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Learn about the definitions by Philip Kotler and William J. Stanton, market segmentation stages, customer relations management, and the marketing mix. Explore key marketing concepts and strategies in this informative lecture.
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BASICS OF MARKETING SABARI NATH TV GUEST LECTURER CHRISTIAN COLLEGE CHENGANNUR
DEFINITIONS • PHILIP KOTLER : MARKETING IS A SOCIAL & MANAGERIAL PROCESS BY WHICH INDIVIDUALS & GROUPS OBTAIN WHAT THEY NEED & WANT THROUGH CREATING & EXCHANGING PRODUCTS & VALUES WITH OTHERS • WILLIAM J STANTON : MARKETING IS A TOTAL SYSTEM OF INTERACTING BUSINESS ACTIVITIES DESIGNED TO PLAN,PRICE,PROMOTE & DISTRIBUTE WANT SATISFYING GOODS & SERVICES TO THE PRESENT & POTENTIAL CUSTOMERS
MARKETING CONCEPT • WAY OF BUSINESS THINKING IN WHICH RESOURCES ARE MOBILISED TO CREATE , STIMULATE & SATISFY CUSTOMERS AT PROFIT
STAGES IN MARKET SEGMENTATION • SURVEY STAGE : - CONDUCTING OF EXPLORATORY INTERVIEW, DATA COLLECTION etc. TO IDENTIFY NEEDS OF BUYERS • ANALYSIS STAGE : - DATA ANALYSIS WILL BE DONE TO CREATE SEGMENTS • PROFILING STAGE : - SEGMENT WILL BE NAMED AFTER ITS DOMINANT CHARACTERISTICS
CONSUMER BUYING PROCESS • BUYING NATURE OF END USER • DECISION MAKING PROCESS • INVOLVES SELECTION OF BEST AMONG AVAILABLE ALTERNATIVES • LEADS TO PURCHASE FUNCTION • CONSUMER APPROACHES MARKET TO SOLVE HIS CONSUMPTION PROBLEMS & GAIN SATISFACTION – FUNDAMENTAL ASSUMPTION OF ALL CONSUMER DECISION MODELS • PROBLEM SOLVING APPROACH
CUSTOMER RELATIONS MANAGEMENT *WHY IS IT LESS COSTLY TO RETAIN A CUSTOMER THAN TO FIND A NEW ONE ?
HOW TO IMPLEMENT CRM ? • IDENTIFYING CUSTOMERS THROUGH MARKETING CHANNELS, TRANSACTIONS & INTERACTIONS • CATEGORISATION OF USERS BASED ON THEIR REQUIREMENTS • CONTINUOS INTERACTION WITH CUSTOMERS • INCREASE CUSTOMER LOYALTY BY TREATING EACH CUSTOMER UNIQUELY
