Introduction-to-Marketing slide with full detail

INTRODUCTION TO MARKETING

1. S.DHIVYA ASSISTANT PROFESSOR DEPARTMENT OF COMMERCE SRM INSTITUITION OF SCIENCE AND TECHONOLOGY RAMAPURAM CHENNAI

2. Introduction to Marketing Marketing is the process of creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. It is a vital function in any business that aims to attract and retain customers, build brand loyalty, and generate revenue. by Dhivya Srinivasan

3. Nature and Scope of Marketing Marketing encompasses a wide range of activities, from market research and product development to advertising, promotion, and customer service. The scope of marketing extends to all aspects of a business that interact with customers. It includes identifying customer needs and wants, developing products and services to meet those needs, pricing them competitively, promoting them effectively, and delivering them efficiently. Customer Focus Marketing is centered around understanding and satisfying customer needs. Value Creation Marketing involves creating value for both customers and the organization. Relationship Building Marketing aims to build lasting relationships with customers.

4. Importance of Marketing Marketing plays a critical role in business success. It helps businesses understand their target market, position their products and services effectively, and generate demand. Marketing efforts can contribute to brand awareness, customer loyalty, and ultimately, increased sales and profitability. 1 Customer Acquisition Marketing helps attract new customers and grow the customer base. 2 Brand Building Marketing establishes a strong brand identity and differentiates the business from competitors. 3 Revenue Generation Marketing drives sales and contributes to the financial success of the business. 4 Customer Retention Marketing fosters customer loyalty and encourages repeat purchases.

5. Marketing Process & Evolution The marketing process involves a series of steps that businesses take to create and deliver value to customers. It starts with understanding the target market, identifying customer needs, developing products and services to meet those needs, pricing them strategically, promoting them effectively, and delivering them efficiently. 1 Market Research Understanding the target market and customer needs. 2 Product Development Creating products and services that meet customer needs. 3 Pricing Strategy Setting prices that are competitive and profitable. 4 Promotion & Advertising Communicating the value of products and services to customers. 5 Distribution & Delivery Making products and services available to customers. 6 Customer Relationship Management Building and maintaining relationships with customers.

6. Marketing Outsourcing and the 7 P's Marketing outsourcing involves contracting out certain marketing tasks or activities to external agencies or specialists. This can be a cost-effective solution for businesses that lack the in-house expertise or resources to handle all aspects of their marketing. The 7 Ps of marketing provide a framework for understanding the key elements of a successful marketing strategy: Product, Price, Place, Promotion, People, Process, and Physical Evidence. Product Developing and delivering products or services that meet customer needs. Price Setting prices that are competitive and profitable. Place Making products and services available to customers in convenient locations. Promotion Communicating the value of products and services to customers. People The human element involved in delivering products and services. Process The systems and procedures used to deliver products and services. Physical Evidence The tangible aspects of a product or service, such as packaging or store environment.

7. The 7 C's of Marketing The 7 Cs of marketing offer an alternative framework for understanding the key aspects of a customer-centric marketing approach. They focus on creating a positive customer experience, fostering strong relationships, and ultimately driving sales and profitability. Customer Value Customer Cost Convenience Communication Community Customization Commitment

8. Selling vs. Marketing Selling and marketing are distinct but interconnected functions in a business. Selling focuses on the immediate transaction of goods or services, while marketing involves a broader approach to building relationships with customers and creating long-term value. Selling Focuses on closing deals and generating immediate revenue. Marketing Builds relationships with customers and creates long-term value. Customer Focus Selling is product-centric, while marketing is customer-centric. Relationship Building Marketing aims to build lasting relationships with customers, while selling focuses on the transaction.

9. The Marketing Environment The marketing environment encompasses all the factors that influence a business's ability to operate effectively and achieve its marketing goals. These factors can be internal, such as the company's resources and capabilities, or external, such as the competitive landscape, economic conditions, and social trends. Understanding the marketing environment is essential for developing effective marketing strategies and making informed decisions. Macro Environment Broad external factors that affect all businesses. Micro Environment Factors specific to the industry or company.