MARKETING MANAGEMENT PRESENTED ON BEHALF OF: INTERNATIONAL SCHOOL OF BUSINESS AND MEDIA BY: PROF. HIMMAT G. ADISARE,CORE TEXT: MARKETING MANAGEMENT BY PHILIP KOTLER (11th Edition),INTRODUCTION TO MARKETING MANAGEMENT,Ref: Chapter 1 of Core Text,MARKETING MANAGEMENT: DEFINITIONS,1. “Marketing is the creation and delivery of a standard of living”. 2. “Marketing is a managerial and societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value with others”.,Ref: Chapter 1 of Core Text,THE SCOPE OF MARKETING,Marketers are involved with marketing ten types of entities: 1. Physical Goods 2. Services3. Experiences4. Events,5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas,Ref: Chapter 1 of Core Text,A SIMPLE MARKETING SYSTEM,INDUSTRY (A collection of sellers),MARKET (A collection of buyers),COMMUNICATION,INFORMATION,GOODS & SERVICES,MONEY,Ref: Chapter 1 of Core Text,STRUCTURE OF FLOWS IN A MODERN EXCHANGE ECONOMY,RESOURCE MARKETS,CONSUMER MARKETS,INTERMEDIARY MARKETS,MANUFACTURER MARKETS,GOVERNMENT MARKETS,MONEY,RESOURCES,MONEY,RESOURCES,MONEY,MONEY,GOODS & SERVICES,GOODS & SERVICES,TAXES & GOODS,SERVICES & MONEY,S&M,TAXES & GOODS,SERVICES,TAXES,S&M,T&G,MARKETING CONCEPTS-I,There are five competing concepts under which organizations conduct marketing activities: The PRODUCTION CONCEPT holds that consumers will prefer products that are widely available and inexpensive. The PRODUCT CONCEPT holds that consumers will favor those products that offer the most quality, performance, or innovative features.(continued),Ref: Chapter 1 of Core Text,MARKETING CONCEPTS-I,The SELLING CONCEPT holds that consumers and businesses, will ordinarily not buy enough of the organizations products. The organization must therefore, undertake an aggressive selling and promotion effort. 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.,(continued),Ref: Chapter 1 of Core Text,MARKETING CONCEPTS-I,The SOCIETAL MARKETING concept holds that the organizations task is to determine the needs, wants, and interests of the target markets and to deliver the desired satisfactions more effectively than competitors in a way that preserves the consumers and societys well-being.,Ref: Chapter 1 of Core Text,MARKETING CONCEPTS-II,The Core Concepts of Marketing,Needs,Wants,Demands,Products,Value,Cost,Satisfaction,Exchanges,Transactions,Relationships,Markets,Marketing,Marketers,1,2,3,4,5,6,CUSTOMER RELATIONSHIPS,Ref: Chapter 2 of Core Text,CREATING CUSTOMER VALUE AND SATISFACTION,Customer delivered value: the difference between total customer value and total customer cost.Total customer value: the bundle of benefits customers expect from a given product or service.Total customer cost: the bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the product or service.,(continued),Ref: Chapter 2 of Core Text,CREATING CUSTOMER VALUE AND SATISFACTION,Example of Customer Delivered Value: a) Buyers perception of offers worth =Rs.2,00,000=00b) Companys cost of manufacture =Rs.1,40,000=00c) Companys price = Rs.1,60,000=001. Customer Delivered Value: = Rs.40,000=002. Customer Delivered Value: = 1.25 (as a ratio),(continued),Ref: Chapter 2 of Core Text,CREATING CUSTOMER VALUE AND SATISFACTION,Customer Satisfaction: Whether a customer is satisfied after purchase depends on the offers performance in relation to the buyers expectations. We may define it as:“Customer satisfaction or dissatisfaction is a persons feeling of pleasure or disappointment resulting from comparing a products perceived performance (or outcome) in relation to the persons expectations”.,Ref: Chapter 2 of Core Text,THE NATURE OF HIGH PERFORMANCE BUSINESSES,STAKEHOLDERS,PROCESSES,RESOURCES,ORGANIZATION,Set strategies to satisfy key stakeholders , by improving critical business processes , and aligning resources and organization.,MARKET-ORIENTED STRATEGIC PLANNING,Ref: Chapter 4 of Core Text,STRATEGIC PLANNING: THE FOUR LEVELS,Most large companies consist of four organizational levels: The Corporate level The Division level The Business Unit level The Product level,Ref: Chapter 4 of Core Text,THE STRATEGIC PLANNING, IMPLEMENTATION & CONTROL PROCESSES,PLANNING,IMPLEMENTING,CONTROLLING,Corporate Planning,Division Planning,Business Planning,Product Planning,Organizing,Implementing,Measuring Results,Diagnosing Results,Taking Corrective Action,DEFINING THE CORPORATE MISSION,Peter Druckers Classic Questions:1. What is our business?2. Who is the customer?3. What is value to the customer?4. What will our business be?5. What should our business be?,