BBA 3rd Marketing Management

8/4/2019 BBA 3rd Marketing Management

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Marketing Management

BBA III(ICM IMPHAL)

MARKETING MANAGEMENT

BBA3rd ICM IMPHAL


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Nature of marketing

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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 understandingflows from analysis. Marketing managers spend weeks analyzingtheir 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 thefirm's competitors.)

y Execution (The marketing events are executed in the markets: advertisementsare run, prices are set, sales calls are made, etc.)

y Monitoring (Markets are not static entities and thus must be monitored at alltimes. After events execute, they need to be evaluated. The planning assumptionsupon which the upcoming events are based must be continually tested; they arenot 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 )

yDetective (include insights about market conditions, and theidentification of problems and opportunities in the various markets. )

y 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)

y Decision maker (the marketer must make decisions about whichprograms to execute. )

y Decision influencer (the marketer must influence the decisions of

these senior executives.)

y Diplomat (manager must plays a diplomatic role while inducing these

units to execute his/her progam in a timely and high quality way. )

y 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 interms of the benefits it delivers, and the development of the product'sbrand 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 toyour door if you have a superior product; they must be told about it andinduced 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 ofdistribution.)


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y Operating within constraints

y Competition (Other companies are competiting for the same

consumers and channels of distribution.)

y 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. )

y

Consumers (C

onsumers haveneeds and wants

. The marketers mustunderstand those needsbefore they can design marketing programs aimed

at impacting consumer wants. )

y Conditions (Markets are not static but in constant evolution under the

influences of the economy, changing tastes and fashions, population

dynamics, etc.)y 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 researchfirms, 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 anddelight, 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.

Customer suggests

Changes/modification

(through marketing deptt.)

Final product(presented by 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


Goods Services

Experience Events

Persons

Places

Properties Organizations

Information 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.

yExperiencey 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 PersonsyCelebrity marketing, every film star has a personal

assistant and ties to PR.y PlacesyCities, states, region and whole nations

y P

ropertiesyInvestment company and banks are invloved inmarketing securities to both institution and individualsinvestors

yOrganization

oOrganization actively work to build a strong favourableimage in the mind of their target publics


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y Informationy 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


CustomerSolution

Customer

Cost

Communication

Marketing

Mix

Product

Price Promotion

Place

Conven-

ience


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MarketIntegratedmarketing

Profits throughcustomer

satisfaction

Customerneeds

(b) The marketing concept

FactoryExistingproducts

Selling andpromotion

Profits throughsales volume

Startingpoint Focus Means Ends

(a) The selling concept

Customer Delivered Value


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Customers

Front-line people

Middle Management

Top

Management

Traditional Organization C

hart


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Customer-Oriented Organization Ch

art

Customers

Front-line people

Middle management

Top

manage-

ment


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3.Core Concepts of Marketing

Product or OfferingProduct or Offering

Value and SatisfactionValue and Satisfaction

Needs, Wants, and DemandsNeeds, Wants, and Demands

Exchange and TransactionsExchange and Transactions

Relationships and NetworksRelationships and Networks

Target Markets & SegmentationTarget Markets & Segmentation

Marketing ChannelsMarketing Channels

Supply ChainSupply Chain

CompetitionCompetition

Marketing EnvironmentMarketing 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 MarketingTasks

No demand

Latent demand

Declining demand

Irregular demand

full demand

Overfull demandUnwholesome demand

y


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Value and satisfaction

y Benefits

functional benefits

emotional benefits

y Costs

Monetary costs

Time costsEnergy costs

Psychic costs


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Value and satisfaction

benefits

Value = -----------------

costs


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marketing ph

ilosoph

iesy The production concept

y The product concept

y The selling concept

y The marketing concept

y The societal marketing concept


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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 thatoffer the most quality, performance,

or innovative features

Consumers will buy products only ifthe company aggressively

promotes/sells these products

Focuses on needs/ wants of targetmarkets & delivering value

better than competitors

Company Orientations Towards the

Marketplace


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The production concept

ythe production concept holds thatconsumers will prefers products that

are widely available and inexpensive.


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The product concept

y

The product concept holds that consumers will favorthose 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 organizationsproducts. The organization must, therefore, undertake an

aggressive selling and promotion effort


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The marketing concept

yThe marketing concept holds that the key to

achieving its organizational goals consists ofthe company being more effective than

competitors in creating,delivering,and

communicating customer value to its chosentarget 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 thedesired satisfaction more effectively and efficiently than

competitors in a way that preserves or enhances the

consumers and the societys well-being.

BBA 3rd Marketing Management

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