Marketing Management


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Marketing Management

  1. 1. Marketing Management Axiom Education
  2. 2. MARKETING MANAGEMENT: DEFINITIONS <ul><li>“ Marketing is the art of selling products” </li></ul><ul><li>“ The aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer such that the product fits him and sells itself” </li></ul><ul><li>Ideally, marketing should result in a customer who is ready to buy </li></ul>
  3. 3. THE SCOPE OF MARKETING <ul><li>Marketing People are involved in marketing 10 types of things: </li></ul><ul><li>Goods </li></ul><ul><li>Services </li></ul><ul><li>Experiences </li></ul><ul><li>Events </li></ul><ul><li>Persons </li></ul><ul><li>Places </li></ul><ul><li>Properties </li></ul><ul><li>Organisations </li></ul><ul><li>Information </li></ul><ul><li>Ideas </li></ul>
  4. 4. A SIMPLE MARKETING SYSTEM Communication Information Goods/Services Money Market (a collection of Buyers) Industry (a collection of sellers)
  5. 5. MARKETING CONCEPTS <ul><li>There are competing concepts under which organizations conduct marketing activities : </li></ul><ul><li>The PRODUCTION CONCEPT holds that consumers will prefer products that are widely available and inexpensive. </li></ul><ul><li>The PRODUCT CONCEPT holds that consumers will favor those products that offer the most quality, performance, or innovative features. </li></ul><ul><li>The SELLING CONCEPT holds that consumers and businesses, will ordinarily not buy enough of the organization’s products. The organization must therefore, undertake an aggressive selling and promotion effort. </li></ul><ul><li>The MARKETING CONCEPT holds that the key to achieving its organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets </li></ul>
  6. 6. THE MARKETING PROCESS <ul><li>The Marketing Process consists of </li></ul><ul><li>Analyzing Marketing Opportunities </li></ul><ul><li>Researching and Selecting Target Markets </li></ul><ul><li>Designing Marketing Opportunities </li></ul><ul><li>Planning Marketing Programs </li></ul><ul><li>Organizing, Implementing, and Controlling the Marketing Effort </li></ul>
  7. 7. The Marketing Mix 7Ps – P The tools Price, Product, Promotion, Place, People, Process, Physical Environment
  8. 8. Price <ul><li>Pricing Strategy </li></ul><ul><li>Importance of: knowing the market </li></ul><ul><li>elasticity </li></ul><ul><ul><li>keeping an eye on rivals </li></ul></ul>
  9. 9. <ul><li>Methods used to improve/differentiate the product to gain a competitive advantage </li></ul><ul><li>Extension strategies </li></ul><ul><ul><li>Specialised versions </li></ul></ul><ul><ul><li>New editions </li></ul></ul><ul><ul><li>Improvements – real or otherwise! </li></ul></ul><ul><ul><li>Changed packaging </li></ul></ul><ul><ul><li>Technology, etc. </li></ul></ul>Product
  10. 10. <ul><li>Strategies to make the consumer aware of the existence of a product or service </li></ul><ul><li>NOT just advertising </li></ul>Promotion
  11. 11. <ul><li>The means by which products and services get from producer to consumer and where they can be accessed by the consumer </li></ul><ul><ul><li>The more places to buy the product and the easier it is made to buy it, the better for the business (and the consumer?) </li></ul></ul>Place
  12. 12. <ul><li>People represent the business and they are related as such:- </li></ul><ul><ul><li>The image they present can be important </li></ul></ul><ul><ul><li>First contact often human – what is the lasting image they provide to the customer? </li></ul></ul><ul><ul><li>Extent of training and knowledge of the product/service concerned </li></ul></ul><ul><ul><li>Mission statement – how relevant? </li></ul></ul><ul><ul><li>Do staff represent the desired culture of the business? </li></ul></ul>People
  13. 13. <ul><li>How do people consume services? </li></ul><ul><li>What processes do they have to go through to acquire the services? </li></ul><ul><li>Where do they find the availability of the service? </li></ul><ul><ul><ul><ul><ul><li>Contact </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>Reminders </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Registration </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Subscription </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Form filling </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Degree of technology </li></ul></ul></ul></ul>Process
  14. 14. <ul><li>The ambience, mood or physical presentation of the environment </li></ul><ul><li>Some Guidelines :- </li></ul><ul><ul><li>Smart/shabby? </li></ul></ul><ul><ul><li>Trendy/retro/modern/old fashioned? </li></ul></ul><ul><ul><li>Light/dark/bright/subdued? </li></ul></ul><ul><ul><li>Clean/dirty/neat? </li></ul></ul><ul><ul><li>Music? </li></ul></ul><ul><ul><li>Smell? </li></ul></ul>Physical Environment
  15. 15. <ul><li>Blend of the mix depends upon : </li></ul><ul><li>Marketing objectives </li></ul><ul><li>Type of product </li></ul><ul><li>Target market </li></ul><ul><li>Market structure </li></ul><ul><li>Rivals’ behaviour </li></ul><ul><li>Global issues – culture/religion </li></ul><ul><li>Marketing position </li></ul><ul><li>Product life cycle </li></ul>Product Place Price Promotion Target Market
  16. 16. THANK YOU !!