Marketing Skills : Unit 1

 

Marketing Introduction

Business = Marketing

Marketing is the truly entrepreneurial part of business

Marketing is the truly strategic part of the business.

Marketing is an art, a science, a system, a process, a relationship.

Marketing is meeting human needs or meeting customer needs.

Marketing answers the following questions. Who are our customer? What must we do to meet their needs? How to meet their needs at a profit?


Marketing adds value to the goods by providing 

1. Time utility: distribution, storage and timely distribution

2. Place utility: sorting and grading

3. Possession utility: cash & credit facility, transfer of ownership.

4. Form utility: raw material to finished goods

5. Person utility: establish contact


Definition of Marketing

Marketing is the performance of business activities that direct the flow of goods and services from the producer to the consumers.

Marketing is a the human activity directed at satisfyingneeds and wants through an exchange process. (Kotler 1980)

Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others.(Kotler 1991)


Definition of Marketing Management

marketing Management is the analysis, planning, implementation and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organisational objectives.


Nature of Marketing


The main features of modern marketing are

1. Marketing is Consumer Oriented.
2. Marketing starts and ends with the consumer-
3. Marketing precedes and succeeds production 
4. Modern Marketing is the guiding element of business.
5. Marketing is a science as well as an art.
6. Marketing is a system. (Input - process - output)
7. Exchange Process is the essence of marketing
8. Marketing is goal-oriented. - profits, sales, market shares, satisfaction, distibution of scarce resources, future course of action.
9. Marketing is a dynamic process.



Scope of Marketing

1. Product Policy on Planning
(a) Marketing Research
Udentifying the customer requirements
collection of data
Analysis of data 
Findings and conclusion.
(b) Motivation Research
Motivating Consumers through advertising & promotion.
(C) Test Marketing 
Testing products in Standard markets, simulated markets and geographical area.

2. Distribution.
Organising distribution through various channels manufacturer to wholesaler to retailer to consumer.
Transportation
Warehousing

3 Sales Planning 
Setting various sales target. 
Setting the various budgets.

4. Sales Management
Recruitment of sales staff,
Training and development of sales staff
Incentives and renumeration of sales staff
Motivation of sales staff.

5. Segmenting and targetting the customers and 
developing marketing mix.



Importance / Role of Marketing

Globally
Firms growing frem national to global
Trade agreements between countries to do business
Relation between countries based on business.

Domestically:
High standard of living
Choice to customers
Employment Generation in retail, wholesaling, transportation, ware housing, communication departments, marketing of agricultural goods, industries etc.
Marketing creates utilities
Form Utility:
Place Utility:
Tine Utility:
Information Utility
 Possession Utility

Organisationally
Only department producing revenue directly.

In Service Marketing companies every staff has to be customer oriented.
Not for profit organisations also use marketing.

Personally
We are part of the marketing plan for many organisations.
Vast assortment of goods made available close to homes, ease of purchase, media is vastly supported by advertising.
Better informed customer.



Recent Trends in Marketing

Artificial Intelligence is boosting effectiveness and efficiency. 80% reduction in errors, prediction of queries.

Short term video content for YouTube and TikTok is driving social strategy.

Content ideas can be generated using AI tools like Google Gemini.

Using AI for marketing analytics:
one can learn about target audience, identify trends, predict behavior and optimize the marketing campaigns faster.

Short term video content drives social strategy. Marketers have to meet people where they are - YouTube, Instagram, Facebook, concise snackable content.

User Generated Content (UGC) is any content that users post about the company on their social media profiles. Then businesses can leverage that content through different tactics.

Community efforts and genuine branding encourage consumer trust. Community building is key for customer retention, social responsibility initiatives, and live video streaming.

‌Quality Editorial Content: Marketers will invest in editorial content like blog posts and podcasts to generate engagement, conversions, and promote thought leadership.


Search Engine changes shift SEO Strategies. SEO teams will expand into video, image, and audio search content.

Chatbots & virtual assistants expand conversational capabilities. They provide consumers with high-quality answers to common & easily answered questions.

Personalization enhances user experience. Machine learning product recommendations or augmented reality (AR) increase customer satisfaction. VR/AR offers consumers the opportunity to interact with products virtually before purchase.

Mobile-First Marketing enhances ad placement, loading times, and ultimately user satisfaction, positioning brands better, capturing attention where consumers are most active.

Influencer Partnerships reach target audiences through relatable, trusted voices.




Challenges of Marketing

1. Harnessing the power of social media.
Being abreast with newest social media platforms their reach, audience, followers, segment.
2. Developing Relationship with customers
 - get and create loyal customers
-B2B and B2C relationship marketing strategies 
- develop CRM
3. Improving the customer experience
4. Optimizing market performance.
 Forecast, ROI
5. Embracing AR & VR for creating immersive and interactive consumer experiences.
6. Optimizing for voice search thus shift in keyword strategy.
7. Sustainability and Ethical marketing to fulfill customer's expectations.
8. Dealing with ad blockers
Innovative strategy to be made.




Marketing Myopia

Marketing myopia is a business strategy that focuses on short-term sales instead of long-term growth. It can lead to missed opportunities, reduced performance, and business failure.

Production concept, product concept, and selling concept are myopic as they do not concentrate on customer needs. By following marketing concept and societal marketing concept a firm can escape from being myopic.

Other reasons for marketing myopia may be as follows-

·         A company focused on short-term gains may need clearer short-term, mid-range, and long-term goals.

·         A company’s belief in the superiority of its product or services can prevent it from identifying competitive substitutes and planning to improve on competitor offerings.

·         Immediacy bias can pull a business owner’s attention away from long-term goals.

·         Stake-holder pressure. Business stakeholders can place a high value on immediate ROI, putting pressure on leaders to prioritize short-term gains over a long-term growth strategy. 

·         Fear of change. Changing your business model can introduce risk, but excessive caution enables myopic tendencies.









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