MARKETINGMARKETINGThe process by which companies create value for customers and build strong relationships in order tocapture value from customer’s in return.Market offeringSome combination of products, services, information or experiences offers to a market to satisfy aneed or want.MarketThe set of all actual and potential buyers of a product of service.Marketing ManagementThe art and science of choosing target markets and building profitable relationship with them.Production ConceptThe idea that consumers will favor products that are highly available and affordable and that theorganization should therefore focus on improving production and distribution efficiency.Product ConceptThe idea that consumer will favor products that offer the most quality, performance and features andthat the organization should therefore devote its energy to making continuous product improvement.Selling ConceptThe Idea that consumer will not buy enough of the firm’s products unless it undertakes a large scaleselling and promotion efforts.Marketing ConceptThe marketing management philosophy that achieving organizational goal depends on knowing theneeds and want of target markets and delivering the desire satisfaction better than competitors do.Customer relationship managementThe overall process of building and marinating the profitable customer’s relationship by deliveringsuperior customer value and satisfaction.Customer perceived value
The customer’s evolution of the difference between all the benefits and all the cost of the marketoffering relative to those of the competing offers.Customer’s satisfactionThe extent which products perceived performance matches a buyer’s expectations.Partner relationship managementWorking closely with partners in other company department and outside the company to jointly bringgreater value to customer.Customer Equity.The total combined customer lifetime values all of the company’s customers.Marketing ProcessPage -05 KotlerStrategic planningThe process of developing and maintaining a strategic fit between the organizations goal andcapabilities and its charging marketing opportunities.Steps in strategic planningStep1--- Corporate levelDefining the companies missionMission Statement – A statement of the organization’s purpose –what it wants to accomplish in thelarger environment.Setting companies objectives and goalsDesigning the business portfoliosAnalyzing the current business portfolioBusiness Portfolio—the collection of business and products which make up the company.Portfolio analysis—the process by which management evaluates the products and business makingup the company.Growth share Matrix
A portfolio- planning method that evaluates a company’s strategic business units in terms of theirmarket growth rate and relative market share. SBU’s are classified as starts, Cash cows, questionmarks or dogs.Developing strategy for growth and downsizingProduct market expansion grid depends of four factorsMarket Penetration-A strategy for company growth by increasing sales of current products to current market segmentwithout changing the product.Market DevelopmentA strategy for company growth by identifying and developing new market segment for currentcompany products.Product DevelopmentA strategy for company growth by offering modified or new products to current markets segment.DiversificationA strategy for company growth through starting up or acquiring business outside the company’scurrent products and markets.DownsizingReducing the various portfolio by eliminating products of business unit that are not profitable or nolonger fit for the company overall strategy.Step 2. Business UnitPlanning and marketing and other functional strategies.Partnering with other company’s departmentEach company department can be taught as of as a link in the company of a value change, eachdepartment carries out value creating activities to design, produce market deliver and support thecompany’s product.Partnering with other’s in the marketing system
Companies’ today are partnering with other members of the supply chain to improve the performanceof the customer value delivering network.Value delivering network suppliersThe network made up of the company supplier, distributors and ultimately customers who partnerwith each other to improve the performance of the entire system.Marketing Strategy and marketing mixMarketing StrategyThe marketing logic by which the business unites hope to achieve its marketing objectives.Customer driven marketing strategy 1. Companies know that they cannot profitably serve all consumers in a given market as there are different kinds of consumers with different needs. So most companies position their products in segments. So each company divides the total market in to best segments so as to create value for the customers. This process involves market segmentation target marketing, differentiation and market positioning. Market Segmentation Dividing the market into distinct groups of buyers who have distinct needs, characteristic or behavior and who might require separate products or marketing programmers. Market Segment A group of consumers who respond in a similar way to a given set of marketing efforts. Market targeting The process of evolution of each market segments attractiveness and selecting one or more segment to enter. Positioning Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target customers. Differentiation A faculty differentiating the market offering to create superior customer value. 2. Developing an Integrated Marketing Mix
After deciding overall marketing strategy a company is ready to begin planning the details ofthe marketing mix. This is one of the major’s concepts of the modern marketing. MarketingMix consists of four variables-4p’s Product, price, promotion and place.Product means goods and services combination offered by the company to the targetcustomers.Price is the amount of money customers have to pay to obtain the product.Place- It includes companies’ activities that make the product available to the targetcustomersPromotion means activities that communicate the merits of the products and persuade thetarget customers to buy it.Marketing Mix.The set of controllable tactical marketing tools product price place and promotion that the firm blends to produce the response it wants in the target market.Managing the marketing effortIn addition to the marketing companies also needs to pay attention to the management of marketing. Managing in the marketing process requires four functionsAnalysis, Planning, Implementation and controlMarketing Analysis.Managing marketing functions begins with complete analysis of the companies functions hence companies should conduct SWOT analysis.S- StrengthW—WeaknessO- OpportunityT- ThreatStrength includes internal resources capabilities and causing to situational factorsWeakness includes internal resource, internal limitation, negative situational factors which may interface with companies performance.Opportunities are favorable factors.Trends in the external environment company may exploit to its advantage.
Threats are unfavorable external factors which may pose challenge to the company.Marketing PlanningIt involves decision on marketing strategies that will help the company to achieve it’s objective. A detail marketing plan is needed for each business, product or brand.ImplementationThe process that turns the marketing strategy and plans into marketing actions in order to accomplish strategic marketing objectives.Marketing ControlMany business surprises occur during implementation of marketing plan. In the marketing department must practice marketing control.Marketing control is a process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.Marketing ControlA measure tool for the marketing control is the marketing audits.Marketing AuditsIt is a comprehensive, systematic, independent and periodic examination of a company’s environment objectives strategies and activities to determine problem area and opportunities and to recommend a plan of action to improve the company’s marketing performance.Marketing EnvironmentThe actors and forces outside marketing that affects marketing management ability to build and maintain successful relationship with the target customers.Micro EnvironmentThe actors close to the company that affects its ability to serve its customers-the company supplier, marketing intermediaries, customer market, competitors and public.Macro EnvironmentThe Larger societal forces that affects the micro environment, demographic, economic, natural, technological and cultural forces.
The companies’ micro environmentMarketing management is to build relationship with customers by creating customer values andsatisfaction marketing managers cannot do this alone they have to involve other actors in marketingmicro environment like relationship with other company department suppliers marketingintermediaries, customers, competitors, and various publics.The companyIt designs in marketing plan. Marketing management takes other companies group into account suchas top management, finance, research, r&d, purchasing, operations, and accounting. All thedepartments should function closely and coordinate to have a successful marketing plan. All thesefunctions must think of consumers.SuppliersSuppliers form important link in overall company’s customer values delivery system. Supplier’sproblem can seriously affect marketing. Like Supply Shortage, delay, Labor Strikes, rising supply cost,etc.Marketing manager should monitor trends of the key inputs (raw materials).Marketing Intermediaries.Firms that help the company to promote to sales and distributes its products to final buyers orconsumers. They include distributors, retailers, marketing services agencies and financialintermediaries.Physical Distribution firms help the companies to stock and move goods from their origin points totheir destinations.Marketing Services Agencies are marketing research firms, advertising agencies, media firms, andmarketing consulting firms. Financial Intermediaries includes banks, credits companies, insurancecompanies, etc.CustomersA company needs to study five type of customer market closely.Consumer Market – Consist of individuals, Households that buy goods and services for personalconsumption.Business Markets- Buy goods and services for further processing are used in production processReseller Market—Buy Goods and services to resell at a profit.
Government Markets-- It is made up of government agencies buying goods and services to producepublic service.International Markets—Includes consumers in the other countries.Competitors – The marketing concept says that to be successful a company must provide greatercustomer value and satisfaction that its competitors, so company should do more than thecompetitors do.Publics--- Any Market that has an actual or potential interest in or impact on an organization’s abilityto achieve its objectives.There are 7 types of publics.1. Financial Publics—It influences the company’s ability to obtain funds. Banks, investment houses, and stock-holders arethe major financial publics.2. Media Publics-It carries news, features and editorial opinions. They include newspapers, magazines andradio and television stations.3. Government PublicsManagement must take government developments into account. Marketers must oftenconsult the company’s lawyers on issues of product safety, truth in advertising and othermatters.4. Citizen- action publicsA company’s marketing decisions may be questioned by consumer organizations,environmental groups, minority groups, and others. Its public relations department can helpit stay in touch with consumer and citizen groups.5. Local publicsIt includes neighborhood residents and community organizations. Large companiesusually appoint a community relations officer to deal with the community, attendmeetings, answer questions, and contribute to worthwhile causes.6.General public
A company needs to be concerned about the general public’s attitude toward itsproducts and activities. The public’s image of the company affects its buying.7. Internal PublicsIt includes workers, managers, volunteers, and the board of directors. Largecompanies use newsletters and other means to inform and motivate theirinternal publics. When employees feel good about their company, this positiveattitude spills over to external publics.
please find the attachments and go through list , to select your brand . Assignment should behandwritten. Submission Date :30/11/2011 Wednesday in class Following are the text and referred books for Strategic Brand Management: 1.Strategic Brand Management- Kevin lane keller,Parameashwaran & Isaac jacob 2.Brand positoning - Subroto Sengupta 3.Strategic Brand Management- Richard Elliot & Larry percy 4.Compedium of Brand Management- S.A.Chunawalla