MARKETING MANAGEMENT

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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 others.

CORE CONCEPTS OF MARKETING

NEED/ WANT/ DEMAND:

Need: It is state of deprivation of some basic satisfaction.

Want: Desire for specific satisfier of need.

Demand: Want for a specific product backed up by ability and willingness

to buy.

Marketers cannot create needs. Needs pre exists. Marketers can influence wants. This is done in combination with societal influencers.

PRODUCTS- GOODS/ Services/ PLACE.

Product is anything that can satisfy need/ want.

Product component- 1.Physical Good.

Service.
Idea.

Hence, products are really a via- media for services.

Hence, in marketing, focus is on providing/ satisfying service rather than providing products.

Marketing Myopia: Focus on products rather than on customer needs.

(3) VALUE/ COST/ SATISFACTION:

Decision for purchase made based on value/ cost satisfaction delivered by product/ offering.
Product fulfills/ satisfies Need/ Want.
Value is products capacity to satisfy needs/ wants as per consumer’s perception or estimation.
Each product would have a cost/ price Elements attached to it.

VALUE– Products capacity to satisfy.

COST– Price of each products.

EXCHANGE/ TRANSACTION:

EXCHANGE: – The act/ process of obtaining a desired product from someone by offering something in return. For exchange potential to exist, the following conditions must be fulfilled.

There must be at least two parties.
Each party has something of value for other party.
Each party is capable of Communication & delivery
Each party is free to accept/ reject the exchange offer.
Each party believes it is appropriate to deal with the other party.

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.

Proof of transaction is BILL/ INVOICE.

TRANSFER: – It is one way. Hence, differ from Transaction.

NEGOTIATION: – Process of trying to arrive at mutually agreeable terms.

Negotiation may lead to – Transaction

– Decision not to Transaction

RELATIONSHIP/ NETWORKING:

Relationship marketing:- It’s a pattern of building long term satisfying relationship with customers, suppliers, distributors in order to retain their long term performances and business.

Outcome of Relationship Marketing is a MARKETING Network.

MARKETING NETWORK: It is made up of the company and its customers, employees, suppliers, distributors, advertisement agencies, retailers, research & development with whom it has built mutually profitable business relationship.

Competition is between whole network for market share and NOT between companies alone.

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/ want.

Types of Markets:

Resource Market,
Manufacturing Market,

Intermediary Market,

Consumer Market,
Government market.

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.

A marketer is a company serving a market in the face of competition.

Marketing Management takes place when at least one party to a potential exchange thinks about the means of achieving desired responses from other parties.

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.

Can be practiced in any market.
Task of marketing management is to influence the level, timing, composition of demand in a way that will help the organization to achieve its objective. Hence, marketing management is essentially demand management.

Traditional Concept of Marketing

According to this concept, marketing consists of those activities which are concerned with the transfer of ownership of goods from producers to consumers. Thus, marketing means selling of goods and services. In other words, it is the process by which goods are made available to ultimate consumers from their place of origin. The traditional concept of marketing corresponds to the general notion of marketing, which means selling goods and services after they have been produced. The emphasis of marketing corresponds is on the sale of goods and services. Consumer satisfaction is not given adequate emphasis. Viewed in this way, marketing is regarded as Production/Sales oriented.

Modern concept of Marketing

According to the modern concept, Marketing is the concerned with creation of customer. Creation of Customers means identification of Consumer needs and organising business to satisfy needs. Marketing in the modern sense involves decision regarding the following matters.

Products to be produced.
Prices to be charged from Customers.
Promotional techniques to be adapted to contact and influence existing and potential customers.
Selection of middlemen to be used to distribute goods and service.

Modern concept of marketing requires all the above decisions to be taken after due consideration of consumer needs and their satisfaction.

The business objective of earning profit is sought to be achieved through provision of consumer satisfaction. This concept of marketing is regarded as consumer oriented as the emphasis of business is laid on consumer needs and their satisfaction.

Five fundamental concept of marketing are –

Exchange concept
Production concept
Product concept
Sales concept
Marketing concept

Exchange Concept: The exchange concept holds that the exchange of a product between seller & buyer is the central idea of marketing Exchange is an important part of marketing, but marketing is much wider concept.

Production Concept: The production concept is one of the oldest concepts in business. It holds that consumers will prefer products that are widely available and expensive. Manager of Production oriented business concentrate on achieving high production efficiency low cost & mass distribution.

Product Concept: This concept holds that consumers will prefer those products that are high in quality, performance or innovative features. Managers in these organization focus on making superior products and improving them. Sometimes, this concept leads to marketing myopia, Marketing myopia is a short-sightedness about business. Excessive attention to production or the product or selling aspects at the cost of customers & his actual needs creates this myopia.

Selling Concepts: This concept focuses on aggressively promoting & pushing its products, it cannot except its product to get picked up automatically by the customer. The purpose is basically to sell more stuff to more people, in order to make profits.

Marketing Concept: The marketing concept emerged in the mid 1950’s. The business generally shifted from a product – cantered, make & sell philosophy, to a customer centered, sense & respond philosophy. The job is not to find the right customers for your product, but to find right products for your customers. The Marketing concept holds that the key to achieving organizational goals consist of the company being more effective than competitors in creating, delivering & communicating superior customers value. This concept puts the customers at both the beginning & the end of the business cycle. Every department & every worker should think customer & act customer.

Marketing management 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.

Marketing management is a complex and challenging field that requires a deep understanding of consumer behavior, market research, and competitive analysis. It also requires strong communication and interpersonal skills, as well as the ability to think strategically and make Sound decisions under pressure.

The goal of marketing management is to create a sustainable competitive advantage for a company or organization. This can be achieved by developing a strong brand, creating innovative products and services, and building strong relationships with customers.

Marketing management is a critical function for any business that wants to succeed in today’s competitive marketplace. By understanding the principles of marketing management, businesses can develop effective strategies that will help them achieve their goals.

Here are some of the key subtopics in marketing management:

Marketing research: Marketing research is the process of gathering and analyzing information about customers, competitors, and the market Environment in order to make better marketing decisions.
Market segmentation: Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs and wants.
Target marketing: Target marketing is the process of selecting a group of consumers to focus marketing efforts on.
Positioning: Positioning is the process of creating a unique image for a product or service in the minds of consumers.
Product development: Product development is the process of creating new products or services that meet the needs of consumers.
Pricing: Pricing is the process of setting prices for products or services.
Promotion: Promotion is the process of communicating the value of a product or service to consumers.
Place: Place is the process of making products or services available to consumers.
Customer relationship management: Customer relationship management (CRM) is the process of building and maintaining relationships with customers.
Brand management: Brand management is the process of creating and managing a brand.
Social Media marketing: Social media marketing is the use of social media platforms to promote products or services.
Digital marketing: Digital marketing is the use of digital technologies to promote products or services.
E-Commerce: E-commerce is the buying and selling of goods or services over the Internet.
International marketing: International marketing is the process of marketing products or services to consumers in other countries.
Marketing ethics: Marketing ethics is the study of the moral principles that should guide marketing activities.

Marketing management is a complex and ever-changing field. However, by understanding the key subtopics in marketing management, businesses can develop effective strategies that will help them achieve their goals.

Here are some of the key benefits of effective marketing management:

Increased sales: By understanding the needs and wants of their target market, businesses can develop products and services that are more likely to appeal to consumers. This can lead to increased sales and revenue.
Improved brand awareness: By creating a strong brand identity, businesses can differentiate themselves from their competitors and create a positive image in the minds of consumers. This can lead to increased brand awareness and loyalty.
Enhanced customer satisfaction: By providing excellent customer service and support, businesses can create a positive experience for their customers. This can lead to increased customer satisfaction and loyalty.
Reduced costs: By developing effective marketing strategies, businesses can target their marketing efforts more precisely and reduce wasted advertising costs. This can lead to reduced costs and increased profits.

Overall, effective marketing management can help businesses achieve a number of key goals, including increased sales, improved brand awareness, enhanced customer satisfaction, and reduced costs.

What is marketing?

Marketing is the process of creating and delivering value to customers and capturing value in return. It is the process of understanding customers and their needs, and developing products and services that meet those needs. It is also the process of communicating the value of those products and services to customers, and building relationships with them.

What are the different types of marketing?

There are many different types of marketing, but some of the most common include:

Product marketing: This involves developing and promoting products and services.
Price marketing: This involves setting prices for products and services.
Place marketing: This involves making products and services available to customers.
Promotion marketing: This involves communicating the value of products and services to customers.
People marketing: This involves building relationships with customers.
Process marketing: This involves improving the way products and services are delivered to customers.
Physical evidence marketing: This involves creating a positive environment for customers.

What are the four Ps of marketing?

The four Ps of marketing are product, price, place, and promotion. These are the four key elements that marketers need to consider when developing and implementing a marketing strategy.

Product: The product is the good or service that a company offers to its customers. It is important to ensure that the product meets the needs of the target market and that it is priced competitively.
Price: The price is the amount of Money that customers pay for a product. It is important to set a price that is fair to both the company and the customer.
Place: The place is where a product is sold. It is important to make sure that the product is available in convenient locations for customers.
Promotion: Promotion is the process of communicating the value of a product to customers. It can be done through advertising, public relations, sales promotion, and direct marketing.

What are the different marketing strategies?

There are many different marketing strategies that companies can use. Some of the most common include:

Market penetration: This involves increasing sales of existing products to existing customers.
Market development: This involves selling existing products to new customers.
Product development: This involves developing new products for existing customers.
Diversification: This involves developing new products for new customers.

What are the different marketing channels?

There are many different marketing channels that companies can use to reach their target market. Some of the most common include:

Direct marketing: This involves communicating directly with customers, such as through email, direct mail, or telemarketing.
Indirect marketing: This involves communicating with customers through intermediaries, such as retailers or distributors.
Online marketing: This involves using the internet to reach customers, such as through websites, social media, or email marketing.

What are the different marketing metrics?

There are many different marketing metrics that companies can use to measure the effectiveness of their marketing campaigns. Some of the most common include:

Return on Investment (ROI): This is a measure of the financial return that a company receives from its marketing investments.
Customer acquisition cost (CAC): This is the amount of money that a company spends to acquire a new customer.
Customer lifetime value (CLV): This is the total amount of money that a company expects to earn from a customer over the lifetime of their relationship.
Conversion rate: This is the Percentage of people who take a desired action, such as making a purchase, after being exposed to a marketing campaign.
Click-through rate (CTR): This is the percentage of people who click on a link in a marketing campaign.
Impressions: This is the number of times that a marketing message is seen by people.
Reach: This is the number of people who are exposed to a marketing message.
Frequency: This is the number of times that a person is exposed to a marketing message.

What are the different marketing trends?

There are many different marketing trends that companies need to be aware of. Some of the most important trends include:

The rise of social media: Social media is becoming an increasingly important marketing channel. Companies need to use social media to connect with their customers and build relationships with them.
The importance of mobile marketing: Mobile devices are becoming increasingly important for marketing. Companies need to make sure that their marketing campaigns are optimized for mobile devices.
The need for personalization: Customers are increasingly expecting personalized marketing messages. Companies need to use data to personalize their marketing campaigns and deliver messages that are relevant to each individual customer.
The importance of content marketing: Content marketing is becoming increasingly important for marketing. Companies

Sure, here are some MCQs without mentioning the topic of marketing management:

Which of the following is not a type of marketing research?
(A) Primary research
(B) Secondary research
(C) Qualitative research
(D) Quantitative research
Which of the following is not a component of the marketing mix?
(A) Product
(B) Price
(C) Place
(D) Promotion
Which of the following is not a type of segmentation?
(A) Demographic segmentation
(B) Psychographic segmentation
(C) Behavioral segmentation
(D) Geographic segmentation
Which of the following is not a type of targeting?
(A) Undifferentiated targeting
(B) Differentiated targeting
(C) Concentrated targeting
(D) Mass marketing
Which of the following is not a type of positioning?
(A) Product positioning
(B) Brand positioning
(C) Competitive positioning
(D) Market positioning
Which of the following is not a type of marketing strategy?
(A) Market penetration
(B) Market development
(C) Product development
(D) Diversification
Which of the following is not a type of marketing channel?
(A) Direct marketing channel
(B) Indirect marketing channel
(C) Multichannel marketing channel
(D) Omnichannel marketing channel
Which of the following is not a type of marketing communication?
(A) Advertising
(B) Sales promotion
(C) Public relations
(D) Direct marketing
Which of the following is not a type of marketing research method?
(A) Survey
(B) Experiment
(C) Observation
(D) Focus group
Which of the following is not a type of marketing research data?
(A) Primary data
(B) Secondary data
(C) Qualitative data
(D) Quantitative data

I hope this helps!