Managing Marketing

Function
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Marketing for Results
The latest hot market trend is to observe the needs of the
public and then design and deliver the products and services
they require in the shortest possible time using the shortest
possible route.

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To do this:
1. Study the market well – do a market survey and find out
the needs of your potential customers

2. Forget old strategies - you need to involve all departments

including purchasing, sales and marketing and HR to
provide input and move towards a common goal.

3. Focus - Results oriented marketing demands that you, as a

small business owner, have a laser-like focus on all the
aspects of your business; namely, your customers, your
products and after sales services.

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To do this:
4. Study your competition - Observe the path that they may
have taken towards success or failure. Use this information
to help you to plan your road to success and to avoid
making the same mistakes as they have.

5. Motivate your employees to produce results - Give

incentives to your employees above and beyond their
regular salaries to motivate them to put in that extra effort.

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To do this:
6. Evaluate feedback - Process and evaluate that information
so as to improve upon existing products and services and
to launch new ones. Send your employees into the actual
market place to get an idea of the ground reality.

7. Rotate your USP - Study the market well, and with each
different product that you introduce
- according to what your potential customers
perceive is of utmost importance

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Marketing Management
Marketing 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 objectives

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Production
- Consumer favor products that are available and highly
affordable

- Improve production and distribution

- Availability and affordability is what the consumer wants

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Product
- Consumer favor products that offer the most quality,
performance and innovative features

- A good product will sell itself

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Sales
- Consumer will buy products only if the company promotes/
sell these products

- Creative advertising and selling will overcome consumer

resistance and convince them to buy

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Marketing Myopia
- A short – sighted and inward looking approach to marketing
that focuses on the needs of the company instead of defining
the company and its products in terms of the customer’s
needs and wants

- It results in the failure to see and adjust the rapid changes in

their markets.

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Marketing
- Focuses on the needs, wants of target markets and
delivering satisfaction better than competitors

- The consumer is king! Find a need and fit it

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Relationship Marketing
- Focuses on the needs, wants of target markets and
delivering superior value

- Long term relationship with customers and other partners

lead to success

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Core Concept of Marketing
- Needs, wants and demands

- Products

- Value and satisfaction

- Exchange transactions and relationships

- market
Marketing Mix
- General phase that used to describe the different kinds of
choices organizations have to make in the whole process of
bringing a product or service to market

- The 4P’s is one way probably the best – known way of

defining the marketing mix, and was first expressed in 1960
by E J McCarthy

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PRODUCT
- Refers to the item actually being sold. The product must
deliver a minimum level of performance; otherwise even the
best work on the other elements of the marketing mix won't do
any good.

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PRICE
- Refers to the value that is put for a product
- It depends on costs of production, segment targeted, ability
of the market to pay, supply - demand and a host of other
direct and indirect factors.
- There can be several types of pricing strategies, each tied in
with an overall business plan.
- Pricing can also be used a demarcation, to differentiate and
enhance the image of a product

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PLACE
- Refers to the point of sale

- In every industry, catching the eye of the consumer and

making it easy for them to buy it is the main aim of a good
distribution or 'place' strategy.

- The mantra of a successful retail business is 'location,

location, location

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PROMOTION
- This refers to all the activities undertaken to make the
product or service known to the user and trade

- This can include advertising, word of mouth, press reports,

incentives, commissions and awards to the trade

- It can also include consumer schemes, direct marketing,

contests and prizes

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Product Mix
- Set of all product offered for sale by a company.
- It consist of various product line.
- Any company’s product mix has four dimension ▫
➢Width
➢Length
➢Depth
➢Consistency

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Product Mix
Width - Number of different product lines carried by the
company.
Length - Total number of items in the product mix of the
company.
Depth - Assortment of size, color and models offered in each
item of a product line.
Consistency - It refers to the relationship of various product
line either in their end use, production requirement,
distribution channel or other way

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Marketing Strategy
- Is the process that can allow an organization to concentrate
its limited resources on the greatest opportunities to increase
sales and achieve a sustainable competitive advantage

- This should be centered around the key concept that

customer satisfaction is the main goal

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Marketing Strategy
- Is the method of focusing an organization's energies and
resources on a course of action which can lead to increased
sales and dominance of a targeted market niche

- combines product development, promotion, distribution,

pricing, relationship management and other elements;
identifies the firm's marketing goals, and explains how they
will be achieved, ideally within a stated timeframe

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Basic Theory
- Target audience

- Proposition / key element

- Implementation

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Tactics and actions
- A marketing strategy can serve as the foundation of a
marketing plan . A marketing plan contains a set of specific
actions required to successfully implement a marketing
strategy

- A strategy consists of a well thought out series of tactics to

make a marketing plan more effective. Marketing strategies
serve as the fundamental underpinning by marketing plans
designed to fill market needs and reach marketing objectives.
Plans and objectives are generally tested for measurable
results

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Tactics and actions
- A marketing strategy often integrates an organization's
marketing goals, policies, and action sequences (tactics) into
a cohesive whole

- Similarly, the various strands of the strategy , which might

include advertising , channel marketing , internet marketing ,
promotion and public relation can be orchestrated.

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Tactics and actions
- Marketing strategies are dynamic and interactive. They are
partially planned and partially unplanned

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Types of Strategies
1. Strategies based on market dominance - In this scheme,
firms are classified based on their market share or
dominance of an industry. Typically there are four types of
market dominance strategies
➢Leader
➢Challnger
➢Follower
➢Nicher

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Types of Strategies
2. Porter Generic strategies - strategy on the dimensions of
strategic scope and strategic strength. Strategic scope refers to
the market penetration while strategic strength refers to the
firm’s sustainable competitive advantage. The generic strategy
framework (porter 1984) comprises two alternatives each with
two alternative scopes. These are Differentiation and low-cost
leadership each with a dimension of Focus -broad or narrow
➢Product differentiation
➢Cost leadership
➢Market segmentation

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Types of Strategies
3. Innovation strategies - This deals with the firm's rate of the
new product development and business model innovation.
It asks whether the company is on the cutting edge of
technology and business innovation. There are three types:

➢Pioneers
➢Close followers
➢Late followers

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Types of Strategies
4. Growth strategies – in this scheme we ask the question,
“how should the firm grow?
- the four main growth strategies defined by the
product / market Ansoff matrix

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Types of Strategies
5. Marketing warfare strategy – this scheme draws parallels
between marketing strategies and military strategies

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