...BUSINESS STUDIES- XII-NOTES ________________________________________________________________ MARKETING MANAGEMENT CONCEPT MAPPING: 1. Market, Consumer, Seller / Marketer – meaning 2. Marketing – meaning, Features – Role 3. Marketing Management – Measuring Nature and Objectives 4. Difference between marketing and selling 5. Marketing Functions 6. Marketing Mix – product, price, place and promotion 7. Advertising – meaning, features, merits and limitations. 8. Various media of Advertising and Media selection. 9. Objections to advertising 10. Sales promotion and Trade promotion – meaning and variety of Tools / methods used. 11. Personal selling – measuring features and steps in sales process 12. Publicity and Public Relations – meaning and methods used. LEARNING OBJECTIVES Market, Customer, Seller / Marketer – meaning Meaning Functions and Role of Marketing Marketing Management – meaning Nature and objectives Difference between marketing and selling Marketing Functions Marketing mix – concept and elements Meaning Role and Limitations of Advertising Media for Advertising, Media Selection Objections to Advertising. Sales promotions / Trade promotion – meaning and variety of Tools / Methods used Personnal selling – meaning, Features and steps in sales process. Publicity and public relations – meaning and methods used. KEY CONCEPTS IN NUTSHELL: MARKET : It refers to a place where the buyers and sellers meet each other for sale...
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...Creating a Personal Selling Philosophy Abstract At some point, every transaction will require some elements of sales. More specifically, every business offers either a service or is selling a product. A career in sales can personally and financially prove to be rewarding and beneficial. In order to be a successful salesperson, one should develop a personal selling philosophy. Personal selling can be referred to as one of the major promotional methods used in business either by the people employed, by the total expenditures, or by the expenses as a percentage of sales. This paper will discuss developing a personal selling philosophy, selling factors style in a global environment, and examining a fit assessment. Creating a Personal Selling Philosophy Personal selling is the interactive process whereby a buyer and a seller negotiate an exchange process. It is usually, though not necessarily, carried out in a fact-to-face encounter between the parties [ (Blythe, 2009) ]. Personal selling is tailored specifically to respond to the customers’ needs and resolve their problem. Salespeople are encouraged to develop a personal selling philosophy based on the three prescriptions: adopt the marketing concepts, value personal selling and assume the role of a problem solver or partner. Sales trainers and writers have emphasized the problem-solving aspects of selling for many years now: the most successful presentations are those in which the customer does most of the talking...
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...Chapter 15 Summary Yuzhe Jiang Chapter 15 talks about the role of promotion in the marketing mix, the elements of the promotional mix, the communication process. The communication process has several steps, the goals and tasks of promotion, the AIDA concept and its relationship to the promotional mix, the factors that affect the promotional mix and the concept of integrated marketing communications. First, the role of promotion in the marketing mix. Promotion is communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response. Promotional strategy is the plan for using the elements of promotion-advertising, public relations, sales promotion, and personal selling-to meet the firm's overall objectives and marketing goals. Based on these objectives, the elements of the promotional strategy become a coordinated promotion plan. The promotion plan then becomes an integral part of the total marketing strategy for reaching the target market along with product, distribution, and price. Second, the elements of the promotional mix. The elements of the promotional mix include advertising, public relations, sales promotion, and personal selling. Advertising is a form of impersonal, one-way mass communication paid for by the source. Public relations is the function of promotion concerned with a firm's public image. Firms can't buy good publicity, but they can take steps to create a positive company image...
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...Marketing Compare and contrast the five different marketing management orientations. Is the one orientation right and the others wrong? Katarzyna Kawa 1. INTRODUCTION Marketing as barter has its ancestry in olden times, when people started to produce goods for their own use and then to exchange them for other things. The concept of marketing that we have now has more to do with developments from the period of the industrial revolution of the 18th and 19th centuries. This was an age of fast social change determined by technological and scientific innovation. In the late nineteenth and early twentieth centuries, manufacturers did not really need marketing. It was not a problem for them to sell whatever they produced. As marketplace and technology developed, competition started increasing and companies began to produce more than they could without difficulty sell. In 1950s and 1960s organizations developed increasingly huge forceful sales, and more aggressive advertising methods. In 1970s marketing generally moved away from a heavy emphasis on post-production selling and advertising to become a more comprehensive and integrated field, earning its place as a major influence on corporate strategy. As a final point in the 1980s customers obtained their correct place at the center of the organization’s life, and yet there is still space for further development of the marketing concept, as new submissions and contexts come out. 2. MARKETING ORIENTATIONS The marketing...
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...Marketing I (Fundamentals) Week 2 Marketing Orientation Marketing Management Ø The analysis , Planning , Implementation and Control activities of management with regards to marketing. Marketing Management Philosophies 1. Production Concept Focus on production and distribution efficiencies Consumers will favour products that are available and affordable 2. Product concept Focus on product improvement Consumers favour better products 3. Selling concept Focus on more selling and promotion Consumers won’t buy unless you persuade them 4. Marketing Concept Focus on satisfying target markets needs and wants better than competitors as a way to achieve organisational goals. 5. Societal Marketing Concept Ø Same as marketing Ø But do it in a way that the society’s well-being is maintained or improved. The pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare –e.g. fast food. The societal concept seems appropriate bin an age of: • • • • Environmental problems Resource shortages Rapid population growth World-wide economic problems 1 Marketing I (Fundamentals) • Neglected social services Marketing Challenge into the Next Century 1. Growth of nonprofits marketing 2. The information Technology Boom 3. Rapid globalisation 4. The changing world economy 5. The call for move ethics and social responsibility 6. The new marketing landscape The 4ps 1. Product • • • The product can be tangible or intangible The right product for...
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...13 Discuss the concept of Integrated Marketing Communication. * Globally Integrated Marketing Communication is an international trend. The challenges to coordinate marketing efforts are the cultural differences. International companies have two strategies available: * Standardization: The process of using the same product and marketing approach across countries * Adaptation: The process of modifying the product and marketing approach for each country Identify various marketing communication elements. Advertising-Advertising has four characteristics: it is persuasive in nature; it is non-personal; it is paid for by an identified sponsor; and it is disseminated through mass channels of communication. Public Relations- is defined as a management function which identifies, establishes, and maintains mutually beneficial relationships between an organization and the publics upon which its success or failure depends. Direct Marketing-the oldest form of marketing, is the process of communicating directly with target customers to encourage response by telephone, mail, electronic means, or personal visit. Database Marketing-is a form of direct marketing that attempts to gain and reinforce sales transactions while at the same time being customer driven Sales Promotion -are direct inducements that offer extra incentives to enhance or accelerate the product's movement from producer to consumer. Sponsorships- Sponsorship or event marketing, combine advertising...
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...Marketing Unit Assignment 1 1) Definitions of Marketing There are many definitions of Marketing. Each of them includes different aspect of Marketing in a global business environment. To see and highlight the differences of each definition I will write them down in order to see the full picture of what Marketing is all about. • Marketing is the performance of business activities that direct the flow goods and services from organisations to their customers. This is simplest statement which explains Marketing very generally as a “business itself”. The aim of any business organisation is to sell goods to the customers, therefore Marketing is a way to reach those customers. • Marketing involves the business understanding the needs and wants of customers and adapting the operations to deliver the right goods and services more efficiently than its competitors. There is big competition on a global business market, so to be ahead of competitors, the company is spending more money and time in order to find the right way of how to reach the right customers and send them the right information about the product to gain their interest. • Marketing is concerned with the matching of an organisations capabilities with consumers wants. Marketing plays the central place in business process by identifying the needs of consumers and then analysing whether is that particular organisation is able to satisfy these needs or not. • Marketing is the process...
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...2. BCG Matrix and Marketing Plan * Boston Consulting Group approach: a company classifies all its SBU’s according to the growth-share matrix * Growth share matrix: a portfolio planning method that evaluates a companies strategic business units (SBU’s) in terms of its market growth rate and relative market share * Market growth rate: provides a measure of market attractiveness * Relative market share: serves as a measure of company strength in the market * Four types of SBU’s: * Stars high growth, high share businesses or products * Cash cows low growth, high share businesses or products * Question marks low share business units in high growth markets * Dogs low growth, low share businesses and products * PROBLEMS: can be difficult, time consuming and costly to implement * Management may find it difficult to define SBU’s and measure market share and growth * Focus on classifying current businesses but provide little advice for future planning * Marketing plan: deciding on marketing strategies that will help the company attain its overall strategic objectives * Marketing strategy: consists of specific strategies for target markets, positioning, the marketing mix and marketing expenditure levels – how a company intends to create value for target customer to capture value in return * Detailed marketing plan is needed for each business, product or brand * Plan begins with executive summary...
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... 1 AN INTRODUCTION TO MARKETING MANAGEMENT CONTENTS 1.0 Aims and Objectives 1.1 Introduction 1.2 Marketing Concept 1.2.1 The Production Concept 1.2.2 The Selling Concept 1.2.3 The Marketing Concept 1.2.4 Relationship Marketing 1.2.5 The Societal Marketing Concept 1.2.6 Holistic Marketing Approach 1.2.7 Marketing Mix 1.2.8 Product (Customer Benefit) 1.2.9 Promotion (Marketing Communications) 1.2.10 Distribution (Customer Convenience) 1.2.11 Price (Customer Cost) 1.2.12 The Marketing Mix Coherency 1.2.13 The Marketing Mix Dynamics 1.3 Defining and Delivering Customer Value and Satisfaction 1.3.1 Customer Value and Satisfaction 1.4 Value Chain 1.5 Benchmarking 1.6 Delivery Network 1.7 Let us Sum up 1.8 Lesson-end Activity 1.9 Keywords 1.10 Questions for Discussion 1.11 Suggested Readings Marketing Management 1.0 AIMS AND OBJECTIVES In this lesson we shall discuss about–An introduction to Marketing Management. After going through this lesson you will be able to: (i) (ii) Understand Marketing Concept and customer value and satisfaction. Describe Value Chain and Benchmarking. (iii) Convey delivery network. 1.1 INTRODUCTION While a product could represent many different things, a good, however, is a tangible object that can be seen and touched. A service, while a good and in sharp contrast to it, represents an intangible product that may involve human or mechanical effort in its delivery. Services are being consumed increasingly by personal and organisational consumers...
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...HANSON CANADA PROFESSIONAL SELLING SAMPLE OF QUESTIONS 1) Many studies dealing with incomes earned in the business community tell us that: A) salespeople earn significantly higher incomes than most other workers in the business communitY. B) salespeople earn siigntly less than other workers in the business community. C) salespeople earn about the same income as other persons in the business communitY. D) there are no relevant studies that link income and the salesperson. Answer: A ' 2) Which of the following statements accurately describes a career in selling? A) salespeople generally do not have good job security Bi salespeople have numerous opportunities to advance to middle-management ranks C) salespeople generally have lower incomes D) salespeople have limited opportunities for advancement Answer: B 3) ln sales, CSR stands for: A) Computer Sales Representative. B) Customer Service Representative. C) Customer Satisfaction Representative. D) Competitor Status Rating. Answer: B 4) All of the following describe a category of sales personnel in the field of manufacturing excePf: A) rack jobber. B) sales engineer, C) field salesPerson. D) detail salesPerson. Answer: A 5) All the following statements regarding careers in personal selling are true except: A) Sales careers can provide above-average psychic income. ei fne skills and knowledge needed to achieve success in the various selling careers vary greatlY. c) salespeople today have many...
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...www.jntuworld.com m o e e .c rs in g UNIT-I n E a F D a O o www.jntuworld.com LESSON 1 AN INTRODUCTION TO MARKETING MANAGEMENT CONTENTS 1.0 Aims and Objectives 1.1 Introduction 1.2 Marketing Concept 1.2.1 The Production Concept m o 1.2.2 The Selling Concept .c rs 1.2.3 The Marketing Concept 1.2.4 Relationship Marketing 1.2.5 The Societal Marketing Concept e e 1.2.6 Holistic Marketing Approach in g 1.2.7 Marketing Mix 1.2.8 Product (Customer Benefit) n E 1.2.9 Promotion (Marketing Communications) 1.2.10 Distribution (Customer Convenience) O o 1.2.11 Price (Customer Cost) 1.2.12 The Marketing Mix Coherency D a 1.2.13 The Marketing Mix Dynamics a F 1.3 Defining and Delivering Customer Value and Satisfaction 1.3.1 Customer Value and Satisfaction 1.4 Value Chain 1.5 Benchmarking 1.6 Delivery Network 1.7 Let us Sum up 1.8 Lesson-end Activity 1.9 Keywords 1.10 Questions for Discussion 1.11 Suggested Readings www.jntuworld.com Marketing Management 1.0 AIMS AND OBJECTIVES In this lesson we shall discuss about–An introduction to Marketing Management. After going through this lesson you will be able to: (i) Understand Marketing Concept and customer value and satisfaction. (ii) Describe Value Chain and Benchmarking. (iii) Convey delivery network. 1.1 INTRODUCTION While a product could represent many different things, a good, however, is...
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...Evolution of Selling Models that Complement the Marketing Concept May-14-14 11:57 AM Marketing Concept- a philosophy that says the firm should co-ordinate all its activities to satisfy its customers whole achieving its own goal Marketing Mix- a set of controllable, tactical marketing tools that consists of everything the firm can do to influence the demand for its product. These can be organized into four sets of variables; product, place, promotion, price Consultative Selling- an approach to personal selling that is an extension of the marketing concept. Emphasis is placed on need identification, need satisfaction, and the building of a relationship that results in repeat business Transactional Selling- a sales process that most effectively matches the needs of the value-conscious buyer, who is primarily interested in price and convenience The major features of consultative selling are as follows; 1. The customer is seen as a person to be served, not to be sold a. NEED DISCOVERY 1. The buyers needs are identified through two-way communication (key for sales person to learn about the needs of the consumer as much as possible) a. SELECTION OF THE SOLUTION 1. Helping the buyer make an informed and intelligent buying decision adds value to the sales process a. NEED SATISFACTION PRESENTATION 1. Emphasizes service at every phase of the personal selling process a. SERVICING THE SALE The Evolution of Strategic Selling Strategic...
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...Sales Management Question 1. A leading University in Kenya is planning to recruits two sales people to contribute in their growth plan. They have approached you as a marketing expert regarding the qualities of sales people should hire. What would be your advice? A salesperson should possess several qualities that would enable him/her to perform the outlined tasks effectively. A person may make a good salesman in one line of business and may fail in another. Therefore, as a marketing expert, I would advise the University to consider both the physical and mental attributes of the available candidates. a) Physical attributes: A successful salesperson must have sound health and pleasing personality. A growth plan in the University is arduous and requires sharpness in handling the associated responsibilities. He/she should have capacity for hardwork, stamina and sufficient tolerance. A good personality consists of several attributes namely; neat appearance, refined tastes, good habits, clear voice and a confident demeanour. Only a well-groomed and cheerful candidate can create a good impression on the clients. The recruiting panel should be keen to look out for: Personality: Personality is a composite of various characters of a person-personal appearance, habits, manners, way of dressing, posture and voice. They should be good listeners who appreciate constructive criticism. A good personality will ensure that there are minimal deviations from the growth plan due to challenges...
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...DEFINING THE MARKETING FOR THE 21ST CENTURY 1 C H A P T E R _________________________________________________________________________ INTRODUCTION Change is occurring at an accelerating rate; today is not like yesterday, and tomorrow will be different from today. Continuing today’s strategy is risky; so is turning to a new strategy. Therefore, tomorrow’s successful companies will have to heed three certainties: ➤ Global forces will continue to affect everyone’s business and personal life. ➤ Technology will continue to advance and amaze us. ➤ There will be a continuing push toward deregulation of the economic sector. These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? These three developments—globalization, technological advances, and deregulation— spell endless opportunities. But what is marketing and what does it have to do with these issues? Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.” Whether the marketer is Procter & Gamble, which notices that people feel overweight and want tasty but less fatty food and invents Olestra; or CarMax, which notes that people want more certainty when they buy a used automobile and invents a new system for selling used cars; or IKEA, which notices that people want good furniture at a...
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...[Type your address] [Type your phone number] [Type your e-mail address] FINANCIAL ACCOUNTING FOR MANAGERS Marketing Management II Course Professor: Dr. Kartik Dave Contact: 9873099223 Opposite Conference Room, First Floor Contact no.: 0120-2323001-10 Ext 360 Email: kartik.dave@bimtech.ac.in Course Objectives: In Marketing Management II, students would be introduced to the tactical areas of marketing – the various marketing mix (the four Ps) strategies: Product Strategy Pricing Strategy Place (Distribution) Strategy Promotion (Communication) Strategy This will enable the students to combine their earlier knowledge in the strategic areas of marketing (covered in Marketing Management I) with that in the tactical marketing strategies to improve their problem solving and decision-making abilities in the real life business situations. Pedagogical Methods: The course employs a balanced mix of lectures/class discussions and cases /assignments/projects. Class lectures and discussions provide an exposition of key concepts, and are supported by current marketing practices. The cases/assignments/projects provide an opportunity to apply the theories, concepts, and analytical devices developed in the lectures. Lecture / Class Discussion: This time will be devoted to the presentation of theories, concepts, and analytical techniques useful for marketing management. The course outline indicates topic wise chapters of the relevant textbooks and also includes few other important...
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