IT SKILLS ASSIGNMENT

MADE BY :- SIDDHARTH AGARWAL

MBA (INTERNATIONAL BUSINESS)
1st SEMESTER

What is Marketing Management ?

Marketing management is the organizational discipline which focuses on the practical
application of marketing orientation, techniques and methods inside enterprises and
organizations and on the management of a firm's marketing resources and activities.

What are scope of Marketing Management ?

Marketing research involves identification of needs, wants taste and preferences of the
targeted customer. Marketing management conducts a continuous analysis of consumer’s
behaviour towards firm’s marketing mix strategies, business environment; competitor’s
marketing strategies in order to plan effectively the marketing activities of future.

2. Determination of Objectives:

Marketing management performs the task of setting marketing objectives. The marketing
objectives are set in accordance with the overall organisational objectives of profit
maximization. Marketing objectives relates to attracting new customers, retention of current
customer, expansion of customer base, introduction of new product, improvement of old
product and so on. Marketing management aims at maximising the customer’s value by
providing high satisfaction to the customers.

3. Planning Marketing Activities:

Planning involves determining the future course of action. Planning helps in accomplishment
of objectives in a systematic manner. Planning of marketing activities relates to determining
product line strategies, planning for product diversification, advertisement and promotional
activities, planning related to selling and distribution process.

4. Product Planning and Development:

Product is the basic element of marketing. Products are goods or services that are offered to
the customer for satisfying their needs and wants. Products are customer oriented and
offered to the customer’s as per their requirement and preferences. Product planning
involves new product development, product innovation, product diversification plan.

5. Pricing of Product:

Pricing is a complex function of marketing management. In most of the cases prices form the
decision making criterion for purchase decision. Pricing decisions are based on cost of the
manufacturing and distribution of product, competitor’s pricing strategies, customer’s
willingness to pay for the product, customer’s perception about the product.

6. Promotion:

Promotion and advertisement are essential in order to maximise sales. Promotion and
advertisement is essential to provide information to the customers about the product, to
attract new customers, to provide reminder to customers about the product and to continue
purchase, to provide information about productimprovement or introduction of new brand.
Marketing management develops new techniques and tools for promotion of their product.

7. Distribution:

Distribution process facilitates easy availability of goods and services to the customers at
right time and at right and convenient location. Selection of distribution channel depends
upon the nature of the product, price of the product, availability of intermediaries for
distribution and cost involved in the distribution process.

8. Evaluation and Controlling of Marketing Activities:

Marketing management performs the task of evaluation and controlling of the marketing
activities. Evaluation enables identification of effectiveness of marketing plans and actions.

What is Importance of Marketing Management ?

1. Analysing Market Opportunities:

Marketing management collects and analyses information related to consumer’s needs,
wants and demands, competitor’s marketing strategies, changing market trends and
preferences. This helps to identify market opportunities.

2. Determination of Target Market:

Marketing management helps to identify the target market that the organization wishes to
offer its product.

3. Planning and Decision Making:

Marketing management helps to prepare future course of action. Planning relates to

product introduction, diversification. Decision making regarding pricing, selection of
promotional mix, selection of distribution channel is taken by the marketing management.

4. Creation of Customer:

Consumers determine the future of the market .Therefore providing the best product to the
consumer according to their preference is the important task of marketing. Marketing
management helps in creation of new customers and retention of current customers.

5. Helps in Increasing Profit:

Marketing caters to the varied and unlimited needs of consumers. Marketing management
helps to increase profit and sales volume. This is achieved by expansion of market and
increasing customers.

6. Improvement in Quality of Life:

Marketing management aims at providing innovative product and services to the customers.
Marketers continuously strive to incorporate new technology and mechanism in their
product to provide more satisfaction to customers than before. This improves quality of life
and makes life of consumers easier than before.

7. Employment Opportunities:

Marketing process is a combination of different activities like research work to assess the
marketing environment, product planning and development, promotion, distribution of
product to customers and after sales service. Marketing process requires researcher,
production engineer, different distribution intermediaries, sales personnel also creates
employment opportunities in advertisement section.

What are the core concept of marketing ?

Need. The beginning point of marketing is the need for people and organizations. Need is a
state of self-deprivation. The need may be physiological, learned, or emotional, or even
passive or active. The primary needs such as food, shelter, clothing, safety, warmth, etc.
And, secondary needs may be love intimacy, and belongingness, etc.
Want. Want is a desire of specific satisfies of need. Wants are shaped by social culture,
social class, and individual personality. What a person will want when he/she is hungry
depends upon his/her consumption behavior shaped by social culture, class, individual taste,
and preferences, and eating patterns of the country. For instance, when a Nepali is hungry,
he or she may prefer Daal, Bhat, Tarkari as food. Similarly, when an Ameican is hungry, he
may opt. for a burger, french fry, etc.

Demand. Demand is a human want that is backed by ability and willingness to buy. Demand
can’t imply a demand when it lacks buying ability. Consumers may have unlimited wants but
limited resources. Thus, they should have to choose products or services that deliver the
most utility and satisfaction.

Product. Product is anything that might satisfy’s people’s needs, wants, and demands.
Product may be any physical products, services, or ideas. For instance, a product is a food,
house, clothes, car, etc.

Service. Service is also a kind of product that is mostly intangible and does not specify any
particular ownership. For example, doctor’s services, banking, insurance, transportation, etc.

Experience. Experience is something that customers get after the products and services. For
the experiences, customers may do bungee jumping, surfing, paragliding, etc.

Market

A market is a place where all the actual and potential sellers & buyers and products &
services are made sale, purchase, and consume. In order words, the market is a combination
component of product, service, seller, and buyer. The market is the third of the essential
elements of core concepts of marketing.

Exchange

You may obtain your desired products in many ways. One of the forms is through the
exchange. Simply, exchange means giving or getting something from (to) someone by
receiving or offering something in return. For the exchange there is no compulsory need it
should be done in money term, it can be goods for goods or service for service.

Transaction

The basic unit of exchange in a transaction. For a transaction, there must be two
parties one is a giver and another is a receiver and it must be done in monetary terms. Just
like we said, an exchange can be without monetary terms but for any transactions, it must
be expressed in monetary terms.

Relationship

The relationship is a long-term interaction between buyers and sellers. The relationship
aims to build mutually satisfying long-term relations with the company, seller, customers,
suppliers, and all the stakeholders.

Customer Value

Customer value is the difference between the values consumers get after owing & using and
the cost of buying the product or service. Value is a combination of QSP (quality, service, and
price). In the market, sellers sell different types of values named to products. Some products
may have price value, services value, and image value.

Customer Satisfaction

Customer satisfaction is the ending point of marketing, a marketing is asid to be successful

only when customers are fully satisfied. It depends upon the products or services’
performance in delivering values as per customers’ expectations. If the products meet
customers’ expectations the customer’s satisfaction increases and vice versa. And if the
products exceed customers’ expectations the customers become delighted and highly
satisfied and they become brand loyal to that companies products or services.

Corporate orientation towards marketplace

Marketing is a social and managerial process by which individuals and groups obtain what
they need and want through creating. offering and exchanging products of value with
others.

Marketing has its origins in the fact that humans are creatures of needs and wants. Need
and wants create a state of discomfort, which is resolved through acquiring products that
satisfy these needs and wants. Since many products can satisfy a given need, and
satisfaction. These products are obtainable in several ways: Self – production, coercion,
begging and exchange. Most modern societies work on the principle of exchange, which
means that people specialize in producing particular products and trade them for the
other things they need. The engage in transaction and relationship building. A market is a
group of people who share similar needs. Marketing encompasses those activities involved
in working with markets, that is, in trying to actualize potential exchanges.

Marketing management is the conscious effort to achieve desired exchange outcome with
target markets. The marketer’s basis skill lies in influencing the level, timing and
composition of demand for a product service, organization, place, person or idea.

Marketing is so basic that it cannot be considered a separate function. It is the whole

business seen from the point of view of its final result, that is, from the customer’s point
of view. The marketing concept rests on four main pillars, namely a market focus,
customer orientation, coordinated marketing and profitability.

Market Focus: No Company can operate in every market and satisfy every need. Nor can it
even do a good job within one broad market. Companies do best when they define their
target markets carefully. The do best when they prepare a tailored marketing programme
for each target market.

Customer Orientation: a company can define its market carefully but still needs customer
orientated thinking i.e. satisfy customer needs from the customer point of view, and not
from its own point of view. Company’s sales come from two groups: new customer’s and
repeat customers. It always costs more t attract new customers than to certain current
customers. Therefore, customer retention is customer satisfaction. A satisfied customer:

 Buys again

 Talks favourably to other about the company

 Pays less attention to competing brands

  Buys other products from the same company

Thus a Company would be wise to regularly measure customer satisfaction. The delighted
customers are more effective advertisers than the advertisement placed in media.

Coordinated Marketing: Marketing requires the company to carry out internal marketing
as well as external marketing. Internal marketing is the task of successfully hiring trained
and motivating able employees to serve the customers well. Internal marketing must
precede the external marketing. It makes no sense to promise excellent service before the
company’s staff is ready to provide excellent service.

Profitability: The purpose of the marketing concept is to help organizations achieve their
goals. In case of private firms, the major goal is profit, in the case of non-profit and public
organizations; it is surviving and attracting enough funds to perform their work. The key is
not to aim for profits as such but to achieve them as a buy product of doing the job well. A
company makes money by satisfying customer’s needs better than a profitable way to
satisfy some target group’s wants for personal satisfaction.