The Fundamentals of Marketing

1. The Fundamentals of Marketing Usha Nagaraj

2. Purpose of a business The purpose of a business is to convert a market need through a product / service, into a commercially viable process

3. Introduction to Marketing • Marketing is a process of determining the requirements / needs of customers / public, and delivering customer satisfaction at a profit. • The goal of marketing is to attract new customers by promising superior value, and to retain existing customers by delivering satisfaction

4. Introduction to Marketing • Marketing, more than any other business function, deals with customers • Creating customer value and satisfaction are the very heart of modern marketing thinking and practice • Some people believe that only large business organizations operating in highly developed economies use marketing, but sound marketing is critical to the success of every organization – whether large or small, for profit or non-profit, domestic or global

5. Intoduction to Sales Sales is the process of a commercial transaction – exchange of a product / service for a price / consideration, or exchange of a service for customer satisfaction

6. Target Market Understanding the customers and their needs

7. Macro Markets • Market segments • Market strategies • Determining a product mix • Translating a marketing strategy into a marketing plan Macro Markets relates more to the Marketing function

8. Micro Markets • Translating marketing to sales • Customer profile & needs • Product-wise sales strategy • Translating a sales strategy into a sales plan Micro Markets relates more to the Sales function

9. Pricing & Competition • Determining a pricing strategy & plan • Understanding the importance of the business environment

10. Income Arriving at income projections based on the evaluated marketing and sales plan

11. Thank you Q & A