MARKETING MANAGEMENT

UNIT - I

Marketing management – definitions, Meaning of Market

- Classifications – Nature and scope of marketing –
Marketing process – Functions of marketing.
 Meaning of MARKET

The common usage of market means “place

where goods are bought or sold”.
 What is Marketing?

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.
By Kotler
Definition of Marketing
Marketing consists of activities designed to
generate and facilitate exchanges intended to
satisfy human or organizational needs or
wants.
 Philosophies of marketing mgt.
Marketing activities should be carried out under a
well-thought-out philosophy of efficient, effective,
and socially responsible marketing.

There are five competing concepts under which

organsiations conduct marketing activities:

 The production concept

 Product concept
 Selling concept
 Marketing concept and
 Societal marketing concept
MARKETING Vs SELLING
Focuses on Customer’s needs Focuses on seller’s needs

Customer enjoys supreme importance Product enjoys supreme importance

Product planning and development High pressure selling to sell goods

To match products and markets.

Integrated approach to achieve long Term Fragmented approach to achieve

goals Immediate gains

Converting customer’s needs into Converting products into cash

Products

Caveat vendor (let the seller beware) Caveat emptor (let the buyer beware)

Profits through customer satisfaction Profits through sales volume

 Nature of the Marketing

It’s all about EXCHANGE!

 Exchange as the focus - Exchange between parties:

 Exchanged “product” can be tangible goods,

intangible like services, ideas, people, places,
anything of value.

 Marketers and markets are the partners in

exchange.
Conditions for exchange:

 Exchange involves two or more parties.

 The parties participate voluntarily.
 Each party must have something of value to
exchange.
 Parties must believe each will benefit from the
exchange.
 The parties are able to communicate with one
another.
 Nature of the Marketing

Marketing is the guiding element of business

Marketing and is the social science
Marketing is the process oriented
Marketing is a system
Marketing is goal oriented
 Scope of the Marketing
Scope Of Marketing :

Scope Of Marketing Study of consumer wants and needs.

Study of buyer behavior. Product planning and development.
Pricing policies. Distribution. Promotion. Consumer satisfaction,
Marketing control.

Study of Consumer wants and needs :

These wants and needs motivate consumers to purchase
goods and services
Analysis of the behaviour pattern of the customers is helpful for
market segmentation and targeting.
Product Planning and Development :
Product planning covers the decisions like branding, packaging,
labeling, grading etc. and expansion or contraction of existing
product lines
 Scope of the Marketing
DISTRIBUTION :
DISTRIBUTION: Goods are to be distributed at the minimum
possible cost, to the largest number of consumers.

PROMOTION It includes advertising, sales promotion and

personal selling. these promotional activities are very essential
for the accomplishment of marketing goal

CONSUMER SATISFACTION :
CONSUMER SATISFACTION In the modern world consumer is
the king. Thus every marketer should importance to consumer
satisfaction.

MARKETING CONTROL Marketing also covers marketing

control through marketing audit and annual reports.
 MARKETING PROCESS
• Analyzing marketing opportunities

• Selecting target markets

This process involves three steps (STP)

 The market segmentation

It’s dividing a market into distinct groups of buyers on the basis

of goods, characteristics or behavior

 The market targeting

The marker targeting the process evaluating each market

segment’s attractiveness and selecting one or more segments
to enter.
 The market position

It’s arranging for a product to occupy a clear,

distinctive, and desirable place relative to competing
products in the minds of target consumers.

• Developing the marketing mix

• Managing the marketing effort
 THE FUNCTION OF MARKETING
 The function of marketing. It refers to those
specialize activities that you as a marketer must
perform in order to achieve your set marketing
objectives.

 According to Clark & Clark Marketing

functions are given in next slide as picture