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B.Com 07-11, Slides.3 Marketing Management Current

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Marketing Management
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B.Com 07-11, Slides.3 Marketing Management Current

  1. 1. 1. Marketing Management Marketing management is the art and science of choosing target market and building profitable relationship with them. Aim of Marketing Managers • Find • Attract • Keep • Grow Target market by creating, delivering and communicating superior customer value
  2. 2. 2. Demarketing Marketing to reduce the demand temporarily or permanently; the aim is not to destroy demand but only to reduce or shift. The marketing manager must decide Which customer they want to target On the level, timing and nature of their demand. Simply Marketing Management is Customer Management and Demand Management
  3. 3. 3. Relationship Marketing The process of establishing and maintaining mutually exchange relationship with customer and other stakeholders. Two Components of Relationship Marketing Customer Focus Competitive Advantage
  4. 4. 4. Value Proposition A company’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. **Note: Company must design strong value propositions that give them the greatest advantage in their target markets.
  5. 5. 5. Philosophies to design Marketing Strategies Management wants to design strategies that will built profitable relationship with target customer. Production Concepts Product Concepts Selling Concepts Marketing Concepts Societal Concepts
  6. 6. 1. Production Concept Consumer will favor product that are available and highly affordable. Management focus on improving production and distribution efficiency. This philosophy is still useful when Demand exceeds the supply. Product cost is too high. It leads to Marketing Myopia. (lose sight of underlying customer need )
  7. 7. 2. Product Concept Consumer will favor products that offer the most in quality performance and features. Management focus on Innovation Continuous improvement Customer will come on your door. Customer’s focus on Quality Performance Looking for better solution not better product
  8. 8. 3. Selling Concept Consumers will not buy enough products unless the Firm is engaged in large-scale selling and promotion efforts. Management focus on (make and sell) Different selling techniques Existing product
  9. 9. 4. Selling Concept Selling transaction not on building long term relationship Aim is to sell what they make not rather than make what market wants. Industry must be good in tracking down the prospects and selling them the product
  10. 10. 5. Marketing Concept holds that achieving organizational goal depends on knowing the needs and wants of target market and delivering the desire satisfaction better than competitors . Management focus on (sense and respond) Identifying customer need Satisfying the need by providing some product Management job is not to find the right customer for your product but to find the right product for your customer
  11. 11. Difference between selling and Marketing Concept Starting Point Focus Means Ends Factory (Selling Concept) Existing Product Selling, Promotion Profit from Sales volume Market (Marketing Concept) Customer needs Integrated Marketing Profits from Customer Satisfaction
  12. 12. Societal Marketing Concept A principle of enlightened marketing that holds that a company should make good decisions by considering consumer wants, the company requirements, consumer long run interest and society’s long run interests. Management focus on Consumer’ s interests Society’s long run interest Company’s interest

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