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Marketing Management
Swati Sisodia swati.sisodia@nmims.edu

Introduction to Marketing

What is Marketing ?
‘Marketing is the ManageMent process that identifies, anticipates and satisfies custoMer requireMents profitably’

What is marketing?
‘the right product, in the right place, at the right tiMe, and at the right price’

What is marketing ?
‘Marketing is the huMan activity directed at satisfying huMan needs and wants through an exchange process’

Management definition it is the process of planning and executing the conception, pricing, proMotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.

What is Marketed?
• • • • • • • • • • Goods Services Events Experiences Persons Places Properties Organizations Information Ideas

Implications of Marketing
Who are our existing/potential customers? What are their current/future needs? How can we satisfy these needs/ Can we offer a product/service that the customer would value? • Can we communicate with our customers? • Can we deliver a competitive product or service? • Why should customers buy from us? • • • •

CUSTOMER VALUE AND SATISFACTION

Customer Value & Customer Cost
Customer value Customer cost “Is the bundle of costs customers expect to incur in evaluating, obtaining, and using the product or service”

“Is the bundle of benefits customer expect from a given product or service”

Total Customer Cost is the summation of: -Monetary Cost -Time Cost -Energy Cost -Psychic Cost

Customer Satisfaction
“Is a person’s feelings of pleasure or disappointment resulting from comparing a product’s perceived performance in relation to his or her expectations”

Maximizing Customer Lifetime Value
• The key to retaining customers is relationship marketing • Losing profitable customers can dramatically affect a firm’s

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