Marketers can rarely satisfy everyone in the market. So they start with ‘Market segmentation’. Identify and profile different groups of buyers. Target segments that present the greatest opportunity – those needs the firm can meet in a superior fashion.
For each chosen target market, the firm develops a market offering, which is positioned as offering some central benefit. Marketers view the sellers as constituting the industry and the buyers as constituting the market.
Markets:
Need markets (the diet seeking market)
Product markets (the shoe market)
Demographic markets (the youth market)
Geographic market (the French market)
Other markets like voter markets, donor markets and labour markets.
Marketplace v/s marketspace – physical v/s digital
Marketers and prospects:
Marketer is someone seeking response in the form of attention, purchase, vote and donation. The response is sought from prospect.
Needs, Wants and Demand:
Needs describe basic human requirements. Example need for food, air, water, education, entertainment etc.
Needs become wants when they are directed to specific objects that might satisfy the need.
Need for food ---> Want for a Hamburger
Demands are wants for specific products backed by willingness and ability to pay.
Marketers do not create needs. Needs pre-exist marketers. Marketers along with other social influencers influence wants.
Product or offering:
A product is any offering that can satisfy a need or want.
Major typed of basic offerings: Goods, services, experiences, events, persons, places, properties, organizations, information and ideas.
A brand is an offering from a known source.
Value and satisfaction:
Value is what customer gets and what he gives. Customer gets benefits and assumes costs. Benefits include functional and emotional benefits. Costs include monetary costs, time costs, energy costs and psychic cost.
Benefits (functional and emotional benefits)
Value = ----------- = ---------------------------------------------
Costs (include monetary costs, time costs, energy costs and psychic cost)
Value of customer offering can be increased by:
Raise benefits
Reduce costs
Raise benefits AND reduce costs
Raise benefits by MORE THAN the raise in costs
Lower benefits by LESS THAN the decrease in costs
Exchange and transactions:
Exchange is one of the four ways in which a person can obtain a product.
Exchange is core concept of marketing. Exchange involves obtaining a desired product from someone by offering something in return. For exchange potential to exist five conditions must be satisfied:
1. At least two parties
2. Each party has something that might be of some value to the other party.
3. Each party is capable of communication and delivery
4. Each party is free to accept or reject offer
5. Each party believes that it is appropriate or desirable to deal with the other party.
Exchange is value-creating process as it leaves both the parties NORMALLY better off.
Exchange is a process rather than an event.
A transaction is a trade of values between two or more parties.
Monetary transaction: Paying money in exchange of goods
Barter transaction: Goods or services for other goods or services.
Dimensions of a transaction:
At least two things of value
Agreed upon conditions
A time of agreement
Place of agreement
Transaction differs from transfer. In a transfer A gives goods to B but does not receive anything tangible in return. Example: Gifts, charities, subsidies etc.
Relationships and networks:
Transaction marketing is a part of larger idea called relationship marketing. Relationship marketing has the aim of building long term mutually satisfying relations with key parties – customers, suppliers, and distributors – in order to earn and maintain their long term preference and business.
Relationship marketing builds string economic, social and technical ties among the parties.
A marketing network consist of companies and its supporting stakeholders (customers, employees, suppliers, distributors, retailers, ad agencies, university scientists and others).
Marketing Channels:
To reach a target market marketer uses three different kinds of marketing channels.
Communication channel: The marketer uses communication channels to deliver and receive messages from target buyers. These consist of dialogue channels (e mail, toll free numbers).
Distribution channels: To display and deliver the physical product or service to the buyer or user. They include warehouses, transportation vehicles and various trade channels such as distributors, wholesalers, retailers etc.
Selling channels: They include not only the distributors and retailers but also the banks and insurance companies that facilitate transactions.
Supply chain:
Supply chain represents a value delivery system. When a company moves upstream or downstream, the aim is to capture a higher percentage of supply chain value.
Competition:
Competition includes all the actual and potential rival offerings and substitutes that a buyer might consider.
Four levels of competition:
Brand competition: Similar products or services to the same customers at similar prices.
Industry competition: All companies making the same product or the class of product.
Form competition: All companies manufacturing the products that supply the same service.
Generic competition: All companies that compete for the same consumer dollars.
Example: Company – Volkswagen
Brand competition: Honda, Toyota and other medium price automobiles
Industry competition: All automobile manufacturers
Form competition: Automobiles + Motorcycles + Bicycles + Trucks
Generic competition: Consumer durables + Foreign Vacations + New Homes
Marketing Environment
Competition represents only one force in the environment in which the marketer operates. The marketing environment consists of the task environment and the broad environment.
The task environment includes the immediate actors involved in producing, distributing, and promoting the offering. The main actors are company, suppliers, distributors, dealers, and the target customers. Included in the supplier group are material suppliers and service suppliers such as marketing agencies, advertising agencies, banking and insurance companies, transportation and telecommunication companies. Included with distributors and dealers are agents, brokers, manufacturer representatives, and others who facilitate finding and selling to consumers.
The broad environment consists of six components: demographic environment, economic environment, natural environment, technological environment, political-legal environment, and social-cultural environment. These environments contain forces that can have a major impact on the actors in the task environment. Market actors must pay close attention to the trends and the developments in these environments and then make timely adjustments to their marketing strategies.
Quote : Marketing Management by Philip Kotler 10th Edition
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