs.
- Relationship marketing era: Building long-term customer relationships became the goal.
1.5 Case Study: Coca-Cola’s Customer-Oriented Marketing
Coca-Cola focused on understanding global customer needs, localizing its flavors and advertising strategies to ensure customer satisfaction in various countries. This shows how companies align their product and marketing strategies with customer preferences.
Assignments for Unit 1
- Define the terms "needs," "wants," and "demands" in the context of marketing. Give examples.
- Explain the difference between the marketing concept and the selling concept.
- How has the marketing orientation evolved over the years?
Self-Study Questions
- How would you explain the importance of the marketing mix in creating a marketing strategy?
- Discuss the societal marketing concept and its relevance in today's business environment.
- Can a company succeed with a product orientation in the current competitive market? Provide reasons.
Possible Exam Questions
- What are the different marketing management philosophies? Discuss with examples.
- Explain the 4 Ps of marketing with a focus on their importance in formulating marketing strategies.
- How is marketing different from selling? Discuss the implications for business success.
This class covers the theoretical aspects and practical implications of marketing. The assignments and questions are designed to encourage deep thinking and understanding.
