What is marketing
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Marketing involves creating, communicating, delivering, and exchanging products and services that provide value for customers. It is an activity performed by organizations to achieve business objectives. Marketing creates value for customers, communicates that value, delivers it to the target customer, and generates profit in the process. The definition of marketing has evolved over time from focusing on transactions to emphasizing customer value, satisfaction, and co-creation. Modern definitions recognize marketing as a continuous process that involves interconnected exchanges between organizations and customers.
What is marketing
- 1. What is Marketing? Ashish K. Pillai
- 2. Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Ashish K. Pillai
- 3. So Marketing Is….. An Activity…. performed by organizations (and individuals too) to achieve business and ultimately overall objectives A Set of Institutions… formal and informal that exist to create a sync between consumers, organizations and other stakeholders Processes….. A collection of tasks that aims to achieve the marketing and overall business objectives Ashish K. Pillai
- 4. What Does Marketing Do?? CCDVTP Create Communicate Deliver Value To Target Segment Profitably Ashish K. Pillai
- 5. The Key is Value Marketing…creates value for the customer, communicates that value, delivers that value to the target customer and helps the company make a profit doing all that! Ashish K. Pillai
- 6. Value is the benefit the customer derives by purchasing and using your product. Benefits Value = Costs Ashish K. Pillai
- 7. Dealers & Promoters Employees The Govt. Suppliers Customers Consider Marketing the art and science of delighting the customers while keeping the other stakeholders happy! Ashish K. Pillai
- 8. The Definition of Marketing is Dynamic!!! The American Marketing Association, established in 1937 is responsible for defining marketing which is used as the default definition in most texts and by most business schools The first official definition of marketing was adopted in 1935 by the National Association of Marketing Teachers, the predecessor of AMA The 1935 Definition: Marketing is the performance of business activities that direct the flow of goods and services from producers to consumers Ashish K. Pillai
- 9. Evolution of the Definition of Marketing In 1960, AMA decided to review the original 1935 definition of marketing and decided to leave it unchanged In fact the 1935 definition stood till it was revised finally in 1985, 50 years later!!! The 1985 definition: Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives Ashish K. Pillai
- 10. 1935 Definition Vs 1985 Definition The1935 Definition The 1985 Definition The focus was on the The definition focused physical exchange and on “exchange” & on economies of doing clarified the role of 4Ps so in achieving a satisfactory exchange The definition focuses The definition was primarily on operational strategic in nature issues Ashish K. Pillai
- 11. 1985 Definition Vs 2007 Definition The1985 Definition The 2007 Definition The focus was on the The focus was on value exchange creation and delivery The definition was The definition focuses strategic in nature primarily on operational issues Underlines the continuous nature of marketing and the Kept the marketing interconnectedness of function isolated the marketing actors Ashish K. Pillai
- 12. The Future Definition of Marketing… The new definition of marketing talks about “value creation” and not about “value co-creation”. Value creation is something a company does and value co-creation is what the company does along with the customer. (Sheth & Uslay, 2007) So value co-creation elevates the customer to the status of a partner! The next definition of marketing will have to incorporate value co- creation. Do You Agree??? Ashish K. Pillai
- 13. What then is Marketing Management? “Management” of all organizational activities that constitute marketing According to Kotler: 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. Ashish K. Pillai
- 14. Marketing is Not Selling!!! 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 Ashish K. Pillai