Handouts MGT211 - Updated.doc - Introduction to Business MGT 211 VU Lecture 23 Difference between Marketing and Selling Marketing Marketing starts

Handouts MGT211 - Updated.doc - Introduction to Business...

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Introduction to Business –MGT 211VULecture 23Difference between Marketing and SellingMarketingSellingMarketing starts before decision aboutSelling starts after decision about productionproductionMarketing is a total system and selling is oneSelling is the transfer of ownershipof its partsMarketing is a long term processSelling is a short term processCLASSIFICATION OF PRODUCTSThere are two types of productsConsumer productsIndustrial productsConsumer products are consumed after certain uses. E.g. Tea, soap, toothpaste, shaving cream, cooking oil etc.Industrial products are used in industry. E.g. Raw material, machinery, chemicals,computer hardware and software.Relationship MarketingDeveloping a long term relationship with the customers, by making phone calls to thecustomers, sending gifts to customers etc.Transactional MarketingTransaction with the customer, it is a business strategy that focuses on single, "point ofsale" transactions. The emphasis is on maximizing the efficiency and volume ofindividual sales rather than developing a relationship with the buyer.FACTORS INFLUENCING THE MARKETING SYSTEMExternal Marketing Environmental FactorsInternal Marketing Environmental Factors© Copyright Virtual University of Pakistan123
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Introduction to Business –MGT 211VUTHE MARKETING ENVIRONMENTThe powerful forces of the external marketing environment heavily influenceMarketing programs by posing opportunities and threatsPolitical and legal environment: From taxes to regulations to laws, thepoliticaland legal environment has a profound impact on marketing. This is especiallytrue for certain industries, such as telecommunications, automobiles, andtobacco.Social and cultural environment: Trends in this arena, present enormousopportunities for companies those are both farsighted and flexible. Issuesand changes include increasing diversity in the U.S., more single parentfamilies, a rapidly growing senior population, etc.Technological environment: New technologies create new goods andservices,but also make some existing products obsolete (witness the growingdominance of DVDs at Blockbuster). In recent years, the emergence of theInternet has had the greatest impact on marketing.Economic environment: Inflation, interest rates, recession, and recoveryboth inthe U.S. and (to an increasing extent) abroad have a dramatic influence onevery element of the marketing mix.Competitive environment: Creating a competitive advantage is afundamentalgoal of marketing that can only be accomplished by carefully and continuallymonitoring every element of the competitive environment.The competitive environment drives many marketing decisions. By studyingthe competition, marketers determine how best to position their ownproducts. Knowing the alternatives available to your customers, who yourcompetitors are and what they offer is as vital to success as watching for thenext big food or fashion craze or technological innovation. There are three
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