QUICK REVISION SERIES RAS MAINS
UNIT III :Part B- Management
Modern Concept of Marketing:
Modern concept of marketing concentrates majorly on consumer satisfaction. According to this concept, marketing starts from discovery of consumer needs and wants and ends with the satisfaction of those needs and wants.
Draw flow chart like this:
Survey of targeted market –à Production according to costumer need–à Integrated marketing-à profit through customer satisfaction
Objectives of Marketing:
- It helps to focus on activities of an organisation on the needs and wants.
- Marketing plays a significant role in the development of an economy. Marketing helps to provide linkages between the business and consumption centres, accelerate the economic activity leading to higher income, more consumption and increased saving and Investment.
Concept of Marketing mix:
In a marketing decision there are various controllable factors which can be influenced at firm level, the process of taking decision contains permutation and combination of variables. This combination of variable chosen by a firm to prepare its market offering is called the marketing mix.
A marketing expert named E. Jerome McCarthy created the Marketing 4Ps in the 1960
Four Marketing mix: product, price, place, promotion
- Product:
- A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of Services or goods.
- A product has a certain life cycle that includes the Growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more demand once it reaches the sales decline phase.
- Marketers must also create the right product mix. It may be wise to expand your current product mix by diversifying and increasing the depth of your product line.
- Price:
- The price of the product is basically the amount that a customer pays for to enjoy it. Price is a very important component of the marketing mix definition.
- When setting the product price, marketers should consider the perceived value that the product offers. There are three major pricing strategies, and these are:
- Market penetration pricing
- Market skimming pricing
- Neutral pricing
- Place:
- Placement or distribution is a very important part of the product mix definition.
- This comes with a deep understanding of target market. Understand them inside out and it will discover the most efficient positioning and distribution channels that directly speak with the market.
- There are many distribution strategies, including:
- Intensive distribution
- Exclusive distribution
- Selective distribution
- Franchising
- Promotion
- Promotion is a very important component of marketing as it can boost brand recognition and sales. Promotion is comprised of various Elements like:
- Sales Organization
- Public Relations
- Advertising
- Sales Promotion
Marketing Mix 4C’s
The 4Cs marketing model was developed by Robert F. Lauterborn in 1990. It is a modification of the 4Ps model. It is not a basic part of the marketing mix definition, but rather an extension. Here are the components of this marketing model:
- Cost – According to Lauterborn, price is not the only cost incurred when purchasing a product. Cost of conscience or opportunity cost is also part of the cost of product ownership.
- Consumer Wants and Needs – A company should only sell a product that addresses consumer demand. So, marketers and business researchers should carefully study the consumer wants and needs.
- Communication – According to Lauterborn, “promotion” is manipulative while communication is “cooperative”. Marketers should aim to create an open dialogue with potential clients based on their needs and wants.
- Convenience – The product should be readily available to the consumers. Marketers should strategically place the products in several visible distribution points.
Expected questions:
- Modern concept of marketing?
- Objective of marketing.
- Concept of marketing mix
- Elements of marketing mix and definition.
Note: Strategy to earn extra marks:
1) write the name of the person who gave the definition of marketing mix. It will help to earn extra marks.
- In conclusion one can add that now there is shift from 4P’s to 4C’s now a days.
Expected questions:
- Modern concept of marketing?
- Objective of marketing.
- Concept of marketing mix
- Elements of marketing mix and definition.
Note: Strategy to earn extra marks:
1) write the name of the person who gave the definition of marketing mix. It will help to earn extra marks.
- In conclusion one can add that now there is shift from 4P’s to 4C’s now a days.
,
Management is the process of planning, organizing, leading, and controlling an organization’s Resources to achieve its goals. It is a complex and challenging task that requires a variety of skills and abilities.
Management can be divided into four main functions: planning, organizing, leading, and controlling.
Planning is the process of setting goals and developing strategies for achieving them. It involves identifying opportunities and threats, assessing resources, and developing a plan of action.
Organizing is the process of creating a structure for the organization and assigning tasks to individuals. It involves designing jobs, creating teams, and developing communication channels.
Leading is the process of motivating and inspiring employees to achieve the organization’s goals. It involves setting a vision, providing feedback, and developing employees’ skills.
Controlling is the process of monitoring performance and making adjustments as needed. It involves setting standards, measuring performance, and taking corrective action.
In addition to these four main functions, management also includes a number of other important activities, such as DECISION MAKING, communication, and Conflict Management.
Decision making is the process of choosing among alternative courses of action. It involves identifying the problem, generating alternatives, evaluating alternatives, and selecting the best alternative.
Communication is the process of exchanging information and ideas. It involves sending and receiving messages, using effective communication channels, and providing feedback.
Conflict management is the process of resolving disagreements and disputes. It involves identifying the source of the conflict, understanding the different perspectives, and developing a solution that is acceptable to all parties involved.
Management is a critical function in any organization. It is the process of ensuring that the organization’s resources are used effectively and efficiently to achieve its goals. Management is a complex and challenging task, but it is also a rewarding one.
Here are some additional details on each of the subtopics:
- Planning: Planning is the process of setting goals and developing strategies for achieving them. It involves identifying opportunities and threats, assessing resources, and developing a plan of action. Planning is essential for any organization that wants to be successful. It helps to ensure that the organization is focused on its goals and that it is using its resources effectively.
- Organizing: Organizing is the process of creating a structure for the organization and assigning tasks to individuals. It involves designing jobs, creating teams, and developing communication channels. Organizing is important because it helps to ensure that the organization is efficient and effective. It also helps to ensure that employees know what their roles are and how they contribute to the organization’s success.
- Leading: Leading is the process of motivating and inspiring employees to achieve the organization’s goals. It involves setting a vision, providing feedback, and developing employees’ skills. Leading is essential for any organization that wants to be successful. It helps to create a positive work Environment and to motivate employees to do their best.
- Controlling: Controlling is the process of monitoring performance and making adjustments as needed. It involves setting standards, measuring performance, and taking corrective action. Controlling is important because it helps to ensure that the organization is on track to achieve its goals. It also helps to identify areas where improvement is needed.
- Decision making: Decision making is the process of choosing among alternative courses of action. It involves identifying the problem, generating alternatives, evaluating alternatives, and selecting the best alternative. Decision making is an important part of management. It helps to ensure that the organization is making the best possible decisions.
- Communication: Communication is the process of exchanging information and ideas. It involves sending and receiving messages, using effective communication channels, and providing feedback. Communication is essential for any organization that wants to be successful. It helps to ensure that employees are aware of the organization’s goals and that they are working towards those goals.
- Conflict management: Conflict management is the process of resolving disagreements and disputes. It involves identifying the source of the conflict, understanding the different perspectives, and developing a solution that is acceptable to all parties involved. Conflict management is an important part of management. It helps to ensure that the organization is able to function effectively.
These are just some of the many aspects of management. Management is a complex and challenging task, but it is also a rewarding one.
1. What is management?
Management is the process of planning, organizing, leading, and controlling an organization’s resources to achieve its goals.
2. What are the different types of management?
There are many different types of management, but some of the most common include:
- Top management: Top management is responsible for the overall direction of the organization. They set the vision and strategy, and make sure that the organization is on track to achieve its goals.
- Middle management: Middle management is responsible for implementing the strategies set by top management. They oversee the day-to-day operations of the organization, and make sure that the work is being done effectively.
- First-line management: First-line management is responsible for the day-to-day supervision of employees. They provide direction and support to employees, and make sure that they are meeting their goals.
3. What are the different FUNCTIONS OF MANAGEMENT?
The four main functions of management are:
- Planning: Planning is the process of setting goals and developing strategies to achieve those goals.
- Organizing: Organizing is the process of creating a structure for the organization and assigning tasks to employees.
- Leading: Leading is the process of motivating and inspiring employees to achieve the organization’s goals.
- Controlling: Controlling is the process of monitoring performance and making sure that the organization is on track to achieve its goals.
4. What are the different skills required for management?
There are many different skills required for management, but some of the most important include:
- Technical skills: Technical skills are the skills required to perform a specific job. For example, a manager of a manufacturing plant would need to have technical skills in manufacturing.
- Human relations skills: Human relations skills are the skills required to interact effectively with other people. For example, a manager would need to be able to motivate and inspire employees, and resolve conflict.
- Conceptual skills: Conceptual skills are the skills required to think strategically and understand the big picture. For example, a manager would need to be able to understand the organization’s environment and develop strategies to achieve its goals.
5. What are the different theories of management?
There are many different theories of management, but some of the most well-known include:
- Scientific management: Scientific management is a theory that emphasizes efficiency and productivity. It focuses on breaking down tasks into their component parts and finding the most efficient way to perform each part.
- Classical management: Classical management is a theory that emphasizes order and control. It focuses on creating a structured organization with clear lines of authority and responsibility.
- Human relations management: Human relations management is a theory that emphasizes the importance of employees. It focuses on creating a positive work environment where employees feel valued and respected.
- Systems theory: Systems theory is a theory that views organizations as systems. It focuses on the interactions between different parts of the organization and how they affect the overall performance of the organization.
- Contingency theory: Contingency theory is a theory that emphasizes the importance of adapting management practices to the specific situation. It focuses on the different factors that can affect the effectiveness of management practices, such as the organization’s environment and its culture.
6. What are the different challenges of management?
Some of the most common challenges of management include:
- Motivating employees: One of the biggest challenges of management is motivating employees to achieve the organization’s goals. This can be difficult, especially in today’s competitive economy.
- Managing conflict: Conflict is inevitable in any organization, and it is important for managers to be able to manage it effectively.
- Making decisions: Managers are often faced with difficult decisions, and they need to be able to make them quickly and effectively.
- Dealing with change: Change is constant in today’s business environment, and managers need to be able to deal with it effectively.
7. What are the different trends in management?
Some of the most important trends in management include:
- Globalization/”>Globalization-3/”>Globalization: The globalization of the economy is having a major impact on management. Managers need to be able to think globally and understand the different cultures and markets that they are operating in.
- Technology: Technology is changing the way that organizations operate, and managers need to be able to adapt to these changes.
- The changing workforce: The workforce is changing, and managers need to be able to manage a diverse workforce.
- The need for innovation: In today’s competitive economy, innovation is essential for success. Managers need to be able to create and implement innovative ideas.
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Which of the following is not a function of management?
(A) Planning
(B) Organizing
(C) Directing
(D) Controlling -
Which of the following is not a type of organization?
(A) Line organization
(B) Functional organization
(C) Divisional organization
(D) Matrix organization -
Which of the following is not a principle of management?
(A) Unity of command
(B) Span of control
(C) Scalar principle
(D) Exception principle -
Which of the following is not a type of Leadership?
(A) Autocratic leadership
(B) Democratic leadership
(C) Laissez-faire leadership
(D) Transactional leadership -
Which of the following is not a type of motivation?
(A) Extrinsic motivation
(B) Intrinsic motivation
(C) Achievement motivation
(D) Power motivation -
Which of the following is not a type of conflict?
(A) Intrapersonal conflict
(B) Interpersonal conflict
(C) Intergroup conflict
(D) Intraorganizational conflict -
Which of the following is not a type of decision making?
(A) Programmed decision making
(B) Non-programmed decision making
(C) Individual decision making
(D) Group decision making -
Which of the following is not a type of control?
(A) Feedforward control
(B) Concurrent control
(C) Feedback control
(D) Post-action control -
Which of the following is not a type of quality control?
(A) Statistical process control
(B) Acceptance sampling
(C) Process capability analysis
(D) Total quality management -
Which of the following is not a type of production system?
(A) Job shop
(B) Batch production
(C) Continuous production
(D) Mass production -
Which of the following is not a type of inventory control system?
(A) Economic order quantity (EOQ) model
(B) Just-in-time (JIT) inventory system
(C) Materials requirements planning (MRP) system
(D) Distribution requirements planning (DRP) system -
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 pricing strategy?
(A) Cost-based pricing
(B) Value-based pricing
(C) Competition-based pricing
(D) Psychological pricing -
Which of the following is not a type of promotion strategy?
(A) Advertising
(B) Sales promotion
(C) Public relations
(D) Direct marketing -
Which of the following is not a type of distribution strategy?
(A) Intensive distribution
(B) Selective distribution
(C) Exclusive distribution
(D) Direct distribution -
Which of the following is not a type of organizational structure?
(A) Functional structure
(B) Divisional structure
(C) Matrix structure
(D) Project structure -
Which of the following is not a type of organizational culture?
(A) Power culture
(B) Role culture
(C) Task culture
(D) Person culture -
Which of the following is not a type of organizational change?
(A) Technological change
(B) Structural change
(C) Process change
(D) Strategic change -
Which of the following is not a type of organizational development (OD) intervention?
(A) Team building
(B) Survey feedback
(C) Process consultation
(D) Sensitivity training -
Which of the following is not a type of quality management (QM) tool?
(A) Pareto chart
(B) Cause-and-effect diagram
(C) Control chart
(D) Check sheet