Page 30 - DMGT408DMGT203_Marketing Management

Unit 1: Marketing: Scope and Concepts

Why are things in Marketing so different? Why are the marketing methods that worked so Notes
well these past 2-5 years losing steam, and now being ignored? Maybe this will help you
to understand what is going on, in a simple and easy to understand way:
Three Major reasons:
Technology changes
Internet search engines, online video and audio, website technology, and the fact that the
majority of people online now have access high speed Internet, means that people have
more ways than ever to research and purchase products and services, without ever talking
to sales people...and they can do it at lightning fast speeds, from the comfort of their home
or office.
Way people communicate has changed

Ever try connecting with people on the phone in today's world? How often do you get
someone answering after a couple of rings? It's pretty rare, even with your own friends
and family, that someone actually answers the phone. These days with voice mail, call
waiting, call forwarding, caller ID, texting, and all the other options included in
telecommunications products, people rarely answer their phones because they don't need
to! Today's businesses and entrepreneurs need to move beyond 20th century
communications if they wish to prosper.
Customers are now in the driver's seat
So it all boils down to these...consumers are now in the driver's seat...and they demand
VALUE!

Consumers have more info and choices available to them than any other time in history.
People have the choice of who they talk to and when, what they buy and where. They look
for the best deal, the best service, the best VALUE! They look for Information BEFORE
they buy! If you're not prepared to give them great information, service, or a great
value...your competition is only a mouse click away!
Questions
1. How have these changes affected the small companies?
2. How do such changes affect the consumers?

Source: www.attractionmarketingprofits.com
1.6 Summary

Marketing is a dynamic and all pervasive subject in business, that makes the whole
organization ready to serve the customers. So, success of a business largely depends on the
success of marketing.
There are various definitions to marketing. We can generalize the definition, through the
definition of the famous marketing author, Phillip Kotler who defines marketing as a
social activity directed towards satisfying customer needs and wants through an exchange
process. It is a process of identifying consumer needs, developing products and services to
satisfy consumer needs, making these products and services available to the consumer
through an efficient distribution network and promoting these products and services to
obtain greater competitive advantage in the market place.
This emphasizes optimum utilization of resources and concerted effort on the part of the
marketing manager to deliver higher value to customers and greater profit to the
organization.

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