MKTNG Mgt-Muthu Pandi

MARKETING MANAGEMENT
T.MUTHU PANDIAN PROFESSOR-MBA PSNACET
DEFINITIONS
1. Social definition 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 - Philip Kotler
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2. Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably -The Chartered Institute of Marketing (CIM)
looks not only at identifying customer needs, but also satisfying them (short-term) and anticipating them in the future (long-term retention).
3. The right product, in the right place, at the right time, at the right price
- Adcock
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T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET
Marketing is not only much broader than selling, it is not a specialized activity at all It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer's point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise. Peter F.Drucker.
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The important elements

Marketing focuses on the satisfaction of customer needs, wants and requirements. The philosophy of marketing needs to be owned by everyone from within the organization. Future needs have to be identified and anticipated. Marketing influences society.
Management definition of Marketing

It is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals
Marketing Management
Definition
Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value - AMA
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What is marketed?/ Scope of marketing

10 entities 1. Goods 2. Services 3. Events 4. Persons- celebrity marketing 5. Places
T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET 10
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6. Property 7. Organisation 8. Information 9. Ideas 10. Experiences
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Who markets?
Marketer one who seeks a response (attention, purchase, vote, donation) from another party called prospect
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Demands
Marketers do demand management 1. Negative demand 2. No demand 3. Latent demand 4. Declining demand 5. Irregular demand 6. Full demand 7. Overfull demand 8. Unwholesome demand
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Markets
4 key customer markets 1. Consumer markets 2. Business markets 3. Global markets 4. Nonprofit and Governmental markets
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Market places
Physical (store)
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Market spaces
Digital (on internet)
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Meta market
Coined by Mohan Sawhney Describes a cluster of complementary products that are closely related in the minds of consumers but are spread across a diverse set of industry Eg: Auto meta market Consists of mfrs, new car dealers, used coar delers, financial coys, insurance coys, mechanics, spare parts dealers, service shops, auto magaze, auto ads, auto sites on net
Marketing is changing?
Radical marketing Break the rules of marketing (MR, Mass ad, mktg. dept), live close to customers, create more satisfying solutions to their needs, form buyers clubs, use creative PR, high product quality and win LT customer loyalty
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3 Stages of marketing practices

1. Entrepreneurial marketing 2. Formulated marketing 3. Intrepreneurial marketing
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Changing technology Globalization Deregulation Privatization Customer empowerment Customization Produce individually differentiated goods, personalize message HD Bike, dell
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Heightened competition/ Leap frog competition/ Dog-eat-dog competition Industry convergence IPTV Retail transformation Disintermediation click firms
Concepts under which firms conduct marketing activities

1.Production concept 2. Product Concept 3.Selling Concept 4. Marketing Concept 5. Societal marketing Concept
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1. Production concept
Oldest, outdated Mass production, less cost Suitable when, 1. demand exceeds supply 2. cost is higher Eg: Ford in 1900s
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2. Product Concept
It believes that customers will automatically buy the product if it has more quality, performance and features Product oriented rather than customer oriented and continuously improve products without understanding customers need and is called as Marketing myopia
3.Selling Concept
Customers if left alone they wont buy. So organisations in aggressive selling and promotion effort. Practiced, when overcapacity Lost because of change of sellers market to buyers market
4. Marketing Concept
Determining the needs and wants of target markets, and delivering the desired satisfactions more effectively and efficiently than competitors. Customer is the king Customer satisfaction is the key to succeed. Central focus is on customers needs always.
Differences between selling and marketing focus means end
Products selling and promotion profit thru sales volume
Customers needs
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Integrated marketing
profit thru customer satisfaction
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Selling Focuses the needs of the seller Convert product into cash Inside - out prospective
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Marketing Focuses needs of the buyer Satisfying needs of customers with product Outside in prospective
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Not right customers for product but right products for customers Reactive market orientation Understand and meeting customers expressed needs Proactive marketing orientation Focusing on customers latent needs So practice both to succeed
Hurdles in marketing?
1. Organisational resistance 2. Slow learning 3. Fast forgetting
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1. Organisational resistance
Importance to M,F, HR, OM, customers
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2. Slow learning
Eg : bank marketing stages Marketing is ad, sales promotion and publicity Marketing is smiling and friendly atmosphere Marketing is innovation Marketing is positioning Marketing is analysis, planning and control
3. Fast forgetting
Though successful, they forget basic marketing principles. Marketing maxim
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5. Societal marketing Concept

Marketing concept + societies long range well being Marketing focuses on CS but not on long range welfare of society Eg: detergent , leather, auto industry comfort , but pollute Anti social effects ecology, nutrition Balance interests of 3 parties customers, company and society
Adaptation of MM
Business sector, including service sector Non profit sector International sector
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Holistic marketing concept

Puma uses multiple marketing approaches. Different products for different groups Viral marketing (word of mouth marketing) Marketing phenomenon that facilitates and encourages people to pass along a marketing message.
Holistic marketing concept is based on the development, design and implementation of marketing programs, processes, and activities that recognises their breadth and interdepndencies.
4 components
1. Internal marketing Marketing dept, other depts, Sr.mgt 2. Integrated marketing Communications, products and services, channels 3. Socially responsible marketing Ethics, environment, legal, community 4. Relationship marketing Customers, channels, partners
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Internal marketing
Integrated Marketing
Holistic marketing
Socially Responsible marketing
Relationship marketing
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Social / Social-cause marketing

Marketing applies to ideas, causes or practices Anti tobocco, wearing helment, seat belt Charities seek donations
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CORE CONCEPTS OF MARKETING

Needs, wants, demands Product & offering Value & satisfaction
Relationships & network
Exchange & transactions
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Needs and Wants

Needs are basic human requirements Wants are needs directed to specific objects/services that might satisfy the need Want = Needs + direction
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Demand
This is the wants for specific products backed by an ability to pay. Demand = Want + willingness to buy + ability to pay
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Product, brand
A product is any offering catered to satisfy needs and wants. A brand is when the product is from a known source.
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Target Market
Very rarely does a product cater to the entire market. Most products are designed to cater to a group of customers who specifically want such a product. This group of customers is the target market which is a slice of the total market. We call it is the market segment. Eg: J & j : Babies
Value and Satisfaction

Value = Benefits/Costs Benefits = Functional Benefits + Emotional benefits Costs = Monetary costs + Time + Energy + Psychic costs
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Exchange
Get something (product /service) by offering something in return. Eg. kind (barter) or money (value ) Exchange is a value creating process because it leaves both parties better off (win win situation)
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Transaction and Transfer

A transaction is an exchange between two things of value on agreed conditions and a time and place of agreement. A transfer is a one way exchange without receiving anything in return.
Relationship Marketing
Building long term mutually satisfying relations with customers, suppliers, distributors in order to retain their long term preference and business
Marketing Network
A marketing network is the relationships built with its stakeholders. Effective relationships make up an effective and strong network.
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Marketing Channels
Marketing channels are used to reach the target segment. Communication channels eg. Advertising, telephone enquiry system Distribution channels trade, direct sales
Supply Chain
The supply chain represents a value delivery chain from procurement of raw materials to final delivery of product to consumer.
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Competition
Potential and rival substitutes and offerings a buyer might consider. Competition can be viewed in various perspectives brand, industry, form, generic
Marketing Environment
Competition Customers Govt. policies Suppliers Trade Product Import tariffs Trends Technology Politics
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Marketing Mix
It is the tools that an organization employs to pursue its marketing objectives in the target market 4Ps-Product, Price, Place, Promotion 4 Cs Customer solution, Cost, Convenience, Communication
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Customer needs Stated needs Real needs Unstated needs Delight needs Secret Needs
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Company Responses and Adjustments

Reengineering Outsourcing E Commerce Bench marking Alliances5858 Partner supplies Market centered Global/local Decentralization
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MARKETING MANAGEMENT

T.MUTHU PANDIAN PROFESSOR-MBA PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

The important elements

Management definition of Marketing

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

What is marketed?/ Scope of marketing

6. Property 7. Organisation 8. Information 9. Ideas 10. Experiences

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

3 Stages of marketing practices

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

Concepts under which firms conduct marketing activities

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

Differences between selling and marketing focus means end

Products selling and promotion profit thru sales volume

profit thru customer satisfaction

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

5. Societal marketing Concept

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

Holistic marketing concept

Socially Responsible marketing

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

Social / Social-cause marketing

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

CORE CONCEPTS OF MARKETING

Relationships & network

Exchange & transactions

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

Needs and Wants

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

Value and Satisfaction

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

Transaction and Transfer

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

T.MUTHU PANDIAN, PROFESSOR-MBA,PSNACET

Company Responses and Adjustments

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