Marketing Management for MBA

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Marketing Management for MBA Students. Important points for revision.

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Marketing Management for MBA

  1. 1. Marketing Management for MBA Important points for revision based on popular exam questions
  2. 2. Advantages of differentiation strategy  Create value  Non-price competition  Brand loyalty  No perceived substitute
  3. 3. Marketing vs Selling  Marketing is about planning, pricing, promotion, packaging, advertising and selling  Selling involves making more sales so as to increase the company’s revenues
  4. 4. Marketing Concepts  Production  Sales  Marketing  Product  Societal marketing
  5. 5. Advantages of strong brands  Improved perception of product performance  Greater loyalty  Less vulnerable to competitors  Less vulnerable to crisis  Larger margin
  6. 6. How to attract & retain customers?  Reduce rate of defect  Increase longevity  Enhance share of market  Terminate low profit customers  Focus more effort on high profit customers
  7. 7. Buying decision process  Need recognition / problem recognition  Information search  Alternative evaluation  Purchase decision  Post purchase behaviour
  8. 8. 3 activities of target marketing  Segmenting  Targeting  Positioning
  9. 9. Service differentiation  Ordering ease  Delivery  Installation  Customer training  Customer consulting  Maintenance & repair
  10. 10. 6 steps of price setting  Select pricing objective / positioning  Determine demand  Estimate cost  Analyze your competitors  Select price method  Select the price
  11. 11. 4 factors that influence consumer/ buyer behaviour  Cultural  Social  Personal  Psychological
  12. 12. Steps in establishing pricing policy  Product positioning  Price elasticity of demand  Price sensitivity  Understand cost structure through cost & price analysis  Competitive pricing strategy
  13. 13. Objective of setting up the right pricing policy  Current profit maximization  Current revenue maximization  Maximize quantity  Maximize profit margin  Quality leadership  Partial cost recovery  Survival  Status quo
  14. 14. Product life cycle  Introduction  Growth  Maturity  Decline
  15. 15. Market segmentation  Geographic  Demographic  Psychological  Behavioral
  16. 16. Criteria of effective segmentation  Measurable  Substantial  Accessible  Differentiable  Actionable
  17. 17. Roles of purchase decision  Initiator  Users  Influencers  Deciders  Approver  Buyers  Gatekeeper
  18. 18. Maslow’s hierarchy of needs  Self actualization (growth, accomplishment)  Self esteem (recognition, reward, status)  Social (love, family, affection)  Safety  Psychological (air, food, sleep)
  19. 19. Porter’s theory  Threat of new entrants  Threat of substitutes  Bargaining power of customers  Bargaining power of suppliers  Competitive rivalry
  20. 20. Characteristic of business market  Fewer buyers  Close supplier-customer relationship  Professional purchasing  Many buying influences  Multiple sales calls  Derive demand  Inelastic demand  Fluctuating demand  Direct purchase  Geographically concentrated buyers
  21. 21. Variables to analyse competitors  Share of market  Share of mind  Share of heart
  22. 22. Defending market share strategies  Position defense  Preemptive defense  Center offensive defense  Contraction defense
  23. 23. Packaging  Features  Customizing  Performance quality  Durability  Reliability  Repairability  Style
  24. 24. Freud vs Maslow  Freud – behaviour is guided by subconcious motivation.  Maslow – behaviour is driven by lowest, unmeet need.
  25. 25. Criteria to create brand elements  Memorable  Meaningful  Likeable  Transferable  Adaptable  Profitable
  26. 26. Customerisation vs customization  Customerisation – marketing product at targeted customers  Customization – what you do to make something the way you want it
  27. 27. Market segment based on brand loyalty  Hard core loyal  Split loyal  Shifting loyal  Switcher
  28. 28. Service characteristic  Intangibility  Variability  Inseparability  Perishability
  29. 29. 5 determinants of quantity services  Tangible  Reliability  Responsiveness  Assurance  Empathy
  30. 30. Relationship marketing  Interesting corporate website control  Social media optimization  Personalization and customization
  31. 31. Risk perceived  Functional  Physical  Financial  Social  Psychological  Time
  32. 32. Criteria Gen Y segment  Word of mouth  Engagement  Loyalty  An inside voice  Respect
  33. 33. Megatrend  Changes that are slow to form but once in place they influence us for some time. For example:  Transformation through technology  Income segmentation  Increase awareness  Exhibition  Changing lifestyle  Foot falls at malls  Age complexity and gender segmentation  Travel and holidays  Online shopping, booking and resale  Health and wellness
  34. 34. Strategies in sustaining rapid market growth  Improve product quality  Add new feature  Improve styling  Add new model  Enter new market  Increase distributing covering  Shift product
  35. 35. Production mix vs production line  Production mix - Products of a company  Production line – close related products
  36. 36. Production mix 4 dimension  Width - number of different product lines carries by the company  Length – total number of items in the product lines  Depth – number of version offered of each product in the line  Consistency – closely related the various product line
  37. 37. GOOD LUCK!!!  Ensure you elaborate the points when answering in the exam!  Include examples would be even better  If you don’t have enough time and have to put your answer in point form, make sure you use full sentence. Compiled by cikwanro 2014

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