Marketing Management: Managerial Studies; Management Subject
Marketing Management | Scope of Marketing | What is Marketing | What is Marketed | Part 2
1. Scope of Marketing - 00:00:14 - 00:00:24
• What is marketing?
• What is being marketed?
• Who Markets?
2. Definition of Marketing by American Marketing Association (AMA):- 00:00:25 - 00:01:18
3. What is marketing? 00:01:19 - 00:03:26
Marketing Management is the Art and Science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer values.
Example: Reliance Jio
4. What is being marketed? 00:03:27 - 00:03:53
According to Kotler and Keller, a marketer markets 10 most common entities, they are:
5. Goods – 00:03:54 - 00:04:51
• Most common
• Physical goods
• Bulk of most countries production and marketing efforts
• Almost 70 of all marketed stuff are physical goods
• India achieves close to 20% of its GDP through export of physical goods.
6. Services – 00:04:52 - 00:06:07
• Next important to Goods
• As economy grows, they offer services
• Examples: Insurance, Banking, Hoteling, Travelling, Rental firms, Beauticians, etc.
• It makes 57% of nominal GDP of India, whereas close to 80% of USA.
7. Events – 00:06:08 - 00:07:02
• Third in the list
• Best way to promote products and services
• Time based events such as trade show, performance by artists, company’s anniversaries, TV Sops and Movies
• Global Sporting Events such as Olympics, World Cups, etc
• Event Management Industry is growing tremendously
8. Experiences – 00:07:03 - 00:08:26
• Experiences are also marketed by the marketers
• It can be an indirect way of marketing goods and services
• It combines several services and goods
• Examples: Walt Disney, Tourism Industry, Maharaja Express from the Indian Railways, Indian state Tourism by showcasing past experiences of the visitors, etc.
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