Vrustirao 12084 Sem II

7/30/2019 Vrustirao 12084 Sem II

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SUB: MARKETING MANAGEMENT

ASSIGNMENT: BOOK REVIEW

NAME: VRUSTI .RAO

SECTION: B

SUBMISSION TO: DR.RAJU.RATHOD SIR

SUBMISSION DATE: 10/02/2013

INSTITUTE: G.H.PATEL POSTGRADUATE

INSTITUTE OF BUSINESS MANAGEMENT


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Marketing(edition 13)

-Michael J.Etzel

- William J .StantonPublished by Tata McGraw -hill

The book is divided into 19 chapters and Six parts

Part I -Nature and Scope of Marketing

(1) The fields of marketing

Summary:-Marketing consists of all activities designed to generate an exchange

intended to satisfy human needs .Organisation and non profit are engage in marketing.

Marketing in business context means it is the total system designed for planning, pricing,

promoting and distributing products which satisfy wants of targeted market to achieve goals

of org. Evolution of it was in United States has gone to 3 stages product, sales, market

orientation. Some org remain at 1or2 stage because they monopoly. Marketing managementinvolves segmenting, selecting, establishing a position in the minds of the customers. In the

todays world it is playing imp role, it is necessary and worth while .It is imp for students a s

career opportunities and individuals.

(2)Dynamic marketing environment

Summary:-Various environmental forces influence an organisation marketing activities.Org has some external (uncontrollable) and internal (controllable) factors. Now external

factors further divided into six broad variables 1.demographic 2.economic 3.culture

4.sociocultural trends 5. Environmental 6.micro environmental

(3)Global markets &marketing

Summary:-Firms engage in international marketing because of demand abroad, thesaturation of domestic markets, and to serve the international needs of their domestic

customers .Simplest way for org to trade in international market is through exports, internet,

middlemen specialised in foreign trade. Todays modern fully developed org structures are

Multinational Corporation.


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Part Two Identifying and selecting markets

(4)Consumer markets and buying behaviour

Summary: Demographics play a vital statistics that describes a population.Demographics frequently used for age, gender, family life cycle, religion etc .The buying

behaviour of ultimate consumers is described as a 5 stage buying decision process, influenced

by info, social and groups forces, psychological forces ,and situational.

(5)Business markets and buying behaviour

Summary: Business market consists of org that buy goods and services to produce othergoods and services, to resell to others consumers organisations .Business market demand

generally is derived , inelastic, and widely fluctuating .Business market demand is analysed

by evaluating the number of business user and their buying power. Organisation buying has

become more and making less because they have to look at quality and have to keep

relationship with suppliers for a long period of time. Business decision process has 5 stages in

business markets they are as following need to identify alternatives, identifying of

alternatives, evaluation alternatives, purchase decision, and post purchase. Relationship and

commitments built trust and sharing of information with supplier, customers. In business

market, direct marketing are most popular, leasing marketing, electronic (internet) marketing.

(6)Market segmentation, targeting, positioning

Summary: Market segmentation process of dividing the total market for goods andservices into smaller, internally homogeneous groups. A specific market segment for which

the seller designs a particular marketing mix is target market.

When positioning a product, the marketer wants to convey benefits most desired by targets

market. For e.g. successfully positioning is the original Head and shoulders shampoo.

(7)Marketing research and information

Summary: A marketing information system is an on going set of procedures designed togenerate, analyse, store, and retrieve information for marketing decision. The decision

support system adds flexibility and speed .A marketing research project is undertaken to help

to resolve a specific marketing problem. Firstly researchers must define the problem, the

analyse problem and informal investigation, then primary or secondary data collection,

design a questionnaire the analyses of it project decision is taken research complete.


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Part Three Product

(8)Product planning and development

Summary: Product Planning is the ongoing process of identifying and articulating marketrequirements that define a products feature set. Product planning serves as the basis for

decisions about price, distribution & promotion. product development - improving an existing

product or developing new kinds of products development - act of improving by expanding or

enlarging or refining; "he congratulated them on their development of a plan to meet the

emergency"; "they funded research and development"

(9)Product mix strategies

Summary:A range ofassociated products that yields largersales revenue whenmarketed together than if they were marketed individually or in isolation from others.

Strategic decision is whether or how to expand the product mix by adding items to line to a

and or introducing. Each cycle of the cycles passes four stagesintroduction, growth,

maturity and decline.

(10)Brands, packaging and product features

Summary: A brand is a means of identifying and differentiating the products of a

organisation. The owner of brand has protect brand quality, promote and select a good brandname .The brand building equity should be done thats adds value to the brand brings to the

product. Packing is becoming increasingly imp as sellers recognise the problems, as well as

the marketing opportunities, associated with it. Organisations choose strategies like family

packing, multiple packing and keep on changing the package. Package needs labels and there

are many laws regarding it. Organisations now recognise the marketing value quality and

design.

(11)Services marketing

Summary:Services marketing is a sub field of marketing, which can be split into the twomain areas of goods marketing (which includes the marketing of fast moving consumer goods

(FMCG) and durables) and services marketing. Service marketing typically refers to both

business to consumer (B2C) and business to business (B2B) services, and includes marketing

of services like telecommunications services, financial services, all types of hospitality

services, car rental services, air travel, health care services and professional services. The

range of approaches and expressions of a marketing idea developed with the hope that it be

effective in conveying the ideas to the diverse population of people who receive it.

Characteristics of services are as foll intangibility, inseparability, heterogeneity &perishibilty.

Management first identify its target market, making use of market segmentation strategiesand design market mix to provide satisfaction for the market.
http://en.wikipedia.org/w/index.php?title=Market_requirement&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Market_requirement&action=edit&redlink=1http://www.thefreedictionary.com/developmenthttp://www.businessdictionary.com/definition/range.htmlhttp://www.businessdictionary.com/definition/associated.htmlhttp://www.businessdictionary.com/definition/product.htmlhttp://www.investorguide.com/definition/yield.htmlhttp://www.businessdictionary.com/definition/sales-revenue.htmlhttp://www.businessdictionary.com/definition/sales-revenue.htmlhttp://www.investorguide.com/definition/yield.htmlhttp://www.businessdictionary.com/definition/product.htmlhttp://www.businessdictionary.com/definition/associated.htmlhttp://www.businessdictionary.com/definition/range.htmlhttp://www.thefreedictionary.com/developmenthttp://en.wikipedia.org/w/index.php?title=Market_requirement&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Market_requirement&action=edit&redlink=1


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Part Four Price

(12)Price determination

Summary:

(13)Price strategies

Summary: Pricing strategies forproducts orservices encompass three main ways toimprove profits. These are that the business owner can cut costs or sell more, or find more

profit with a better pricing strategy. When costs are already at their lowest and sales are hard

to find, adopting a better pricing strategy is a key option to stay viable.

Merely raising prices is not always the answer, especially in a poor economy. Too many

businesses have been lost because they priced themselves out of the marketplace. On theother hand, too many business and sales staff leave "money on the table". One strategy does

not fit all, so adopting a pricing strategy is a learning curve when studying the needs and

behaviours of customers and clients.

Part Five Distribution

(14)Channels of distribution

Summary: A distribution channel consists of the set of people and firms involved in thetransfer of title to a product moves from producers to ultimate consumer. There are types of

distribution channel they are direct distribution and indirect distribution.

(15)Retailing

Summary:Retail is the sale of goods and services from individuals or businesses to theend-user. Retailers are part of an integrated system called the supply chain. A retailer

purchases goods orproducts in large quantities from manufacturers directly or through a

wholesale, and then sells smaller quantities to the consumerfor a profit. Retailing can be

done in either fixed locations like stores or markets, door-to-dooror by delivery. Retailing

includes subordinated services, such as delivery. The term "retailer" is also applied where a

service provider services the needs of a large number of individuals, such as a public. Shops

may be on residential streets, streets with few or no houses or in a shopping mall. Shopping

streets may be forpedestrians only. Sometimes a shopping street has a partial or full roofto

protect customers from precipitation. Online retailing, a type ofelectronic commerce used

forbusiness-to-consumer(B2C) transactions and mail order, are forms of non-shop retailing.

Shopping generally refers to the act ofbuyingproducts. Sometimes this is done to obtain

necessities such as food and clothing; sometimes it is done as are creational activity.

Recreational shopping often involves window shopping (just looking, not buying) andbrowsing and does not always result in a purchase.
http://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Service_(economics)http://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Door-to-doorhttp://en.wikipedia.org/wiki/Delivery_(commerce)http://en.wikipedia.org/wiki/Shopping_mallhttp://en.wikipedia.org/wiki/Pedestrianhttp://en.wikipedia.org/wiki/Roofhttp://en.wikipedia.org/wiki/Precipitation_(meteorology)http://en.wikipedia.org/wiki/Electronic_commercehttp://en.wikipedia.org/wiki/Business-to-consumerhttp://en.wikipedia.org/wiki/Mail_orderhttp://en.wikipedia.org/wiki/Shoppinghttp://en.wikipedia.org/wiki/Tradehttp://en.wikipedia.org/wiki/Recreationhttp://en.wikipedia.org/wiki/Recreationhttp://en.wikipedia.org/wiki/Tradehttp://en.wikipedia.org/wiki/Shoppinghttp://en.wikipedia.org/wiki/Mail_orderhttp://en.wikipedia.org/wiki/Business-to-consumerhttp://en.wikipedia.org/wiki/Electronic_commercehttp://en.wikipedia.org/wiki/Precipitation_(meteorology)http://en.wikipedia.org/wiki/Roofhttp://en.wikipedia.org/wiki/Pedestrianhttp://en.wikipedia.org/wiki/Shopping_mallhttp://en.wikipedia.org/wiki/Delivery_(commerce)http://en.wikipedia.org/wiki/Door-to-doorhttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Service_(economics)http://en.wikipedia.org/wiki/Product_(business)


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(16)Whole selling &Physical distribution

Summary:Wholesaling, jobbing, or distributing is defined as the sale of goodsormerchandise to retailers; to industrial, commercial, institutional, orotherprofessional business users; or to other wholesalers and related subordinated

services.1. In general, it is the sale ofgoods to anyone other than a standard consumer.

According to the United Nations Statistics Division, "wholesale" is the resale (sale

without transformation) of new and used goods to retailers, to industrial, commercial,

institutional or professional users, or to other wholesalers, or involves acting as

an agent orbrokerin buying merchandise for, or selling merchandise to, such persons

orcompanies. Wholesalers frequently physically assemble, sort and grade goods in large lots

,break bulk, repack and redistribute in smaller lots.2. While wholesalers of most products

usually operate from independent premises, wholesale marketing for foodstuffs can take

place at specific wholesale markets where all traders are congregated. Traditionally,

wholesalers were closer to the markets they supplied than the source from which they got the

products.

Part Six Promotion

(17)Integrated marketing communication

Summary: Marketing communications (or marcom or integrated marketingcommunications) are messages and related media used to communicate with a market.

Marketing communications is the "promotion" part of the "marketing mix" or the "four Ps":

price, place, promotion, and product. Those who practice advertising, branding, brand

language, directmarketing, graphicdesign, marketing,packaging, promotion, publicity, sponso

rship, public relations, sales, sales promotion and online marketing are termed marketing

communicators, marketing communication managers, or more briefly, marcom managers.

(18)Personal selling and Sales management

Summary:-Personal selling means organisation send there representatives todemonstrate and seel there product door to door.

(19)Advertising, sales promotion & public relations

Summary:Advertising is a form ofcommunication formarketing and used to encourageor an audience (viewers, readers or listeners; sometimes a specific group) to continue or take

some new action. Most commonly, the desired result is to drive consumer behaviour with

respect to a commercial offering, although political and ideological advertising is also

common. In Latin, ad vertere means "to turn the mind toward." The purpose of advertisingmay also be to reassure employees or shareholders that a company is viable or successful.
http://en.wikipedia.org/wiki/Merchandisehttp://en.wikipedia.org/wiki/Retailerhttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Commercehttp://en.wikipedia.org/wiki/Institutionalhttp://en.wikipedia.org/wiki/Professionalhttp://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Good_(economics)http://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/United_Nations_Statistics_Divisionhttp://en.wiktionary.org/wiki/transformationhttp://en.wikipedia.org/wiki/Law_of_agencyhttp://en.wikipedia.org/wiki/Brokerhttp://en.wikipedia.org/wiki/Companieshttp://en.wikipedia.org/wiki/Break_bulk_cargohttp://en.wikipedia.org/wiki/Wholesale_marketinghttp://en.wikipedia.org/wiki/Messagehttp://en.wikipedia.org/wiki/Markethttp://en.wikipedia.org/wiki/Advertisinghttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Brand_languagehttp://en.wikipedia.org/wiki/Brand_languagehttp://en.wikipedia.org/wiki/Direct_marketinghttp://en.wikipedia.org/wiki/Graphic_designhttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Packaginghttp://en.wikipedia.org/wiki/Promotion_(marketing)http://en.wikipedia.org/wiki/Publicityhttp://en.wikipedia.org/wiki/Sponsor_(commercial)http://en.wikipedia.org/wiki/Sponsor_(commercial)http://en.wikipedia.org/wiki/Public_relationshttp://en.wikipedia.org/wiki/Saleshttp://en.wikipedia.org/wiki/Sales_promotionhttp://en.wikipedia.org/wiki/Online_marketinghttp://en.wikipedia.org/wiki/Communicationhttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Communicationhttp://en.wikipedia.org/wiki/Online_marketinghttp://en.wikipedia.org/wiki/Sales_promotionhttp://en.wikipedia.org/wiki/Saleshttp://en.wikipedia.org/wiki/Public_relationshttp://en.wikipedia.org/wiki/Sponsor_(commercial)http://en.wikipedia.org/wiki/Sponsor_(commercial)http://en.wikipedia.org/wiki/Publicityhttp://en.wikipedia.org/wiki/Promotion_(marketing)http://en.wikipedia.org/wiki/Packaginghttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Graphic_designhttp://en.wikipedia.org/wiki/Direct_marketinghttp://en.wikipedia.org/wiki/Brand_languagehttp://en.wikipedia.org/wiki/Brand_languagehttp://en.wikipedia.org/wiki/Brandhttp://en.wikipedia.org/wiki/Advertisinghttp://en.wikipedia.org/wiki/Markethttp://en.wikipedia.org/wiki/Messagehttp://en.wikipedia.org/wiki/Wholesale_marketinghttp://en.wikipedia.org/wiki/Break_bulk_cargohttp://en.wikipedia.org/wiki/Companieshttp://en.wikipedia.org/wiki/Brokerhttp://en.wikipedia.org/wiki/Law_of_agencyhttp://en.wiktionary.org/wiki/transformationhttp://en.wikipedia.org/wiki/United_Nations_Statistics_Divisionhttp://en.wikipedia.org/wiki/Consumerhttp://en.wikipedia.org/wiki/Good_(economics)http://en.wikipedia.org/wiki/Businesshttp://en.wikipedia.org/wiki/Professionalhttp://en.wikipedia.org/wiki/Institutionalhttp://en.wikipedia.org/wiki/Commercehttp://en.wikipedia.org/wiki/Industryhttp://en.wikipedia.org/wiki/Retailerhttp://en.wikipedia.org/wiki/Merchandise


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Advertising messages are usually paid for by sponsors and viewed via various traditional

media; including mass media such as newspaper, magazines, television commercial, radio

advertisement, outdoor advertising ordirect mail; ornew media such blogs, websites ortext

messages. Promotion is one of the market mix elements, and a term used frequently

in marketing. The specification of five promotional mix or promotional plan. These elements

are personal selling, advertising, sales promotion, direct marketing, and publicity. Apromotional mix specifies how much attention to pay to each of the five subcategories, and

how much money to budget for each. A promotional plan can have a wide range of

objectives, including: sales increases, new product acceptance, creation ofbrand

equity, positioning, competitive retaliations, or creation of a corporate image. Fundamentally,

however there are three basic objectives of promotion. These are:

1. To present information to consumers as well as others.

2. To increase demand.

3. To differentiate a product.

There are different ways to promote a product in different areas of media. Promoters useinternet advertisement, special events, endorsements, and newspapers to advertise their

product. Many times with the purchase of a product there is an incentive like discounts, free

items, or a contest. This is to increase the sales of a given product.Public relations (PR) arethe practice of managing the flow ofinformationbetween an individual oran organization and

the public. Public relations may include an organization orindividual gaining exposure to

their audiences using topics of public interest and news items that do not require direct

payment. The aim of public relations by a company often is to persuade the public, investors,

partners, employees, and other stakeholders to maintain a certain point of view about it, its

leadership, products, or of political decisions. Common activities include speaking at

conferences, winning industry awards, working with the press, and employee communication.

COMPARISION WITH MARKETING ; PHILIP

KOTLER, KEVIN LANE KELLER, ABRAHAM KOSHY,

MITHILESHWAR JHA; 14th

Edition.

Features of the book

Strength

This book has got more models to explain the various marketing concepts.

Implications of the various marketing decisions that were undertaken by the corporate

have been thoroughly explained in the form of charts and graphs.

Each chapter has been followed by a case study to understand the concepts.

Special attention has been paid to the relationship marketing.
http://en.wikipedia.org/wiki/Sponsor_(commercial)http://en.wikipedia.org/wiki/Traditional_mediahttp://en.wikipedia.org/wiki/Traditional_mediahttp://en.wikipedia.org/wiki/Mass_mediahttp://en.wikipedia.org/wiki/Newspaperhttp://en.wikipedia.org/wiki/Magazineshttp://en.wikipedia.org/wiki/Television_commercialhttp://en.wikipedia.org/wiki/Radio_advertisementhttp://en.wikipedia.org/wiki/Radio_advertisementhttp://en.wikipedia.org/wiki/Outdoor_advertisinghttp://en.wikipedia.org/wiki/Direct_mailhttp://en.wikipedia.org/wiki/New_mediahttp://en.wikipedia.org/wiki/Bloghttp://en.wikipedia.org/wiki/Websitehttp://en.wikipedia.org/wiki/Text_messaginghttp://en.wikipedia.org/wiki/Text_messaginghttp://en.wikipedia.org/wiki/Market_mixhttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Promotional_mixhttp://en.wikipedia.org/wiki/Direct_marketinghttp://en.wikipedia.org/wiki/Brand_equityhttp://en.wikipedia.org/wiki/Brand_equityhttp://en.wikipedia.org/wiki/Positioning_(marketing)http://en.wikipedia.org/wiki/Corporate_imagehttp://en.wikipedia.org/wiki/Informationhttp://en.wikipedia.org/wiki/Organizationhttp://en.wikipedia.org/wiki/General_publichttp://en.wikipedia.org/wiki/Individualhttp://en.wikipedia.org/wiki/Publicityhttp://en.wikipedia.org/wiki/Publicityhttp://en.wikipedia.org/wiki/Individualhttp://en.wikipedia.org/wiki/General_publichttp://en.wikipedia.org/wiki/Organizationhttp://en.wikipedia.org/wiki/Informationhttp://en.wikipedia.org/wiki/Corporate_imagehttp://en.wikipedia.org/wiki/Positioning_(marketing)http://en.wikipedia.org/wiki/Brand_equityhttp://en.wikipedia.org/wiki/Brand_equityhttp://en.wikipedia.org/wiki/Direct_marketinghttp://en.wikipedia.org/wiki/Promotional_mixhttp://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/Market_mixhttp://en.wikipedia.org/wiki/Text_messaginghttp://en.wikipedia.org/wiki/Text_messaginghttp://en.wikipedia.org/wiki/Websitehttp://en.wikipedia.org/wiki/Bloghttp://en.wikipedia.org/wiki/New_mediahttp://en.wikipedia.org/wiki/Direct_mailhttp://en.wikipedia.org/wiki/Outdoor_advertisinghttp://en.wikipedia.org/wiki/Radio_advertisementhttp://en.wikipedia.org/wiki/Radio_advertisementhttp://en.wikipedia.org/wiki/Television_commercialhttp://en.wikipedia.org/wiki/Magazineshttp://en.wikipedia.org/wiki/Newspaperhttp://en.wikipedia.org/wiki/Mass_mediahttp://en.wikipedia.org/wiki/Traditional_mediahttp://en.wikipedia.org/wiki/Traditional_mediahttp://en.wikipedia.org/wiki/Sponsor_(commercial)


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Weakness

Being the book authored by the American authors, the Indian touch is missing.

The book is boring to read and colouring pictures, graphs proper examples are not

given.

Definition should easy and easily to understand should be given.

Suggestions

Updating of book should be done time as kolter book has i.e. colour pictures, current

examples and concepts should be clear to understand.

The book should begin the cited case in the beginning and explain the concepts

through that case.

Vrustirao 12084 Sem II

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