MARKETING CH-1 ( PART- 6) PHILIP KOTLER || HPSC PGT COMMERCE 2023, IBPS SO 2023 , NET COMMERCE 2023

Deesha Classes

6 Jan 202210:34

Summary

TLDRWelcome to Disha Classes! In this video, we continue our comprehensive coverage of marketing principles from Philip Kotler's 15th edition. We've already covered key aspects like the value and meaning of marketing, market exchanges, and holistic marketing. Today's focus is on the marketing mix, famously introduced by James Culliton and refined by E. Jerome McCarthy into the Four Ps: Product, Price, Place, and Promotion. We also explore modern updates to these concepts by Jagdish Sheth and Rajendra Sisodia. This video completes our first chapter, ensuring you are well-prepared for NET and PGT Commerce exams. Subscribe for more detailed insights!

Takeaways

🎉 Welcome to Disha Classes, where you can find chapter-wise and topic-wise videos related to NET Commerce and PGT Commerce.
📚 The marketing content is based on Philip Kotler's 15th edition book.
✅ The first chapter is completed, covering the basics of marketing, including value, meaning, and philosophies.
📖 The focus is on the holistic marketing concept, integrated marketing, and the 4 Ps of marketing (Product, Price, Place, Promotion).
🛠 Marketing starts before the product is made, involving market research, product design, and making it available to customers.
📈 The term 'marketing mix' was first introduced by James Culliton and later classified into 4 Ps by E. Jerome McCarthy.
🔍 The 4 Ps cover various activities: Product (quality, design, features), Price (list price, discounts, payment terms), Place (distribution channels, locations), and Promotion (sales promotion, advertising).
🆕 The modern marketing mix includes the 4 As: Acceptability, Affordability, Accessibility, and Awareness, according to Jagdish Sheth and Rajendra Sisodia.
🔄 The 4 As emphasize making products acceptable, affordable, accessible, and well-promoted to customers.
📢 Disha Classes aims to provide comprehensive coverage of Philip Kotler's book for NET and PGT Commerce exams, ensuring students understand key marketing concepts.

Q & A

What is the main topic of the video from Disha Classes?
-The main topic of the video is marketing, specifically from Philip Kotler's book, 15th edition.
What are the 'four Ps' mentioned in the marketing mix?
-The 'four Ps' in the marketing mix are Product, Price, Place, and Promotion.
What additional 'four Ps' are introduced for modern marketing?
-The modern 'four Ps' introduced are People, Processes, Programs, and Performance.
Who originally coined the term 'marketing mix'?
-The term 'marketing mix' was originally coined by James Culliton.
According to Philip Kotler, when does marketing start?
-According to Philip Kotler, marketing starts before the product is made, with market research and product design.
What activities are included in the 'Promotion' component of the marketing mix?
-The 'Promotion' component includes sales promotion, advertisements, personal selling, and public relations.
What does the 'Place' component in the marketing mix refer to?
-The 'Place' component refers to distribution channels, locations, inventory, and logistics.
How did McCarthy classify the marketing activities?
-McCarthy classified marketing activities into the 'four Ps': Product, Price, Place, and Promotion.
What does the term 'holistic marketing concept' refer to?
-The 'holistic marketing concept' refers to integrated marketing that considers all aspects of marketing activities working together.
What changes did Jagdish and Rajendra Sisodia make to the 'four Ps' concept?
-Jagdish and Rajendra Sisodia converted the 'four Ps' into 'four As' for modern marketing, emphasizing customer-centric aspects.

Outlines

00:00

📚 Introduction to Marketing and Philip Kotler's Concepts

The video begins with a welcome to Disha Classes, where the instructor explains that they provide videos on NET Commerce and PGT Commerce subjects. The focus is on marketing based on Philip Kotler's 15th edition book. The video series has already covered several key topics, including the value and meaning of marketing, marketing philosophies, and the concept of integrated marketing. The instructor emphasizes that marketing activities start before product creation, involving research and design, and extend to making the product available to customers.

05:01

🔍 Understanding the Marketing Mix and the Four Ps

The second part of the video explains the concept of the marketing mix, which includes four key components: Product, Price, Place, and Promotion. These elements, introduced by James Culliton and later classified by E. Jerome McCarthy, cover various marketing activities. The instructor details each component: Product (design, quality, features), Price (list price, discounts, payment terms), Place (distribution channels, locations, inventory), and Promotion (sales promotion, advertising, personal selling). The discussion highlights how these components integrate to form a comprehensive marketing strategy.

10:03

📈 Modernization of the Four Ps in Marketing

The third paragraph discusses the modernization of the traditional four Ps into more contemporary concepts. The Product is now considered in terms of People, Place includes Processes, Promotion involves Programs, and Price is seen as Performance. The instructor mentions contributions from scholars like Jagdish Sheth and Rajendra Sisodia in evolving these concepts. They argue that these modern elements better reflect customer-centric marketing, emphasizing accessibility, effective promotion, and performance-based pricing.

Mindmap

Keywords

💡Marketing

Marketing is the process of promoting, selling, and distributing a product or service. In the video, the instructor explains that marketing involves various activities that start before a product is even created, such as market research, product design, and making the product available to customers. The term is contextualized as a comprehensive strategy that includes understanding customer needs and integrating different elements to meet those needs effectively.

💡Philip Kotler

Philip Kotler is a renowned marketing author and professor known for his contributions to the field of marketing. The video references Kotler's book, specifically the 15th edition, as the primary source for the discussed marketing concepts. Kotler's frameworks and ideas are used to structure the lessons, such as the 'Four Ps' of marketing.

💡Four Ps

The Four Ps refer to Product, Price, Place, and Promotion, which are the key elements of marketing. The instructor explains how each 'P' encompasses different aspects of marketing activities. For instance, 'Product' includes design, quality, and features, while 'Promotion' involves advertising and sales strategies. The Four Ps framework helps in organizing and executing marketing strategies comprehensively.

💡Marketing Mix

The marketing mix is a combination of factors that can be controlled by a company to influence consumers to purchase its products. The video elaborates on how the marketing mix includes the Four Ps (Product, Price, Place, and Promotion) and discusses how these elements are integrated and managed to achieve marketing objectives. The concept is crucial for understanding how different marketing activities are coordinated.

💡Market Research

Market research is the process of gathering, analyzing, and interpreting information about a market. In the video, it is highlighted as the initial step in marketing, where businesses assess customer needs and market conditions to inform product development and marketing strategies. Market research ensures that products are designed to meet consumer demands effectively.

💡Integrated Marketing

Integrated marketing involves coordinating various promotional tools and channels to deliver a consistent message and cohesive strategy. The video mentions this concept as part of the holistic marketing approach advocated by Philip Kotler, emphasizing the importance of aligning all marketing activities to create a unified brand experience.

💡Holistic Marketing

Holistic marketing is an approach that considers the entire marketing environment and recognizes the importance of aligning all marketing efforts to achieve overall business goals. The instructor in the video discusses holistic marketing as an advanced concept that integrates different marketing aspects, ensuring they work together seamlessly. This approach helps in building a strong, consistent brand presence.

💡Product Design

Product design refers to the process of creating a new product to be sold by a business to its customers. The video explains that product design is a critical component of marketing, involving decisions about the product's appearance, functionality, and features. Effective product design addresses market needs and preferences identified through market research.

💡Promotion

Promotion encompasses various activities that communicate the benefits of a product to customers, aiming to persuade them to purchase. The video discusses different promotional strategies, such as advertising, sales promotions, and personal selling. Promotion is one of the Four Ps and is crucial for raising awareness and driving sales.

💡Pricing Strategy

A pricing strategy determines the price point at which a product will be sold to maximize profits while considering market conditions and consumer behavior. The video covers different aspects of pricing, including setting list prices, discounts, and payment terms. A well-planned pricing strategy can significantly impact a product's market success and competitiveness.

💡Distribution Channels

Distribution channels are the pathways through which products or services get from the manufacturer to the consumer. In the video, distribution is discussed under 'Place' in the Four Ps, highlighting how products are made available to customers through various channels, such as direct sales, wholesalers, and retailers. Effective distribution ensures product availability and accessibility for the target market.

💡Value Proposition

A value proposition is a statement that explains how a product solves a problem, delivers benefits, or improves a situation for the customer. The video mentions value in the context of marketing activities that communicate the unique benefits and advantages of a product. A strong value proposition helps differentiate a product from competitors and attracts customers.

Highlights

Welcome to Disha Classes where you can find video chapters and topics related to NET Commerce and PGT Commerce subjects.

Using Philip Kotler's 15th edition book for marketing studies, the first chapter's five parts are already uploaded.

Today's topic will complete the first chapter, focusing on marketing mix and the four Ps.

Marketing starts before product creation with market research to understand customer needs and design the product accordingly.

James Culliton first coined the term 'marketing mix' and classified marketing activities into four Ps: Product, Price, Place, Promotion.

Detailed explanation of 'Product' including its quality, design, features, size, and services.

Explanation of 'Price' covering list price, discounts, allowances, payment period, and credit terms.

Promotion methods including sales promotion, advertising, personal selling, and public relations.

Place strategies involving distribution channels, coverage, locations, inventory, and transportation.

Modernizing the four Ps to include 'People', 'Processes', 'Programs', and 'Performance'.

Philip Kotler's framework is adapted by Jagdish Sheth and Rajendra Sisodia into the four As: Acceptability, Affordability, Accessibility, and Awareness.

Explaining how 'Product' becomes 'People', focusing on customer needs and preferences.

'Place' transformed into 'Processes' to include all logistical aspects.

'Promotion' is updated to 'Programs' which cover all promotional activities.

'Price' redefined as 'Performance', focusing on the value provided to customers.

Encouragement to share, subscribe, and comment on the channel to help others learn from Philip Kotler's book and other subjects.