INTRODUCTION TO MARKETING MANAGEMENT There are really only two important functions in business: marketing and innovations ...
Introduction to Marketing Management <ul><li>The marketing concept </li></ul><ul><li>Using marketing research to implement...
The marketing concept <ul><li>The  marketing concept  helps a business focus its efforts on satisfying customer needs in a...
Using marketing research to implement marketing concept <ul><li>Marketing research  is the systematic gathering, recording...
How Marketing Research Aids Marketing <ul><li>By analysing marketplace data such as attitudinal,demographic,and lifestyles...
Developing and implementing marketing strategy <ul><li>Strategies include: </li></ul><ul><li>Setting Objectives </li></ul>...
The Product Life Cycle <ul><li>The product life cycle has four major stages: </li></ul><ul><li>Introduction </li></ul><ul>...
Products/Prices/Packaging <ul><li>Need for a wide product mix. Evaluate market opportunities to launch new products or ext...
Establishing Pricing Policies <ul><li>Effect of product life cycle. When you introduce a new product , you have two altern...
Mark-up <ul><li>Markup as percentage of cost = </li></ul><ul><li>Sterling(£) amount of markup </li></ul><ul><li>Cost of th...
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Concept Of Marketing

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Concept Of Marketing

  1. 1. INTRODUCTION TO MARKETING MANAGEMENT There are really only two important functions in business: marketing and innovations – Peter Drucker Prabuddh Banerjee
  2. 2. Introduction to Marketing Management <ul><li>The marketing concept </li></ul><ul><li>Using marketing research to implement marketing concept </li></ul><ul><li>Developing and implementing marketing strategy </li></ul><ul><li>Product Life Cycle </li></ul><ul><li>Products/Prices/Packaging </li></ul>
  3. 3. The marketing concept <ul><li>The marketing concept helps a business focus its efforts on satisfying customer needs in a way that makes a satisfactory profit. </li></ul><ul><li>The concept comprises three basic elements: customer orientation, goal orientation, and systems approach. </li></ul><ul><li>Systems Approach: In a system all parts of the business work together. The customers needs are identified, and internal procedures are set up to ensure that the right goods and services are produced, distributed and sold to meet those needs . </li></ul>
  4. 4. Using marketing research to implement marketing concept <ul><li>Marketing research is the systematic gathering, recording, and analysing of data relating to the marketing of goods and services. By studying customer’s actions and reactions, and drawing conclusions from them, we can use marketing research to improve marketing activities. </li></ul><ul><li>Marketing research can be used to find out whether a location and environment or population are right for the proposed product. </li></ul>
  5. 5. How Marketing Research Aids Marketing <ul><li>By analysing marketplace data such as attitudinal,demographic,and lifestyles changes, marketing research can help plan a businesses strategic efforts. Thus marketing research can be effective in: </li></ul><ul><li>Identifying customers for the firms products </li></ul><ul><li>Determining their needs </li></ul><ul><li>Evaluating sales potential for both the firm and its industry </li></ul><ul><li>Selecting the most appropriate channel of distribution </li></ul><ul><li>Evaluating advertising and promotional effectiveness </li></ul>
  6. 6. Developing and implementing marketing strategy <ul><li>Strategies include: </li></ul><ul><li>Setting Objectives </li></ul><ul><li>Choosing target market's)- using market segmentation. This implies identifying and evaluating various layers of a market . </li></ul><ul><li>Developing an effective marketing mix- Marketing mix consists of controllable variables that the firm combines to satisfy the target market. The variables are:Product,Place,Promotion,and Price </li></ul>
  7. 7. The Product Life Cycle <ul><li>The product life cycle has four major stages: </li></ul><ul><li>Introduction </li></ul><ul><li>Growth </li></ul><ul><li>Maturity </li></ul><ul><li>Decline </li></ul><ul><li>The PLC is used to time the introduction and improvement of profitable products and dropping or recycling of unprofitable ones. </li></ul>
  8. 8. Products/Prices/Packaging <ul><li>Need for a wide product mix. Evaluate market opportunities to launch new products or extend the life of existing ones. </li></ul><ul><li>Packaging: Protects and Promotes the product </li></ul><ul><li>Pricing the Product: Pricing can make the difference between success and failure for any business. The four “Cs” of pricing. They are: </li></ul><ul><li>Customer ] internal </li></ul><ul><li>Company ] internal </li></ul><ul><li>Competition] external </li></ul><ul><li>Constraints ] external </li></ul>
  9. 9. Establishing Pricing Policies <ul><li>Effect of product life cycle. When you introduce a new product , you have two alternatives(1) to set a skimming price or (2) to set a penetration price. </li></ul><ul><li>Meeting the competition </li></ul><ul><li>Cost-oriented pricing </li></ul><ul><li>Mark-up. The amount added to the cost of the product to determine the selling price, determined by the type of product sold, the amount of service provided, and how rapidly the product sells, and the amount of planned profit. </li></ul>
  10. 10. Mark-up <ul><li>Markup as percentage of cost = </li></ul><ul><li>Sterling(£) amount of markup </li></ul><ul><li>Cost of the item </li></ul>

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