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Nature and Scope of Marketing Presentation 1 By Jyoti Sikka, S.S.C.B.S. The Importance of Marketing in Our Global Economy Marketing costs consume a sizable portion of buyers’ dollars Marketing is used in nonprofit organizations Marketing is important to business Marketing fuels our global economy The Importance of Marketing in Our Global Economy (cont’d) Marketing knowledge enhances consumer awareness Marketing connects people through technology Socially responsible marketing can promote the welfare of customers and society Marketing offers many exciting career prospects Marketing Is Important to You! Important to every consumer! Important to your job! Affects economic growth and standard of living! Definition Marketing: “The (1) process of (2) planning and (3) executing the (4) conception, (5) pricing, (6) promotion, and (7) distribution of (8) ideas, (9) goods, and (10) services to create (11) exchanges that (12) satisfy (13) individual and (14) organizational (15) objectives.” (American Marketing Association “official” old definition [numbering added].) Definition: AMA new Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing: the big picture Creating Value Exchange A B Delivering Value Communicating Value Marketing Management: Definitions 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. The Scope Of Marketing Marketers are involved with marketing ten types of entities: 1. Physical Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas Key terms Marketer Prospect Demand States Negative Nonexistent Latent Declining Irregular Unwholesome Full Overfull Exchange and Marketing Pots Hats Baskets Hoes Knives Ten exchanges required without central market In very basic economic systems, each seller must meet directly with each buyer in order to exchange something of value. As needs increase, the number of exchanges can soon become unmanageable for one person. Exchange and Marketing In a centralized market, a buyer can go to one location to find many different products from many different sellers. By reducing the time both buyers and sellers must spend to complete an exchange, prices can be lowered. Pots Central market middleman Hats Hoes Baskets Knives Five exchanges required with central market Satisfying Exchange Relationships Exchange The provision or transfer of goods, services, or ideas in return for something of value The Concept of Exchange At Least Two Parties Something of Value Necessary Conditions for Exchange Communication and Delivery Freedom to Accept or Reject Desire to Deal With Other Party Key Customer Markets Consumer markets Business markets Global markets Nonprofit/Government markets Marketplace Market space Meta markets- cluster of complementary products and services A Simple Marketing System COMMUNICATION GOODS & SERVICES INDUSTRY (A collection of sellers) MONEY INFORMATION MARKET (A collection of buyers) Structure Of Flows In A Modern Exchange Economy Resources Resources Resource Markets Money Taxes & Goods Manufacturer Markets S&m Government Markets Money Services & Money Services Consumer Markets Taxes Taxes & Goods S&m T&g Money Money Intermediary Markets Goods & Services Goods & Services The marketplace isn’t what it used to be…. Changing technology Globalization Deregulation Privatization Empowerment Customization Convergence Disintermediation QUESTIONS ??????