Marketing Management - Chapter 1 Introduction to Marketing Management VPmarketing

Marketing Management - Chapter 1  Introduction to Marketing Management  VPmarketing
Dr. Vaibhav Patil

Marketing is what happens in between producer and consumer to close the deal and make them satisfied exchange offer product and services for money

Nowadays consumer behaviour has changed a lot

Customer today is more educated

Speed of change is amazing and more then till date in the history

You can see big retail malls and thousands of product selling in these big shops nowadays

Door to door selling has been replaced by internet marketing

Customer demand is nowadays more sophisticated

Research has got more importance as marketing research in the field of marketing and business

More important thing is there is no difference between or hardly any difference between two products and two services

One wrong decision nowadays can shut down your entire business

Marketing for millennium is the new philosophy that means marketing for the customers which are born in 1990

Nowadays it is said that future is not ahead of US it is already has happened

Why marketing decisions are more tough we will see in this lesson

Now a days it is very easy to spread the information and to promote any product or services through email what's app social media Instagram

Today it is very important to have right product for right people at the right time at the right place at the right price with the right service which is very tough

Marketers today a is said to to be managers of demand and Managing demand is mor critical and crucial for them

Most important factor in the marketing is consumer

Consumer has many meaning in in marketing but

In business field we use this consumer term to mean that individual would arise direct utility of the product

Customer uh who actually makes a decision in selecting a certain product

Customer makes buying decision

If a lady purchase edible oil from the market and all the members in the family consume products prepared by the edible oil then all the family members are consumer and that lady is a customer because she has made the buying decision and shares purchase the product for other family members

So marketing job is to study the buying pattern and factor influencing buying decision of of that particular lady or a customer

Global market

now the marketing has not limited to certain area or certain City or a certain village or certain country now we have to cross the border and sell product globally

We have to decide which country to target which population to target what is the culture of that particular country population every country has their own culture market and season climate environment demography topography the decision to be made is which two country to target

For example if we are producing warm clothes then which countries to be target what are the regions where climate is cold and warm clothes will be required black sweater and blankets

In global marketing you have to decide how to enter how to communicate because cultures are different so communication might create a problem also we have to check legal system and style of negotiation currency and exchange rate and political situation also

Nonprofit and government market selling to nonprofit organisations a charitable organisation missions and universities

Government market

Government is also used huge buyer 

government also consume many things for their functioning 

At government this system is completely different we have tender system it opens at lowest cost and best quality in time delivery is must terms and conditions of the government

marketing is a social process by which individuals or groups obtain what they need or want through creating offering and freely exchanging goods and services of value

Nowadays in marketing you cannot make mistakes it can be your last mistake at any point of time

There are too kind of environment one is task environment

task environment involves immediate actors, such as - suppliers distributors dealers consumers excetra involved in production distribution and promotion

broad environment consists of demographic neutral economic technological political legal and social cultural environment

Product is anything that has capacity to satisfy human needs call product

Product is sold before it is manufactured that means today

Today de do the product is depend on demand of the customer as per the customer where to produce the product

We manufacture those things which are demanded by the customers nowadays

Right price include

Communication of listed price

Discount and conditions of the discount

Allowance

payment period

Marketing channel

At each step of the marketing cost is getting added if if there are more distributors then to give then commission and pay them we add cost to them at each level so it is advised to have less distributors or less levels to reach customers

Earlier in India only few shops  used to provide cold drink nowadays most of the shops are providing cold drinks in your neighbourhood grocery shop or sweet home

Same thing for the bread

That means product has reached the customer at the doorstep distribution and delivery very customer friendly

If we fail in any one of the 4 aspects of marketing like product or price or promotion for distribution then we will fail to sell that product

If the product fails then it is wrong marketing decisions weather in product segment aur price segment for promotion segment for distribution segment

Right promotion 

Right promotion at the right moment

Today's customer is very educated and sophisticated

Today is the age of information explosion

Advertisement is more important

today's few customers have more information than manufacturers about their competitive products and also substitute

Internet era makes or enables customer to find out small small details and all the information about the product

Product information must be factual manufacturer cannot fantasize customers

Today advertisement has educational value we aware the customer about the product

customer is well aware due to information access by internet and social media

Promotion has to be carefully monitor and done

Most important is right product should reach right customer

Consumer experience management

this is New concept and what is there for manufacturer in this

Lifetime value is also no concept which is interested in last few years in marketing