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MARKETING IN A GLOBAL SOCIETY Sunarto Prayitno Intellectual Property of IMCS 1 What is Marketing? The Term of Marketing The term marketing has two principal meanings: Traditionally, marketing has been considered a business function – a set of activities undertaken to help sell a firm’s product. However, marketing may also mean a philosophy of business – a point of view that focuses the attention of the entire business on the customer and bring the all organization’s resources and skill to bear on the task of understanding and meeting consumer needs. Intellectual Property of IMCS 2 What is Marketing? Definition of Marketing: Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that will satisfy individual and organizational objectives. (The AMA’s Dictionary of Marketing Term, 1985) Intellectual Property of IMCS 3 What Is Marketing? Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationship in ways that benefit the organizational and its stakeholders. (American Marketing Association, 2004) Intellectual Property of IMCS 4 What is Marketing? Value: Value represents the power of a good to command other goods, such as money in an exchange; the importance of a product to its potential consumer. Creating value, then, means making a product important to consumers in various ways and for any number of reasons. The “ways” and “reason” result from marketing decisions and strategies. Intellectual Property of IMCS 5 What is Marketing? Exchange: An exchange is a marketing transaction – often called a sale - in which a buyer gives something of value to a seller in return for a product, which may be either a good, service, or an idea that the buyer value. Intellectual Property of IMCS 6 What is Marketing? Marketing: Marketing and selling are sometimes confused. Selling focus on the firm and what it wants to sell, while marketing focuses on consumers and what they want to buy. Marketing includes of number activities – research, strategic planning, product development, product management, pricing, distribution, and marketing communications – that make selling more efficient. That is, marketing helps company identify what the consumer is most likely to buy and then makes it possible for the consumer to find and buy that product. Intellectual Property of IMCS 7 Market Market: The word market is used to mean all the people and organizations who want or need a particular product and who are both willing and able to buy it. Niche Market: A small, tightly defined group of customers who share certain characteristics that make them a target market for some specialized product. Intellectual Property of IMCS 8 Market Customer: The buyer of a product, often someone with whom a seller deals on a regular basis. Consumer: A consumer is the user of a product, who may or may not be a buyer. Intellectual Property of IMCS 9 Market Type of Markets: Traditionally, we divide the market into four types of markets: The consumer market. The industrial market. The reseller market (intermediaries). The institutional market. Intellectual Property of IMCS 10 Market The Consumer Market: In a consumer market, people buy products or services for their personal use or for the use of others in their households. The Industrial Market: When a firm buys products or services to use in its business – either in making its products or in supporting its others business function – it is operating in an industrial market. Intellectual Property of IMCS 11 Market The Reseller Market: In a reseller market, intermediaries such as wholesalers, retailers, and other types of distributors buy finish goods and resell them to other businesses or individuals. The Institutional Market: In an institutional market, the buyers of large quantities of product and services are neither individuals nor companies but institutions like hospitals, government agencies, and schools. Intellectual Property of IMCS 12 Market The Marketplace: A market may also be defined geographically. Indeed, regional market is the contemporary term for what was originally meant by the word market: the physical place where an exchange occurred, like a farmers’ market or a bazaar. Intellectual Property of IMCS 13 Market Global Market: Marketing is always worldwide: First, because competition in most industries is now global. Second, because the basic principles of marketing are as applicable in every countries. Global Marketing: Global marketing means applying the fundamental concepts, tools, and practices of marketing on a worldwide basis an focusing an organization’s resources and objectives on market opportunities throughout the world. Intellectual Property of IMCS 14 Product The product sold in a marketing exchange is any tangible good, service, or idea that satisfies customers’ needs and wants. Goods: Tangible products that are grown, produced, or manufactured. Durable goods: Major high-priced purchases that last for three years or more. Intellectual Property of IMCS 15 Product Consumables (Non Durable Goods): Products purchased frequently and used up in a relatively short period of time. Service: The time, expertise, or activities of an individual or firm that does something for customers. Idea: Marketers can promote ideas – philosophies, concepts, and point of view – just as well as goods and services. Intellectual Property of IMCS 16 Dynamics of the Marketplace In highly competitive markets many companies struggle just to break even. Such companies are on the front-line of the supply and demand battlefield. A Marketer needs to keep in mind the ways in which buyers and sellers interact economically in the marketplace. These transactions are ruled largely by economics concepts, like supply and demand and economic of scale. Intellectual Property of IMCS 17 Dynamics of the Marketplace Demand: The amount of a product consumers are willing to purchase at a particular price. Supply: The amount of a product producers are willing to offer for sale at a particular price. Intellectual Property of IMCS 18 Dynamics of the Marketplace Need: A felt lack of something that people consider necessary and desirable. Want: The manner in which individuals seek to satisfy a need; influenced by individual tastes and societal factors. Intellectual Property of IMCS 19 Dynamics of the Marketplace Price: The statement of value put on goods or services by a seller. It represents what the buyer is willing to pay. Remember that for products like services or ideas, the “price” may be the time spent, participation, personal sacrifice, or some other indication of what something is worth to you. Intellectual Property of IMCS 20 Dynamics of the Marketplace Value: Value is always a relationship between benefits received or anticipated from a product and the price paid for it. Value Equation: An expression of value as the relationship between benefits and cost of a product to the consumer. Benefits Value = ----------Cost Intellectual Property of IMCS 21 Dynamics of the Marketplace Added Value: Marketing’s contribution to the value of a product, which may take the form of special features, extra quality, durability, or reliability. Value Chain: Marketing activities whose cumulative effect is the creation of value for customers. Intellectual Property of IMCS 22 Dynamics of the Marketplace Economies of Scale: The principle that as the size of a production run grows, per-unit production costs decrease because of gains in efficiency. Intellectual Property of IMCS 23 The Marketing Philosophy The Production-Centered Approach: Focuses on the invention and manufacture of products. The Sales-Oriented Approach: Arose when mass communication and mass distribution made it possible to offer a variety of new products to new market. Intellectual Property of IMCS 24 The Marketing Philosophy The Marketing-Driven Approach: When it became possible to create more products than the market demand, and when consumer spending power suddenly increased substantially. The highly competitive nature of many markets led companies to identify people’s needs and wants and then to fulfill them profitably. Intellectual Property of IMCS 25 The Marketing Philosophy The Marketing Concept: The philosophy that marketing activities should focus on consumer needs and wants. Intellectual Property of IMCS 26 The Marketing Philosophy Marketing is everything Old New Future Focus Product Customer Way of doing business Means Telling and Selling Integrated Marketing Mix Knowledge and Experience End Profit Value Mutually beneficial Relationship Marketing is …. selling A function everything Intellectual Property of IMCS 27 The Marketing Philosophy Relationship Marketing: … and the end result of marketing is a relationship that promotes long-term growth for the company and maximum satisfaction for the customer. An approach to marketing in which a company endeavors to build continuing relationships with its customers that promote both the company’s long-term growth and the customer’s maximum satisfaction. Intellectual Property of IMCS 28 The Marketing Philosophy The Marketing Mix: The tools and techniques for implementing the marketing of a product, sometimes referred to as the four P’s. Four Ps: The four major types of activities included in the marketing mix: activities revolving around the product’s development; pricing; placement, or distribution; and promotion, or marketing communication. Intellectual Property of IMCS 29 The Marketing Philosophy The Marketing Plan: A document that summarizes a coordinated and focused program for managing the marketing mix in order to meet consumer needs at a profit for this company. Intellectual Property of IMCS 30