MM Unit-1

Marketing Management: 

Marketing Management Rammohanreddy Rajidi

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Marketing Management UNIT-I Marketing Definition: Marketing is a management process that identifies, anticipates, and satisfies customer requirements profitability. -Charted institute of marketing. 2. Marketing is a social & managerial process by which individuals & groups obtain what they want & need through creating, offering & exchanging products of value with others. -Philip Kotler .

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3. Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. -American Marketing Association (AMA)

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Nature of Marketing: Specialized business function Society desirable function Integrate function, Reflects the business mission, Adoption to environment, Universal function, Management function

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Objectives: Specific, Measurable, Achievable, Realistic, Time-bound

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The scope of marketing Marketing is typically seen as the task of creating, promoting, and delivering goods and services to consumers and businesses. Marketers are skilled in stimulating demand for company products. 1.Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information and 10. Ideas

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Importance of Marketing: Importance of marketing society: Delivery of standard of living, Provides employment, Increase in national income Decrease in distribution costs, Protection against changes in business conditions Importance of marketing firm: 1. Helpful in communication between firm and society, 2. Helpful in business planning and decision making, 3. Helpful in increasing profits,

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Model of marketing Process: Understanding the Market place& customer needs 2. Marketing strategy, 3. Marketing plan & programme, 4. Build relationship with customer, 5. Creating profits & customer quality

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Marketing strategy process: Situation analysis, Market strategy, Marketing mix decisions, Implementation & control

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Market Def: The set of actual potential buyers of a product or service. Communications Products / Services Money Information Elements of a Modern Marketing System Industry Market

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Types of Markets: Consumer markets – Companies selling mass consumer goods & services such as soft drinks. This requires getting a clear sense of their target customers. Consumer’s marketers decide on the feature, quality level, distribution coverage, & promotion expenditure. Business markets – companies selling business goods & services face well-trained & well-informed professional buyers who are skilled in evaluating competitive offerings. Advertising, sales force, price, & the company’s reputation plays an important role for reliability & quality. Global markets – Companies selling goods & services in the global marketplace face additional decision and challenges. Non-profit & governmental markets – Companies selling their goods to non-profit organization such as churches, charitable organization, or government agencies. Lower prices affect on the features and qualities of products.

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SELLING MARKETING Intention: 1. Seller pushes goods & services to Consumers. 1. Marketer attempts to create want Satisfying goods for potential Customers thru exchange process. Priority to profit / cons. Satisfaction. 2. The priority is given to profit 2. The priority is given to consumer’s Satisfaction First Priority 3. The consumer is given last priority 3. The consumer is given top priority; infact entire marketing activity rotates around consumer’s needs & wants. 4. Price is given major attention as it is arrived on the basis of cost of production & distribution. 4. Not only cost of production & distribution but market demand, consumer’s preference & competition also decides price of the product. 5. Marketing research is given less importance. 5. Marketing research is the main aspect of marketing. 6. The seller considers entire market as homogeneous market where groups having similar choice, buying habits etc. 7. The entire market here consists of heterogeneous groups having dissimilar buying habits. (give e.g. of HLL’s products, Colgate Palmolive) 7. Selling starts with producing the goods & selling it to the final consumer without thinking about the consumers. 7. Marketing starts with the needs of consumers and making sure that the goods are not only purchased but also consumed. 8. The aspects such as branding, packaging, labeling are not given much importance. 8. Branding, labeling , packaging are integral parts of Marketing activity.

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Marketing Management Def: “Marketing Management” is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, services and ideas to create exchanges with target groups that satisfy customer and organisational objectives. ___ Philip Kotler. (OR) “Marketing management is the art and science of choosing target markets and building profitable relationship with them. This involves getting, keeping and growing customers through creating, delivering, and communicating superior value”

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The marketing process consists of the following activities: Setting Marketing Objectives Analysing market opportunities Researching and Selecting target markets Developing the marketing Strategies 5. Planning marketing Programmes 6. Organising, implementing and controlling

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Marketing Management Tasks: The set of tasks that make up successful marketing management: Development marketing strategies and plans Capturing marketing insights Connecting with customers Building strong brands Market offers Delivering value Communication value, creating long term profits

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Philosophies of MM There are five alternative concepts under which organizations design and carryout their marketing strategies. Production concept: The production concept gives priority to low cost-high volume and thereby wins markets. Product concept: the product concept gives priority to product quality, improvement in product, introducing new product etc. Selling concept: the product concept gives priority to product quality, improvement in product, introducing new product etc Marketing concept: The marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors. Social concept: The social marketing concept holds that marketing strategy should deliver value to customers in a way that maintains or improves the consumer’s and the society’s well being

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Marketing Mix Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market. According to Stanton “Marketing mix is the term used to describe the combination of four inputs which constitute the core of a company’s marketing system”. The elements of marketing mix have been classified under four heads - product, price, place and promotion. That is why marketing mix is said to be a combination of 4 P’s. Characteristics of Marketing Mix: (i) Marketing-mix is the crux of marketing process (ii) Marketing mix has to be reviewed constantly in order to meet the changing requirements (iii) Changes in external environment necessity alterations in the mix (iv) Changes taking place within the firm too necessitate changes in marketing mix

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Product: Product refers to a physical product or a service or an idea which a consumer needs and for which he is ready to pay. Price: Price is the amount charged for a product or service. It is the consideration paid by consumers for the benefit of using any product or service. Promotion: Promotion refers to using methods of communication with two objectives: (1) Informing the existing and potential consumers about a product, and (2) To persuade consumers to buy the product. Place: Place is another important element of marketing mix. Once the goods are manufactured, packaged, priced and promoted, they must be made available to the consumers

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Extended Marketing Mix: It is constructed of the original 4p’s and has an added three more elements in order to expand its applicability from tangible products to service related products. People: Sales person & Service managers who adds value to the product. Process: handling sales, order purchasing, and after sales service can also be essential elements of the overall marketing strategy. Physical evidence: the marketing strategy should include effectively communicating their satisfaction to potential customers.

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Marketing Strategy: Marketing strategy is the basic approach that the business unit will use to attain its goals and which comprises of elaborative decisions on largest marketers, market positioning and mix marketing expenditure allocation. Factors effecting overall marketing strategy: Competitors Substitutability Synergistic potential Diversity in productivity levels of various marketing Elasticity of marketing inputs

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Developing marketing strategy: A). Customer Value Creation: B). Value Delivery process C). The value chain D). Marketing Logistics and Value Chain E). A Holistic Marketing orientation of custom care

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Marketing Plan or Programming: The managerial task of determining the future course of action, preceded by an analysis of the past and projection of future events, culminating in a written document, referred to as marketing plan, which spells out in terms of time and resources a systematic and integrated operational programme so as facilitate achievement of the marketing objectives. Functions of Marketing Plan: 1). Contents 2). Executive Summary 3). Opportunity and issues Analysis 4). Marketing Strategy 5). Action programs 6). Projected profit and loss statement 7). Controls

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Marketing Planning process: Three steps to developing a marketing plan for your business Define your Business Define your customers Define your plan and budget Promotional objectives

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Importance of developing Marketing strategic plan Marketing research Creating tactics Communications Opportunist for market positioning Barriers to successful planning 1). Culture 2). Power and politics 3). Analysis not action 4). Resource issues 5). Skills

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Managing Marketing Effort Organisation wants to design and put into plan that will be achieve its objectives in target markets. Functions of managing Marketing effort A). Marketing Analysis: this involves a complete analysis of the company’s situation. Analyzing company strengths and weakness and environmental issues. B). Marketing Plan: Marketing planning involves deciding on marketing strategies that will help the company to attain its overall strategic objectives Contents of marketing Plan 1). Executive summary 2). Current marketing Situation 3). Opportunities and issues Analysis 4). Objectives 5). Marketing strategy C). Marketing Implementation D). Marketing Control