MARKETING MANAGEMENT UNIT-1

MARKETING MANAGEMENT

Market:-

Market is a place where buyers and sellers meets and goods and services sales and
buys producers.
 
Marketing:-

It is total systems of business activities design to plan promote and distribute want
satisfying goods and services to target market.

Marketing management:-

It can be define as a art and science of choosing target volume and getting keeping and
growing customer to creating delivering and communicating superior customer value.
 Explanation:-
1) Science and art2) Choosing target market3) Getting, keeping, growing customer (4ps)
1) Marketing Management is both a Science as well as an Art:-

1) Marketing Management is both a science as well as an art.

The science of marketing management provides certain general principles which can
guide the managers in their professional effort. The Art of Marketing management
consists in tackling every situation in an effective manner. As a Matter of fact, science
should not be over-emphasized nor should art be discounted the science and the art of
marketing management go together and are both mutually interdependent and
complimentary. Marketing Management is thus a science as well as an art. Incan be said
that-"the art of Marketing management.

2) Choosing target Market:-

 A marketer can rarely satisfy everyone in a market. Not everyone likes the same soft
Drink, automobile, college, and movie. Therefore, marketers start with market
segmentation. They identify and profile distinct groups of buyers who might prefer or
require Varying products and marketing mixes. Market segments can be identified by
examining Demographic, psychographic, and behavioral differences among buyers. The
firm then decides which segments present the greatest opportunity—those needs the firm
can meet in a superior fashion.

 3) Marketing Mix

Marketers use numerous tools to elicit the desired responses from their target markets.
These tools constitute a marketing mix Marketing mix is the set of marketing tools that
the firm uses to pursue its marketing objectives in the target market. As shown in Figure
1-3, McCarthy classified these tools into four broad groups that he called the four Ps of
marketing: product, price, place, and promotion

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. Figure 1-3 the Four P Components of the Marketing Mix

 

IMPORTANC E OF MARKETING MANAGEMAGEMENT

It would be difficult to imagine the world without marketing. But it may be equally
difficult to appreciate the importance effective marketing plays most aspect of our lives.
We take for granted the media that are largely supported by advertising. The vast
assortment of goods distributed through stores close to your homes, and the ease with
which we can make purchases. Let’s consider for a moment how marketing plays a major
role in the global economy, in the American socioeconomic system in any individual
organization and in your life.

1) Globally:-Profit and growth objectives are most likely to be achieved through a

combination of domestic and international marketing rather then solely from domestic
marketing. Until the late 1970s American firms had a large and secure domestic market.
The only significant foreign competition was in selected industries, Such as agriculture,
or for relatively narrow markets, such as luxury automobiles. But this change
domestically through the 1980s as more foreign firms developed attractive products,
honed their marketing expertise, and then successfully entered the US market. Imported
products in some industries, such as office equipment, autos, apparel, watches and
consumer electronics, have been very successful. As result in recent years the U.S. has
been importing more then its exports, creating large annual trade deficits.

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2) Domestically:-Aggressive, effective marketing practices have been largely responsible

for the high standard of living in the United States. The efficiency of mass marketing –
extensive and rapid communication with customers through wide verity of media and a
distribution system that makes products rapidly available- Combined with mass
production brought the cost of many products within reach of most custom
a) Employment and costs:-
When we get an idea of significant marketing in the U.S. economy by looking at how
many of us are unemployed in same way in marketing and how much of what we spend
covers the cost of marketing. Between one third and one fourth of the U.S. civilian labor
force is engaged in marketing activities.
b) Creating Utility:-
A customer purchases a product because it provides satisfaction. The Want
satisfying power of a product is called its utility and it becomes in many forms. It is
through marketing that much of a products utility is created.

3) Organizationally:-Marketing consideration should be integral part of all short and long

range planning in any company. Here’s why:
 
The success of any business comes from satisfying the wants of its customers which is
the social and economic basis for the existence of all organizations.
 
Although many activities are essential to a company’s growth, marketing is the only one
that produces revenue directly.
a) Services marketing:-
The U.S has gone through from primarily manufacturing economy to the world’s first
service economy. As opposed to goods, services are activities that are the object of a
transaction. For example transportation, communication entertainment, medical care,
financial services, education and repair services account of over two third of the nation’s
gross domestic product.
b) Not for profit marketers:-
During 1980s and early 1990s many not for profit organizations realized thy needed
effective marketing programs to make up for shrinking government subsidies a decrease
uncharitable contribution and other unfavorable economic.  
 Not for profit organizations need to improve their image and gain greater acceptance
among donors, government agencies, news, media, and consumers all of which
collectively determine an organization’s success.

4) Personally:-Consider how many marketers view you as a part of their market. With
people like you in mind, firms such as Nike, VSA, and Microsoft have designed products,
set prices, created advertisement and chosen the best methods of marketing their product
available to customers. In response customers watches TV. With its commercials buy
various articles over internet and in stores etc.Marketing occupies a large part in our daily
life. Studying marketing will make you better informed. You will have a better idea for
why some firms are successful and other seemingly run business fail. More especially
you will discover how firms go about deciding what products to offer, and what price is
to charge. Marketing will help you understand the many forms of promotion and how
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they are used to inform and persuade customers. And it will help you the modern miracle
of efficient distribution that make product available when and where buyers want them.
NATURE OF MARKETING MANAGEMENT

Marketing is a process that marketing managers execute. In a number of instances,

marketing manager does not manage people, but manages the marketing process. A
product manager is an example of such a marketing manager; s/he manages the
marketing process for a product within a larger marketing organization. We, as
consumers, see the results of that processing the form of products, stores, shopping malls,
advertisements, sales pitches, promotions, prices, etc. This process usually involves four
phases.

Analysis: - Markets must be understood, and this understanding flows from analysis.
Marketing managers spend weeks analyzing their markets before they undertake the
development of marketing plans for influencing those markets.

Planning: - Once a market is understood, marketing programs and events must be

designed for influencing the market's customers and consumers, and even the firm's
competitors.

Execution: - The marketing events are executed in the markets: advertisements are run,
prices are set, sales calls are made, etc.
 
Monitoring: - Markets are not static entities and thus must be monitored at all times. After
events execute, they need to be evaluated. The planning assumptions upon which the
upcoming events are based must be continually tested; they are not longer true then the
events may need modification.

Scope of Marketing

    The scope of marketing really is related to the old and new concept of
‘marketing’. Formerly the scope of marketing used to remain very much limited since the
wants of the consumers too were quite limited. The competition was almost equivalent to
nil. In the marketing, the satisfaction of the consumers was not at all considered. The
marketing was commodity based and immediately after the sale of the products, the
marketing process was over. Nowadays, the scope of marketing has become quite
extensive, and the satisfaction of the customers too is kept in view. The process of
marketing continues even after the sales have been affected. Today, the function of
conforming the product, in accordance with the changing wants, habits and fashions of
people, is undertaken by the process of marketing. Within the scope of marketing, -the
following activities are covered

1.Decisions and Researches Pertaining to Customers:- Now-a-days, the customer is

considered to be the crownless ruler of the market: Every producer or manufacturer or
business concern intends to know as to what is the interest, fashion, economic position, of
the customers; where do they live, what is their paying capacity, etc. Taking decisions on
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the basis of all these things, the producers bring their products to the customers
accordingly and by means of their satisfaction, earn the maximum profits.
2. Decisions Regarding the Commodity: - Before manufacturing the product, various
decisions have to be taken up, for instance, the size of the product, its shade or color,
design and brand, packing, etc. These all are equally the main components forming the
marketing process.

3. Decisions Regarding Price-Determination: - Every producer or manufacturer and the

business organization has also to determine beforehand, prior to undertaking its
marketing, as to what shall be the price of their product? While deciding the price of the
product, the paying capacity of the customer and the cost of production have to be borne
in mind.

4. Decisions Regarding the Medium of Distribution: - There are various media of

distribution. the multiple or chain shops, the super bazar, the wholesalers, the retailer, etc.
The manufacturer or the business concern has also to determine as to what shall remain
the medium of distribution of the commodity and how much long shall be its chain,
requiring how much of expenditure. While taking the decision of the means of
distribution, various matters have also to be borne into mind.

5. Decisions regarding Sales Promotion and Advertisements:- In this age of stiff

competition, the sales promotion and advertisements have become almost an inseparable
part of the marketing. There are various media of sales promotion and advertisements
taking the decisions about which is also an indispensable part of the sphere of marketing
management. In the sales promotion, various decisions are required to be taken regarding
the training of the sales representatives, their emoluments and the relevant incentives, etc.

6. Decisions Regarding After-Sales Service: - For the satisfaction of the customers, the
provision of after-sales service is very necessary. Within the after-sales service, are
included the free repairs, the return or exchange of the product during the guarantee
period if the product proves defective or worthless, etc. In it is included the decision that
for how much period, what type of service has to be extended to the customers, and
through whom.

MARKETING MANAGEMENT TASKS

1. Environment Analysis
2. Formulation of marketing strategies
3. Marketing planning and implementation
4. Strengthening Customer Relationships
5. Building strong brands
6. Cummunicatin value to customers (Advertising, product, promotion, events)
7. Delivering Value for money

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Marketing Environment

The marketing environment surrounds and impacts upon the organization. There are
three key elements to the marketing environment which are the internal environment, the
microenvironment and the microenvironment. Why are they important? Well marketers
build both internal and external relationships. Marketers aim to deliver value to satisfied
customers, so we need to assess and evaluate our internal business/corporate environment
and our external environment which is subdivided into micro and macro.

Internal environment

The internal environment has already been touched upon by other lessons on
marketing teacher. For example, the lessons on internal marketing and also on the
functions within an organization give a good starting point to look at our internal
environment. A useful tool for quickly auditing your internal environment is known as
the Five Ms which are Men, Money, Machinery, Materials and Markets. Here is a really
quick example using British Airways. Looking internally at men, British Airways
employee’s pilots, engineers, cabin crew, marketing managers, etc. Money is invested in
the business by shareholders and banks for example. Machinery would include its aircraft
but also access to air bridges and buses to ferry passengers from the terminal to the
aircraft. Materials for a service business like British Airways would be aircraft fuel called
kerosene (although if we were making aircraft materials would include aluminum,
wiring, glass, fabric, and so on). Finally markets which we know can be both internal and
external. Some might include a sixth M, which is minutes, since time is a valuable
internal resource.

Let's look at an example of how the internal environment would impact a company
such as Wal-Mart. We are looking at the immediate local influences which might include
its marketing plans, how it implements customer relationship management, the influence
of other functions such as strategy from its top management, research and development
into new logistics solutions, how it makes sure that it purchases high-quality product at
the lowest possible price, that accounting is undertaken efficiently and effectively, and of
course its local supply chain management and logistics for which Walmart is famous.

Micro environment

The microenvironment is made from individuals and organizations that are close to the
company and directly impact the customer experience. Examples would include the
company itself, its suppliers, other marketing input from agencies, the markets and
segments in which your business trades, your competition and also those around you
(which public relations would call publics) who are not paying customers but still have an
interest in your business. The Micro environment is relatively controllable since the
actions of the business may influence such stakeholders.

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Wal-Mart’s Micro environment would be very much focused on immediate local

issues. It would consider how to recruit, retain and extend products and services to
customers. It would pay close attention to the actions and reactions of direct competitors.
Walmart would build and nurture close relationships with key suppliers. The business
would need to communicate and liaise with its publics such as neighbors which are close
to its stores, or other road users. There will be other intermediaries as well including
advertising agencies and trade unions amongst others.

Macro environment

The microenvironment is less controllable. The macro environment consists of much

larger all-encompassing influences (which impact the microenvironment) from the
broader global society. Here we would consider culture, political issues, technology, the
natural environment, economic issues and demographic factors amongst others.

Again for Walmart the wider global macro environment will certainly impact its
business, and many of these factors are pretty much uncontrollable. Walmart trades
mainly in the United States but also in international markets. For example in the United
Kingdom Walmart trades as Asda. Walmart would need to take into account local
customs and practices in the United Kingdom such as bank holidays and other local
festivals. In the United Kingdom 2012 saw the 60th anniversary of Queen Elizabeth II’s
reign which was a national celebration.

The United States and Europe experience different economic cycles, so trading in
terms of interest rates needs to be considered. Also remember that Walmart can sell
firearms in the United States which are illegal under local English law. There are many
other macroeconomic influences such as governments and other publics, economic
indicators such as inflation and exchange rates, and the level nature of the local
technology in different countries. There are powerful influencers such as war (in
Afghanistan for example) and natural disasters (such as the Japanese Fukushima Daiichi
nuclear disaster) which inevitably would influence the business and would be out of its
control.

To summaries, controllable factors tend to be included in your internal environment and

your microenvironment. On the other hand less controllable factors tend to be in relation
to your macro environment. Why not list your own controllable versus uncontrollable
factors for a business of your choice

MARKETING AND CUSTOMER VALUE

Many customers, like the commercial grower, understand their own requirements but
do not necessarily know what fulfilling those requirements is worth to them. To
suppliers, this lack of understanding is an opportunity to demonstrate persuasively the
value of what they provide and to help customers make smarter purchasing decisions.

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A small but growing number of suppliers in business markets draw on their knowledge
of what customer’s value, and would value, to gain marketplace advantages over their
less knowledgeable competitors. These suppliers have developed what we call customer
value models, which are data-driven representations of the worth, in monetary terms, of
what the supplier is doing or could do for its customers.

Customer value models are based on assessments of the costs and benefits of a given
market offering in a particular customer application. Depending on circumstances, such
as availability of data and a customer’s cooperation, a supplier might build a value model
for an individual customer or for a market segment, drawing on data gathered from
several customers in that segment.

Customer value models are not easy to develop. But the experiences of suppliers that
have built and used them successfully suggest several guidelines that we believe will be
useful to any company attempting to define and measure value for its customers

INDUSTRIAL MARKETING

Industrial marketing (or business to business marketing) is the marketing of goods

and services by one business to another. Industrial goods are those an industry uses to
produce an end product from one or more raw material

 An organization seeks to split the work between the two firms based on an
evaluation of each firm's capabilities.
 A sales representative makes an appointment with an organization that employs
22 people. He demonstrates a photocopier/fax/printer to the office administrator.
After discussing a proposal, the business owner signs a contract to obtain the
machine on a fully maintained rental and consumables basis, with an upgrade
after 2 years.

Main features of the B2B selling process are:

 Marketing is one-to-one in nature. It is relatively easy for the seller to identify a

prospective customer and build a face-to-face relationship.
 Highly professional and trained people in buying processes are involved. In many
cases, two or three decision makers must approve a purchase plan.
 Often the buying or selling process is complex, and includes many stages (for
example, request for proposal, request for tender, selection process, awarding of
tender, contract negotiations, and signing of final contract).
 Selling activities involve long processes of prospecting, qualifying, wooing,
making representations, preparing tenders, developing strategies, and contract
negotiations.

SERVICES MARKETING

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A service is the action of doing something for someone or something. It is largely

intangible (i.e. not material). You cannot touch it. You cannot see it. You cannot taste it.
You cannot hear it. You cannot feel it. So a service context creates its own series of
challenges for the marketing manager since he or she must communicate the benefits of a
service by drawing parallels with imagery and ideas that are more tangible.

A product is tangible (i.e. material) since you can touch it or own it. A service tends to
be an experience that is consumed at the point where it is purchased and cannot be owned
since it quickly perishes. A person could go to a café one day and enjoy excellent service,
and then return the next day and have a poor experience. Marketers talk about the nature
of a service as being inseparable, intangible, perishable, homogenous and variable.

Inseparable

Inseparable - from the point where it is consumed, and from the provider of the service.
For example, you cannot take a live theatre performance home to consume it (a DVD of
the same performance would be a product, not a service). The consumer is actually
involved in the production process that they are buying at the same time as it is being
produced, for example an eye test or a makeover. One benefit would be that if you are
unhappy with you makeover you can tell the beautician and that instant feedback means
that the service quality is improved. You can't do that with a product. Another attribute is
that services have to be close to the person consuming them i.e. goods can be made in a
central factory location which has the benefits of mass production. This localization
means that consumption is inseparable from production.

Intangible

Intangible - cannot have a real, physical presence as does a product. For example,
motor insurance may have a certificate, but the financial service itself cannot be touched
i.e. it is intangible. This makes it tricky to evaluate the quality of service prior to
consuming it since there are fewer attributes of quality in comparison to a product. One
way is to consider quality in terms of search, experience and credence.

Search quality is the perception in the mind of the consumer of the quality of the
product prior to purchase through making a series of searches. So this is simple in
relation to a tangible product because you might look at size or color for example.
Therefore search quality relates more to products and services.

Experience quality is easier to assess. In terms of service you need to taste the food or
experience the service level. Therefore your experiences allow you to evaluate the level
and nature of the service. You remember a great vacation because of the food or service,
but by the same token you remember an awful vacation because of the hopeless food or
poor service.

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Credence quality is based upon the credibility of the service that you undertake. This is
down to the reputation of a dentist or of a decorator. Credence is used where you have
little knowledge of the topic and where you rely upon the professionalism of the expert.

Perishable

Perishable - in that once it has occurred it cannot be repeated in exactly the same way.
For example, once a 100 meters Olympic final has been run, there will not be another for
4 more years, and even then it will be staged in a different place with many different
finalists. You cannot put service in the warehouse, or store in your inventory. An
interesting argument about perish ability goes like this, once a flight has taken off you
cannot sell that seat again, hence the airline makes no profit on that seat. Therefore the
airline has no choice but to price at peak when it sells a seat at busy times in order to
make a profit. That's why restaurants offer vouchers to compensate for quieter times, and
it is the same for railway tickets and matinees in Broadway during the middle of the
week.

Variable

Variability- since the human involvement in service provision means that no two
services will be completely identical, they are variable. For example, returning to the
same garage time and time again for a service on your car might see different levels of
customer satisfaction, or speediness of work. If you watch your favorite/favorite music
group on DVD the experience will be the same every time you play it, although if you go
to see them on tour when they are live no two performances will be identical for a whole
variety of reasons. Even with the greatly standardized McDonalds experience, there are
slight changes in service, often through no fault of the business itself. Sometimes
Saturday lunchtime will be extremely busy, on other days you may have to wait to go via
the drive through. So services tend to vary from one user experience to another.

Homogeneous

Homogeneity is where services are largely the same (the opposite of variability
above). We considered McDonald's above which is a largely homogeneous service, so
now let's look at KFC and Pizza Hut. Both of these businesses provide a homogeneous
service experience whether you are in New York, or Alaska, or even Adelaide.
Consumers expect the same level of service and would not anticipate any huge deviation
in their experience. Outside of the main brands you might expect a less homogeneous
experience. If you visit your doctor he or she might give one interpretation, whereas
another doctor might offer a different view. Your regular hairdresser will deliver a style
whereas a hairdresser in the next town could potentially style your hair differently.
Therefore standardization is largely embodied by the large global brands which produce
services.

Right of ownership is not taken to the service, since you merely experience it. For
example, an engineer may service your air-conditioning, but you do not own the service,
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the engineer or his equipment. You cannot sell it on once it has been consumed, and do
not take ownership of it.

Western economies have seen deterioration in their traditional manufacturing

industries, and a growth in their service economies. Therefore the marketing mix has seen
extended and adapted to create the services marketing mix, also known as the 7P's or the
extended marketing mix - physical evidence, process and people.

Services Marketing Mix

Tere are a series of fundamental characteristics such as intangibility, inseparability,

heterogeneity and perish ability which are unique to a service. The traditional marketing
mix which includes product, place, price and promotion could be stretched to compensate
for these factors. However the services marketing mix is an adaptation of the traditional
4Ps to address these characteristics and it sees the addition of another 3Ps which are
physical evidence, process and people. We will also consider how the traditional mix
alters for a service with sections below on pricing for services, product for services, place
for services, and promotion for services

Physical Evidence
The environment in which the service is delivered, and where the firm and customer
interact, and any tangible components that facilitate performance or communication of
the service.

Physical Evidence is the material part of a service. Strictly speaking there are no
physical attributes to a service, so a consumer tends to rely on material cues. There are
many examples of physical evidence, including some of the following buildings,
equipment, signs and logos, annual accounts and business reports, brochures, your
website, and even your business cards. Physical evidence lesson

Process
The actual procedures, mechanisms, and flow of activities by which the service is
delivered – this service delivery and operating systems.

There are a number of perceptions of the concept of process within the business and
marketing literature. Some see processes as a means to achieve an outcome, for example -
to achieve a 30% market share, a company implements a marketing planning process.
However in reality it is more about the customer interface between the business and
consumer and how they deal with each other in a series of steps in stages, i.e. throughout
the process. Process lesson

People

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All human actors who play a part in service delivery and thus influence the buyers'
perceptions; namely, the firm's personnel, the customer, and other customers in the
service environment.

People are the most important element of any service or experience. Services tend to
be produced and consumed at the same moment, and aspects of the customer experience
are altered to meet the individual needs of the person consuming it course the marketing
mix for services still needs to address the remaining 4Ps of pricing, product, place and
promotion. Let's consider some examples of these four elements from the perspective of a
service.

Pricing for services

Pricing needs to take into account two factors in relation to services. The first issue is
what is the unit which we are pricing? Do we sell a hotel room based on its area or upon
how long you use it for? Would you cost dental surgery by the amount of time you sat in
the dentist's chair or by the actual procedure that was undertaken? Secondly if a price is
based upon a bundle of sub services then how do you price it as a whole? An example of
this would be an all-you-can-eat menu priced at a single point e.g. €20, or would you
charge for each item on the menu individually and add-on a service charge?

Product for services

In this instance our product and service are pretty much the same. However as we have
discussed our service is intangible etc. One-way dealing with this is to consider that:
service = product + process. So we need to focus upon the process. For example when
you arrive at a hotel people process you to ensure that you are registered and your
baggage is taken to a room. This is an example of people processing. Another type of
processing is possession processing, and an example would be where you take your dog
to be groomed, or you organize a service for your car i.e. your possessions are processed.
Both of these are examples of product in relation to service.

Place for services

Where you consume the service is a central part of the services marketing mix. With
the place element the marketer considers convenience, location, footfall, number of
outlets, and timing. Consider an event which takes place over a weekend. If you have a
food trailer which sells organic salads to the public you need to make sure that you are
actually booked at the event, that people will walk past your trailer and be able to stop
and queue, and that you are able to sell to the people when they want to eat. Simply scale
this up for businesses like Pizza Express.

Promotion for services

Obviously services are more difficult to assess in terms of attributes in comparison to

tangible products. The marketer needs to be more innovative and clear when it comes to
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the benefits to the target market of his or her service. The marketer can try a number of
techniques which include:

 Emphasizing any tangible cues e.g. telecommunications companies will use

symbols such as Mercury to emphasize speed. Burger King will use boxes and
packaging which emphasize its marketing communications.
 Exploiting celebrity to provide information about the service. There are many
examples of well-known public faces telling us on TV how they purchase life
assurance or organize their final will.
 Branding is everything to service. Starbucks does sell coffee and cake but much
of its offering is its service. Starbucks’ logo, its location, the ambience of their
stores and the whole service experience is all part of the brand Starbucks. There
are many other examples of this including KFC and McDonalds. Can you think of
any more?

GLOBAL MARKETING

International marketing is simply the application of marketing principles to more

than one country. However, there is a crossover between what is commonly expressed as
international marketing and global marketing, which is a similar term. For the purposes
of this lesson on international marketing and those that follow it, international marketing
and global marketing are interchangeable.

The intersection is the result of the process of internationalization. Many American and
European authors see international marketing as a simple extension of exporting,
whereby the marketing mix is simply adapted in some way to take into account
differences in consumers and segments. It then follows that global marketing takes a
more standardized approach to world markets and focuses upon sameness, in other words
the similarities in consumers and segments. So let's take a look at some generally
accepted definitions.

Global Marketing
"Global marketing refers to marketing activities coordinated and integrated across
multiple country markets. “Johansson (2000)”

". . . The result is a global approach to international marketing. Rather than focusing on
country markets, that is, the differences due to the physical location of customers groups,
managers concentrate on product markets, that is, groups of customers seeking shared
benefits or to be served with the same technology, emphasizing their similarities
regardless of geographic areas in which they are located. "

“Muhlbacher, Helmuth, and Dahringer (2006)”

"Global/transnational marketing focuses upon leveraging a company's assets, experience

and products globally and upon adapting to what is truly unique and different in each
country.” “Keegan (2002)”
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So, as with many other elements of marketing, there is no single definition of

international marketing, and there could be some confusion about where international
marketing begins and global marketing ends. These lessons will assume that both terms
are interchangeable, and will define international marketing as follows:

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