MARKETING MANAGEMENT BBA3rd ICM IMPHAL

Marketing Management BBA III(ICM IMPHAL)

Nature of marketing
y Marketing as a process(We, as consumers, see the results of that process in the form of
products, stores, shopping malls, advertisements, sales pitches, promotions, prices, etc)

y Analysis(Markets must be understood, and this understanding

flows from analysis. Marketing managers spend weeks analyzing their markets before they undertake the development of marketing plans for influencing those markets.)
y Planning (Once a market is understood, marketing programs and events must

be designed for influencing the market's customers and consumers, and even the firm's competitors.) y Execution (The marketing events are executed in the markets: advertisements are run, prices are set, sales calls are made, etc.) y Monitoring (Markets are not static entities and thus must be monitored at all times. After events execute, they need to be evaluated.The planning assumptions upon which the upcoming events are based must be continually tested; they are not longer true then the events may need modification. )
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y Roles of marketing manager (Marketing managers play many roles, and we can
describe them with words that begin with the letter )

y Detective (include insights about market conditions, and the y

y y y y

identification of problems and opportunities in the various markets. ) Designer (Once a problem or opportunity has been identified, the marketer turns her/his attention to designing marketing programs that solve the problems and/or capture the opportunities) Decision maker (the marketer must make decisions about which programs to execute. ) Decision influencer (the marketer must influence the decisions of these senior executives.) Diplomat (manager must plays a diplomatic role while inducing these units to execute his/her progam in a timely and high quality way. ) Discussion (the marketing manager spends most of his/her time in discussions with others)
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y Managing the Marketing Mix

y Product (Product managment involves the design of the physical product

along with its packaging and warranties, the positioning of that product in terms of the benefits it delivers, and the development of the product's brand identify. ) y Price (Pricing strategies and tactics must be determined for the product, and then followed to set prices for all the sizes and variants of the product. The result is usually a price schedule that includes the regular price, volume discounts, payment terms, seasonal prices, introductory prices, etc. ) y Promotion (It is generally not true that consumers will beat a path to your door if you have a superior product; they must be told about it and induced to buy it ... thus the need for promotion. Promotion includes personal selling, advertising, sales promotions, and public relations) y Place (Marketing managers are involved in decisions about where the product is offered to the consumer in terms of the channels of distribution.)
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y Operating within constraints

y Competition (Other companies are competiting for the same y

consumers and channels of distribution.) Channels (Retail stores, electronic markets, communications media exist to serve the marketer. In the short run, they must be accepted as constraints; in the long run, the marketer can exert some control over them ... even vertically integrate into the channels. ) Consumers (Consumers have needs and wants. The marketers must understand those needs before they can design marketing programs aimed at impacting consumer wants. ) Conditions (Markets are not static but in constant evolution under the influences of the economy, changing tastes and fashions, population dynamics, etc.) Company (Company policies, procedures, practices, and cultures place constraints upon the marketing resources and programs that the marketer can deploy. )
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y Marketing is Collaboration
y The nature of marketing requires marketing managers and

professionals to work together on all aspects of marketing. y the marketing manager to be at the center of a set of activities being worked on by people within the company (sales force, promotion manager, product development teams, etc.) y outside the company (ad agencies, consultants, marketing research firms, etc). y marketing managers must spend considerable time in consultation and collaboration with other people.

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y Marketing is essentially a concept of customer orientation

(customer is the king):product/services are brought not merely because of their quality, packaging or brand name etc but because they satisfy a specific need of customer.
y A marketer must deliver value for money y Value =benefit/cost

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y Marketing system affect company

strategy(marketing has its own sub system which interact with each other to form complete marketing system that is responsive to company strategy)

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y Marketing create mutually benefit

relationship(customer is the focuss of all marketing activities) y Marketing is customer focused(it intend to satisfy and delight, it remain in the mind of customer if and only provide value for what they spend, optimize cost for the customer)

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Marketing is surrounded by customer needs

Identification of customer need (By Marketing Deptt.) Probable feature of product Suggested by Mkt. Deptt. Probable product Assisted by marketing deptt.

Final product (presented by marketing Deptt.)

Customer suggests Changes/modification (through marketing deptt.)

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The Scope of Marketing

.....the task of creating, promoting, and delivering goods and services to consumer and business and it include ten type of entities
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Goods Experience Persons Properties Information

Services Events Places Organizations Ideas

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y Goods
y Physical goods constitute the bulkk of most countries production

and marketing effort

Services
y ..the work of airlines, hotels, car rental firms, barber and beauticians,

maintenance and repair people.etc as well as professional working within or for companies.

y Experience
y

By orchestaring severa services and goods, a firm can create, stage, and market experience

Events
Marketer promotes time base events, such as the Olympics, company anniversaries, major trade shows, sport events, and artistic performance

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y Persons
y Celebrity marketing, every film star has a personal

assistant and ties to PR.

y Places yCities, states, region and whole nations y Properties yInvestment company and banks are invloved in marketing securities to both institution and individuals investors y Organization oOrganization actively work to build a strong favourable image in the mind of their target publics
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y Information
y Information can be produce and marketed as a product. y

Ideas
y Every marketing offering include an idea, product and

services are two platform for delivering ides

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The four Ps The four Cs

Marketing Mix

Product

Place

Customer Solution

Convenience Price Promotion

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Customer MARKETING MANAGEMENT Cost

Communication
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Customer Delivered Value

Starting point
Factory

Focus
Existing products

Means
Selling and promotion

Ends
Profits through sales volume

(a) The selling concept

Market Customer needs Integrated marketing Profits through customer satisfaction

(b) The marketing concept

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Traditional Organization Chart

Top Management

Middle Management

Front-line people

Customers

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Customer-Oriented Organization Chart

Customers

Front-line people

Middle management

Top management

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3.Core Concepts of Marketing

Target Markets & Segmentation Needs, Wants, and Demands Product or Offering Value and Satisfaction Exchange and Transactions Relationships and Networks Marketing Channels Supply Chain Competition Marketing Environment
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Needs, Want, and Demands

Needs describe basic human requirements. Want are shaped by ones society. Demands are wants for specific products backed by ability to pay. examples

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Demand States and Marketing Tasks

No demand Latent demand Declining demand Irregular demand full demand Overfull demand Unwholesome demand
y
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Value and satisfaction

y Benefits

functional benefits emotional benefits

y Costs

Monetary costs Time costs Energy costs Psychic costs

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Value and satisfaction

benefits Value = ----------------costs

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marketing philosophies
y The production concept y The product concept y The selling concept y The marketing concept y The societal marketing concept

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Company Orientations Towards the Marketplace

Production Concept Product Concept Selling Concept Marketing Concept
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Consumers prefer products that are widely available and inexpensive Consumers favor products that offer the most quality, performance, or innovative features Consumers will buy products only if the company aggressively promotes/sells these products Focuses on needs/ wants of target markets & delivering value better than competitors
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The production concept

y the production concept holds that

consumers will prefers products that are widely available and inexpensive.

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The product concept

y The product concept holds that consumers will favor

those products that offer the most quality,performance,or innovative features.

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The selling concept

y The selling concept holds that consumers and businesses, if left

alone, will ordinarily not buy enough of the organizations products. The organization must, therefore, undertake an aggressive selling and promotion effort

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The marketing concept

y The marketing concept holds that the key to

achieving its organizational goals consists of the company being more effective than competitors in creating,delivering,and communicating customer value to its chosen target markets
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The societal marketing concept

y The societal marketing concept holds that the

organizations task is to determine the needs, wants,and interests of target markets and to deliver the desired satisfaction more effectively and efficiently than competitors in a way that preserves or enhances the consumers and the societys well-being.

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