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Marketing Management.Pdf mathematics HEALTH ENGINEERING DESIGN MEDIA management GEOGRAPHY EDUCA E MUSIC C PHYSICS law O ART L agriculture O BIOTECHNOLOGY G Y LANGU CHEMISTRY TION history AGE M E C H A N I C S psychology Marketing Management Subject: MARKETING MANAGEMENT Credits: 4 SYLLABUS Concepts of Marketing Management: Definition and Concepts: Definitions of Marketing, Scope of Marketing; Core Marketing Concepts: Concept of Demand and Supply; Transaction; Major Marketing Management Philosophy; Social Marketing Marketing Environment - Internal & External Marketing Environment Forces; Macro Environment; Micro and Internal Environment; Factors Influencing Consumer Buyer Behavior; Buyer Decision Process; Inputs for Buying Decision Process; Consumer Trends; Market Segmentation Process. Developing Market Strategies and the Offerings Part –I Positioning and Differentiation: Concept, Positioning according to Ries and Trout, Various Tools of Differentiation; Product Decisions and Strategies; Product Mix; Product Life Cycle; Brand Positioning; Brand Identity; Equity and Packaging. Developing Market Strategies and the Offerings - Part II: Introduction to Service Marketing; Differentiating Services; Product and Service Price; Response to Change in Price; Pricing Strategies. Delivering Marketing Programs – Part I Marketing through Channel Partners; Wholesalers and Retailers: Current Trend; Channel Management. Delivering Marketing Programs – Part II Market Communication, Process for Effective Communication; Advertising; Different Advertising Media; Sales Promotion; Public Relations; Direct Marketing; Personal Selling: Concepts and Process; Management of Sales Force Suggested Reading: 1. Marketing Management by Kotler Philip; Publisher: Prentice-Hall of India 2. Marketing Management by Ramaswamy V S and Namakumari; Publisher: S Macmillan India Ltd. 3. Marketing Management by Saxena Rajan; Publisher: Tata McGraw-Hill 4. Marketing in India Cases and Readings by Neelamegham S; Publisher: Vikas Publishing House Pvt. Ltd. 5. Majaro-The Essence of Marketing by Stokes David; Publisher: Prentice Hall of India 6. Marketing in the 21st Century by Evans R Joel and Berman Barry; Publisher: Gower Publications. --------------------------------------------------------------------------------------------------------------------- CONCEPTS OF MARKETING MANAGEMENT --------------------------------------------------------------------------------------------------------------------- Structure 1.1 Definitions of Marketing 1.2 Scope of Marketing 1.3 Core Marketing Concepts 1.4 Concept of Demand and Supply 1.5 Transaction 1.6 Major Marketing Management Philosophy 1.7 Social Marketing 1.8 Review Questions --------------------------------------------------------------------------------------------------------------------- 1.1 DEFINITIONS OF MARKETING --------------------------------------------------------------------------------------------------------------------- The current millennium has unfolded new business rules, the most significant of them being that past history or experience in a given product market is no indicator of future success. Market leadership cannot be taken for granted because customer loyalty does not exist. In an era of seamless markets, the customer today has a much wider choice. He/she does not have to adhere only to the locally available brands/services. Given the plethora of television channels, some specifically devoted to television shopping, internet marketing, and tele-shopping, this millennium's customer wants and enjoys being wooed by the marketers. Over a period of time, wooing and cajoling the customer will only intensify. Today, marketers have pulled out almost every weapon from their armory to retain and expand their brand's share in the consumer's mind. In today’s competitive environment a lot of emphasis is laid on the marketing, we find every organization carrying out a lot of marketing activities. Hence, it is important for you to understand what market is, what marketing is, and how is it different from selling. So we shall discuss all the important concepts of marketing and lay down the foundation for explaining the marketing process. We will also discuss the development of marketing over a period of time. 5 SMILE – It is marketing Do you agree with me? Today’s e- age, where individuals have forgotten to smile and just think about their work even while dreaming! Smile is an essential ingredient for these stressed out customers; don’t you think there is a need to exploit this basic need? Welcome to the wonderful world of marketing! Marketing is not a new word but evokes feelings of freshness each time it is used. For there is so much happening in this field that even the oldies have something new to learn every day. In your class itself, I am sure that there are quite a few students opting for marketing than any other discipline. Surely, there must be something in this word marketing, that everyone feels attracted to it. Let us move little deeper inside marketing. Marketing is ancient art. The first marketing transaction can be perhaps attributed to Adam and Eve. Its emergence as a management discipline is of relatively recent origin. And within this relatively short period, it has gained a great deal of importance. In fact today marketing is regarded as most important of all management functions of business. All of us are involved in marketing in one-way or the other. Can you describe how the marketing evolved since its inception? It has taken a long time before marketing reached the stage what it is today! Now, let us see some definitions of Marketing – • Much of marketing is concerned with the problem of profitably disposing of what is produced. • Marketing is the economic process by which goods and services are exchanged between the producer and the consumer and their values determined in terms of money prices. • Marketing originates with the recognition of a need on the part of a consumer and terminates with the satisfaction of that need by the delivery of a usable product at the right time, at the right place and at an acceptable price. • Marketing is so basic that it cannot be considered a separate function. It is really the whole business seen from the point of view of the final result, i.e., from the point of view of the customer. • Marketing is a viewpoint, which looks at the entire business process as a highly integrated effort to discover, create, arouse and satisfy consumer needs. • Marketing is the delivery of a standard of living to society. American Marketing Association – “It is the process of planning & executing the conception, pricing, promotion & distribution of ideas, goods & services to create exchange that satisfy individual & organizational goals” Many people think that marketing and selling mean the same thing. Others think that marketing is the same as selling and advertising, still others have a notion that marketing has got something to do with making products available in the stores, arranging displays and maintaining inventories of products for future sales. Actually marketing includes all these activities and many more. 6 Marketing is a key function of management. It brings success to business organization. A business organization performs two key functions producing goods and services and making them available to potential customers for use. An organization business success largely depends on how efficiently the products and services are delivered to customers and how differently do the customers perceive the difference in delivery in comparison to the competitors. This is true of all firms – from large business enterprises to small firms, from multinationals operating in different countries to small firms operating in small markets, from giant enterprises like Sony, Lever, General Motors to the next- door kirana shop. Quality production and efficient marketing are the key success factors in building sustainable competitive edge for ever business corporation. Marketing Is • A Philosophy A Set of activities • An Attitude including • A Perspective • Products • A Management PLUS • Pricing Orientation • Promotion • Distribution “Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others” - Philip Kotler The Chartered Institute of Marketing defines Marketing as: “Marketing is the management process for identifying, anticipating & satisfying customer requirements profitably.” Peter Drucker: There will always, one can assume, be need for some selling. But the aim of marketing is to make selling superfluous. The aim is to know and understand the customers well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available. --------------------------------------------------------------------------------------------------------------------- 1.2 SCOPE OF MARKETING --------------------------------------------------------------------------------------------------------------------- What is new economy? Is it something different from the old economy? With the emergence of marketing, we also witness the emergence of new economy characterized by the following:- • A substantial increase in purchasing power. • A greater variety of available goods and services. • A great amount of information about everything. 7 • A great ease in interacting and placing orders. •
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