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8/9/2019 Over View of Marketing Managament
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MARKETING MANAGEMENT
:-Prepared ByDipa ShahNikita SanghviKrishna Rajput
Bharat MaheshwariMitesh Shah
Keyur Savalia
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vvINTRODUCTION
v PRODUCT AND SERVICE
vPRICINGvPLACE
v PROMOTION
v GLOBAL BUSINESS
v
v
v
FLOW OF PRESENTATION
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P h i l o s o p h yF u n c t i o nM a n a g e m e n tO r i e n t a t i o n
+
WHAT IS MARKETING ?
S e t o f,c t i v i t i e s
:n c l u d i n gProductsServices
ricingPromotion
Distribution
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:The American Marketing Association DefinitionMarketing is the process of planning and
executing the
, , ,conception pricing promotion and distributionof , ,ideas goods and services to create exchanges
that
.satisfy individual and organizational goals
WHAT IS MARKETING ?
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OtherFunctionalAreasBranding
TestMarketing
fterSaleServiceersonal
SellinghysicalDistributi
on
Pricing
alesPromotion
Advertising
roductDevelopment
MarketResearch
MARKETING
FUNCTIONS OF MARKETING
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6 eeds are basic human requirements which
.need to be fulfilled in order to surviveThe needs become ants when they are
directed to specific objects that may satisfy.the need emands are wants or desires backed by
&ability to pay willingness to buy specific
.products
, &NEEDS WANTS DEMANDS
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A Marketer is someone seeking a response from
, .another party called the prospect Marketis a group of people or
, &organization with needs or wants with the& .ability willingness to buy
, &MARKETERS PROSPECTS A MARKET
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Desire to Deal With Other Part
Freedom to Accept or Reject
Something of Value
Ability to Communicate Offer
At Least Two Parties
essary Conditions for Exchange
xchange involves obtaining a desiredproduct from someone by offering something.in return
THE EXCHANGE CONCEPT
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Customer value is the bundle ofbenefits customers expect from
.a given product or service
Its no longer enough to satisfy,the customer you must!delight them
.Customers are value maximizers
Marketing is process of ValueCreation between two entities
through the process of.transaction
CUSTOMER VALUE
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Customer Satisfaction is a consumer s feelingsresulting
from comparing a product s outcome in relationto
/ .his her expectations
A marketer must meet or exceed customer s .expectations
.Focus on keeping customers satisfied
.Provide solutions to customer s problems
CUSTOMER SATISFACTION
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Customer retention is about developing loyal& .customers building long term relationships
The key to customer retention is customer.satisfaction
A Highly satisfied customer
.always stays loyal to the company
pays less attention to competing brands& .is less sensitive to price
Costs less to serve than new customers.as the transactions are reutilized
&Talks favorably about the company its.products
CUSTOMER RETENTION
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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 that
offer the most quality,performance,
or innovative featuresConsumers will buy products only if
the company aggressively
promotes/sells these productsFocuses on needs/ wants of target
markets & delivering valuebetter than competitors
COMPANY ORIENTATIONS TOWARDS THE MARKETPLACE
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=Societal Marketing
+ Consumer Satisfaction Company s
+ Profits Society s well being
Societal Marketing Focuses on satisfyingSocietal Marketing Focuses on satisfying&customer needs wants while enhancing&customer needs wants while enhancing
& -individual societal well being& -individual societal well being
SOCIETAL MARKETING
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MARKETING PROCESS
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-MARKETING ENVIRONMENT INTERNAL
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-MARKETING ENVIRONMENT EXTERNAL
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Marketing mix is a set of marketingvariables that the firm uses to pursue its.marketing objectives in the target market
.E Jerome McCarthy classified these
,variables which he called the our Ps of.arketing
PRODUCT
PRICE
PLACE
PROMOTION
MARKETING MIX
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,Apart from the 4 Ps of Marketing therehave been attempts to develop an extendedmarketing mix to better accommodate
.specific aspects of marketing
People
Process Physical Environment
MARKETING MIX
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Gather, analyze, interpret information about environmentGather, analyze, interpret information about environment
Understand organizations mission and marketings roleUnderstand organizations mission and marketings role
Conduct a market opportunity analysisConduct a market opportunity analysis
Implement the marketing strategyImplement the marketing strategy
Evaluate marketing efforts and make changesEvaluate marketing efforts and make changes
Develop a marketing strategyDevelop a marketing strategy
MARKETING ACTIVITIES
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Consumer Buying Behavior refers to thebuying behavior of final consumers
( & )individuals households who buy
goods and services for personal.consumption :Study consumer behavior to answerHow do consumers respond to marketing
efforts the company might use?
CONSUMER BUYING BEHAVIOR
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MarketingandOtherStimuliMarketingandOtherStimuli
BuyersBlackBoxBuyersBlackBox
BuyersResponseBuyersResponse
ProductProduct
PricePricePlacePlace
PromotionPromotion
EconomicEconomic
TechnologicTechnologicalal
PoliticalPolitical
CulturalCultural
CharacteristCharacteristicsics
AffectingAffectingConsumerConsumer
BehaviorBehavior
Buyer sBuyer sDecisionDecision
ProcessProcess
ProductProductChoiceChoice
Brand ChoiceBrand Choice
Dealer ChoiceDealer Choice
PurchasePurchaseTimingTiming
PurchasePurchaseAmountAmount
MODEL OF CONSUMER BEHAVIOR
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BuyerBuyer
PsychologicalPersonalSocialCulture
FACTORS AFFECTING CONSUMER BEHAVIOR
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Most basic cause of a person's wants and
.behavior Values Perceptions
Social Class
People within a social class tend to exhibit similar
Occupation
IncomeEducation
Wealth
.th shared value systems based on common life experiences
nsumers
umers
CULTURE FACTORS
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Groups
Membership
Reference
Groups
Membership
Reference
Family
Husband,wife,kids
Influencer,buyer,user
Family
Husband,wife,kids
Influencer,buyer,user
RolesandStatusRolesandStatus
SocialFactorsSocialFactors
SOCIAL FACTORS
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PersonalInfluences
AgeandFamilyLifeCycleStage
Occupation
EconomicSituation
LifestyleIdentification
Activities Opinions
Interests
Personality&Self-Concept
PERSONAL FACTORS
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PsychologcalFactors
Motivation
Learning
PerceptionBeliefs andAttitudes
PSYCHOLOGICAL FACTORS
Esteem Needs(self-esteem, status)
Social Needs(sense of belonging, love)
Safety Needs(security, protection)
Physiological Needs(hunger, thirst)
SelfActualization
(Self-development)
Esteem Needs(self-esteem, status)
Social Needs(sense of belonging, love)
Safety Needs(security, protection)
Physiological Needs(hunger, thirst)
SelfActualization
(Self-development)
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S
ComplexBuying
Behavior
Dissonance-
ReducingBuyingBehavior
Variety-Seeking
Behavior
Habitual
BuyingBehavior
HighInvolvement
Significantdifferences
betweenbrands
Fewdifferences
between
brands
LowInvolvement
TYPES OF BUYING DECISIONS
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NeedRecognition
InformationSearch
EvaluationofAlternatives
PurchaseDecision
PostpurchaseBehavior
THE BUYER DECISION PROCESS
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External StimuliTV advertisingMagazine adRadio sloganStimuli in the
environment
External StimuliTV advertisingMagazine ad
Radio sloganStimuli in the
environment
Internal StimuliHungerThirst
A persons normalneeds
Internal StimuliHungerThirst
A persons normalneeds
Need RecognitionDifference between an actualstate and a desiredstate
Need RecognitionDifference between an actualstate and a desiredstate
THE BUYER DECISION PROCESS.STEP 1 NEED RECOGNITION
THE BUYER DECISION PROCESS
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Family, friends, neighborsMost influential source of information
Advertising, salespeopleReceives most information
from these sources
Mass MediaConsumer-rating groups
Handling the productExamining the productUsing the product
PersonalSourcesPersonalSources
CommercialSourcesCommercialSources
PublicSourcesPublicSources
ExperientialSourcesExperientialSources
THE BUYER DECISION PROCESS.STEP 2 INFORMATION SEARCH
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Product AttributesEvaluation of Quality, Price, & Features
Product AttributesEvaluation of Quality, Price, & Features
Degree of ImportanceWhich attributes matter most to me?
Degree of Importance
Which attributes matter most to me?
Brand BeliefsWhat do I believe about each available
brand?
Brand BeliefsWhat do I believe about each available
brand?
Total Product Satisfaction
Based on what Im looking for, how satisfiedwould I be with each product?
Total Product Satisfaction
Based on what Im looking for, how satisfiedwould I be with each product?
Evaluation ProceduresChoosing a product (and brand) based on one
or more attributes.
Evaluation ProceduresChoosing a product (and brand) based on one
or more attributes.
THE BUYER DECISION PROCESS.STEP 3 EVALUATION OF ALTERNATIVES
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Purchase IntentionDesire to buy the most preferred brand
Purchase IntentionDesire to buy the most preferred brand
Purchase Decision
Purchase Decision
Attitudesof others
Unexpectedsituationalfactors
THE BUYER DECISION PROCESS.STEP 4 PURCHASE DECISION
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Consumers Expectations of
Products Performance
Consumers Expectations of
Products Performance
Dissatisfied CustomerDissatisfied CustomerSatisfiedCustomer
SatisfiedCustomer
Products Perceived
Performance
Cognitive Dissonance
THE BUYER DECISION PROCESS.STEP 5 POST PURCHASE BEHAVIOUR
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AwarenessAwareness
InterestInterest
EvaluationEvaluation
TrialTrial
AdoptionAdoption
STAGES IN THE ADOPTION PROCESS
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DivisibilityCan the innovation
be used on atrial basis?
CompatibilityDoes the innovation
fit the values and
experience of thetarget market?
ComplexityIs the innovation
difficult tounderstand or use?
Relative AdvantageIs the innovation superior
to existing products?
CommunicabilityCan results be easily observed
or describedto others?
ProductCharacteristic
s
LUENCES ON THE RATE OF ADOPTION OF NEW PRODU
STEPS IN SEGMENTATION
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1. Identify Basesfor Segmenting the Market
2. Develop Profilesof Resulting Segments
3. Develop Measuresof Segment Attractiveness
4. Select TargetSegment(s)
5. Develop Positioningfor Each Target Segment
6. Develop MarketingMix for Each Target Segment Market
Positioning
MarketTargeting
Market Segmentation
,STEPS IN SEGMENTATION,TARGETING AND POSITIONING
STEP 1 MARKET SEGMENTATION
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MassMarketingSameproducttoallconsumers
(nosegmentation)
SegmentMarketingDifferentproductstooneormoresegments
(somesegmentation)
MicromarketingProductstosuitthetastesofindividualsorlocations
(completesegmentation)
NicheMarketing
Differentproductstosubgroupswithinsegments(moresegmentation)
.STEP 1 MARKET SEGMENTATIONLEVELS OF MARKET SEGMENTATION
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Geographic
Demographic
Age, gender, family sizeand life cycle, or income
Psychographic
Social class, lifestyle, orpersonality
Behavioral
Occasions, benefits, uses,or responses
Nations, states,regions or cities
.STEP 1 BASES FOR SEGMENTING CONSUMER MARKET
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DemographicsPersonalCharacteristics
Situational
Factors
Operating
Characteristics
PurchasingApproaches
.STEP 1 BASES FOR SEGMENTING BUSINESS MARKET
STEP 1 MARKET SEGMENTATION
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Size, purchasing power, profilesof segments can be measured.
Segments must be effectivelyreached and served.
Segments must be large orprofitable enough to
serve.
MeasurableMeasurable
AccessibleAccessible
SubstantialSubstantial
DifferentialDifferential
ActionableActionable
Segments must responddifferently to different marketingmix elements & actions.
Must be able to attract and servethe segments.
.STEP 1 MARKET SEGMENTATIONREQUIREMENTS
STEP 2 MARKET TARGETING
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Segment Size and Growth ,Analyze sales growth rates and expected.profitability
Segment Structural Attractiveness : ,Consider effects of Competitors
,Availability of Substitute Products and& .the Power of Buyers Suppliers
Company Objectives and Resources
&Company skills resources relative to( ).the segment s
.Look for Competitive Advantages
.STEP 2 MARKET TARGETINGEVALUATING MARKET SEGMENTS
STEP 2 MARKET TARGETING
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Segment1Segment1
Segment2Segment2
Segment3Segment3
Segment1Segment1
Segment2Segment2
Segment3Segment3
CompanyMarketing
Mix
CompanyMarketingMix
CompanyMarketing
Mix
CompanyMarketing
Mix
Company
MarketingMix1CompanyMarketingMix1
CompanyMarketingMix2
CompanyMarketingMix2
CompanyMarketingMix3
CompanyMarketingMix3
MarketMarket
A. Undifferentiated Marketing
B. Differentiated Marketing
C. Concentrated Marketing
.STEP 2 MARKET TARGETINGMARKET COVERAGE STRATEGIES
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CompanyResources
Product
Variability
Products Stagein the Product Life Cycle
MarketVariability
CompetitorsMarketing Strategies
.STEP 2 MARKET TARGETING-CHOOSING A MARKET COVERAGE STRATEGY
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-Product s Position the place the productoccupies in consumers minds relative to
; . .competing products i e Volvo positions
.on safety
:Marketers must
Planpositions to give products thegreatest advantage
Develop marketing mixes to createplanned positions
.TEP 3 POSITIONING FOR COMPETITIVE ADVANTAG
STEPS TO CHOOSING AND IMPLEMENTING
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Step 1. Identifying a set of possible competitiveadvantages: Competitive Differentiation.
Step 2. Selecting the right competitive advantage.
Step 3. Effectively communicating and delivering
the chosen position to the market.
STEPS TO CHOOSING AND IMPLEMENTINGA POSITIONING STRATEGY
SELECTING THE RIGHT
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CriteriaFor
DeterminingWhich
Differencesto
Promote
AffordableAffordable SuperiorSuperior
ProfitableProfitable
PreemptivePreemptive
DistinctiveDistinctive
ImportantImportant
CommunicableCommunicable
SELECTING THE RIGHTCOMPETITIVE ADVANTAGES
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,The end result of the manufacturing processto be
offered to the marketplace to satisfy a need.or want
HAT IS PRODUCT?
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TYPES OF CONSUMER PRODUCTS
TYPES OF INDUSTRIAL PRODUCTS
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TYPES OF INDUSTRIAL PRODUCTS
WHAT IS SERVICES?
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Any activity or benefit that one party canoffer to another that is essentially
intangible and does not result in the.ownership of anything
WHAT IS SERVICES?
CHARACTERISTICS OF SERVICE
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Intangibility
Inseparability
Variability
Perishability
CHARACTERISTICS OF SERVICE
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:roduct design,Product design is the generation of ideas
concept,development testing and manufacturing or
.implementation of a physical object:roduct positioning
Product positioning is the consumer perception
of a product or service as compared to it's.competition
roduct development :I mproving an existing product or developing new
kinds of products a set of activities beginningwith the perception of a market opportunity and, ,ending in the production sale and delivery of a
.product
PRODUCT MIX
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Product Mix means the total sum of all the
product items and their variants offered by. ., , ,an organization e g books videos story
, .hours etc
- Width how many product lines a company.has
- Length how many products are there in a.product line
- Depth how many variants of each product.exist within a product line- Consistency how closely related the
.product lines are in end use
PRODUCT MIX
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Idea Generation and Screening Concept Development and Testing
Marketing Strategy Business Analysis Product Development Test Marketing Commercialization
NEW PRODUCT DEVELOPMENT PROCESS
PRODUCT LIFE CYCLE
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roduct life cycleroduct life cycle: progression of, ,products through introduction growth,maturity and decline stages
PRODUCT LIFE CYCLE
PRODUCT LIFE CYCLE
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58Introduction Stage Growth Stage Maturity Stage Decline Stage
SALES Low Sales Rapidly rising sales Peak sales Declining sales
COSTS High cost per customers Average cost percustomer
Low cost per customers Low cost per customer
PROFITS Negative Rising profit High profits Declining profitsARKETINGOBJECTIVES &Create product awarenesstrial Maximize market share Maximize profit whiledefending market share &Reduce expendituremilk the brand
PRODUCT Offer a basic product Offer product, ,extensions service
warranty
Diversify brand andmodels
Phase out weak items
PRICE -Use cost plus Price to penetratemarket
Price to match or bestcompetitors
Cut price
DISTRIBUTION Build selectivedistribution
Build intensivedistribution
Build more intensivedistribution
:Go selective Phaseout unprofitable
outlets
ADVERTISEMENT Build product awareness&among early adopters
dealers
Build awareness andinterest in the mass
market
Stress brand&differences benefits
Reduced to levelneeded to retain
-hard core loyalcustomers
PRODUCT LIFE CYCLE
P i i
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PricePrice Factor to consider when setting pricesFactor to consider when setting prices
Customer value perceptionCustomer value perception Company and product costCompany and product cost
Other internal and external considerationsOther internal and external considerations
affecting price decisionsaffecting price decisions
Pricing
Customer value perception
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-
Good value pricing Value added pricing
Customer value perception( )Value based pricing
Company and product cost
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Company and product cost( )Cost based pricing
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nal and external considerations affecting pr
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Price Changes
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Price Changes
Public policy and Pricing
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Public policy and Pricing
Distribution Channel
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A marketing channel is a set ofindependent organizations that help
make a product or service availablefor use or consumption by the
.consumer or business unitsChannel decision involves
Long term Commitments
Other marketing activities
Distribution Channel
Role of Intermediaries
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vGreater efficiency Contacts Experience Scale of operation SpecializationvMatch supply and demand
v
Role of Intermediaries
Functions of Channel
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vInformationvPromotionvMatchingvNegotiationvPhysical distributionvFinancingvRisk management
Functions of Channel
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Marketing Systems
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Conventional Vertical Marketing Systems
Corporate Contractual
Administered
Marketing Systems
Channel design decision
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AnalyzingConsumerServiceNeedsAnalyzingConsumerServiceNeeds
SettingChannelObjectives&Constraints SettingChannelObjectives&Constraints
ExclusiveDistributi
on
ExclusiveDistribution
SelectiveDistributi
on
SelectiveDistribution
IntensiveDistributionIntensive
Distribution
IdentifyingMajorAlternativesIdentifyingMajorAlternatives
EvaluatingtheMajorAlternativesEvaluatingtheMajorAlternatives
d g d
Channel management decision
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Selecting
Motivating
EvaluatingFEE
DBA
C
K
Channel management decision
Logistics
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Involves supply chain -Effective logistics key to win and retain
customer
Logistic major cost component
-Need created Explosion in product varieties IT distribution efficiencies
Logistics
Goals of logistic systems
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Provide a Targeted Level of Customer.Service at the Least Cost
, .Maximize Profits Not Sales
Goals of logistic systems
Logistic function
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Design a system to minimize cost Warehousing Inventory management Transportation
Logistic function
Integrated logistic management
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Concept Recognizes that Providing BetterCustomer Service and Trimming DistributionCosts Requires TeamworkTeamwork, Both Inside the
Company and Among All the Marketing
.Channel Organizations
Cross functional team work Channel partnership .Third party logistic
Integrated logistic management
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Major Store Retailer Type
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Specialty stores Department stores Super markets Convenience Stores Discount stores
Off price retailers Super stores
Category killers
Major Store Retailer Type
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Wheel or retailing
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A concept of retailing that states that new-types of retailer usually begins as low, - , -margin low price low status operations
- ,but later evolve into high priced higher
service operations eventually become like
.the conventional retailers they replaced
Wheel or retailing
Wholesaling
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Introduction Includes all activities involved in selling
goods and services to those buying for.resale or business use
Significance Key component of the distribution channel
Wholesaling
Types of wholesalers
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Merchant wholesalers Full service wholesalers Wholesale merchant Industrial distributor
Limited service wholesaler - -Cash and carry wholesaler Truck jobbers Drop shippers Rack jobbers Producers cooperative -Mail order wholesaler
Brokers and Agents
Types of wholesalers
Wholesaler market decision
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Target market and positioning decision Marketing mix decision
Wholesaler market decision
Promotion Mix
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Advertising
Sales Promotion
Public Relations and PublicityPersonal Selling
Direct and Interactive Marketing
Promotion Mix
Advertisement
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I get people to know about my business so that it
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Advertising Objectives
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INFORMATIVE
PERSUASIVE
REMINDER
Reinforcement
Advertising objective is a specific communications
task and achievement level to be accomplished with a
specific audience in a specific period of time
INFORMATIVE
Informative AdvertisingAims to create brand awareness and Knowledge ofnew
products or new Features of existing features
PERSUASIVE Persuasive Advertising, ,Aims to create liking preference conviction
andpurchase of a product or serviceReinforcement
Reinforcement AdvertisingAims to convince current purchasers
that-they have made the right choice cars
REMINDER
Reminder Advertising Aims to stimulate repeat purchase of
-Products and services
INFORMATIVE
Advertisement
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handa Matlab Dimag Ki Batti JalaDe
Sales Promotion
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Definition :Any activity or material used as a direct
inducement to purchase
argeted toward : Sales force Wholesalers and retailers
Consumers
Sales Promotion Methods for Consumers
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Product sampling, demonstrations
Coupons, refunds
Contests, games & sweepstakes
Multiple purchase offers,Frequent-user incentives
Classifying Types of Sales Promotion
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Promotionalpricing
Pricereductions
Free goods Tied offers
Money off nextpurchase
Non-pricepromotions
Contests
Free gifts -Self supporting
offers
-Multi brand promos Guarantees and
added services
Sampling
Most effective inthe early stagesof a new product
(#launch 1 use)for coupons
Important for newproducts
Very expensive
Personal Selling
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Interpersonal promotional process involving a
- -seller s person to person presentation to aprospective buyer
Objective
Cultivating newclientsCommunication
Selling
Servicing
Information gatheringAllocating scarce
resources
Examples of Personal Selling
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Telemarketing
Inside selling
Retail selling
Field selling
Examples of Personal Selling
Process of Personal Selling
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PROSPECTING: IDENTIFYING POTENTIAL CUSTOMERS
APPROACHING THE PROSPECT
FOLLOWING UP
CLOSING THE SALE
HANDLING OBJECTIONS
MAKING THE SALES PRESENTATION
:re approach QUALIFYING PROSPECTS
Public Relations and Publicity
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Direct Marketing
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According to the Direct Marketing
( ),Association DMA irect marketing is
efined an interactive marketing systemthat uses one or more advertizing media to
/affect a measurable response and or.transaction at any location
- -Face to face sellingDirect mailCatalog marketing
Telemarketing-Direct response television
marketingKiosk marketing
Major Channels
- -Face to face selling
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Direct Mail
8/9/2019 Over View of Marketing Managament
99/114
Catalog Marketing
8/9/2019 Over View of Marketing Managament
100/114
Telemarketing
8/9/2019 Over View of Marketing Managament
101/114
8/9/2019 Over View of Marketing Managament
102/114
Media Marketing
8/9/2019 Over View of Marketing Managament
103/114
8/9/2019 Over View of Marketing Managament
104/114
Global firm
8/9/2019 Over View of Marketing Managament
105/114
105
A firm that, by operating in more thanone countries and gains R&D,Production, Marketing, and Financialadvantages in its costs and reputation
that are not available to purely domaincompetitors.
8/9/2019 Over View of Marketing Managament
106/114
Major International Marketing Decision
8/9/2019 Over View of Marketing Managament
107/114
107
Market Entry Strategies
8/9/2019 Over View of Marketing Managament
108/114
108
, ,Among of Commitment Risk Control and Profit
Potential
Whole channel concept for international marketing
8/9/2019 Over View of Marketing Managament
109/114
109
8/9/2019 Over View of Marketing Managament
110/114
8/9/2019 Over View of Marketing Managament
111/114
8/9/2019 Over View of Marketing Managament
112/114
8/9/2019 Over View of Marketing Managament
113/114
8/9/2019 Over View of Marketing Managament
114/114