Marketing Management

Lecture-1
What is Marketing?
Shortest Definition: Meeting Needs Profitably.

Social Definition: Deliver a Higher Standard of

Living.

Managerial Definition: The art of selling

products.
Marketing
‘’Marketing is the activity, set of institutions, and
process of creating, communicating, delivering,
and exchanging offerings that have value for
customers, clients, partners, and society at
large.’’- American Marketing Association.

‘’Marketing is the social process by which

individuals and groups obtain what they need
and want through creating and exchanging
products and value with others.” — Philip Kotler
What is Marketed?
 Goods- Cell Phones, Laptop.
 Services- Airlines, Hotels.
 Events- Pahela baishak Concert, Career Guideline seminar.
 Experiences- visiting and taking rides in Happy Island.
 Persons- Celebrity Marketing(Artists, Sportsperson,
Doctors)
 Places-Place marketing(Cox’s bazar, Sajek)
 Properties-Real Property and Financial property.
 Organizations-CSR activities for creating image.
 Information- Information Agencies.
 Ideas.- Cancer awareness through advertisement.
Who Markets?
“ Marketing is an effective way of managing demand”
Marketers and prospects help to create demand in
market place. There are eight states of demand. These
are:
Negative Demand
Non-existent Demand
Latent Demand
Declining Demand
Irregular Demand
Full Demand
Overfull Demand
Unwholesome Demand.
Key Customer Markets
 Consumer Markets
 Business Markets
 Global Markets
 Nonprofit and Governmental Markets
Marketplace, Market space and
Metamarket
 Marketplace: The marketplace is physical, such as
shopping mall, retail store.
 Market Space: Market space is digital, such as

www.bikroy.com, www.rokomari.com.
 Metamarket: Metamarket is a cluster of
complementary products and services closely
related in the minds of customers, but spread
across a diverse set of industries. Such as, The
tourism metamarket consists of Transport
system, caterer, Tour planner, Hotels and motels
etc.
Core Marketing concept
(Needs, wants and demand)

 Need: state of felt deprivation.

Types of need:

 Stated needs
 Real needs
 Unstated needs
 Delight needs
 Secret needs
 Want: When need is directed to specific objects
that might satisfy the need.
 Demand: Wants backed by purchasing power.
 Core Marketing concept
(Target Markets, Positioning, and Segmentation)
 Segmentation: Heterogeneous customer are
divided into homogeneous by using some
criteria such as-geographical, psychographic.
 Target Market: selecting suitable segment

with best opportunity.

 Positioning: Get a position in
market/customers mind.
Core Marketing concept
(Offerings and Brands)

 Offerings: Goods, services, ideas are given in

a target market in called offerings.
 Brands: The name, sign, symbol, logo, design

or a combination of all of these which

differentiate ones’ from others.
Core Marketing concept
(Value and Satisfaction)
 Value: - Benefits offered to the customer.
- Difference between customer benefit
and cost.
- Cost may be psychological.
- Benefits has functional benefit,
psychological benefit, service benefit,
image benefit.
 Satisfaction: Positive feeling in mind .
 Delightment : When expectation exceeded.
Core Marketing concept
(Marketing Channels)
To reach a target market, the marketer uses
three kinds of marketing channels:
 Communication Channels
Distribution Channels
Service Channel
Core Marketing concept
(Supply Chain)
The supply chain is a longer channel stretching
from raw materials to components to finished
products carried to final buyer.
Core Marketing concept
(Competition)
Competition includes all the actual and
potential rival offerings and substitutes a buyer
might consider.
Core Marketing concept
(Marketing Environment)
 Economic Environment
 Technological Environment
 Political Environment
 Cultural Environment
 Legal Environment
Marketing Management Orientation
 The production concept.
 The product concept
 The selling concept.
 The marketing concept.
 The societal marketing concept.
 The holistic marketing concept.
The Holistic Marketing Concept

Holistic
Marketing
Marketing Management
Marketing management is the art and science of
choosing target markets and getting ,keeping,
and growing customers through creating,
delivering, and communicating superior
customer value .
Nature of Marketing Management
 It works to identify the Target Market and serves it
properly through sound marketing mix.
 It comprised of marketing planning, sound marketing
organization, marketing performance evaluation and
marketing control.
 It emphasize on customer satisfaction, continuous
development and improvement, building relation with
stakeholders.
 It is responsible to uncover market situation, know the
competitors and their strategies for designing the firm’s
competitive strategy.
 It calls for sound decision making at all marketing levels
and functions and implement them properly.
Goals of Marketing Management
 Maximize customer satisfaction and enhance the
number of loyal customer.
 To become cost effective in market operation.
 To identify market opportunities and exploit these by
using the companies' core competencies.
 To ensure best use of resources in marketing
operation.
 To introduce benchmarking for obtaining marketing
excellence.
 To devise proper information system ,intelligence
system, research system and decision support system
for improving the quality of marketing decision.
Scope of Marketing Management
(From Functional point of view)
 Marketing Planning.
 Marketing organization.
 Marketing performance management.
 Marketing coordination.
 Devising marketing control.
 Dealing with social aspects.
Scope of Marketing Management
(From Decision point of view)

 Deciding STP strategy.

 Deciding marketing mix strategy.
 Deciding product life cycle strategy
 Deciding competitive strategy.
Scope of Marketing Management
(From Organizational point of view)
 Marketing management in manufacture
organization.
 Marketing Management in service firm.
 Marketing management in non profit firm.
 Marketing Management in govt. organization.
Task of Marketing Management
 Developing marketing strategies and plan.
 Capturing marketing insight.
 Micro and task environment.
 Connecting with customers.
 Building strong brand.
 Pre-Shaping the marketing offerings.
 Delivering Value.
 Creating long term growth.