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    Marketing Management
    Marketing Management
    Marketing Management
    Ebook184 pages2 hours

    Marketing Management

    By Dr.Archana Dadhe

    4.5/5

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    Read preview

    • Marketing

    • Sales Forecasting

    • Product Life Cycle

    • Internet Marketing

    • Social Media Marketing

    • Fish Out of Water

    • Call to Adventure

    • Man Vs. Nature

    • Promotion

    • Distribution

    • Retail

    • Business

    • Search Engine Optimization

    • Sales Compensation

    • Segmentation

    • Marketing Mix

    About this ebook

    This book on Marketing Management is specially designed for those who are the students of MBA, PGDM & Executives. It introduces the reader to basic marketing concepts, equally applicable to students and industry practitioners.

    Through good economic times and bad, marketing remains the pivotal function in any business.Determining and satisfying the needs of customers through products that have value and accessibility and whose features are clearly communicated is the general purpose of any business. It is also a fundamental definition of marketing. This text introduces students to the marketing strategies and tools that practitioners use to market their products.

    Chapters in this book provide an overview of marketing and consider marketing in the context of the Business environment. The primary emphasis relates to making the organization customer focused. Issues such as market Research, Segmentation, Targeting and Positioning are examined.

    How the effective use of marketing mix is essential to gain the competitive advantage. Decision relating to product, pricing, promotion and place are examined.
    Services marketing has become increasingly challenging due to the dynamic nature of the business environment.

    Organizations in both the private and public sectors have learned that the ability to communicate effectively and efficiently with their target audiences is critical to their success. Social media facilitate communication between and among customers and organizations using customer centered, participatory online technologies.

    Overall, the book is intended to offer an insight into what marketing is all about. Marketing is about facilitating exchange, it is about allowing people the choices to be able to live the kind of lives they would wish for themselves and their families, and it delivers a standard of living, but above all marketing is about ensuring that business meets the needs of its customers.

    LanguageEnglish
    PublisherDr.Archana Dadhe
    Release dateJan 5, 2015
    ISBN9781311694638
    Marketing Management
    Author

    Dr.Archana Dadhe

    Assistant Professor at Department of Management Sciences & Research, G.S.College of Commerce & Economics,Nagpur.Has done Ph.D , MBA,Post Graduate Diploma in Management,Post Graduate Diploma in Marketing Management.Having 15 years of experience in the field of Academics.Has worked as a promoter/Director in the capacity of Franchisee of NIIT Ltd.Has presented & published 20 research papers in various National & International Journals & Conferences.Research papers are available on Google Scholar,EBSCO USA & listed in Scopus.

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      Book preview

      Marketing Management - Dr.Archana Dadhe

      Marketing Management

      By Dr. Archana Dadhe

      PhD, MBA, PGDIM, PGDIMM, DIM

      Assistant Professor

      Department of Management Sciences & Research,

      G.S.College of Commerce & Economics, Nagpur

      Any reproduction or other unauthorized use of the material or artwork herein is prohibited without the expressed written permission of the author.

      All rights Reserved

      Marketing Management

      © 2015 Archana Dadhe & amazon.com

      First Edition: January 2015

      This book is dedicated to

      My father late Shri B. V. Dadhe &

      Mother late Mrs. Sudha for their unconditional love and support

      &

      My sister Dr. Nilima & nephew Mr. Tushar

      for their words of encouragement, affection & support.

      PREFACE

      This book on Marketing Management is specially designed for those who are the students of MBA, PGDM & Executives. It introduces the reader to basic marketing concepts, equally applicable to students and industry practitioners.

      Through good economic times and bad, marketing remains the pivotal function in any business. Determining and satisfying the needs of customers through products that have value and accessibility and whose features are clearly communicated is the general purpose of any business. It is also a fundamental definition of marketing. This text introduces students to the marketing strategies and tools that practitioners use to market their products.

      Chapters in this book provide an overview of marketing and consider marketing in the context of the Business environment. The primary emphasis relates to making the organization customer focused. Issues such as market Research, Segmentation, Targeting and Positioning are examined.

      How the effective use of marketing mix is essential to gain the competitive advantage. Decision relating to product, pricing, promotion and place are examined.

      Services marketing has become increasingly challenging due to the dynamic nature of the business environment.

      Organizations in both the private and public sectors have learned that the ability to communicate effectively and efficiently with their target audiences is critical to their success. Social media facilitate communication between and among customers and organizations using customer centered, participatory online technologies.

      Overall, the book is intended to offer an insight into what marketing is all about.

      Marketing is about facilitating exchange, it is about allowing people the choices to be able to live the kind of lives they would wish for themselves and their families, and it

      delivers a standard of living, but above all marketing is about ensuring that business

      meets the needs of its customers.

      Dr. Archana Dadhe

      Marketing Management

      Contents

      1. Chapter I

      2. Chapter II

      3. Chapter III

      4. Chapter IV

      5. Chapter V

      6. Chapter VI

      CONTENTS

      Chapter I: Introduction to marketing; concepts, marketing environment; interaction of marketing with other functions, segmentation, targeting & positioning, marketing mix (4Ps, 7Ps, etc.), PLC.

      Chapter II: New product development process, pricing, pricing methods, techniques and

      strategies, promotion basics, promotion methods & strategies, Distribution, logistics & supply chain management, warehousing & storage.

      Chapter III: Marketing of services, Customer relationship management (CRM), internet

      marketing, Social Media Optimisation (SMO), Social Media Marketing (SMM) and Search Engine Optimisation (SEO).

      Chapter IV: Personal Selling, selling processes, types of sales organizations, staffing

      (recruitment, selection & training) of sales organizations.

      Chapter V: Sales forecasting, designing sales strategies and sales programmes, designing sales force compensation & incentive plans, designing sales target setting & territory distribution programmes.

      Chapter VI: Sales cost analysis, managing sales performance, sales monitoring, sales reporting, methods of sales control and motivating sales force.

      Chapter I

      Introduction to Marketing

      The first few words that usually pop into a person's head are marketing equals sales! Marketing is NOT just personal selling or even just advertising. Most people define marketing in a very limited way. The activities of a company associated with buying and selling a product or service. Marketing includes activities such as public relations, sales promotion, advertising, social media, pricing, distribution and many other functions.

      Philip Kotler defines marketing as

      A human activity directed at satisfying needs & wants through exchange process

      Simply put: Marketing is the delivery of customer satisfaction at a profit.

      Goals: Attract new customers by promising superior value and keep and grow current customers by delivering satisfaction.

      According to American marketing association, marketing is defined as the performance of business activities that directs the flow of goods & services from producer to consumer or user.

      Fig: 1.1

      Human needs are dormant & unsatisfied. A marketing man thus devised a product or service aimed at satisfying a certain dormant needs & thus provides satisfaction to the user.

      In a socially competitive society people may have unlimited wants but the ability to buy may be restricted on account of their economic background. They select those products which give satisfaction. When they have ability to buy, wants are converted in to demand for your product.

      Core concepts of marketing

      1) Market refers to the place where buyers & sellers gather to enter into transactions involving the exchange of goods & Services.

      2) Customer – Purchases & pays for a product or service.

      3) Consumer – Ultimate user of the product. The consumer may not have paid for the product.

      Fig: 1.2

      4) Need & Want – Feeling of being deprived of something. Unsatisfied person is unhappy or uncomfortable. For Ex – If you are hungry, you become uncomfortable & start looking for objects that are capable of satisfying our hunger.

      5) Creating a market offering – Complete offer for a product or service. Means features like size, quality, taste etc. at a certain price, available at a given outlet or location.

      For ex. – If the offer is for a cell phone , available in 4 different versions , certain features size of memory , Internet , camera etc. price between 5000 – 20000 & available for sale at firms exclusive shops in & around all metropolitan cities of a country. Apple iPhone 6

      6) Customer Value – A product will be purchased on their perception that it will give greatest value or benefit for the money.

      7) Exchange mechanism – Exchange of products & services for money.

      What are Consumers’ Needs, Wants, and Demands?

      Modern Marketing System

      Fig: 1.3

      Marketing Management Philosophies

      Different concepts are helpful for sellers to plan their marketing activities. Sometimes organizations would like to focus on production in order to reduce their cost of production, invest more money in promotional & selling activities, would like to improve the quality of product or pay more attention towards customer satisfaction. These concepts are Production, Product, Selling, Marketing & Societal Marketing.

      Fig: 1.4

      Production Concept

      Fig: 1.5

      The production concept holds that consumers will prefer products that are widely available and inexpensive. The sell will increase automatically with the increase in production and distribution facilities. This is one of the oldest concepts and works only in few situations. With the increase in production, economies of scale takes place and the cost of production reduces, which helps to reduce the prices. When demand exceeds supply, prices starts to increase so the companies can earn higher profits by increasing the production.

      For Example - Lenovo in China or HP with Uttar Pradesh Government’s ‘Laptop Distribution Scheme’, Texas Instruments followed a philosophy of increased production and lower costs in order to bring down prices and Film industry are the good examples.

      Product Concept

      Fig: 1.6

      The product concept holds that consumers will favour those products that offer the most quality, performance, or innovative features. Similarly the design, packaging and effective distribution channels of product are some of the important tactics to attract the customers.

      For Example – Ambassador Car. Many colleges have assumed that high school graduates want a liberal arts education and have thus overlooked the increasing challenge of vocational schools.

      Selling Concept

      The selling concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization’s products. The organization must, therefore, undertake an aggressive selling and promotion effort. Consumers will buy products only if the company aggressively promotes/sells these products. There are various industries which sell products that buyers do not normally think of buying. The organizations try to sell the product whether the buyers like or not, there is high risk in such marketing.

      For Example - Selection of distribution strategy by Coca Cola in a specific region.

      Fig: 1.7

      Marketing Concept

      The marketing concept holds that the key to achieving its organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets. Focuses on needs/ wants of target markets & delivering value better than competitors.

      For Example - Every successful company like HUL, HP and Samsung is trying this.Procter & Gamble, Marriott, Nordstrom, Mc Donald's and Pizza hut, Toyota, the highly successful Japanese car manufacturer follow it faithfully.

      Societal Marketing Concept

      The societal marketing concept holds that the organization’s task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfaction more effectively and efficiently than competitors in a way that preserves or enhances the consumer’s and the society’s well-being.

      For Example - Padega India tabhi toh badhega India Campaign from P&G, Classmate Notebooks from ITC, Johnson & Johnson which stresses community and environmental responsibility, etc.

      Fig: 1.8

      Fig: 1.9

      Database Marketing

      It is a form of direct marketing using databases of consumers or potential customers to generate personalized

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