Business Owners and Marketing Managers Must Understand Various Principles of Marketing Management Which Represents One of the Most Critical Functions in Many Organizations

8/2/2019 Business Owners and Marketing Managers Must Understand Various Principles of Marketing Management Which Represents One of the Most Critical Functions

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Business owners and marketing managers must understand various principles of marketingmanagement which represents one of the most critical functions in many organizations.

According to the American Marketing Association:

"Marketing is the process of planning and executing the conception, pricing, promotion, anddistribution of ideas, goods, and services to create exchanges that satisfy individual and

organizational objectives." (1)

Marketing Management entails analysis, planning, implementation, and control of activities

designed to develop and maintain a beneficial exchange of ideas, products, and services in the

marketplace to meet personal and corporate goals.

One of the most notable experts on marketing management, Philip Kotler, defines Marketing as:

Marketing is the delivery of customer satisfaction at a profit and "A social and managerial

process by which individuals and groups obtain what they need and want through creating andexchanging products and value with others". (2)

In simplified terms, illustrated below, the Marketing Process may be presented as a flow of

products and services from product and service providers through market intermediaries to the

end-users, in exchange for money.

THE FLOW OF PRODUCTS AND SERVICES IN THE MARKETPLACE

Product And Service Providers

Market Intermediaries

End-Users

2. BASIC MARKETING CONCEPTS

Some of the Basic Marketing Concepts are summarized below.(3)

BASIC MARKETING CONCEPTS

A Market.

A market is represented by individuals and organizations, who are or may become buyers forspecific products and services.
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A Marketplace.

A marketplace is a specified geographic location which contains a number of existing and

potential buyers of products and services.

Needs.

These include basic physical needs for water, food, shelter, closing, safety; social needs for

recognition, belonging to a group, affection; individual needs for self-expression and

achievement; organizational needs expressed by groups of people or businesses.

Wants.

Wants may be expressed by products or services which may be desirable by individuals or

organizations to meet their specific individual or organizational needs.

Demands.

Demand for products or services may be expressed by an individual, a group of a individuals or

organizations, backed by their respective buying power in the marketplace.

Products And Services.

Products and services are designed to satisfy the needs, wants, and demands of broad range of

individuals and organizations in the marketplace.

Customer Value.

A customer value is the difference between the value the customer receives by owning and usinga particular product or service and the actual cost of purchasing such product or service.

Customer Satisfaction.

Customer satisfaction is expressed by the buyer of a product or service based on the degree to

which such product or service meets the customer's expectations.

Exchange.

Exchange is the act of obtaining a required product or service from someone and offeringsomething of value in return.

Transaction.

A transaction is an exchange or trade of a product or a service between a buyer and a seller,

based on mutually agreed terms and conditions, including price, method of delivery, terms of


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payment, and warranty.

Relationship Marketing.

Relationship marketing is a process of continuous development, maintenance and improvement

of profitable and mutually beneficial relationships with customers, distributors, dealers, andsuppliers.

Marketing Network.

A marketing network consists of the company, its employees, customers, distributors, dealers,

suppliers, and all organizations with whom the company is developing the relationshipmarketing.

The Operational Concept.

The operational concept suggests that customers will favor high quality products and services,which are available at affordable prices. Managements task, therefore, is to ensure continuous

improvement of operational efficiency and reduction of costs.

The Internet.

The Internet represents a unique electronic media and the largest marketplace in the world,

which allows marketers and sellers to offer their products and services directly to potentialbuyers, re-sellers, and end-users for mutual benefit.

3. BASIC MARKETING MANAGEMENT GUIDELINES

IMPORTANCE OF THE BASIC MARKETING MANAGEMENT GUIDELINES

It is important to adhere to the Basic Marketing Management Guidelines designed to ensure

mutual satisfaction and positive results for both - the marketing organizations and the customers

alike. Some of the basic marketing management guidelines for marketing organizations areoutlined below. (4)

BASIC MARKETING MANAGEMENT GUIDELINES

1. To Provide The Producers And Consumers With A Freedom Of Choice.

The western-type market economy is driven by a dynamic market demand and is regulated by

the principle of supply and demandin the marketplace. The cornerstone of this principle is thereedom of choice which may be exercised by marketers and consumers alike. Marketers,

therefore, should remember that both parties are free to act in their best interests to achieve their

organizational or individual objectives.

2. To Satisfy The Basic Needs Of Marketing Organizations And Consumers.

Marketing organizations and consumers have a broad range of specific needs that must be
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identified, evaluated, and fulfilled in the free-market economy. Marketers, therefore, should be

aware of the importance of satisfying their respective basic needs, since a long-term businessrelationship cannot succeed without a short-term mutual satisfaction.

3. To Avoid Any Discrimination In The Marketing Process.

The marketing organizations should not discriminate against consumers for any reason.Marketers should offer their products and services on an equal basis to all consumers,

irrespective of their status, religion, race, gender, buying power, or any other unrelated

characteristic. Marketers should remember, that only a discrimination-free market environment

will secure a steady and profitable business performance in the long run.

4. To Provide Cost-Effective Products And Services To Consumers.

The marketing system aims at supplying products and services to customers in the marketplace,

based on high quality and competitive price. A free economy relies on active competition and

informed buyers who stimulate the market efficiency. Marketers should, therefore, offer theirproducts and services to consumers on a cost-effective basis to ensure long-term commercial

success in a customer-driven environment.

5. To Offer Product And Service Innovation To Consumers.

The competitive market environment stimulates the producers to develop new products and

services which are better and more efficient in their performance. At the same time, this process

also stimulates a continuous reduction of various related costs, such as costs of raw materials,

manufacturing, packaging, assembly, or distribution. Marketers, therefore, should be prepared toimprove the features and quality of their products and services and at the same time to reduce

costs to ensure long-term commercial success.

6. To Educate And Inform The Consumers.

The competitive marketing environment also stimulates a continuous educational process of

consumers in the marketplace with an objective to secure long-term effective use of products and

services and overall customer satisfaction. Marketers, therefore, should be prepared to educateand inform the consumers on a continuous basis to secure long-term viability of their products

and services.

7. To Offer Continuous Product And Service Protection To Consumers.

There is a trend in the modern marketing environment toward maximizing consumer protection

in terms of possible harm which may be caused by various products and services supplied bymarketers. In addition, there are various laws and regulations, imposed by the government to

maximize product safety and to prevent deceptive marketing and sales practices. Marketers,

therefore, should be prepared to spend additional funds to maximize the consumer protection inthe marketplace and to minimize the potential harm to consumers.

4. CONNECTION BETWEEN MARKETING AND SALES MANAGEMENT


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CONNECTION BETWEEN MARKETING AND SALES MANAGEMENT

Many business practitioners often confuse Marketing Management with Sales Management.

Although these two functions are strongly interrelated, they do differ in purpose and description.

Harvard professor Theodore Levitt defines the difference between these two functions asfollows:

"Selling focuses on the need of the seller; marketing on the needs of the buyer. Selling is

preoccupied with the seller's need to convert his product into cash; marketing with the idea of

satisfying the needs of the customer by means of the product and the whole cluster of things

associated with the creating, delivering and finally consuming it". (5)

A well-known management expert, Peter F. Drucker, suggests that:

"Selling and marketing are antithetical rather than synonymous or even complementary. There

will always, one can assume, be a need for some selling, but the aim of marketing is to makeselling superfluous. The aim of marketing is to know and understand the customer so well the

product or service fits him and sells itself." (6)

5. STEPS IN THE MARKETING MANAGEMENT PROCESS

THE MARKETING MANAGEMENT PROCESS

One of the prime responsibilities of every business owner and marketing manager is to initiate

the Marketing Management Process in a customer-driven environmentand to develop a

Marketing Department within the organization. Philp Kotler defines this process as follows:

Marketing management is the analysis, planning, implementation, and control of programs

designed to create, build, and maintain beneficial exchanges with target buyers for the purposeof achieving organizational objectives. (7)

The ultimate objective of an effective marketing management process is to develop, maintain andgrowprofitable and long-lasting relationships with customers. The planning and control of the

marketing management process in various types of organizations entails a number of steps, as

outlined below. Obviously, some steps of this process may differ, depending whether this is amanufacturing, merchandising, service, project, or contract management company.*

EVOLUTION OF THE MARKETING AND SALES MANAGEMENT FUNCTION IN A

COMPANY

No. Details

1. When entrepreneurs start a small business, they usually wear all management hats,

including the MarketingAnd Sales Management Hat.

2. When the small business starts to grow, business owners often decide to employ a

Marketing And Sales Manager to manage all marketing and sales management functions

within the company.


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3. Upon further growth of the company, business owners may decide to separate the

marketing and sales management functions and employ a Marketing Manager and a SalesManager to manage their respective departments

* Note:

Service Operations Managementis discussed in detail in Tutorial 4.

Project And Contract Managementis discussed in detail in Tutorial 4.

STEPS IN THE MARKETING MANAGEMENT PROCESS

Step 1: Understand The Fundamentals Of Buying Behavior.

Step 2: Gather Marketing Information And Conduct Market Research.

Step 3: Examine Strategic Marketing Factors.

Step 4: Evaluate The Companys Existing Position In The Marketplace.

Step 5: Formulate The Companys Marketing Objectives.

Step 6: Complete Market Targeting For Your Companys Products and Services.

Step 7: Measure And Forecast The Market Potential.

Step 8: Select Suitable Marketing Strategies.
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Step 9: Develop Detailed Marketing Mix Strategies.

9.1

Product

Strategies

9.2

Price

Strategies

9.3

Promotion

Strategies

9.4

Distribution

Strategies

Step 10: Develop Direct Marketing Strategies.

Step 11: Prepare A Marketing Plan.

Step 12: Summarize The Marketing Budget.

Step 13: Implement, Evaluate And Control Marketing Activities.

6. BUYING BEHAVIOR

STEP 1: UNDERSTAND THE FUNDAMENTALS OF BUYING BEHAVIOR

The first step in the marketing management process entails the understanding of BuyingBehavior in the marketplace. Business owners and marketing and sales managers must knowhow, why, when, in what quantities, and how often people and organizations buy products andservices. It is essential, therefore, to have solid knowledge about the following types ofBuyersMarkets described below.

BUYERS' MARKETS

THE CONSUMERMARKET THE ORGANIZATIONALMARKET

The consumer market consists of allindividuals and households that purchase

products and services for personal use.

This market includes three main categories:

The Baby Boomers.

The organizational market consists of allindividuals and organizations that purchase

products and services for organizational and

commercial use. This market is sub-dividedinto:
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The Generation X, or GenXers. The Echo Boomers.

The Government Market. The Business Market.

The Business Market is sub-divided into:

The Producer Market. The Reseller Market.

THE BUYERS' DECISION-MAKING PROCESS

Understanding of buying behavior will help in finding answers regarding different types ofpeople and organizations, who buy various products and services, their reasons for making

Buying Decisions, the volume and frequency of purchases, and the timing of making purchasingdecisions.

Business owners and marketing managers must also be familiar with the basic steps in the

Consumer Decision-Making Process to ensure a successful performance of their company in

the consumer market. This process is strongly influenced by a broad range ofConsumer Buying

Behavior Factors, which include strategic marketing factors, consumers individual factors,social and economic factors.

Moreover, it is essential to understand the basic steps in the Organizational Decision-Making

Process to ensure the companys successful performance in the organizational market. Thisprocess is influenced by various Organizational Buying Behavior Factors, including the

internal organizational factors, individual buyers factors, external organizational factors and

environmental factors.

Buying Behavioris discussed in detail in Tutorial 5.

7. MARKETING INFORMATION AND RESEARCH

STEP 2: GATHER MARKETING INFORMATION AND CONDUCT MARKET RESEARCH

The next step in the marketing management process entails gathering and collating Marketing

Information and conducting Market Research.

Good market intelligence provides a sound foundation for an effective marketing plan and helpsthe companys management to achieve overall business objectives. It is essential, therefore, to

develop a strong market intelligence team and to utilize appropriate Sources Of Marketing

Information. Some of these sources are outlined below.

SOURCES OF MARKETING INFORMATION

No. Details

1. Commercial and trade publications.

2. Statistical data.


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3. Reports from sales people.

4. Market research bureau.

5. Internet.

6. Information provided by the existing customers.

MARKETING INFORMATION SYSTEMS (MIS)

Business owners and marketing managers must develop an effective Marketing InformationSystem (MIS), designed to collect, sort, evaluate, and store relevant information from various

sources, and distribute this information to marketing decision-makers in a timely manner toensure the most effective performance of the marketing department.

This system has a wide range of applications within the organization, including preparation of

the companys sales analysis and sales forecasting reports, development of sales budgets andsales performance ratios by sales person, determination of sales potential by territory,

development of sales quotas per sales person, maintaining customer profiles and many more.

Market research represents another essential function within the marketing department. This

function is essential in identifying and defining marketing opportunities and problems,

generating and evaluating marketing action, monitoring marketing performance, and improvingthe understanding and effectiveness of the marketing process.

Marketing Information And Researchare discussed in detail in Tutorial 5.

8. STRATEGIC MARKETING FACTORS

STEP 3: EXAMINE STRATEGIC MARKETING FACTORS

After gathering and collating marketing information and conducting appropriate market research,the marketing manager must proceed with the examination ofStrategic Marketing Factors.This includesevaluation ofInternal and External Marketing Factors, or MarketingVariables, related to the company's overall business activities in the marketplace.

A thorough examination of internal and external marketing factors plays a vital role in the

development of an effective marketing plan. Several important internal and external marketing

factors are outlined below.INTERNAL MARKETING FACTORS

No. Details

1. Company's size, strengths, weaknesses.

2. Company's organizational and management structure.3. Company's corporate plans and objectives.

4. Company's products or services.

EXTERNAL MARKETING FACTORS

No. Details

1. Current market demand for company's products or services.

2. Influence of competition in the marketplace.


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3. Legal requirements.

4. Technological developments.

5. Economic conditions in the marketplace.

6. Political conditions in the marketplace.

Strategic Marketing Factorsare discussed in detail in Tutorial 5.9. EXISTING POSITION IN THE MARKETPLACE

STEP 4: EVALUATE THE COMPANYS EXISTING POSITION IN THE MARKETPLACE

After completing the evaluation of internal and external marketing factors, the marketingmanager must proceed with identifying the Company's Existing Position In The Marketplace.

A comprehensive examination of relevant strategic marketing factors will enable the marketing

manager to complete this evaluation in a timely manner and prepare the Companys ExistingPosition Status Report. Such an evaluation plays a highly important role in the overall

marketing plan development process.

The evaluation of the company's existing position in the marketplace entails providing answersto a number of important questions outlined below.

THE COMPANY'S POSITION IN THE MARKETPLACE

No. Details

1. How successful is our company in the marketplace in terms of market penetration with ourproducts or services at present?

2. How do customers rate our company in terms of the product or service quality?

3. How popular are our products or services in the marketplace?

4. How strong is the competition in the marketplace?

5. How do we differ from our main competitors?6. What is the short-term market trend in the area of product or service acceptance?

The Companys Position In The Marketplaceis discussed in detail in Tutorial 5.

10. MARKETING OBJECTIVES

STEP 5: FORMULATE THE COMPANS MARKETING OBJECTIVES

The next step in the marketing management process entails formulation of the companys

Marketing Objectives for the forthcoming fiscal period.

Upon evaluating the company's position in the marketplace, the marketing manager will be in a

better position to complete the formulation of the company'smarketing objectives and prepare

the Companys Marketing Objectives Report for the next twelve months.

The formulation of the company's marketing objectives entails finding answers on a number of

important questions outlined below.THE COMPANY'S MARKETING OBJECTIVES

No. Details

1. What specifically do we want to accomplish in the marketplace during the next fiscalperiod?
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2. What new products or services do we need to introduce to maintain our competitive

advantage in the marketplace?

3. What products or service do we need to phase out during the next fiscal period?

4. How much additional capital do we need to support our short-term marketing plan?

5. How should we develop our sales team to meet our marketing plan objectives

Marketing Objectivesare discussed in detail in Tutorial 5.

11. TARGET MARKETING

STEP 6: COMPLETE TARGET MARKETING OF YOUR PRODUCTS AND SERVICES

After formulating marketing objectives, the marketing manager must proceed with the process of

Target Marketingof the companys products or services. This process entails three elements

described below.

THE TARGET MARKETING PROCESS

1. Market Segmentation.

Market segmentation entails dividing a market into distinctive groups of buyers, or Market

Segments, on the basis of their needs, characteristics, or behavior patterns, who might require

specific products or services.

2. Market Targeting.

Market targeting entails evaluating each market segment in terms of its attractiveness, i.e. where

a company may have a unique Marketing Opportunity to offer its products or services.

3. Market Positioning.

Market positioning entails arranging for the companys products or services to occupy a clear,

distinctive and desirable place in relation to competing products and services in the minds of thetarget customers.

MARKETING OPPORTUNITY

Marketing Opportunity represents a suitable field of marketing action where a company mayhave a potential trading advantage. Each feasible marketing opportunity should be examined

more closely to establish a suitable method of entering into a specific market.

Identification of suitable marketing segments entails finding answers to a number of important
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questions, as outlined below. This process will also help the marketing manager in the overall

process of marketing plan implementation and development of an appropriate sales team.

Target Marketing is discussed in detail in Tutorial 5.

12. MARKET MEASUREMENT AND FORECASTING

STEP 7: MEASURE AND FORECAST THE MARKET POTENTIAL

After identifying suitable marketing segments, the marketing manager must proceed with the

process of measuring the market potential of each segment and preparing realistic forecasts

regarding the companys marketing opportunities to sell products or services.

There are many different Market Segments where a company may identify sound business

opportunities. These segments, known as Target Markets, must be classified according to theirindustrial activity and grouped into separate target market areas. This will enable the marketing

manager to summarize the most suitable target markets, to complete the Measurement AndForecasting Of Market Potential, and to provide answers to a number of important questions

outlined below.

Subsequently, the Sales Potential of each area should be evaluated and the most suitable marketopportunities selected in accordance with the company's capabilities to gain and maintain a

marketing advantage.

THE MARKET POTENTIAL

No. Details

1. What is the market potential for our products or services in a specified market segment in

the consumer market in terms of units sold?

2. What is the market potential for our products or services in a specified market segment in

the commercial market in terms of dollar value?

Market Measurement And Forecastingis discussed in detail in Tutorial 5.

13. MARKETING STRATEGIES

STEP 8: SELECT A SUITABLE MARKETING STRATEGY

Once the marketing manager has evaluated the company's existing position, formulated

appropriate objectives, and identified and measured target markets, it is necessary to proceedwith the selection of a suitable Marketing Strategy.

There are five basic marketing strategies that can be selected by a company in terms of its overall

marketing objectives as illustrated below.

FIVE BASIC MARKETING STRATEGIES The New Venture Strategy.

This strategy directs the company toward introduction of brand new products or services in the

marketplace.

The Growth Strategy.
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This strategy directs the company toward expanding its current marketing efforts with existing

products or services.

The Market Development Strategy.

This strategy directs the company toward continuous improvement of the existing product orservice lines.

The Market Retention Strategy.

This strategy directs the company toward maintaining its existing position in the marketplace.

The Balancing Strategy.

This strategy directs the company toward balancing its current marketing activities to achieve thedesired level of profitability and market share.

Marketing Strategiesare discussed in detail in Tutorial 5.

14. MARKETING MIX STRATEGIES

STEP 9: DEVELOP DETAILED MARKETING MIX STRATEGIES

Upon selection of a suitable marketing strategy, the marketing manager must proceed with thedevelopment ofDetailed Marketing Mix Strategies.

The Marketing Mix, also known asThe Four P, is a very important marketing concept and it

represents a combination of four essential marketing elements illustrated below.

THE FOUR P" MARKETING MIX

Product

Or ServicePrice Promotion

Place

(Distribution)

The development of a marketing mix strategy will require the marketing manager to formulatefour comprehensive strategies as shown below.

FOUR MARKETING MIX STRATEGIES

Product

Or ServiceStrategy

Pricing

Strategy

Promotional

Strategy

Distribution

Strategy

Marketing Mix Strategiesare discussed in detail in Tutorial 5.

15. PRODUCT STRATEGIES

STEP 9.1 : DEVELOP DETAILED PRODUCT STRATEGIES

Productrepresents thefirst P in the Marketing Mix concept. The development of detailed
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Product Strategies, therefore, represents the first step in formulating the Marketing Mix

Strategies for the organization.

In order to develop effective product strategies, the marketing manager must be familiar with

various issues related to products as outlined below.

PRODUCT-RELATED ISSUES

Key Factors In Product Creation And Development.

This includes ensuring customer satisfaction, generating profit, providing employment, and

meeting company objectives.

Product Development Process.

This entails understanding the six steps in the product development process and how it affects

the companys performance.

Product Life Cycle.

This entails understanding the four stages of the product life cycle and how it affects the

companys performance.

Product Life Cycle Characteristics, Objectives And Strategies.

This entails understanding various variables related to the product life cycle and how it affects

the companys performance.

Product Branding.

This entails understanding the product branding process.

Product Licensing.

This entails understanding the product licensing process.

Franchising.

This entails understanding of the franchising process.

Product Strategiesare discussed in detail in Tutorial 5.

A marketing manager in a Service Organization should follow similar procedures in developing

Service Strategies,and use applicable elements of the product strategies, when this is

appropriate.


16. PRICING STRATEGIES
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STEP 9.2: DEVELOP DETAILED PRICING STRATEGIES

Pricerepresents thesecondP in the Marketing Mix concept. The development of detailedPrice Strategies, therefore, represents the second step in formulating the Marketing Mix

Strategies for the organization.

In order to develop effective pricing strategies, the marketing manager must be familiar with

various issues related to price, as outlined below.

PRICE-RELATED ISSUES

Price-Setting Factors.

This entails an understanding of product or service costs, demand, and competition.

Basic Classification Of Costs.

This entails an understanding of direct and indirect costs for various types of companies.

Price-Setting Methods.

This entails an understanding of various methods used in determining the selling price for thecompanys products and services.

Basic Pricing Strategies.

This entails an understanding of three main strategies: penetration pricing, meet-the-competition

pricing, and price skimming.

Discounts.

This entails an understanding of trade discounts, quantity discounts, cash discounts, and

promotional discounts.

Price Change Management Process.

This entails an understanding of specific steps related to the process of price change and

adjustment to meet new conditions in the marketplace.

Pricing Strategiesare discussed in detail in Tutorial 5.


Service Pricing Strategies,and use applicable elements of the product pricing strategies, when

this is appropriate.


17. PROMOTIONAL STRATEGIES


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STEP 9.3: DEVELOP DETAILED PROMOTIONAL STRATEGIES

Promotionrepresents thethirdP in the Marketing Mix concept. The development of

detailed Promotional Strategies, therefore, represents the third step in formulating the

Marketing Mix Strategies for the organization.

In order to develop effective promotional strategies the marketing manager must be familiar with

the Promotional Strategy Development Process outlined below.PROMOTIONAL STRATEGY DEVELOPMENT PROCESS

No. Details

1. Evaluate the promotional strategy factors.

2. Establish the overall direction for the promotional strategy.

3. Analyze the existing situation in the marketplace.

4. Establish promotional objectives.

5. Prepare the promotional budget.

6. Develop effective communication mix.

7. Formulate the communication message.

8. Evaluate and control the communication mix.

The marketing manager must also have a good understanding of various elements of the

Communication Mix.

COMMUNICATION MIX

AdvertisingPersonal

SellingPackaging

Public

Relations

Sales

Promotions

Promotional Strategiesare discussed in detail in Tutorial 5.


Service Promotional Strategies,and use applicable elements of the product promotionalstrategies, when this is appropriate.

Service Operations Managementis discussed in detail in Tutorial 4

18. DISTRIBUTION STRATEGIES

STEP 9.4: DEVELOP DETAILED DISTRIBUTION STRATEGIES

Placeor Distributionrepresents thefourth P in the Marketing Mix concept. The

development of detailed Distribution Strategies, therefore, represents the fourth step informulating the Marketing Mix Strategies for the organization.

In order to develop effective distribution strategies the marketing manager must be familiar withvarious issues related to distribution outlined below.

DISTRIBUTION-RELATED ISSUES
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Marketing Intermediaries.

This entails understanding the functions of retailers, wholesalers, industrial distributors,

manufacturers agents, sales agents, rack jobbers, and facilitating agents.

Supply Chain Management.

This entails understanding of specific steps in the supply chain management process for

manufacturing, merchandising, service, project, and contract management companies.

Distribution Channels.

This entails understanding the advantages and disadvantages of various options which are

available through two specific types of distribution channels: the consumer channel and the

industrial channel.

Distribution Strategiesare discussed in detail in Tutorial 5.


Service Distribution Strategies,and use applicable elements of the product distribution

strategies, when this is appropriate.


19. DIRECT MARKETING

STEP 10: DEVELOP DIRECT MARKETING STRATEGIES

Upon the selection of suitable marketing mix strategies, i.e. product or service, price, promotionand distribution strategies, the marketing manager must proceed with the development ofDirectMarketing Strategies.

Direct Marketing is an interactive system of marketing which includes various types of

advertising, promotion, and personal selling of products and services outlined below.

ELEMENTS OF DIRECT MARKETING

No. Details

1. Telephone marketing.

2. Direct mail marketing.

3. Online marketing.

4. Direct selling.

5. Automatic vending machines.6. TV infomercials.

7. TV home-shopping.

8. Postcard decks.

Business owners and marketing managers should pay special attention to the Online Marketing

of products and services, because the Internet represents the fastest growing marketing media in

the 21st century. Online marketing became particularly popular in the last several years because


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of the recent developments in the Search Engine Optimization (SEO) Methodology.

Direct Marketingis discussed in detail in Tutorial 5.


Direct Marketing Strategies,and use applicable elements of direct marketing strategies, whenthis is appropriate.


20. MARKETING PLANNING

STEP 11: PREPARE A MARKETING PLAN

Preparation of the Marketing Plan represents the culmination of the marketing management

process. There are two different types of marketing plans, which can be prepared by the

marketing manager, as presented below.TWO TYPES OF MARKETING PLANS

New Product Marketing Plan Annual Marketing Plan

This type of plan is prepared when the

company plans to introduce new products or

services in the marketplace.

This type of plan is prepared for an existing

range of products or services.

The marketing plan must be prepared in accordance with the overall objectives of the

organization for at least one fiscal period. The Marketing Plan Outline is outlined below.

THE COMPANY'S MARKETING PLAN OUTLINE

No. Details1. Marketing and sales plan summary.

2. Analysis of the companys products and services.

3. Analysis of the companys resources.

4. Analysis of the market demands and trends.

5. Analysis of external marketing factors.

6. Analysis of the competition in the marketplace.

7. The existing and potential target markets.

8. Problems and opportunities in the marketplace.

9. Marketing and sales objectives.

10. Marketing and sales strategy.

11. Marketing and sales budget.

12. Marketing plan supporting materials.

Marketing Planningis discussed in detail in Tutorial 5.

21. THE MARKETING BUDGET
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STEP 12: SUMMARIZE THE MARKETING BUDGET

Formulation of a Marketing Budget represents the final stage of an effective marketing plan.

The marketing budget must take into consideration a broad range of activities related to the

marketing of products or services as well as activities related to the sales of products or services.The marketing budget preparation process entails finding answers to a number of important

questions outlined below.FORMULATION OF THE COMPANY'S MARKETING BUDGET

No. Details

1. What are the anticipated revenues expected from the sale of specific products or services ineach market segment selected by our company?

2. What are the anticipated advertising costs related to our company's efforts of promoting

specific products or services?

3. What are the anticipated costs of the sales team which will be engaged in the process of

selling our products or services?

4. What are the anticipated costs of manufacturing specific products or providing specificservices?

5. What is the anticipated unit cost of each product or service, which our company plans tosell during the next fiscal period?

Marketing Budgetsare discussed in detail in Tutorial 5.

22. IMPLEMENTATION AND CONTROL OF MARKETING ACTIVITIES

STEP 13: IMPLEMENT, EVALUATE, AND CONTROL MARKETING ACTIVITIES

Finally, when the Marketing Manager and the marketingteam complete the marketing plan,and upon approval of all relevant budgets by the company owners, it becomes essential to

implement this plan into action. Implementation Of The Marketing Plan entails providing thecompany's employees with the opportunity to complete all relevant tasks in the most efficientmanner.

The marketing manager must monitor the implementation of each marketing task on acontinuous basis to ensure that the company meets its overall marketing objectives. Furthermore,

the marketing manager must exercise an effective control over all related marketing functions,

which were discussed earlier.

RESPONSIBILITY OF THE MARKETING AND SALES MANAGER

The majority of small business owners usually combine all marketing and sales functions underthe umbrella of the Marketing And Sales Department. The Marketing And Sales Manager

will be responsible for the evaluation, planning, implementation, and control all marketing andsales activities within this department.

However, when the organization grows, the marketing and sales functions are often separated

into a Marketing Department and a Sales Department. In this case, the Marketing Managerwill be responsible for the implementation of all marketing plans, while the Sales Manager will
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be responsible for the evaluation, planning, implementation, and control of allSales

Management Activities, which are discussed in detail in Tutorial 5.

Additional detail related to implementation of marketing plans and budgets are provided in

Marketing Planningin Tutorial 5.

23. THE AMERICAN MARKETING ASSOCIATION CODE OF ETHICSAMERICAN MARKETING ASSOCIATION

American Marketing Association (AMA) has developed a Code Of Ethics which represents aset of specific guidelines designed for its members and covering a broad range of issues.

It is strongly advised, that every business owner and manager becomes familiar with these

guidelines and adopts them throughout the routine marketing management process. The AMA

Code Of Ethics Guidelines are summarized next. These guidelines also include a List Of The

Marketer's Responsibilities outlined below.

Any AMA member found to be in violation of any provision of this Code of Ethics may have hisor her association membership suspended or revoked.(7)

THE AMERICAN MARKETING ASSOCIATION CODE OF ETHICS

1. Responsibilities Of The Marketer.

Marketers must accept responsibility for the consequences of their activities and make everyeffort to ensure that their decisions, recommendations, and actions function to identify, serve,

and satisfy all relevant publics: customers, organizations and society.

2. Marketers' Professional Conduct Must Be Guided By:

The basic rule of professional ethics: not knowingly to do harm. The adherence to all applicable laws and regulations. The accurate representation of their education, training, and experience. The active support, practice, and promotion of this Code of Ethics.

3. Honesty And Fairness.

Marketers should uphold and advance the integrity, honor, and dignity of the marketing

profession by:

Being honest in serving consumers, clients, employees, suppliers, distributors, and thepublic.

Not knowingly participating in conflict of interest without prior notice to all partiesinvolved.

Establishing equitable fee schedules including the payment of receipt of usual,customary, and/or legal compensation for marketing exchanges.
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4. Rights And Duties Of Parties In The Marketing Exchange Process.

Participants in the marketing exchange process should be able to expect that:

Products and services offered are safe and fit for their intended uses. Communications about offered products and services are not deceptive. All parties intend to discharge their obligations, financial and otherwise, in good faith. Appropriate internal methods exist for equitable adjustment and/or redress of

grievances concerning purchases.

American Marketing Association, 2000. Reprinted with permission.

LIST OF THE MARKETER'S RESPONSIBILITIES

1. In The Area Of Product Development And Management:

Disclosure of all substantial risks associated with product or service usage. Identification of any product component substitution that might materially change the

product or impact on the buyer's purchase decision.

Identification of extra cost-added features.

2. In The Area Of Promotions:

Avoidance of false and misleading advertising.

Rejection of high pressure manipulations, or misleading sales tactics. Avoidance of sales promotions that use deception or manipulation.

3. In The Area Of Distribution:

Not manipulating the availability of a product for purpose of exploitation. Not using coercion in the marketing channel. Not exerting undue influence over the reseller's choice to handle a product.

4. In The Area Of Pricing:

Not engaging in price fixing. Not practicing predatory pricing. Disclosing the full price associated with any purchase.


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5. In The Area Of Marketing Research:

Prohibiting selling or fundraising under the guise of conducting research. Maintaining research integrity by avoiding misrepresentation and omission of

pertinent research data. Treating outside clients and suppliers fairly.

6. Organizational Relationships.

Marketers should be aware of how their behavior may influence or impact on the behavior of

others in organizational relationships. They should:

Not demand, encourage, or apply coercion to obtain unethical behavior in theirrelationships with others, such as employees, suppliers, or customers.

Apply confidentiality and anonymity in professional relationships with regard toprivileged information.

Meet their obligations and responsibilities in contracts and mutual agreements in atimely manner.

Avoid taking the work of others, in whole, or in part, and represent this work as theirown or directly benefit from it without compensation or consent of the originator or

owner.

Avoid manipulation to take advantage of stipulations to maximize personal welfare ina way that unfairly deprives or damages the organization of others.

American Marketing Association, 2000. Reprinted with permission.24. U.S. LEGISLATION WHICH MAY AFFECT MARKETING PRACTICES

FEDERAL LAWS

There are a number of laws and regulations which must be taken into consideration by the

marketing manager and employees throughout the marketing management process. Some ofthese Federal Laws and regulations are outlined below.

U.S. LEGISLATION WHICH MAY AFFECT MARKETING PRACTICES

The Sherman Anti-Trust Act Of 1880.

Prohibits monopolies or attempts to monopolize trade.

Prohibits contracts, combinations and conspiracies designed to restraint trade in interstateand foreign commerce.

The Federal Food And Drug Act Of 1906.

The Food, Drug, And Cosmetic Act Of 1938.


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The Food Additives Amendment In 1958.

The Kefauver-Harris Amendment In 1962.

Forbids the manufacture, sale, or transportation of adulterated or fraudulently labeledfoods and drugs in interstate commerce.

Specifies pre-testing procedures of drugs for safety; and effectiveness and labeling of

drugs by generic name. (The Kefauver-Harris Amendment).

The Meat Inspection Act Of 1906.

Provides for the enforcement of sanitary regulations in the meat packaging industry.

Provides for federal inspection of all companies selling meat in the interstate commerce.

The Federal Trade And Commission Act Of 1914.

Provides for establishment of a commission of specialists to investigate and to issue

cease-and-desist orders to enforce Section 5, which states that "unfair methods ofcompetition in commerce are unlawful."

The Clayton Act Of 1914.

The Robinson-Patman Act Of 1936.

Supplements the Sherman Act and provides that violating corporate officials can be held

individually responsible. (Clayton Act).

Amends the Clayton Act by adding the phrase "to injure, destroy, or preventcompetition."

Defines price discrimination as unlawful.

Provides the FTC with the right to establish limits on quantity discounts, to forbid

brokerage allowances except to independent brokers.

Prohibits promotional allowances or the furnishing of services or facilities.

The Miller-Tydings Act Of 1937.

Amends the Sherman Act to exempt interstate fair-trade (price-fixing) agreements from

anti-trust prosecution.

The Wheeler-Lea Act Of 1938.

Prohibits unfair and deceptive acts and practices regardless of whether competition is

injured.


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Places advertising of foods and drugs under FTC jurisdiction.

The Lanham Trademark Act Of 1946.

Requires that trademarks must be distinctive and makes it illegal to make any falserepresentation of goods or services entering interstate commerce.

The Anti-Merger Act Of 1950.

Amends Section 7 of the Clayton Act to prevent inter-corporate acquisitions which may

have a substantially adverse effect on competition.

The Automobile Information Disclosure Act Of 1958.

Prohibits car dealers from inflating the factory price of new cars.

The National Traffic And Safety Act Of 1958.

Provides for the creation of compulsory safety standards for automobiles and tires.

The Fair Packaging And Labeling Act Of 1966.

Provides for the regulation of the packaging and labeling of consumer goods.

Requires manufacturers to state what the package contains, who made it, and how much itcontains.

Permits industries' voluntary adoption of uniform packaging standards.

The Child Protection Act Of 1966.

Prohibits the sale of hazardous toys and articles.

Amended in 1989 to include articles that pose electrical, mechanical, or thermal hazards.

The Federal Cigarette Labeling And Advertising Act Of 1967.

Requires that cigarette packages include the following statement: Warning: The Surgeon

General Has Determined That Cigarette Smoking Is Dangerous To Your Health.

The Truth-In-Lending Act Of 1968.


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Requires lenders to state the true costs of a credit transaction.

Prohibits the use of actual or threatened violence in collecting loans.

Restricts the amount of garnishments.

Established a national Commission on Consumer Finance.

The National Environment Policy Act Of 1969.

Establishes a national policy on the environment.

Provides for the establishment of the Council on Environmental Quality.

The Fair Credit Reporting Act Of 1970.

Ensures that consumer's credit report will contain only accurate, relevant, and recent

information and will be confidential unless requested for an appropriate reason by aproper party.

The Consumer Product Safety Act Of 1972.

Establishes the Consumer Product Safety Commission and authorizes it to set safetystandards for consumer products as well as exact penalties for failure to uphold the

standards.

The Consumer Goods Pricing Act Of 1975.

Prohibits the use of price maintenance among manufacturers and resellers in interstate

commerce.

The Magnuson-Moss Warranty/FTC Improvement Act Of 1975.

Authorizes the FTC to determine rules concerning consumer warranties.

Expands FTC regulatory powers over unfair or deceptive acts or practices.

The Equal Credit Opportunity Act Of 1975.

Prohibits discrimination in a credit transaction because of gender, marital status, race,

national origin, religion, age, or receipt of public assistance.

The Fair Debt Collection Practice Act Of 1978.


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Prohibits to abuse any person and make false statements or use unfair methods whencollecting debts.

The Toy Safety Act Of 1984.

Provides for a quick recall of dangerous toys when found, by the government.

The Childrens Television Act Of 1990.

Limits the number of commercials aired during the childrens program.

The Nutrition Labeling And Education Act Of 1990.

Requires that food products labels provide detailed nutritional information.

The Telephone Consumer Protection Act Of 1991.

Establishes procedures designed to limit unsolicited phone calls from telemarketers.

Limits marketers use of automatic telephone-dialing systems and pre-recorded voices.

Principles of Marketing, 7th ed. by Philip Kotler and Gary Armstrong, pp. 88 - 89, 1996,

Adapted by permission of Prentice Hall, Inc., Upper Saddle River, NJ. and Principles ofMarketing, 9th ed. by Philip Kotler and Gary Armstrong, p.109.

25. FOR SERIOUS BUSINESS OWNERS ONLY

ARE YOUSERIOUS ABOUT YOUR BUSINESS TODAY?


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26. THE LATEST INFORMATION ONLINE

WOULD YOULIKE TO LEARN MORE?As an added benefit to all members ofBusiness Management Club, you will have access to theLatest Information Online on various topics discussed in this Check Point. You will be able toaccess this information through Business Links included in the downloadable version of this

program. These links are updated on a continuous basis.

Note:

Learn more about yourFirst-YearFree Membershipin Business Management Club.
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Documents

Business Owners and Marketing Managers Must Understand Various Principles of Marketing Management Which Represents One of the Most Critical Functions in Many Organizations