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Marketing Management MBA-I Dr. Rizwan Alam Faculty- Marketing [email protected] [email protected] Amity University-Dubai

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Marketing ManagementMBA-I

Dr. Rizwan AlamFaculty- Marketing

[email protected]@gmail.comAmity University-Dubai

Module I: Understanding Marketing Management

The orientations towards market placeRelationship marketing Social marketingStrategic PlanningMarketing definedThe management process for identifying, anticipating and satisfying customer requirements profitably.- Chartered Institute of MarketingMarketing is the human activity directed at satisfying human needs and wants through an exchange process.

- Philip Kotler

1 - 4Cont.Marketing is managing profitable customer relationshipsAttracting new customersRetaining and growing current customersMarketing is NOT synonymous with sales or advertising.Marketing Management DefinedThe art and science of choosing target markets and building profitable relationships with them is called marketing management.- Phillip KotlerMarketing Management?Marketing Management is a social and managerial process by which individuals or firms obtain what they need or want through creating, offering, exchanging products of value with each other.As per AMA ( American marketing Association)It defines marketing management as the process of planning & executing the conception of pricing, promotion, distribution of goods, services, ideas to create exchanges that satisfy individual and organizational goals.Cont. Q: How is marketing management about creating, delivering and communicating superior customer value key?

Core marketing conceptCont.Need: It is state of deprivation of some basic satisfaction.eg.- food, clothing, safety, shelter.Want: Desire for specific satisfier of need.eg.- soap, toothpasteDemand: Want for a specific product backed up by ability and willingnessto buy.eg.- Need transportation. Want Car (say, Mercedes)but able to buy only Maruti.Therefore,demandis for Maruti.

Cont.Demand influenced by making product :AppropriateAttractiveApproachable/ AffordableAvailable Easily

Cont.(2)PRODUCTS- GOODS/ SERVICES/ PLACE.Product is anything that can satisfy need/ want.Product component-Physical Good.Service.Idea*Marketing Myopia: Focus on products rather than on customer needs.

Cont.(3)VALUE/ COST/ SATISFACTION:Value is products capacity to satisfy needs/ wants as per consumers perception or estimation.Each product would have a cost/ price elements attached to it.

Cont.Eg. Travel from city A to city B.Need to reach B ( from A)Method/ Products- Rail/ air/ road or train/ plane.Satisfaction Estimated in terms of time lead & travel comfort.VALUE- Products capacity to satisfy.COST- Price of each products.

Cont.(4)EXCHANGE/ TRANSACTION:There must be at least two parties.Each party has something of value for other party.Each party is capable of communication & deliveryEach party is free to accept/ reject the exchange offer.Each party believes it is appropriate to deal with the other party.

Cont.TRANSACTION: Event that happens at the end of an exchange. Exchange is a process towards an agreement. When agreement is reached, we say a transaction has taken place.At least two things of value.Condition agreed upon.Time of agreement.Place of agreement.May have legal system for compliance.Proof of transaction is BILL/ INVOICE.

TRANSFER: It is one way. Hence, differ from Transaction.Cont.(5)RELATIONSHIP/ NETWORKING:Relationship marketing:- Its a pattern of building long term satisfying relationship with customers, suppliers, distributors in order to retain their long term performances and business.Achieved through promise and delivery ofhigh qualitygood servicefair pricing, over a period of time.Outcome of Relationship Marketing is a MARKETING NETWORK.

Cont.(6)MARKET:A market consists of all potential customers sharing particular need/ want who may be willing and able to engage in exchange to satisfy need/ wantTypes of Markets:Resource Market,Manufacturing Market,Intermediary Market,Consumer Market,Government market.

Cont.(7)MARKETERS/ PROSPECTS:Working with markets to actualize potential exchanges for the purpose of satisfying needs and wants.One party seeks the exchange more actively, called as Marketer, and the other party is called Prospect.Prospect is someone whom marketer identifies as potentially willing and able to engage in exchange.Marketer may be seller or buyer. Most of time, marketer is seller.

What is Marketed or scope of marketing? SaleableExamplesGoods -Burberry, Miss SixtyServices- Palace on Wheel, Miracle G. Events-IPL, Grand PrixExperiences-Virgin Galactic, FountainPersons- Opra Winfray, Chris Gayle

Cont.Places-Machu Picchu, HonoluluProperties- Machineries, AssetsOrganizations- Reuter, DisneylandInformation- Superbowl shows, Ideas- Incredible!India, Cancer Fund

Marketing Mix4 Ps (McCarthy, 1960) ProductPricePlace or distribution Promotion3 Ps for servicesPeople Physical evidenceProcessExerciseWhat is the managerial implication of marketing mix? Discuss.

Differences in Sales and MarketingIN SELLINGEmphasis is on productCo. tries to sell and promote its existing product line.Mgt. is sales-volume orientedShort-term planningIN MARKETINGEmphasis is on consumer wants.Co. first determines the wants and then delivers.Customers satisfaction-orientedLong-term planningVarious Stages/Orientation/Evolution of MarketingQ: Briefly explain the various stages of marketing orientations. ( Long type question)A: -Production orientation-Product orientation-Sales orientation-Market orientation-Societal marketing orientation

Q: Elaborate on product orientation. ( short type question)

P. 20-21, MM, Kotler et al, 13th ed.Designing a Customer-Driven Marketing StrategyMarketing Management Orientations

25

Designing a Customer-Driven Marketing StrategyProduction concept is the idea that consumers will favor products that are available or highly affordable.

Marketing Management Orientations

26

Designing a Customer-Driven Marketing StrategyProduct concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organizations should therefore devote its energy to making continuous product improvements.Marketing Management Orientations

27Cont."Build a better mousetrap and the world will beat a path to your door"Designing a Customer-Driven Marketing StrategySelling concept is the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort.Marketing Management Orientations

29Cont.Evaluate the statement "We don't have a marketing department; we have a customer department."Designing a Customer-Driven Marketing StrategyMarketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.

Marketing Management Orientations

31Designing a Customer-Driven Marketing StrategySocietal marketing concept is the idea that a company should make good marketing decisions by considering consumers wants, the companys requirements, consumers long-term interests, and societys long-run interests.

Marketing Management Orientations

32Social MarketingSocial marketingis the use of commercial marketing principles and techniques to improve the welfare of people and the physical, social and economic environment in which they live. It is a carefully planned, long-term approach to changing human behavior.Social MarketingSocial MarketingWhereas marketing in the commercial world ultimately seeks to influence consumer behaviour for profit, social marketing encourages behaviours that provide benefit for individuals and society as a whole. Social and Commercial MarketingSocial Marketing

Commercial Marketing

Meets the needs of the prioritypopulationCreates a need for the priority population

Society and consumer profit

Marketer profits more than consumer

Organizations with similar goals cooperate

Businesseswith similar goals compete

Campaigns take longer to change behaviorShorter time needed to sell a productComsumer involvement and commitment needed

Shorter term commitment and involvementMini Casehttp://www.naturalnews.com/032910_KFC_diabetes.htmlwww.guardian.co.uk/world/2010/dec/03/india-billionaire-donation-charity Mini case on Pepsico

Relationship MarketingConstituentsEmphasisTransactionalsellingEmotionalconnectSocialvalueDatabasefacts Customer Relationship Customer-Centric Management (CRM)

Marketing Objective of Relationship MarketingCustomer Awareness and EducationCustomer AcquisitionCustomer AccelerationCustomer RetentionNiche MarketingLapsed Customer ReactivationQ: Discuss on Relationship marketing does not suit to all the companies.

Strategic Planning?It is the managerial process that helps to develop a strategic and viable fit between the firms objectives, skills, resources with the market opportunities available. It helps the firm deliver its targeted profits and growth through its businesses and products.

If you fail to plan, you plan to fail.

Ten Elements of Marketing Plan Describe BusinessConduct a Situation AnalysisDefine CustomerStrategize Market EntryForecast Sales or Demand MeasurementDefine Marketing BudgetIntegrate Marketing Communication Identify Sales ChannelsTrack Marketing ActivitiesEvaluate Progress

Levels of PlanningTop-level managers: Strategic planningMiddle-level managers: Tactical planningLower-level managers: Operational planning

41Hierarchy of Goals and Plans

42Strategic Planning Process

43BCG Matrix

Model QuestionsBriefly compare and contrast the concepts of needs, wants, and demands, giving an example of each. Discuss how these concepts relate to marketing practices.Formulate a hypothetical mission statement of any reputed firm of your choice.Differentiate between mission and goal. Critically evaluate challenges in maintaining a right mix of marketing faced by marketing manager in large organization.Elaborate Vision is the art of seeing things invisible., Jonathan Swift

Model QuestionsMarketing has often been criticized for forcing people to buy things they dont really want or need, or cannot afford. Discuss. (Winner)

Task 1Relationship Marketing-articleCSR of P&G, 12Coke fro clean water in ChinaKey TermsProcessProfitMarketing mixExchangeRelationship marketingSocietal marketingStrategic Planning


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