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1、Marketing Management,Basic Concepts,What is Marketing?,Marketing is a social&managerial process by which individuals&groups obtain what they need&want through creating,offering&exchanging products of value with others,Needs,Wants,&Demands,Needs:A human need is a state of deprivation of some basic sa
2、tisfaction.People require food,clothing,shelter,safety,belonging&esteem.These are not created by society or marketers.They exist in the very texture of human biology&condition.,Wants,Desires for specific satisfiers of needs.Although needs are few,wants are many&are continually shaped&reshaped by soc
3、ial forces&institutions.,Demands,Wants for specific products that are backed by an ability&willingness to buy them.Wants become demand when supported by purchasing power.,Products,GoodsServicesIdeas“A product is anything that can be offered to satisfy a need or a want”A marketers job is to sell the
4、benefits or services built into physical products.,Markets,Consist of all the potential customers sharing a particular need or want who might be willing&able to engage in exchange to satisfy the need or want.,Marketing,Is a social&managerial process by which individuals&groups obtain what they need&
5、want through creating,offering,&exchanging products of value with others.Marketing Management is the process of planning&executing the conception,pricing,promotion&distribution of ideas,goods,&services to create exchanges that satisfy individual&organizational goals.,Relationship Marketing,The pract
6、ice of building long-term satisfying relations with key parties customers,suppliers,distributors in order to retain their long-term preference&business.,Marketing Concept,Holds that the key to achieving organizational goals consists of being more effective than competitors in integrating marketing a
7、ctivities toward determining&satisfying the needs&wants of target markets.,Selling vs.Marketing,Selling focuses on the needs of the seller,marketing on the needs of the buyer.Selling is preoccupied with the sellers need to convert his product into cash,marketing with the idea of satisfying the needs
8、 of the customer by means of the product&the whole cluster of things associated with creating,delivering&finally consuming it.Selling is“push”,Marketing is“pull”.,Societal Marketing,Societal Marketing Concept holds that the organizations task is to determine the needs,wants&interests of target marke
9、ts&to deliver the desired satisfactions more effectively&efficiently than competitors in a way that preserves or enhances the consumers&societys well-being.,Marketing Mix,Set of marketing tools that the firm uses to pursue its marketing objectives in the target market:ProductPricePromotionPlace Also
10、 known as the 4 Ps of Marketing,Product,VarietyQualityDesignFeaturesBrand namePackagingSizesWarranties,Price,List priceDiscountsAllowancesPayment periodCredit terms,Promotion,Sales promotionAdvertisingSales forcePRDM,Place,ChannelsCoverageAssortmentsLocationsInventoryTransport,4 Ps vs.4 Cs,Product C
11、ustomer needs/wantsPrice Cost to customerPlace ConveniencePromotion-Communication,Strategic Business Unit(SBU),It is a single business or collection of related businesses that can be planned separately from the rest of the company.It has its own set of competitors.It has a manger who is responsible
12、for strategic planning&profit performance&who controls most of the factors affecting profit.,BCG Model,Growth-share matrixMarket growth rate on the vertical axis indicates the annual growth rate of the market in which the business operates.Relative market share(horizontal axis)refers to the SBUs mar
13、ket share relative to that of its largest competitor.Growth-share matrix is divided into 4 cells,each indicating a different type of business.,BCG Model,Question marks:Businesses that operate in high-growth markets but have low relative market shares.Most businesses start off as question marks as th
14、e company tries to enter a high-growth market in which there is already a market leader.A question mark requires a lot of cash because a company has to spend a lot of money on overtaking the leader(&has to think hard before doing so).,BCG Model,Stars:If the question mark business is successful,it be
15、comes a star.A star is the market leader in a high-growth market.A star does not necessarily produce a positive cash flow for the company.The company must spend substantial funds to keep up with the high market growth&fight off competitors attacks.,BCG Model,Cash cows:When a markets annual growth ra
16、te falls to less than 10%,the star becomes a cash cow if it still has the largest relative market share.A cash cow produces a lot of cash for the company.The company does not have to finance a lot of capacity expansion because the markets growth rate has slowed down.Since the business is the market
17、leader,it enjoys economy of scale&higher profit margins.Company uses cash cows to pay bills&support other businesses.,BCG Model,Dogs:Businesses that have weak market shares in low-growth markets.They typically generate low profits or losses,although they may generate some cash.Dogs often consume mor
18、e management time than they are worth&need to be phased down or out,SBU Strategies,Build:Objective is to increase the SBUs market share,even forgoing short-term earnings.Appropriate for question marks whose market shares must grow if they are to become stars.Hold:Objective is to preserve SBUs market
19、 share.Appropriate for strong cash cows if they are to continue yielding a large positive cash flow.,SBU Strategies,Harvest:Objective is to increase the SBUs short-term cash flow regardless of long-term effect.Involves a decision to eventually withdraw from a business by implementing a program of co
20、ntinuous cost retrenchment.Company plans to milk its business.Hope is to reduce costs at a faster rate than any potential drop in sales thus increasing companys cash flow.Appropriate for weak cash cows.,SBU Strategies,Divest:Here the objective is to sell or liquidate the business because resources c
21、an be better used elsewhere.Appropriate for dogs&question marks that are dragging down companys profits.SBUs start as question marks,become stars,then cash cows&finally dogs.,GE Model,Each business is rated in terms of market attractiveness&business strength.Companies are successful to the extent th
22、at they enter attractive markets&possess the required business strengths to succeed in those markets.If 1 of the factors is missing,the business will not produce outstanding results(strong company in unattractive market or weak company in attractive market will not do well).,SWOT Analysis,S Strength
23、W WeaknessO OpportunitiesT ThreatsRemember-SW are internal,OT are external,Strengths/Weaknesses,Marketing:Company reputationMarket shareProduct/service qualityPricing/distribution/promotion/sales force effectivenessGeographical coverage“Core competencies”,Finance,Deep pocketsCash flowFinancial stabi
24、lity Manufacturing:Economies of scaleLatest technologyDedicated work force,Organization,Visionary capable leadershipDedicated employeesEntrepreneurial orientationFlexible/responsive,Opportunities,A marketing opportunity is an area of buyer need in which a company can perform profitably.Opportunities
25、 can be classified according to attractiveness&success probability.Companys success probability depends on whether its business strengths not only match key success requirements for operating in target market but also exceed those of competitors.,Threats,A challenge posed by an unfavorable trend or
26、development that would lead,in the absence of defensive marketing action,to deterioration in sales or profit.Threats should be classified according to their seriousness&probability of occurrence.,Porters generic strategies,3 game plans,Porters generic strategies,Overall cost leadership business work
27、s hard to achieve lowest production&distribution costs so that it can price lower than competition&win a large market share.Firms pursuing this strategy must be good at engineering,purchasing,manufacturing&physical distribution(they need less marketing skills).Problem is competition operating with e
28、ven lower costs(e.g.the Chinese Dragon!).,Porters generic strategies,Differentiation business concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market.So the firm seeking quality leadership must make products with best components,put t
29、hem together expertly etc.(Its a Sony!).Intel inside,idiot outside!,Porters generic strategies,Focus business focuses on 1 or more narrow market segments,gets to know these segments intimately&pursues either cost leadership or differentiation within the target segment(niche marketing).,Marketing Pla
30、n,Executive summary&table of contents presents a brief overview of the proposed planCurrent marketing situation presents relevant background data on the market,product,competition,distribution¯o-environmentOpportunity&issue analysis SWOTObjectives defines the plans financial&marketing goals in t
31、erms of sales volume,market share&profits,Marketing Plan,Marketing strategy presents the broad marketing approach that will be used to achieve the plans objectivesAction programs presents the special marketing programs designed to achieve the business objectivesProjected PL statement forecasts the p
32、lans expected financial outcomesControls plan monitoring,Marketing Information System(MIS),MIS consists of people,equipment,Salespeople,dealers&customers dispatch orders to firm.Order dept.prepares invoices&sends copies to various departments.Shipped items are accompanied by shipping&billing documen
33、ts etc.,Marketing Information System(MIS),Sales Reporting Systems-marketing managers need up-to-date reports of their current sales.Sales reps now have immediate access to information about prospects/customers&can give their companies immediate feedback&sales reports.,Marketing Information System(MI
34、S),Marketing Intelligence System:Set of procedures&sources used by managers to obtain their everyday information about pertinent developments in the marketing environment.Reading books,newspapers,trade publications,talking to customers,suppliers,distributors,talking with other managers&personnel wit
35、hin the company etc.are some methods used to gather intelligence.Company trains sales-force,motivates channel,purchases info&uses staff for this purpose.,Marketing Information System(MIS),Marketing Research System:Systematic design,collection,analysis&reporting of data&findings relevant to a specifi
36、c marketing situation facing the company.,Marketing Research Process,Define the problem&research objectives:Exploratory to gather preliminary data to shed light on the real nature of the problem&suggest possible solutions/new ideasDescriptive to ascertain certain magnitudesCausal to test a cause-and
37、-effect relationship,Developing the Research Plan,Calls for decisions on data sources,research approaches,research instruments,sampling plan,&contact methods.Data sources can be primary(gathered for specific project)or secondary(already existing).Research approaches:Observational research gathered b
38、y observing relevant sample&settings.,Developing the Research Plan,Focus-group research focus group is a gathering of 6-10 people who are invited to spend a few hours with a skilled moderator to discuss a product,service etc.It is a useful exploratory step to take before designing a large-scale surv
39、ey.Survey research best suited for descriptive research,to learn about peoples knowledge,beliefs,preferences etc.,Developing the Research Plan,Experimental research most scientifically valid research.Best suited for causal research,calls for selecting matched groups of subjects,subjecting them to di
40、fferent treatments,controlling extraneous variables&checking whether observed response differences are statistically significant.,Developing the Research Plan,Research instruments:Questionnaires Open-end questions allow respondents to answer in their own words,while close-end questions prespecify al
41、l possible answers&respondents make a choice among them.Open-end questions reveal more while close-end questions provide answers that are easier to interpret&tabulate.,Developing the Research Plan,Mechanical instruments galvanometers measure arousal/interest by exposure to specific ad/picture,tachis
42、toscope flashes an ad repeatedly to measure recall/specific points of interest,audiometer is attached to TV sets to record channel viewing(to calculate TRPs).,Developing the Research Plan,Sampling Plan:Sampling unit target population that will be sampled.Once sampling unit is determined,a sampling f
43、rame must be developed so that everyone in the target population has an equal chance of being sampled.Sampling procedure to obtain a representative sample,a probability sample of the population should be drawn.This allows calculation of confidence limits for sampling error.,Probability&Nonprobabilit
44、y Samples,Probability Sample:Simple random sample every member has an=chance of selectionStratified random sample population divided into mutually exclusive groups(age etc.)&random samples drawn from eachCluster sample 2+sample groups drawn for interview,Nonprobability Sample,Convenience sample sele
45、ct most accessible populationJudgment sample good prospects for accurate informationQuota sample prescribed no.of people in each of several categories,Developing the Research Plan,Contact methods:Mail questionnaireTelephone interviewingPersonal interviewing arranged&intercept.Most versatile method,s
46、ince interviewer can study body language too.But this is also the most expensive&is also subject to interviewer bias or distortion.,Collect the information,Respondents may not be at home,may refuse to cooperate,may give biased/dishonest answers&even some interviewers may be biased or dishonest.Techn
47、ology has helped in making this task easier(thanks to computers&telecom).,Analyze the information,Researcher tabulates the data&develops frequency distributions.Averages&measures of dispersion are calculated for major variables.Advanced statistical techniques are applied to extract pertinent finding
48、s from the collected data.,Present the findings,Researcher should not overwhelm management with lots of numbers&fancy statistical techniques,but should present major findings that are pertinent to the major marketing decisions facing management.,Characteristics of good MR,Scientific methodResearch c
49、reativityMultiple methodsInterdependence of models&dataValue&cost of informationHealthy skepticismEthical marketing,Market Demand,Market demand for a product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined mark
50、eting environment under a defined marketing program.Market Forecast only one level of industry expenditure will actually occur.The market demand corresponding to this level is market forecast.,Market Potential,The limit approached by market demand as industry marketing expenditures approach infinity
