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1、MARKETING MANAGEMENT,Lecture Notes for Business IntroductionBy Fahmy Radhi,Marketing Concepts,Marketing is the process of planning and executing the conception,pricing,promotion,and distribution of idea,goods,and service to create exchanges that satisfy individual and organizational objectiveMarketi
2、ng Mix is the combination of products,price,promotion,and distribution,used to satisfy the needs of the target market,ProductVarietyQualityDesignFeaturesBrand NamePackagingServices,PriceList priceDiscountsAllowancesCredit Terms,PromotionAdvertisingPersonal SellingSales PromotionPublic Relations,Plac
3、eChannelsCoverageAssortmentsLocationsInventoryTransportationLogistics,Target CostumersIntendedPositioning,Marketing Mix,Marketing Activities,Product:Develop new productsModify existing productsTest-market productsSelect brand namePackage product,Pricing:Establish price objectivesConduct cost analysi
4、sAnalyze competitors priceSet actual prices,Marketing Activities,Promotion:Determine types of promotionDesign the advertising massageSelecting advertising mediaSchedule the advertisements,Distribution:Select wholesalers and retailersEstablish procedures for handling and moving productsFind the best
5、locations for plants,warehouses and retail outlets,Market,Market is people with the authority,financial ability,and willingness to purchase a productTypes of Market:Consumer market-for personal useIndustrial market-to use in the production or resell,Target Marketing,Target market-a group of people t
6、hat has similar wants and needs which a firm directs its marketing activitiesUndifferentiated approach one marketing mix for a product to the total marketMarket Segmentation approach the division of the total market into segment with marketing mix directed to different segment,Market Segmentation,Ma
7、rket segment division of heterogonous market into homogonous market based on different characteristicsSegmentation Based:Geographic bases-city,regionDemographic bases-sex,race,maritalPsychographics-a persons attitude,lifestyleProduct-related-brand loyalty,PRODUCT,Product-a good,service or idea,inclu
8、ding all attributes provided in an exchange between buyer and seller Product Classification:Consumer goods products purchased by consumers for personal useIndustrial goods product purchased by companies to produce other products,Classifying Goods,Consumer Goods:Convenience good inexpensive and regul
9、arly consumedShopping goods moderately expensive and infrequentlySpecialty goods expensive and rarely,Industrial goods:Raw materialComponents partsEquipment and installationsServices,Product Line and Product Mix,Product Line-a group of related products that are considered a unit because of marketing
10、,technical or use similarityProduct Mix-the total group of product offer sale,or all of the firms product lines Product Differentiation creation of product or product image that differs from existing product to attract consumers,Product Attributes,Brand-a name,sign,symbol,design,or combination a com
11、panys product to distinguish it product from others Packaging-the development of a container and graphic design for a productLabeling-the display of important information on a product package,PRICING,Price-the value that buyer exchange for a product in the marketing transactionPricing Objective:Mark
12、et shareProfitReturn on InvestmentStatus Quo,Pricing Decision and Methods,Factors in Pricing Decisions:Price and non-price competitionSupply and demandConsumer perception of pricePricing Methods:Cost-Oriented Pricing-Mark-up PricingDemand-Oriented Pricing-Break event pointCompetition Oriented Pricin
13、g,Pricing Strategies,Pioneer pricing leadership pricing in the marketPrice skimming setting an initial high price to cover new product cost and generate a profitPenetration pricing setting an initial low price to establish a new product in the marketPsychological Pricing setting an initial high pric
14、e to respond irrationally consumers Price Discounting Price reduction offered as an incentive to purchase,PROMOTION,Promotion-the communication of favorable,persuasive information about a firm or product in order to influential buyersPromotional Objectives:InformingIncreasing salesStabilizing salesP
15、ositioning the productBuilding a public image,The Promotion Mix,Promotion Mix-the combination of advertising,personal selling,sales promotion,publicity used to promote a specific product,Advertising,Non-personal communication to a target audience through a mass medium,such as TV,Radio,newspapers,or
16、magazines,and outdoor displayTypes of Advertising:Primary-Demand Advertising:for all productsSelective Brand Advertising:for specific productsInstitutional Advertising:create public image,Advertising Promotion,Advertising Media variety of communication devices for carrying massage to potential custo
17、mersDirect Mail delivery massage directly to customer placesInternet Advertising put the massage into website or mailed directly to customer email,Personal Selling,Person-to-person communication with one or more prospective customers in order to make saleTelemarketing using telephone to perform the
18、personal selling processTypes of Salespeople:Order GetterOrder takerSupport salespeople,Sales Promotion,An activity that offers customers or marketing intermediaries direct incentives for purchasing a productType of Sales Promotion:Coupon:reduces the price of a product by stated amount at the time o
19、f purchaseRebate:an extra discountFree SampleContest:consumer compete for prizesTrade show,Publicity and Public Relation,Publicity-a non-personal form of communication transmitted in news story form and not paid for directly sponsorPublic Relations-a set of communication activities designed to creat
20、e and maintain a favorable public image for firm,Major Public Relation Tools,Promotional Strategy:,Push Strategy:promotion of a product to wholesaler or retailers in the marketing channel,who in turn promote the product to consumersPull Strategy:promotion of a product direct to consumers to stimulat
21、e strong consumer demands,DISTRIBUTION,Channel of Distribution-a group of interrelated organization that directs the flow of products from producers to ultimate consumersMarketing Intermediary-an individual or organization in marketing channel that provides a link among producers,other channel membe
22、rs,and final consumer,Type of Marketing Channels:,Consumer Products:Producer-consumer:plant and flower,services Producer-retailer-consumer:automobile,furniture Producer-wholesaler-retailer-consumer:e.g.convenience goodsProducer-Agent/broker-wholesaler-retailer-consumer:e.g.consumer products,Type of
23、Marketing Channels,Industrial Products:producer-industrial user:heavy equipment and machineryproducer-wholesaler-industrial user:tools and automotive parts,Distribution Overages,Intensity Distribution-market coverage in which all available outlets are used for distributing a productSelective Distrib
24、ution-Market coverage in which only some of the available outlets are used for distributing a productExclusive Distribution-Market coverage in which one outlet is used in specific geographic area for distributing a product,Wholesaling,The marketing activities of intermediates who sell to retailer,in
25、dustrial users,and other wholesalers.Types of Wholesalers:Merchant Wholesaler:takes ownership of goods and the risks associated with ownershipSales Branch:a manufacture-owned wholesaler that take title to products,risks,and provides serviceAgent:a wholesaler hired by a buyer or seller on a permanent
26、 basis and paid commissionsBroker:a wholesaler who bring together buyers and seller on temporary basis,Retailing,The marketing activities involved in selling products to final consumers for personal or household useDepartment Store:a large retailer organized into separate departments and offering a
27、full line of services and wide product mixSupermarket:a large self-service retailer that stock a wide variety of groceries and a limited assortment of nonfood products,Retailing,Catalog Showroom:a form of warehouse show-room where customers select products from catalogs sent to customers homes or av
28、ailable in the storeDirect Marketing:non-store retailing that uses non-personal media to introduce products to consumers who then purchase the product by mail,telephone,computer,or TV,Physical Distribution,Those activities that involve the movement of products through marketing channels from manufac
29、turer to customer,including:Transportation:shipping goods to customers by rail,air,truck,water,and pipelineWarehousing:the receiving,storing,and shipping activities involved in the physical distribution of goodsOrder Processing:the receipt and preparation of an order for shipmentMaterial Handling:the physical handling of products during transportation and warehousing,Basic Channels of Distribution,Typical Distribution of Drugs,Manufacturers,Marketing Agents,Retailers/Wholesalers/Distributors,Patient,Public Hospitals/Institutions,
