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Marketing Management Sub Code: 12MBA24 1
Marketing Management
Sub Code: 12MBA24
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Recommended Books

  • 1. Marketing Management: A South Asian Perspective- Kotler, Keller, Koshy & Jha, 13/e, Pearson Education, 2012

  • 2. Marketing : An Introduction- Rosalind Masterson & David Pickton, 2/e, Sage Publications, 2010

  • 3. Marketing Management- Ramaswamy V.S. & Namakumar S, 4/e, Macmillan Publishers, 2011

  • 4. Fundamentals of Marketing Management- Etzel M.J, B J Walker & William J. Stanton, 14/e,

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TMH, 2012

Reference Books

  • Marketing Management: Rajan Saxena, 4/e, Cenage Learning

  • Marketing- Lamb, Hair, Sharma Mc Danniel, 1/e, Cengage Learning, 2012

  • Marketing: Marketing in the 21 st Century- Evans & Berman, 2/e, Cengage Learning, 2005

  • Marketing: Planning, Implementation, and Control- William M Pride, Ferrel O.C.,

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Modules to be covered

  • Module 1: Introduction

  • Module 2: Understanding Consumer Behaviour

  • Module 3: Market Segmentation, Targeting, Positioning & Branding

  • Module 4: Product Decisions, Packaging/Labeling

  • Module 5: Pricing Decisions

  • Module 6: Distribution Decisions

  • Module 7: Integrated Marketing Communications

  • Module 8: Marketing Planning, Marketing Organisation, Marketing Audit.

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Introduction Module – 1 5
Introduction
Module – 1
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Good Marketing is No Accident The roaring success of Tata Ace,a mini-truck with the engine capacity
Good Marketing is No Accident
The roaring success of
Tata Ace,a mini-truck
with the engine capacity
of less than one ton
launched by Tata Motors
in 2005, was due to a
deep understanding of
the market needs and
customer requirements.
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Defining Marketing

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

  • More simply put, Marketing is the delivery of customer satisfaction at a profit. In other words

marketing is “meeting needs profitably”.

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The

American

Marketing

Association

offers the following formal definition :

Marketing is an organizational function and a set of processes for creating, communicating,

and delivering value to customers and for

managing customer relationships in ways that benefit the organization and its stake holders.

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Evolution Of Marketing Tribes Barter System Industrial Revolution Relationship Era Production Era Marketing Era Sales Era
Evolution Of Marketing
Tribes
Barter System
Industrial
Revolution
Relationship Era
Production Era
Marketing Era
Sales Era
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What is Marketed?

  • Goods

  • Services

  • Events

  • Experiences

  • Persons

  • Places

  • Properties

  • Organizations

  • Information

  • Ideas

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Goods

GOODS:

Physical

goods

constitute

the

bulk

of

most

countries’ production and marketing effort.

o Each

year,

Indian

companies

alone market

billions of fresh, canned, bagged, and frozen food

products and millions of cars, refrigerators,

television

sets,

machines,

and

various

other

mainstays of a modern economy.

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Services

SERVICES: As economies advance, a growing proportion of their activities is focused on the production of services.

  • The U.S economy today consists of a 70-30 services-to- goods mix. Services includes the work of airlines, hotels, car rental firms, barbers and beauticians, maintenance and repair people, as well as professionals working within or for

companies, such as accountants, bankers, lawyers,

engineers, doctors, software programmers, and management consultants.

  • Many market offerings consist of a variable mix of goods

and services. At a fast-food restaurants, for example, the

customer consumes both a product and a service.

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Events

EVENTS: Marketers promote time-based events, such as major trade shows, artistic performances, and company anniversaries.

  • Global sporting events such as the Olympics or World Cup are promoted aggressively to both

companies and fans. There is a whole profession

of meeting planners who work out the details of an

event and make sure it comes off perfectly aggressively to both companies and fans.

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Experiences

EXPERIENCES: By Orchestrating several services and goods, a firm can create, stage, and market experiences. Walt Disney World’s Magic Kingdom represents experiential marketing :Customers visit a fairy kingdom, a pirate ship, or a haunted house.

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Persons

Celebrity marketing is a major business.

Today, every

major film star has an agent, a personal manager, and

ties to a public relations agency. Artists, musicians, CEOs, physicians, high-profile lawyers and financiers, and other professionals are also getting help from

celebrity marketers.

Some people have done a masterful job of marketing themselves think of Madonna, Oprah Winfrey, the Rolling Stones, Aerosmith, and Michael Jordan,

Management consultant Tom Peters, himself a master at self-branding, has advised each person to become a “brand.

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Places

  • Cities, States, regions, and whole nations compete actively to attract tourists, factories, company headquarters, and new residents. Place marketers include economic development specialists, real estate agents, commercial banks, local business associations and advertising and public relations agencies.

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operties

PROPERTIES: are intangible rights of ownership

of either real property (real estate) or financial

property (stocks and bonds). Properties are bought and sold, and this requires marketing.

Real estate agents work

for property owners or

sellers or buy residential or commercial real estate.

Investment companies and banks are involved in

marketing securities to both institutional and

individual investors.

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Organizations

ORGANIZATIONS actively work to build a strong, favorable, and unique image in the minds of their target publics. Companies spend money on corporate identity ads. Philips, the Dutch electronics company, puts out ads with the tag line “Let’s Make Things Better.

In the United Kingdom, Tesco’s “Every Little Bit Helps” marketing program has vaulted it to the top of the supermarket chains in that country. Universities,

museums, performing arts organizations, and non-

profits all use marketing to boost their public images and to compete for audience and funds.

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Information

INFORMATION can be produced and marketed as a product. This is essentially what schools and universities produce and distribute at a price to parents, students, and communities. Encyclopedias and most nonfiction books market information. Internet

search engines such as Google, Wikipedia etc peddle

information.

The production, packaging, and distribution of information is one of our society’s major industries.

Even companies that sell physical products attempt to

add value through the use of information.

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Ideas

IDEAS:

idea.

Every market offering includes a basic Charles Revlon of Revlon observed : “In

the factory, we make cosmetics; in the store we sell hope.

o Products

and

services

are

platforms

for

delivering some idea or benefit.

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Nature, Scope and Importance

  • Marketing is managing profitable customer relationships. The basic objective of marketing is

to attract new customers my promising and offering superior value and to retain and grow current customers by delivering satisfaction.

  • Building customer relationships based on customer value and satisfaction is at the very core of modern marketing.

  • Highly successful companies know that if they take care of their customers, market share and profits will follow.

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  • Sound marketing is essential for the success of every company, whether large or small, global or

Needs, Wants and Demand

  • Needs Needs are the basic human requirements. People need food, air, water, clothing, and shelter to survive. People also have

strong needs for recreation, education, and entertainment.

  • Wants Wants are the forms human needs take as they are shaped by culture and individual personality characteristics. The need become wants when they are directed to specific objects that might satisfy the need.

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  • Demands When human wants are backed by purchasing power and willingness to buy, they become demands. Demands are wants for specific products backed by an ability to pay.

Marketing Orientations  The Production Concept  It holds that consumers will prefer products that are
Marketing Orientations
The Production Concept
It holds that consumers will prefer products that are widely
available and inexpensive. Managers of production oriented
businesses concentrate on achieving high production efficiency,
low costs and mass distribution.
The Product Concept
It holds that consumers will favor those products that offer
the most quality, performance, or innovative features.
Managers in these organizations focus on making superior
products and improving them over time.
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  • The Selling Concept

It 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. The aim is to sell what they make rather than make what the market wants.

The Marketing Concept

This concept emerged in the mid-1950’s. Instead of a product- centered, “make-and-sell“ philosophy, business shifted to a customer-centered,”sense-and-respond” philosophy. The job is not to find the right customers for your products, but the right products for your customers. This concept holds that the key to achieve organizational goals consists of the company

being more effective than competitors in creating, delivering, and

communicating superior customer value to its chosen target markets.

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  • The Holistic Marketing Concept: It is based on the development, design, and implementation of marketing programs, processes and activities that recognizes their breadth and

interdependencies. It recognizes that “everything matters”

with marketing- and that a broad, integrated perspective is

often necessary.

The 4 components of Holistic Marketing are:

  • 1. Relationship Marketing

  • 2. Integrated Marketing

  • 3. Internal Marketing

  • 4. Social Responsibility Marketing

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