Marketing Management

Syllabus

Introduction to marketing Concept, Evolution of Marketing & customer orientation Marketing Environment & Evaluation of market opportunities

Market research & MIS

Demand Forecasting & Market potential analysis

Consumer Buying Process & Organizational Buying Process

Pillars of Marketing Market Segmentation, Target marketing, Positioning & Differentiation Marketing Mix
Product Decision PLC New Product development Process

Distribution Decisions - Logistics & Channel Decisions

Promotion Decisions Integrated Marketing Communications concept, Communication Tools

Personal Selling & Sales Management Pricing Decisions

Reference Books

Marketing Management Kotler, Keller, Koshy & Jha 14th edition Marketing Management Ramaswamy & Namkumari

Marketing Management Indian Context, Dr. Rajan Saxena

Introduction to Marketing Adrich Palmer Marketing Management R. L. Varshuey & S. L. Gupta

Introduction to Marketing

Indian Economy In past Years

Opening Up of economy through globalization, Liberalization Policies

In Present highly competitive economy, called as Buyers Market

Nature, Scope & Importance

Marketing is managing profitable customer relationships

Basic objective To attract new customers by

-

Promising & offering superior value Retaining & growing current customer by delivering satisfaction

Marketing Mainly deals with the customers

Building Customer relationship is core of modern marketing

Marketing is practiced by large profit making companies as well as non profit organizations like charitable trust ( CRY, Help Age)

Definition of Marketing

Marketing is defined as a social & managerial process by which individuals & groups obtain what they need & want through creating & exchanging products & value with others. - Philip Kotler

Marketing is the performance of business activities that direct flow of goods & Services from producer to customer or user. Marketing is a societal process by which individuals & groups obtain what they need & want through creating , offering, & freely exchanging products & services of value with each other.

Core Marketing Concepts

Needs, Wants & Demands

Markets

Marketing Offers ( Product, Service Value & Satisfaction

Exchanges, Transactions & Relationship

Needs, Wants & Demands

Needs :State of Felt Deprivation

1) Physiological needsFirst & foremost basic level of human needs. Primary needs Required to sustain biological life Eg. Food, Water, Air, Shelter Clothing

2) Safety Needs After 1st level of need satisfied, safety & security needs become the driving force Eg.- Health, Healthcare, Insurance Policies, Education

3) Social Needs 3rd Level Of Maslows hierarchy includes needs such as love, affection, belongings People seek warm & satisfying human relationship with other people.

4) Esteem Needs When social needs are satisfied 4th level become operative. This level concerned with esteem or egoistic needs. Need for self-esteem, success, independence, status , reputation 5) Self Actualization Desire to fulfill his/ her potential to become everything he/she is capable of becoming. Eg.- Desire to become a leading singer, scientist

Want :Forms of human need as they are shaped by culture & Individual personality characteristics. Wants are shaped by the society in which one lives & described in terms of product that will satisfy needs

Demand :When human wants are backed by purchasing power & willingness to buy , they become demands. Based on the needs, wants & purchasing power, consumers ask for or demand product which they feel will give them maximum value & satisfaction.

Marketing Offers

Combination of product, services, information, or experiences offered to market to satisfy a need or want Also called Value Proposition, which is set of benefits that marketing people promise to consumers to satisfy their needs

Marketing offers consist of-

1) Non durables :Cosmetics ( Face cream, hair dye) Toiletries ( Soap, toothpaste, powder) Packaged Food ( coffee, tea, biscuits, ketchup) Others ( Books, petrol, gas, shoes, vegetables)

2) Durables :Automobiles & Two wheelers Household Appliances

Marketing Offers also include :-Persons (Celebrities, Film stars, Fashion models) -Places (Countries & State market themselves to attract tourist) -Organizations (For public issue of shares, Routine Public image building) -Information (TV News Channel, Research firms)

-Ideas ( Could be seen embedded in any marketing offer Eg. Enhancing Sociability after using colgate toothpaste Becoming beautiful after using fair & lovely Awareness about family planning, HIV/ AIDS

-Experiences & Events (Fashion shows, Exhibition, trade shows, Theme park

Customer Value

It is difference between the value that customers gains from buying & using a product & cost of buying the product. Consumers have wide choice of product & services which promise satisfaction of a particular need. Choices based on perception of value & satisfaction that different product & services offer

Customer perceived value Customers mental process of judging the value of product

Customers expectations are based on1) Past Buying experience 2) Opinion of friends & family member 3) Promises offered by marketers

Customer Satisfaction

Key to influence the future buying behavior of people. Satisfaction with a purchase depends on - Product performance - Customers expectations

Satisfied Customer- Will buy product again - Will share about their good buying experience with others Unsatisfied/ Disappointed Customers- Switch to competitors product - Discourage others from buying the product Delighted Customer ( When customer gets more than expectations ) - Help to built Brand loyalty

Key building blocks for developing & managing customer relationships

- Customer Value

- Customer Satisfaction

Exchanges, Transactions & Relationships

ExchangesIt is act of obtaining an object which one needs from another by offering something in return. In exchange process, two or more individuals are involved , each side possessing something that is considered to be of value to other. Marketing occur when person decide to satisfy needs & wants through exchange.

Transactions As a consequence of exchange process, When the two parties reach to an agreement on the terms of exchange , it becomes transaction. A transaction consists of- Exchange of value between 2 or more parties - Ownership changes hand between seller & buyer - It can be monetary or non monetary.

RelationshipMarketer wants the customer to be fully satisfied with the transactions so that long term relationship can built up in the form of customer loyalty.

Market

Commonly, Market is a place where buyers & sellers meet to buy or sell the products. In marketing \Market is a the set of actual & potential buyer of a product.

Size of market depends on number of people who exhibit the need, have buying power & are willing to exchange their resources for what they want.