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ajaykumarta-Unit 1 introduction to marketing management
- 2. Discussion Questions 1. Why is marketing important? 2. What is the scope of marketing? 3. What are some fundamental marketing concepts? 4. How has marketing management changed in recent years? 5. What are the task necessary for successful marketing management?
- 3. Suggested Readings 1. Marketing Management - Philip Kotler, Rajan saxena 2. Marketing Management - Ramasamy and Namakumari - 5ed 3. Basic Marketing – Perault 4. Marketing - Ramesh Kumar
- 4. Introduction • Change is the only constant in Business • Yesterday vogue today out of fashion • Firms which do not change to marketing trends are out of business • Marketing is as old as Mankind • Any thing can be marketed • Significant change in the field of Science & Technology • Marketing is the most Critical function • E.g.., On line websites, internet
- 5. Importance of Marketing • Marketing creates demand for a product, which in turn drives revenue. • Greater demand creates the need for companies to hire new workers, while revenue (top line) contributes to a company’s bottom line (profits), which allow the company to be more fully engaged in socially responsible activities. Marketing Demand Revenue
- 6. Definition - Marketing • Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society at large. • Marketing is the process of communicating the value of a product or service to customers.
- 7. Definition – 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.
- 8. Simple Marketing System Industry (a collection of sellers) Market (a collection of Buyers) Goods/services Money Information
- 9. What is Marketed? Experiences Events Properties Organizations Information Ideas Persons Services Goods Places
- 11. Key Customer Markets Global Markets Business Markets Government Market Consumer Market
- 13. Core Marketing Concepts Needs, Wants, and Demands Target Markets, Positioning, and Segmentation Offerings and Brands Value and Satisfaction
- 14. Core Marketing Concepts Marketing Channels CompetitionMarketing Environment Supply Chain
- 15. The New Marketing Realities New Company Capabilities Major Societal Forces Information Technology Globalization Increased Competition Consumer Information Communicate w/Customer Collect Information Differentiate Goods
- 16. Who is Responsible for Marketing? Chief Marketing Officer (CMO) Entire Organization Marketing Department
- 17. Marketing Concepts HolisticMarketingSellingProductProduction Mass production Mass distribution Quality Innovation Unsought goods Overcapacity “hard-sell” to increase demand “sense-and-respond” Create, deliver, and communicate value
- 18. Evolution of Marketing • Production Era – supply creates its own demand. They wand product rather than features • Sales Era – 1920 -1950, not only producing need to sell them. Collected data about markets through research • Marketing Era – companies started looking into need & wants of customers., i.e.. instead of pushing they tried to fulfill. • Marketing do not create demands, Marketers can provide four types of utility to target customers – Form, time & Place
- 20. Relationship Marketing Attracting a new customer can cost five times as much as retaining existing customers so building long-term relationships makes financial sense for the company. Build long-term relationships Develop marketing networks customers, employees, partners, and member of the financial community
- 21. Integrated Marketing All activities undertaken by the company should create, communicate, and deliver value
- 22. Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees to serve customers well. You can’t promise excellent service if you can’t deliver excellent service.
- 23. Performance Marketing Financial accountability involves the justification of marketing expenditures in terms of financial returns. Ethical, environmental, legal, and social aspects Social Responsibility Financial Accountability Financial and nonfinancial returns to a business and society
- 24. • Developing market strategies and plans • Capturing marketing insights • Connecting with customers • Building strong brands • Shaping market offerings • Delivering value • Communicating value • Creating long-term growth Marketing Management Tasks
- 25. Marketing Environment All the actors and forces influencing the company’s ability to transact business effectively with it’s target market.
- 26. Marketing Environment Includes: Micro environment - forces close to the company that affect its ability to serve its customers. Macro environment - larger societal forces that affect the whole microenvironment. Equipment CustomersCompetitors External Factors
- 27. Forces Affecting a Company’s Ability to Serve Customers Publics Suppliers Intermedi aries Customers Competit ors The Microenvironment
- 29. Demographic Environment • Worldwide population growth • Population age mix • Ethnic and other markets • Educational Groups • Household patterns “Married with Children”; single live-alones; living with nonrelatives only; and other family structures
- 32. Natural Environment Environmental Regulations Effects of their business on the environment
- 33. Technological Environment Accelerated pace of change Unlimited opportunities R&D Spending
- 34. Political-Legal Environment Special Interest Groups Government Agencies Laws
- 35. Legal • Laws & regulations of a country have a major impact on the way a company conduct its business • Ignorance of law is considered no excuse • Some of the legal act regard to Indian business – Prevention of food & adulteration – 1954 – Drugs control act – 1954 – Company act – 1956 – Standard weight & Measurement act – 1956 – Display of price order – 1963 – Indian patent act – 1970 – Consumer protection act – 1986 – Water & air pollution act – 1974 & 1981 – Environment act - 1986
- 36. refers to the channel, or the route, through which goods move from the source to the final user The Four P’s of the Marketing Mix a product is anything that can be offered to a market that might satisfy a want or need price is the quantity of payment or compensation given by one party to another in return for goods or services. activity that supports or encourages a cause, venture, or aim. Marketing Mix Product Price Promotion Place
- 37. Elements of Marketing Mix
- 38. Levels of Product • Theodore Levitt – Total product concept – The marketer offer main product – Next level formal product – Third Level is Expected Product – Fourth level Augmented product – Fifth level Potential Product
- 39. PRODUCT LEVELS Potential Product Core Benefit Basic Product Expected Product Augmented Product (Preservation) (compressor and cooling system) (door, shelves, trays) (Freezer, Bulb, Thermostat, Quiet not noisy) (Free rice – cooker, warranty ) (opening of doors, Faster cooling)
- 40. PRODUCT CLASSIFICATIONS Nondurable goods Services Durable goods Durability and Tangibility Intangible & perishable Either an independent product or inseparable part of product Tangible in nature Consumed over longer period of time Tangible in nature Consumed over a short period of time Fast Moving Consumer Goods
- 41. PRODUCT CLASSIFICATIONS Consumer-Goods Convenience goods Shopping goods Specialty goods Unsought goods • Staples • Impulse goods • Emergency goods
- 42. Classification of Consumer Products • Convenience products • Relatively inexpensive & bought frequently • Spends minimal time & involvement • They check the shell space & stores stock, Packaging • Marketers try to use screen display at the entrance of the store • Shopping products • Willing to spend time & effort in planning & purchasing • Expected to have longer shelf life & purchased less frequently • Home appliances, cameras etc., • Marketers used promotion based on price
- 43. Classification of Consumer Products • Specialty Products • That have one or more unique characteristic features • Available on few select outlets • Customers might wait to get the product even alternatives are available. • Original painting, Mont blanc pen, an antique car etc., • Unsought Products • Customer purchase when faced with a sudden problem • Umbrellas, medicines, surgery etc., • Marketers use personal selling like insurance
- 44. Product Classifications Industrial-Goods Raw materials Materials and Parts Manufactured materials Capital Items Installations Equipment Supplies and business Services
- 45. Organizational products • Production Goods – Raw Material • Basic material used in production • Fairly perishable in nature • Pig iron, crude oil, fabric, chemicals – Component parts • Finished product or a product that needs a little processing before becoming a part of the main product • They purchase the components parts to their own specifications • Engine, carburetor, wheels, seats etc., – Process material • Used directly in production of the final product • Not easily identified as part of production • Perfume company used alcohol
- 46. Organizational products • Support products – Capital equipment • Comprises of large tools & machines used for production • Expensive, long period • Sometimes customization of machine done by companies – Accessory Equipment • Help in production or office activities • They do not become a final part of product • Mechanical tools, computers, calculators – Consumable supplies • Consumed During Production Of Product & Do Not Become Final Product • Paper pencils, oils, paints, brooms, office stationeries, water – Business services • Intangible in nature for smooth functioning of their equipments • Financial services, legal, market research, janitor services • Buy some services on contract basis from outside
- 47. An act or performance one party can offer to another that essentially intangible and does not result in the ownership of anything. Service
- 48. Classification of service • End User • Degree of Tangibility • People based services • Expertise • Orientation towards Profit
- 49. Classification of service • Based on End User • Consumer (Individual customers) –leisure, hairdressing, personal finance, package holidays. • Business to business (Organizations) - advertising agencies, printing, accountancy, consultancy • Industrial (Contract between organizations) - plant maintenance and repair, work wear and hygiene, installation, project management.
- 50. Classification of service • Based on Service Tangibility • Highly tangible - car rental, vending machines, telecommunications. • Service linked to tangible goods - domestic appliance repair, car service. • Tangible goods linked to services – airline services offer food • Highly intangible - psychotherapy, consultancy, legal service
- 51. Classification of service • People Based Services • labor-intensive (people based) & equipment-based services. Represented by the degree of contact • People-based services - high contact - education, dental care, Restaurants, medical services. • Equipment-based - low contact - automatic carwash, Launderette, vending machine, cinema
- 52. Classification of service • Profit Orientation (Purpose of doing business) • Not-for-profit ( To Serve society) - The Scouts Association, charities, public sector leisure facilities. • Commercial (To earn revenues) - Banks, airlines, tour operators, hotel and catering services
- 53. Classification of service • Based on Expertise • Professional (Formally Trained) - Medical services, legal services, Pilot, accountancy, IT, Consultant • Non-professional (No training is required) - Babysitting, care taking, casual labor, House keeping
- 54. MARKETING STRATEGIES The aim of marketers is always to identify and satisfy customer needs and wants profitably. Objectives are a statement of where a company wants to go; strategy Is a grand design for getting there. Marketing strategy of a firm is the complete and unbeatable plan or instrument designed specifically for attaining the marketing objectives of the firm. The marketing objectives will tell us where the firm wants to go: the marketing strategy will provide the design for getting there.
- 55. THE VALUE DELIVERY APPROACH Value Choose Provide Communicate segment the market, select the appropriate target, specific product features, prices, and distribution use of the sales force, the Internet, advertising
- 56. CORPORATE STRATEGIC PLANNING Define corporate mission Establish SBU’s Assign resources to SBU’s Assess growth opportunities 1 2 3 4
- 57. DEFINING THE CORPORATE MISSION What is our business? Who is the customer? What is of value to the customer? What will our business be? What should our business be?
- 58. DEFINING STRATEGIC BUSINESS UNITS Technology Customer groups Customer needs
- 60. CORPORATE CULTURE … is the shared experiences, stories, beliefs, and norms that characterize an organization.
- 61. MARKETING INNOVATION Identify and encourage new ideas Scenario Analysis
- 62. EVALUATING AND SELECTING SEGMENTS Individual marketing Full market coverage Multiple segment specialization Single-segment concentration
- 64. STRATEGY FORMULATION Porter’s Generic Strategies Strategic Alliances
- 67. FEEDBACK AND CONTROL Strong leadership
- 68. Product and Services Differentiation
- 69. Difference between goods & services
- 71. Services Differentiation Ordering Ease Delivery & Returns Installation Training Maintenance & Repair Customer Consulting
- 72. Consumer Behavior Unit - 2