Assignment on

Reflection on the course (Chapter -01,02 & 09 of the Textbook)

Course Tittle: Marketing Management

Course Code: BUS-204

Submitted to:
Mr. Mahmud Wahid
Assistant Professor & Chairperson
Green Business School

Submitted by:
Kazi Mohaimenul Islam
Student ID: 182006005
Green Business School
 Letter of Transmittal

22 May 2022
Mr. Mahmud Wahid
Assistant Professor & Chairperson
Green Business School,
Subject: Reflection on the course (3 chapters of the Textbook)

Sir,

I am very pleased to get the opportunity to make this report on “Reflection on the course (3 chapters
of the Textbook)”. These three chapters I chose are significant and indispensable part of Marketing
management course. I believe that the report on chapter-1, chapter-2 and chapter-9 have given me
a lot of knowledge and wisdom in the related field. And I tried to follow your all instructions
exactly. I hope this assigned work will be very helpful in the future in the related field.

I have provided my whole enthusiasm and effort to make this report. I tried to make it meaningful
and effective with details.

Sincerely yours,

Kazi Mohaimenul Islam

ID: 182006005

Green University of Bangladesh

 Executive Summary

The course, marketing management, has many things to learn. A proper learning happens form the
dedication of both, the learner and the teacher. As I have appetite for learning and the teacher was
fully dedicative and made the topics understand with real-life example, I have learned a lots of
new things of marketing. Each and every chapter was important and deserves to get feedback. But
I choose three chapters for the textbook for giving feedback on them as they are included in final
syllabus. They are Chapter- 1, 2 and 9. Chapter-1 discussed about marketing and all the things
related to marketing. In this chapter it also discusses about the different types of needs. It also
discusses about the value and satisfaction and target markets and segmentation. chapter-02 was
about core competencies & the marketing plans and corporate strategic planning. Growth
opportunities, SWOT analysis, Goal Formulation, Potter’s Generic Strategies also discussed in
this chapter. Chapter-9 was on Brand equity where the learnings were role of brands, brand equity,
brands, Brand resonance model, significant brand equity requirements, brand element choice
criteria, marketing advantages of strong brands, secondary sources of brand sources, and internal
branding.
 Introduction

Marketing management is centered on creating, planning, and implementing strategies that will
help achieve wider business objectives. These business objectives can involve increasing brand
awareness, boosting profits, or entering previously untapped markets. When we begin to consider
the field of marketing management, it’s important to look to marketing experts Philip Kotler and
Kevin Lane Keller, who, in their book “Marketing Management," offer a standard marketing
management definition as “the development, design, and implementation of marketing programs,
processes, and activities that recognize the breadth and interdependencies of the business
environment.”

The marketing management book of Philip Kotler and Kevin Lane Keller discussed many crucial
marketing management topics in great detail with examples and cases. But all are them were not
effective ones and easily understandable. In our class, the discussions were effective and made the
seemingly difficult topics easy with real-life examples.

Scope
Hopefully, the analysis and information on the topic “Reflection on the course (3 chapters of the
Textbook)” will help and me and the reader to understand these three chapters briefly and properly
along with my own learnings and perception on them. It’s not all that what a book tries to make
the reader understand; what a reader understands after reading the book is also very important.

Limitations
As human beings, we have to go through many limitations. So is for the assigned work. For
making this report, I had to depends on internet-based secondary data and the textbook. When the
secondary data comes, it comes with some more limitations. Because the secondary data was made
for certain organizations or individuals that can’t suit with pursued one.
 Finding and Analysis

Chapter 01

Defining Marketing for the 21st Century

What is Marketing?

Marketing is about identifying and meeting human and social needs. One of the shortest goods
definitions of marketing is “meeting needs profitably.” When eBay recognized that people were
unable to locate some of the items they desired most, it created an online auction clearinghouse.

Market

In marketing, the term market refers to the group of consumers or organizations that is interested
in the product, has the resources to purchase the product, and is permitted by law and other
regulations to acquire the product.

What is Marketed?

Marketer’s market 10 main types of entities: goods, services, events, experiences, persons, places,
properties, organizations, information, and ideas.

Who Markets?

A marketer is someone who seeks a response attention, a purchase, a vote, a donation from another
party, called the prospect. If two parties are seeking to sell something to each other, we call them
both marketers.
Core Marketing Concepts

To understand the marketing function, we need to understand the following core set of concepts.
Needs are the basic human requirements such as for air, food, water, clothing, and shelter. Humans
also have strong needs for recreation, education, and entertainment. These needs become wants
when they are directed to specific objects that might satisfy the need. A person in Afghanistan
needs food but may want rice, lamb, and carrots. Wants are shaped by our society. Demands are
wants for specific products backed by an ability to pay. Many people want a Mercedes; only a few
are able to buy one. Companies must measure not only how many people want their product, but
also how many are willing and able to buy it.

Five types of needs:

1. Stated needs: The customer wants an inexpensive car.

2. Real needs: The customer wants a car whose operating cost, not initial price, is low.
3. Unstated needs: The customer expects good service from the dealer.
4. Delight needs: The customer would like the dealer to include an onboard GPS navigation
system.
5. Secret needs: The customer wants friends to see him or her as a savvy consumer.

Eight demand states are possible

1. Negative demand—Consumers dislike the product and may even pay to avoid it.
2. Nonexistent demand—Consumers may be unaware of or uninterested in the product.
3. Latent demand—Consumers may share a strong need that cannot be satisfied by an
existing product.
4. Declining demand—Consumers begin to buy the product less frequently or not at all.
5. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or
even hourly basis.
6. Full demand—Consumers are adequately buying all products put into the marketplace.
7. Overfull demand—More consumers would like to buy the product than can be satisfied.
 8. Unwholesome demand—Consumers may be attracted to products that have undesirable
social consequences.

Major Societal Forces

Today, major, and sometimes interlinking, societal forces have created new marketing behaviors,
opportunities, and challenges. Here are 12 key ones.

1. Network information technology 7. Retail transformation

2. Globalization 8. Disintermediation
3. Deregulation 9. Consumer buying power
4. Privatization 10. Consumer information
5. Heightened competition 11. Consumer participation
6. Industry convergence 12. Consumer resistance

The Qualities of CMO

Innate Qualities Learned Qualities

➢ Risk taker ➢ Global experience

➢ Willingness to make decisions ➢ Multichannel expertise

➢ Problem-solving ability ➢ Cross-industry experience

➢ Change agent ➢ Digital focus

➢ Results-oriented ➢ Operational knowledge

The Holistic Marketing Concept

The holistic marketing concept is based on the development, design, and implementation of
marketing programs, processes, and activities that recognize their width and interdependencies.
Holistic marketing acknowledges that everything matters in marketing and that a broad, integrated
perspective is often necessary. Holistic marketing are:

➢ Internal marketing

➢ Integrated marketing

➢ Performance marketing

➢ Relationship marketing

Marketing Mix Four Ps

1. Product 2. Place 3. Promotion 4. Price

Modern Marketing Management Four Ps

1. People 2. Processes 3. Programs 4. Performance

 Chapter 02

Developing Marketing Strategies & Plans

Core Competencies

Core competencies are special skills and capabilities of the firm that provides some competitive
advantage in the marketplace. We are primarily interested in those skills and capabilities that allow
the firm/brand to deliver superior customer value.

A core competency has three characteristics:

1. It is a source of competitive advantage and makes a significant contribution to perceived

customer benefits.
2. It has applications in a wide variety of markets.
3. It is difficult for competitors to imitate.

The marketing plans

The marketing plan is the central instrument for directing and coordinating the marketing effort. It
operates at two levels: strategic and tactical. The strategic marketing plan lays out the target
markets and the firm’s value proposition, based on an analysis of the best market opportunities.
The tactical marketing plan specifies the marketing tactics, including product features,
promotion, merchandising, pricing, sales channels, and service.

Corporate and Division Strategic Planning

1. Defining the corporate mission

2. Establishing strategic business units
3. Assigning resources to each strategic business unit
4. Assessing growth opportunities
Defining the Corporate Mission

A Mission Statement Explains Why an Organization Exists. Organizations develop mission

statements to share with managers, employees, and customers. A clear, thoughtful mission
statement provides a shared sense of purpose, direction, and opportunity. Good mission statements
have five major characteristics:

1. They focus on a limited number of goals

2. They stress the company’s major policies and values will operate.
3. They take a long-term view.
4. They are as short, memorable, and meaningful as possible.

Strategic business units (SBUs)

A strategic business unit in business strategic management, is a profit center which focuses on
product offering and market segment. An SBU has three characteristics:

1. It is a single business, or a collection of related businesses, that can be planned separately

from the rest of the company.
 2. It has its own set of competitors.
3. It has a manager responsible for strategic planning and profit performance, who controls
most of the factors affecting profit.

Assigning Resources to Each SBU

Once it has defined SBUs, management must decide how to allocate corporate resources to each.
Several portfolio-planning models provide ways to make investment decisions.

Assessing Growth Opportunities

Assessing growth opportunities includes planning new businesses, downsizing, and terminating
older businesses. If there is a gap between future desired sales and projected sales, corporate
management will need to develop or acquire new businesses to fill it.

Goal Formulation

Goals are objectives that are specific with respect to magnitude and time. The business unit sets
these objectives and then manages by objectives (MBO). For an MBO system to work, the unit’s
objectives must meet four criteria:

1. They must be arranged hierarchically, from most to least important. The business unit’s
key objective for the period may be to increase the rate of return on investment.

2. Objectives should be quantitative whenever possible. The objective is better stated as the
goal “to increase ROI to 15 percent within two years.”

3. Goals should be realistic. Goals should arise from an analysis of the business unit’s
opportunities and strengths, not from wishful thinking.

4. Objectives must be consistent. It’s not possible to maximize sales and profits simultaneously.
Porter’s Generic Strategies

Michael Porter has proposed three generic strategies that provide a good starting point for strategic
thinking: overall cost leadership, differentiation, and focus.

Overall cost leadership. Firms work to achieve the lowest production and distribution costs so
they can underprice competitors and win market share.

Differentiation. The business concentrates on achieving superior performance in an important

customer benefit area valued by a large part of the market.

Focus. The business focuses on one or more narrow market segments, gets to know them
intimately and pursues either cost leadership or differentiation within the target segment.

Strategic Alliances

Many strategic alliances take the form of marketing alliances. These fall into four major categories.

1. Product or service alliances—One company license another to produce its product, or two
companies jointly market their complementary products or a new product. The credit card industry
is a complicated combination of cards jointly marketed by banks such as Bank of America.

2. Promotional alliances—One company agrees to carry a promotion for another company’s

product or service. McDonald’s teamed up with Disney for 10 years to offer products related to
current Disney films as part of its meals for children.

3. Logistics alliances—One company offers logistical services for another company’s product.
Warner Music Group and Sub Pop Records created the Alternative Distribution Alliance (ADA)
in 1993 as a joint venture to distribute and manufacture records owned by independent labels.

4. Pricing collaborations—One or more companies join in a special pricing collaboration. Hotel

and rental car companies often offer mutual price discounts.
 Chapter 09
Brand Equity

Role of Brands
Branding is a marketing practice that a company exhibits in creating its name, symbol or logo,
and overall design that is readily identifiable as the company itself. It also helps to represent what
a business offer as a business, what it sells, and how different is is from other products or services.

BrandZ
Marketing research consultants Millward Brown and WPP have developed the BrandZ model of
brand strength, at the heart of which is the Brand Dynamics pyramid. According to this model,
brand building follows a series of steps. The Brand Dynamics Pyramid shows the number of
consumers who have reached each level.
• Presence: Active familiarity based on past trial, saliency, or knowledge of brand promise
• Relevance: Relevance to consumer’s needs, in the right price range or in the consideration
set
• Performance: Belief that it delivers acceptable product performance and is on the
consumer’s short-list
• Advantage: Belief that the brand has an emotional or rational advantage over other brands
in the category
• Bonding: Rational and emotional attachments to the brand to the exclusion of most other
brands

Brand Resonance Model

Brand resonance is how well clients and customers relate to a specific brand. It is how they
perceive the values and goals of that brand. It is how brands can build relationships with their
target audience. Strictly speaking, when people speak of brand resonance, they refer to a “brand
resonance pyramid”. This all comes from Keller’s Brand Equity Model which is also known as the
Customer-Based Brand Equity Model. The components of resonance model are:
 ➢ Salience ➢ Judgments
➢ Performance ➢ Feelings
➢ Imagery ➢ Resonance

Brand Element Choice Criteria

A brand element is an immediate thing when we create a brand. This is necessary because the
brand element serves to identify and differentiate the brand.
In general, there are six criteria when determining brand elements, including:
1. Memorability: Brand elements always have a connection with the brand equity.
Memorability is a necessary condition to build brand equity to achieve high brand
awareness.
2. Meaningfulness: In addition to the brand, parts should be remembered; brand items also
need to have a real meaning, both descriptive and persuasive.
3. Likability: Brand elements are easily remembered and recognized, meaningfulness, and
likability would attract offers many advantages.
4. Transferability: Transferability measures the extent to which brand elements increase
brand equity for new products or new markets.
5. Adaptability: The fifth criterion for determining brand elements is an adaptation.
Adaptation from time to time.
6. Protectability: Last criteria when determining brand elements is the brand elements should
be protected both in law and in a competitive sense.

Marketing Advantages of Strong Brands

There are endless advantages of building and maintaining a strong branding strategy. Here are five
of the major benefits of brand success you can expect to see when you have a recognizable brand:

1. Customer recognition: Strong branding works to build customer recognition.

2. Competitive edge in the market: The brand is what differentiates it in the marketplace.
 3. Easy introduction of new products: When a business already has a strong brand and loyal
customers, it is often easier and less expensive to introduce new products or test them out
before further invest in them.
4. Customer loyalty and shared values: The recognition and elevation that a strong brand
builds upon all lend to greater customer loyalty.
5. Enhanced credibility and ease of purchase: Why are brands important? They enhance
your credibility with customers, your industry, and the marketplace as a whole.

Internal Branding
Internal branding is making the employees know about the brand precisely, especially the
company goals and external branding. In other words, it is the meeting of the company core with
the employees. Recent research shows the value of successful internal branding across retention,
engagement, and corporate identity.
 Conclusion

Marketing refers to activities a company undertakes to promote the buying or selling of a product
or service. Whereas Marketing Management identifies market opportunities and comes out with
appropriate strategies for exploring those opportunities profitably. There are many things to learn
in marketing. As a student of marketing, I think that marketing is not confined in bookish
knowledge. And the tools and techniques of marketing is shifting and changing. What I have learnt
in chapter-1, chapter-2 and chapter-9. These three chapters discussed about Market definition,
developing marketing strategies & plans, and creating brand equity. These three chapters
introduced us with what have evolved in marketing strategy and in brand equity so far. In future,
they will change. So, a marketer has to be very cautious and smart to lead the market. And as a
student of marketing, I have to keep eyes on changing and should not fully depend on the learning
I gained till the date.