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marketing management


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marketing management

  2. 2. What is Marketing…?? <ul><li>Selling? </li></ul><ul><li>Advertising? </li></ul><ul><li>Promotions? </li></ul><ul><li>Making products available in stores? </li></ul><ul><li>Maintaining inventories? </li></ul><ul><li>All of the above, plus much more! </li></ul>
  3. 3. Marketing <ul><li>Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals </li></ul><ul><li>- American Marketing Association </li></ul>
  4. 4. Marketing <ul><li>Marketing is the sum of all activities that take you to a sales outlet. After that sales takes over. </li></ul><ul><li>Marketing is all about creating a pull, sales is all about push. </li></ul><ul><li>Marketing is all about managing the four P’s & C’s </li></ul>
  5. 5. The 4 Ps & 4Cs Customer Solution Customer Friendly Communication Convenience
  6. 6. Marketing Management <ul><li>Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. </li></ul>
  7. 7. Simple Marketing System Goods/services Money Information Industry (a collection of sellers) Market (a collection of Buyers) Communication
  8. 8. Difference Between - Sales & Marketing ? Sales trying to get the customer buy what the company produces Marketing trying to create the product space in the customer’s mind.
  9. 9. Scope – What do we market <ul><li>Goods </li></ul><ul><li>Services </li></ul><ul><li>Events </li></ul><ul><li>Experiences </li></ul><ul><li>Personalities </li></ul><ul><li>Place </li></ul><ul><li>Organizations </li></ul><ul><li>Properties </li></ul><ul><li>Information </li></ul><ul><li>Ideas and concepts </li></ul>
  10. 10. Core Concepts of Marketing Needs, wants demands Markets Marketing & Marketers Utility, Value & Satisfaction Xchange, Transaction Relationships Products
  11. 11. In order to understand Marketing let us begin with the Marketing Triangle Customers Competition Company
  12. 12. A  company  is a form of  business organization . It is an association or collection of individual real persons and/or other companies, who each provide some form of capital.   For e.g. : TATA GROUP OF COMPANIES COMPANY
  13. 13. Customer Anyone who is in the market looking at a product / service for acquisition, use or consumption that satisfies a want or a need
  14. 14. <ul><li>CUSTOMER has needs, wants, demands and desires </li></ul><ul><li>Understanding these needs is starting point of the entire marketing </li></ul><ul><li>These needs, wants …… arise within a framework or an ecosystem </li></ul><ul><li>Understanding both the needs and the ecosystem is the starting point of a long term relationship </li></ul>
  15. 15. How Do Consumers Choose Among Products & Services? <ul><li>Value - the value or benefits the customers gain from using the product versus the cost of obtaining the product. </li></ul><ul><li>Satisfaction - Based on a comparison of performance and expectations. </li></ul><ul><ul><li>Performance > Expectations => Satisfaction </li></ul></ul><ul><ul><li>Performance < Expectations => Dissatisfaction </li></ul></ul>
  16. 16. Customers - Problem Solution <ul><li>As a priority , we must bring to our customers “ WHAT THEY NEED ” </li></ul><ul><li>We must be in a position to UNDERSTAND their problems </li></ul><ul><li>Or in a new situation to give them a chance to AVOID the problems </li></ul>
  17. 17. A nalysis Of Competition <ul><li>Who are your competitors? </li></ul><ul><li>What are their strengths and weaknesses? </li></ul><ul><li>What have been their strategies? </li></ul><ul><li>How are they likely to respond to your Marketing plan? </li></ul>
  18. 18. Strategic Marketing <ul><li>Strategic marketing management is concerned with how we will create value for the customer </li></ul><ul><li>Asks two main questions </li></ul><ul><ul><li>What is the organization’s main activity at a particular time? – Customer Value </li></ul></ul><ul><ul><li>What are its primary goals and how will these be achieved? – how will this value be delivered </li></ul></ul>
  19. 19. <ul><li>Strategic Planning is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities. </li></ul><ul><li>Also called Strategic Management Process </li></ul><ul><li>All organizations plan strategically </li></ul><ul><li>Can be both Formal or Informal </li></ul>
  20. 20. Business Strategic-Planning Process
  21. 21. The Marketing Plan <ul><li>A written document that acts as a guidebook of marketing activities for the marketing manager </li></ul>
  22. 22. CONTENTS of MARKETING PLAN <ul><li>Business Mission Statement </li></ul><ul><li>Objectives </li></ul><ul><li>Situation Analysis (SWOT) </li></ul><ul><li>Marketing Strategy </li></ul><ul><ul><li>Target Market Strategy </li></ul></ul><ul><ul><li>Marketing Mix </li></ul></ul><ul><ul><ul><li>Positioning </li></ul></ul></ul><ul><ul><ul><li>Product </li></ul></ul></ul><ul><ul><ul><li>Promotion </li></ul></ul></ul><ul><ul><ul><li>Price </li></ul></ul></ul><ul><ul><ul><li>Place – Distribution </li></ul></ul></ul><ul><ul><ul><li>People </li></ul></ul></ul><ul><ul><ul><li>Process </li></ul></ul></ul><ul><li>Implementation, Evaluation and Control </li></ul>
  23. 23. Anything that is offered to the market for attention, acquisition, use or consumption that satisfies a want or a need Product
  24. 24. Types of Products Consumer Products Industrial Products PRODUCTS Services
  25. 25. Product Items, Lines, and Mixes Product Item Product Line Product Mix A specific version of a product that can be designated as a distinct offering among an organization’s products. A group of closely-related product items. All products that an organization sells.
  26. 26. Product Mix <ul><li>Width – how many product lines a company has </li></ul><ul><li>Length – how many products are there in a product line </li></ul><ul><li>Depth – how many variants of each product exist within a product line </li></ul><ul><li>Consistency – how closely related the product lines are in end use </li></ul>
  29. 29. What is a Service? Defining the Essence <ul><li>An act or performance offered by one party to another (performances are intangible, but may involve use of physical products) </li></ul><ul><li>An economic activity that does not result in ownership </li></ul><ul><li>A process that creates benefits by facilitating a desired change in customers themselves, or their physical possessions, or intangible assets </li></ul>
  30. 30. Some Industries - Service Sector <ul><li>Banking, stock broking </li></ul><ul><li>Lodging </li></ul><ul><li>Restaurants, bars, catering </li></ul><ul><li>Insurance </li></ul><ul><li>News and entertainment </li></ul><ul><li>Transportation (freight and passenger) </li></ul><ul><li>Health care </li></ul><ul><li>Education </li></ul><ul><li>Wholesaling and retailing </li></ul><ul><li>Laundries, dry-cleaning </li></ul><ul><li>Repair and maintenance </li></ul><ul><li>Professional (e.g., law, architecture, consulting) </li></ul>
  31. 31. <ul><li>Intangibility – Services are intangible cannot be seen, tasted, felt, heard or smelled before purchase. </li></ul><ul><li>Inseparability - Services are produced and consumed simultaneously. </li></ul><ul><li>Variability or Heterogeneity – Services are highly variable </li></ul><ul><li>Perishability – Services cannot be stored. </li></ul><ul><li>Non Ownership - Services are rendered but there is no transfer of title </li></ul>Major Characteristic of Services
  32. 32. The Marketing Mix <ul><li>The conventional view of the marketing mix consisted of four components (4 Ps): Product, Price, Place and Promotion . </li></ul><ul><li>Generally acknowledged that this is too narrow today; now includes , </li></ul><ul><li>P rocesses , </li></ul><ul><li>P roductivity [technology ] </li></ul><ul><li>P eople [employees], </li></ul><ul><li>P hysical evidence </li></ul><ul><li>Marketers today are focused on virtually all aspects of the firm’s operations that have the potential to affect the relationship with customers. </li></ul>
  33. 33. The “8Ps” of Integrated Service Management vs. the Traditional “4Ps” <ul><li>Product elements </li></ul><ul><li>Place, cyberspace, and time </li></ul><ul><li>Process </li></ul><ul><li>Productivity and quality </li></ul><ul><li>People </li></ul><ul><li>Promotion and education </li></ul><ul><li>Physical evidence </li></ul><ul><li>Price and other user outlays </li></ul>
  34. 34. The Give and Get of Marketing
  35. 35. Stages of Customer Interaction
  36. 36. Are companies truly marketing-savvy and customer - centric?
  37. 37. <ul><li>Myth 1 – The larger the range of products, the more customer-centric I am. </li></ul><ul><ul><li>Mythbuster – The range of products has </li></ul></ul><ul><ul><li>emerged from being </li></ul></ul><ul><ul><li>competition-centric. </li></ul></ul>
  38. 38. <ul><li>Myth 2 – Better technology leads to </li></ul><ul><li>better customer service. </li></ul><ul><ul><li>Mythbuster – Technology </li></ul></ul><ul><ul><li>alone does not deliver, </li></ul></ul><ul><ul><li>helps people do. </li></ul></ul>
  39. 39. <ul><li>Myth 3 – Launch a product and the customer will start </li></ul><ul><li>using instantly. </li></ul><ul><li>- Give a customer a card and he will learn how to play </li></ul><ul><li>with it immediately </li></ul><ul><ul><li>Mythbuster – Customers need </li></ul></ul><ul><ul><li>To be educated too… </li></ul></ul>
  40. 40. <ul><li>Myth 4 – Just advertise and - You will sell. </li></ul><ul><ul><li>Mythbuster – Advertising will only sell, </li></ul></ul><ul><ul><li>Not retain customers. </li></ul></ul>
  41. 41. Myth 5 – No difference between marketing & selling <ul><ul><li>Mythbuster – “selling is the end of the deal, marketing is the process that promotes sales” </li></ul></ul>
  42. 42. Myth 6 – In the absence of relationships ‘trust’ builds financial brands <ul><ul><li>Mythbuster – T rust is not a differentiator at all… it is the very minimum that the customer expects!! </li></ul></ul>
  43. 43. So what the differentiator be : <ul><li>Technology ? </li></ul><ul><li>Brand ? </li></ul>
  44. 44. The real differentiator of customer – centricity in a commoditised world of financial products - Customer Service !
  45. 45. References : <ul><li>Wikipedia </li></ul><ul><li>MANAGEMENT- PRINCIPLES,PROCESSES AND PRACTICES. </li></ul><ul><li>FUNDAMENTALS OF MANAGEMENT </li></ul>
  46. 46. <ul><li>Thank you </li></ul>Maa chudaye pom