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8/4/2019 BBA 3rd Marketing Management
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Marketing Management
BBA III(ICM IMPHAL)
MARKETING MANAGEMENT
BBA3rd ICM IMPHAL
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Nature of marketing
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y
Marketing as a process(We, as consumers, see the results of that process in the form of
products, stores, shopping malls, advertisements, sales pitches, promotions, prices, etc)
y Analysis(Markets must be understood, and this understandingflows from analysis. Marketing managers spend weeks analyzingtheir markets before they undertake the development of
marketing plans for influencing those markets.)y Planning (Once a market is understood, marketing programs and events must
be designed for influencing the market's customers and consumers, and even thefirm's competitors.)
y Execution (The marketing events are executed in the markets: advertisementsare run, prices are set, sales calls are made, etc.)
y Monitoring (Markets are not static entities and thus must be monitored at alltimes. After events execute, they need to be evaluated. The planning assumptionsupon which the upcoming events are based must be continually tested; they arenot longer true then the events may need modification. )
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y Roles of marketing manager (Marketing managers play many roles, and we can
describe them with words that begin with the letter )
yDetective (include insights about market conditions, and theidentification of problems and opportunities in the various markets. )
y Designer (Once a problem or opportunity has been identified, the
marketer turns her/his attention to designing marketing programs that
solve the problems and/or capture the opportunities)
y Decision maker (the marketer must make decisions about whichprograms to execute. )
y Decision influencer (the marketer must influence the decisions of
these senior executives.)
y Diplomat (manager must plays a diplomatic role while inducing these
units to execute his/her progam in a timely and high quality way. )
y Discussion (the marketing manager spends most of his/her time in
discussions with others)
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y Managing the Marketing Mix
y Product (Product managment involves the design of the physical product
along with its packaging and warranties, the positioning of that product interms of the benefits it delivers, and the development of the product'sbrand identify. )
y Price (Pricing strategies and tactics must be determined for the product,and then followed to set prices for all the sizes and variants of the product.The result is usually a price schedule that includes the regular price,volume discounts, payment terms, seasonal prices, introductory prices,etc. )
y Promotion (It is generally not true that consumers will beat a path toyour door if you have a superior product; they must be told about it andinduced to buy it ... thus the need for promotion. Promotion includes
personal selling, advertising, sales promotions, and public relations)y Place (Marketing managers are involved in decisions about where the
product is offered to the consumer in terms of the channels ofdistribution.)
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y Operating within constraints
y Competition (Other companies are competiting for the same
consumers and channels of distribution.)
y Channels (Retail stores, electronic markets, communications media exist
to serve the marketer. In the short run, they must be accepted as
constraints; in the long run, the marketer can exert some control over
them ... even vertically integrate into the channels. )
y
Consumers (C
onsumers haveneeds and wants
. The marketers mustunderstand those needsbefore they can design marketing programs aimed
at impacting consumer wants. )
y Conditions (Markets are not static but in constant evolution under the
influences of the economy, changing tastes and fashions, population
dynamics, etc.)y Company (Company policies, procedures, practices, and cultures place
constraints upon the marketing resources and programs that the marketer
can deploy. )
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y Marketing is Collaboration
y The nature of marketing requires marketing managers and
professionals to work together on all aspects of marketing.
y the marketing manager to be at the center of a set of activities being
worked on by people within the company (sales force, promotion
manager, product development teams, etc.)
y outside the company (ad agencies, consultants, marketing researchfirms, etc).
y marketing managers must spend considerable time in consultation
and collaboration with other people.
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y
Marketing is essentially a concept of customer orientation(customer is the king):product/services are brought not merely
because of their quality, packaging or brand name etc but
because they satisfy a specific need of customer.
y A marketer must deliver value for money
y Value =benefit/cost
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y Marketing system affect company
strategy(marketing has its own sub system which interact
with each other to form complete marketing system that is
responsive to company strategy)
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y Marketing create mutually benefit
relationship(customer is the focuss of all marketing
activities)
y
Marketing is customer focused(it intend to satisfy anddelight, it remain in the mind of customer if and only provide
value for what they spend, optimize cost for the customer)
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Marketing is surrounded by customer
needs
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Identification of customer
need
(By Marketing Deptt.)
Probable feature of product
Suggested by Mkt. Deptt.
Probable
product
Assisted by
marketing
deptt.
Customer suggests
Changes/modification
(through marketing deptt.)
Final product(presented by marketing Deptt.)
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The Scope of Marketing.....the task of creating, promoting, and
delivering goods and services to consumer and
business and it include ten type of entities
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Goods Services
Experience Events
Persons
Places
Properties Organizations
Information Ideas
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y Goods
y Physical goods constitute the bulkk of most countries production
and marketing effort Services
y ..the work of airlines, hotels, car rental firms, barber and beauticians,
maintenance and repair people.etc as well as professional working within or for
companies.
yExperiencey By orchestaring severa services and goods, a firm can create, stage, and market
experience
Events Marketer promotes time base events, such as the Olympics, company
anniversaries, major trade shows, sport events, and artistic performance
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y PersonsyCelebrity marketing, every film star has a personal
assistant and ties to PR.y PlacesyCities, states, region and whole nations
y P
ropertiesyInvestment company and banks are invloved inmarketing securities to both institution and individualsinvestors
yOrganization
oOrganization actively work to build a strong favourableimage in the mind of their target publics
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y Informationy Information can be produce and marketed as a product.
y Ideas
y Every marketing offering include an idea, product and
services are two platform for delivering ides
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The four Ps
The four Cs
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CustomerSolution
Customer
Cost
Communication
Marketing
Mix
Product
Price Promotion
Place
Conven-
ience
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MarketIntegratedmarketing
Profits throughcustomer
satisfaction
Customerneeds
(b) The marketing concept
FactoryExistingproducts
Selling andpromotion
Profits throughsales volume
Startingpoint Focus Means Ends
(a) The selling concept
Customer Delivered Value
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Customers
Front-line people
Middle Management
Top
Management
Traditional Organization C
hart
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Customer-Oriented Organization Ch
art
Customers
Front-line people
Middle management
Top
manage-
ment
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3.Core Concepts of Marketing
Product or OfferingProduct or Offering
Value and SatisfactionValue and Satisfaction
Needs, Wants, and DemandsNeeds, Wants, and Demands
Exchange and TransactionsExchange and Transactions
Relationships and NetworksRelationships and Networks
Target Markets & SegmentationTarget Markets & Segmentation
Marketing ChannelsMarketing Channels
Supply ChainSupply Chain
CompetitionCompetition
Marketing EnvironmentMarketing Environment
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Needs, Want, and Demands
Needs describe basic human requirements.
Want are shaped by ones society.
Demands are wants for specific products
backed by ability to pay.
examples
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Demand States and MarketingTasks
No demand
Latent demand
Declining demand
Irregular demand
full demand
Overfull demandUnwholesome demand
y
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Value and satisfaction
y Benefits
functional benefits
emotional benefits
y Costs
Monetary costs
Time costsEnergy costs
Psychic costs
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Value and satisfaction
benefits
Value = -----------------
costs
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marketing ph
ilosoph
iesy The production concept
y The product concept
y The selling concept
y The marketing concept
y The societal marketing concept
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Production ConceptProduction Concept
Product ConceptProduct Concept
Selling ConceptSelling Concept
Marketing ConceptMarketing Concept
Consumers prefer products that arewidely available and inexpensive
Consumers favor products thatoffer the most quality, performance,
or innovative features
Consumers will buy products only ifthe company aggressively
promotes/sells these products
Focuses on needs/ wants of targetmarkets & delivering value
better than competitors
Company Orientations Towards the
Marketplace
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The production concept
ythe production concept holds thatconsumers will prefers products that
are widely available and inexpensive.
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The product concept
y
The product concept holds that consumers will favorthose products that offer the most
quality,performance,or innovative features.
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The selling concept
y The selling concept holds that consumers and businesses, if left
alone, will ordinarily not buy enough of the organizationsproducts. The organization must, therefore, undertake an
aggressive selling and promotion effort
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The marketing concept
yThe marketing concept holds that the key to
achieving its organizational goals consists ofthe company being more effective than
competitors in creating,delivering,and
communicating customer value to its chosentarget markets
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0
The societal marketing concept
y The societal marketing concept holds that the
organizations task is to determine the needs,
wants,and interests of target markets and to deliver thedesired satisfaction more effectively and efficiently than
competitors in a way that preserves or enhances the
consumers and the societys well-being.
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