...Internal Assignment No.1 Paper Code : BBA-203 Paper Title : Marketing Management Q.1.1 What do you understand by Marketing ? A.1.1 Marketing is the process of communicating the value of a product or service to customers. Marketing might sometimes be interpreted as the art of selling products, but selling is only a small fraction of marketing. As the term "Marketing" may replace "Advertising" it is the overall strategy and function of promoting a product or service to the customer. *********************************************************************************************************************************************************************************************** Q.1.2 What are the components of marketing mix ? Q.1.2 1. Product. The Product area is concerned with developing the right "product" for the target market. This offering may involve a physical good, a service, or a blend of both. Keep in mind that Product is not limited to "physical good". 2. Place.Place is concerned with all the decisions involved in getting the "right" product to the target market's Place. A product isn't much good to a customer if it isn't available when and where it's wanted. A product reaches customers through a channel of distribution. (A channel of distribution is any series of firms - or individuals - from producer to final user or consumer.) 3. Promotion.The third P - is concerned with telling the target market about the "right" product. Promotion includes...
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...Unit outline of M 501 @ IBA Course Title: Marketing Theory and Practices: M 501 Course Instructor: Dr. Md. Ridhwanul Haq Ph.D (University of Western Sydney) MBS (The Australian National University) Post Graduate Diploma in Training and Teaching (Aus-training, Sydney) MBA and BBA (University of Dhaka) An introduction of this unit Marketing is a discipline concerned with the creation of ‘value’ and exchange of ‘values’ between marketers and their customers. Marketing helps to increase the value of organizations and their clients. Furthermore, managing the marketing is about handling and implementing updated tools and technique in business world. It is a dynamic and highly stimulating field of contemporary business studies. It has been defined as the business function that determines customer needs, identifies target markets that the company can serve better than its competitors, designs marketing strategy and develops plans and programs to serve these markets effectively and efficiently. Since the basic purpose of business "is to create a customer", the way to grow a business is through marketing. Marketing is therefore often equated with creativity and viewed as one of the most important functions in business. Approach of teaching The way that the Marketing Management unit has been developed emphasizes the importance of ‘dialogue’ (through regular collaboration and discussion) as essential to effective learning. We...
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...ORIENTATION OF A FIRM (Production concept, Product concept, Selling concept and marketing concept) Marketing management wants to design strategies that will build profitable relationships with target consumers. But what philosophy should guide these marketing strategies ? What weight should be given to the interests of customers ? Very often, various interests conflict. There are four alternative concepts under which organizations design and carry out their marketing strategies : the production concept, product concept, selling concept and marketing concept. PRODUCTION CONCEPT The production concept holds that consumer will favor products that available and highly affordable. This is one of the oldest orientations that guide sellers. It gives too much importance to production of goods and services. Large scale production is the base of production concept. Hence, management should focus on improving production and distribution efficiency. Production is important in marketing as without production marketing is just not possible. This concept is still a useful philosophy in some situations e.g. A computer maker Lenovo dominates the highly competitive, price sensitive Chinese PC market through low labor costs, high production and efficiency and mass distribution. However, production concept is one-sided concept as production without considering the needs and expectations of consumers may not get the support of consumers. Companies adopting this orientation run a...
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...4.705 Marketing Management Assignment Marketing Strategy For Research In Motion Table of Contents 1. Executive summary 3 2. Value Based Marketing Strategy 4 3. Marketing mix strategy 4 a) Product 5 b) Place 6 c) Price 6 d) Promotion 6 4. Driving forces of change in the mobile industry 7 5. Changes in Competitive Landscape 8 6. Understanding customer behavior 9 7. SWOT analysis 10 8. Recommended Marketing mix strategies for RIM 13 9. Target Market for Blackberry 14 10. References 15 Executive Summary Research In Motion (RIM) is one of the world’s leading manufacturer of wireless devices and also known for their smartphone and tablet range, Blackberry. It was found in 1984 by Mike Lazaidis in Canada. Initially RIM was in to wireless equipments until 1999 when they started creating Blackberry series. Blackberry is now widely used as a smartphone which is used mainly by corporate and business people. But it also attracts a broad range of users from teenagers to other professionals. It is widely available in many countries with offices operating around the world. Recent falling of stock has forced RIM to construct an all new market strategy in order to be in a highly competitive market. It has been analyzed that it is high time RIM should constitute a better marketing plan, which will focus mainly on Value based...
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...What is Marketing? Fundamentals of Marketing Management Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Dr. P.V. (Sundar) Balakrishnan Simply put: Marketing is the delivery of customer satisfaction at a profit. Managing World-Class Organizations S #1 Balakrishnan The Marketing Objective Activities in the Marketing Process ... “Satisfy the needs of a group of customers better than the competition.” Distinguish from Selling or Advertising: – merely a subset of marketing actions used to satisfy consumer needs. Marketing focuses on the use of all the firm’s controllable influences to satisfy the customer. S #3 Balakrishnan S #2 Balakrishnan Broad Objective of Marketing Identify needs of customers that company can satisfy Design a Product (“bundle of benefits”) that satisfies those needs - better than existing products. Promote / communicate these benefits in order to motivate purchase Price at the right level so that consumers are willing & able to buy the product and the firm’s profit goals are met Make the product available at the right Place so that exchange is facilitated S #4 Balakrishnan Core Marketing Concepts To grow the business by adapting it to changes in the environment : by monitoring Needs, wants, and demands changes in customer needs changes in competition changes in the company’s own skills...
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...| |To apply an understanding of marketing strategies such as understanding terms, concepts, and principles relevant to planning and formulating | | |marketing strategies for appropriate product or services | | |To gain experiences in making effective marketing decisions via using the case learning approach | | |Transferable Skills: | | |Through lecture in classroom and presentation. | | |Teaching-learning and assessment strategy | | | | | |Knowledge of Discipline Area | | |Practical Skills | | |Problem solving and scientific skills ...
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...Marketing management is about how you use the marketing techniques such as advertising to market your product and services and at the same time manage the marketing recourses and activities. According to Kolter & Koller. 2006 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. Marketing consists of the business activities that identify the needs and wants of marketplace, determines which target segments the organization will make offers to and designs appropriate products (McColl 1995). Marketing involves a wide range of activities that enable a business to continuously understand the needs and wants of today’s customers, satisfying them and getting value in return. Through market research a business is able to find out information about markets, target markets and their needs and competitors. Marketing management is both an art and science as it is the way you communicate with the general public to market your products and services and it also involves scientific techniques to gather information of the market in which to market the product and services. From my opinion, marketing is definitely an art because it’s the way you convince one to make a purchase and it mainly focuses on emotional response, consumer experience, brand attributes and the creativeness used and it’s never the same unlike science. In fact, they aren't anywhere. “Marketing...
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...The Marketing Mindset: How to Engage Yours Strategic marketing is at once a business philosophy and a practical discipline of management pervading every function of the organization with a focus on the customer and the world in which they live. It requires clear understanding and articulation of the past and present as well as a forecast of what might happen in the future. Strategic marketing is characteristically “outside-in,” meaning that your attention originates with the customer, not the organization, ultimately helping you to create products, services, and experiences to ensure an ongoing, satisfying relationship between the two. For decades, the four Ps—product, price, place, and promotion—have served as the framework for effective marketing management. The blend of these four variables resulted in a marketing mix to form the basis of an organization’s marketing initiatives. The four Ps are: Product: products and services an organization produces and sells (because it can); Price: the amount charged (to cover costs and make profit); Place: where the organization distributes products or services (because they are the easiest and cheapest places to do so); and Promotion: what the organization says about the product or service (to the masses whenever, wherever, and however they want). This framework evolved some 40 years ago, in an age of consumerism characterized by caveat emptor—let the buyer beware. Today, organizations need to adopt the four...
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...Post Graduate Program in Management (PGPM) Faculty Name | Dr Tapan K Panda | Year/Term | 2014 - 15/Term-1 | Course Name | Marketing Management-1 | No. of Credits | 3 | No of Contact Hours | 20 | Session Duration | 90 Min. | About the Instructor: Dr Tapan K Panda is a professor of marketing at Great Lakes Institute of Management Chennai and Director of Kotler Srinivasan Centre for Research in Marketing. Prior to joining at Great Lakes, He taught at leading business schools of India including Indian Institute of Management Lucknow, Kozhikode and Indore as a full time faculty member. He has published fifteen books in various areas of marketing and was awarded late Dewang Mehta Best Marketing Faculty Award 2011 and AIMS International Best Management Professor Award in 2013. His areas of interest include brand management, customer relationship management, digital marketing. He can be reached at tapanpanda@gmail.com Course Objectives and Key Take Away This is the first course in marketing for students of the Post Graduate Program in Management. This course is designed to acquaint students with conceptual foundation of marketing and its various facets affecting business decision making in a modern organization. It focuses on * Building clear understanding of customer orientation in organizations and how marketing serves as a value delivery mechanism. * Sensitizing students to issues related to marketing environment and how managers...
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...Marketing Vitamins PGP 1 Participants May 2011 Indian Institute of Management Indore Getting Started… The process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. What is Marketing? Simply put… Marketing is the delivery of customer satisfaction at a profit. More formally… Marketing (management) is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. “Marketing is the process of creating an environment to sell” A marketer can rarely satisfy everyone in a market Market Segmentation • They identify and profile distinct groups of buyers who might prefer or require varying products and marketing mixes. • Market segments can be identified by examining demographic, psychographic, and behavioral differences among buyers Target Markets • The firm then decides which segments present the greatest opportunity—those whose needs the firm can meet in a superior fashion. Positioning • For each chosen target market, the firm develops a market offering. • The offering is positioned in the minds of the target buyers as delivering some central benefit(s). How can you use this to compare Mercedes marketing with that of BMW? A Successful Marketer fully understands consumers’ Needs, Wants and Demands State of felt deprivation for basic items...
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...PAPER 3.5: MARKETING MANAGEMENT – M.B.A. III Sem UNIT 1 Modern Marketing Concept: Social Marketing concept – Approaches to the study of marketing – Marketing segmentation – Meaning – Bases for segmentation, benefits – Systems approach – Features of industrial, consumer and services marketing. UNIT 2 Marketing Environment: External factor – Demographic factors – Internal factors – Marketing mix – Four P’s marketing. Consumer Behaviour: Meaning and importance – Consumer buying process – Determinants and theories of consumer behaviour – Psychological, sociological determinants – Theories and their relevance to marketing. Marketing Research: Meaning – Objectives – Procedure. UNIT 3 Product Mix Management: Product planning and development – Meaning and process – Test marketing – Product failures – Product life cycles – Meaning and Stages – Strategies – Meaning PLC. Product-Market Integration: Strategies – Product positioning – Diversification – Product line simplification –Planned obsolescence – Branding Policies and Strategies – Packing. UNIT 4 Price Mix Management: Pricing and pricing policies – Objectives – Procedures – Methods of price fixing – Administered and regulated prices – Pricing and product life cycle – Government control of pricing. UNIT 5 Physical Distribution Mix: Distribution channel policy – Choice of channel – Channel management – Conflict and cooperation in channels – Middlemen functions. UNIT...
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...Chapter 1: Marketing Management Basic Concepts THE SCOPE OF MARKETING To prepare to be marketers, you need to understand what marketing is, how it works, what is marketed, and who does the marketing. What Is Marketing? Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” The American Marketing Association offers the following formal definition: ―Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.” 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. A social definition of marketing is that ―marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.” Exchange and Transactions Exchange is the process of obtaining a desired product from someone by offering something in return. For exchange potential to exist, the following conditions must be satisfied: 1. There are at least two parties. 2. Each party has something that might be of value to the other party. 3. Each party is capable of communication and delivery. 4. Each party is free to accept or reject the exchange offer...
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...Table of Contents 1.0 Marketing environment analysis-Micro trends……………………….2 1.1 Competitors……………………………………………………………………3 1.2 Customers………………………………………………………………………4 2.0 Marketing environment analysis-Macro trends………………………5 2.1 Demographic………………………………………………………………....5 2.2 Technological…………………….……………………………………………5 3.0 Marketing Mix-Evaluation and Critique……………………………………6 3.1 Overview of current marketing approach……………………….6 3.2 Evaluation of Effectiveness……………………………………………..6 4.0 Marketing Mix-Redesign…………………………………………………………7 4.1 Product…………………………………………………………………………..7 4.2 Price……………………………………………………………………………....7 4.3 Place……………………………………………………………………………....8 4.4 Promotion………………………………………………………………….…..8 4.5 Physical evidence……………………………………………………………8 4.6 Processes……………………………………………………………………..…9 4.7 People……………………………………………………………………….……9 5.0 Recommendations…………………………………………………………………10 5.1 Recommendation one…………………………………………………..10 5.2 Recommendation two…………………………………………………..10 Reference List In this day and age, business is a vital element in modern society. Marketing plays an important position in business strategic. The aim of marketing is to create value for customer and capture value from customer in return (Kotler & Armstrong, 2012, p.26).The first foundation stone was laid in 1913 with the opening of a small food store in the German town of Essen. It didn't take long for this little 'service store' to become a popular place to shop. In 1954, a celebration was held...
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...Marketing - Session 0 Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. Core marketing concepts: 1. Needs, wants, & demands : Needs : Basic human requirements (Air, water, food, clothing, and shelter ) Wants : Needs directed to specific objects that might satisfy the need (Shaped by society ) Demands :Wants for specific products backed by an ability to pay (Necessity to measure how many people are able buy a company’s products ) Offerings & brands Companies address customer needs through a value. Proposition: Set of benefits that satisfy customer needs. Offerings: Physical representation of those benefits. Brands: Offering from a known source, a brand’s name carries many associations in people’s mind that makes up its image. 2. 3. Value & satisfaction Value: sum of tangible and intangible benefits and costs to a customer (perceived value increases with the quality and services) Satisfaction: A person’s judgment of a product’s perceived performance in relationship to his expectations. 4. Exchanges & relationships Exchange: The act of obtaining a desired object from someone by offering something in return. (= ONE sale, to ONE customer) Relationship: several exchanges with several customer = the goal. Relationships are built through delivering value and satisfaction. The marketing process: 1- Analyzing the environment...
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...2011-05-01T10:03:11HTML: <noscript> 2011-05-01T10:03:11HTML: </noscript> 2011-05-01T10:03:11HTML: <noscript> 2011-05-01T10:03:11HTML: </noscript> 2011-05-01T10:03:11HTML: <noscript> 2011-05-01T10:03:11HTML: </noscript> 1 |P a g e Chapter 1: Marketing Management Basic Concepts THE SCOPE OF MARKETING To prepare to be marketers, you need to understand what marketing is, how it works, what is marketed, and who does the marketing. What Is Marketing? Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” The American Marketing Association offers the following formal definition: ―Marketing is the process of planning and executing the conception, pricing, promotion, and distributionof ideas, goods, and services to create exchangest hat satisfy individualand organizational goals.” 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. A social definition of marketing is that ―marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.” Exchange and Transactions Exchange is the process of obtaining a desired product from someone by offering...
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