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Note for Marketing Management - MM By PABITRA KUMAR SAHU

  • Marketing Management - MM
  • Note
  • Biju Patnaik University of Technology Rourkela Odisha - BPUT
  • 6 Topics
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Marketing Management INTRODUCTION TO MARKETING MANAGEMENT “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”. WHAT CAN BE MARKETED? Marketers are involved with marketing ten types of entities: 1. Physical Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas Who Markets? Marketers and prospects: ➢ A marketer is someone who seeks a response-attention, a purchase from other parties called prospect. ➢ If two parties are seeking to sell something to each other, we call them both marketers Market: ➢ It is collection of buyers and sellers who transact over a particular product or product class Mr. P. K. Sahu (Assist. Prof. CEOB)

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Marketing Management Core marketing concepts: Needs, Wants and Demand ➢ Needs are basic human requirement ➢ Wants are needs directed to a product ➢ Demand is a want accompanied by buyer’s ability to pay. Today the challenge for the marketer is that of converting needs to wants to demands….. A Simple Marketing System: Types of Demand: 1. Negative demand- customer dislikes the product and may even pay price to avoid it. 2. Non existence demand- consumers may be unaware of or uninterested in the product. 3. Latent demand- consumer may share a strong need that cannot be satisfied by existing product. 4. Declining demand- consumer begins to buy the product less frequently or not at all. 5. Irregular demand- Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis. 6. 6. Full demand- consumers are adequately buying all the products put into market place. 7. 7. Overfull demand- More consumer would like to buy the product that can be satisfied. 8. 8. Unwholesome Demand- Consumers may be attracted to products that have undesirable social consequences. Mr. P. K. Sahu (Assist. Prof. CEOB)

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Marketing Management Structure of Flows in a Modern Exchange Economy: Target Markets, Positioning and Segmentation: ➢ A marketer can rarely satisfy everyone in the markets. ➢ Marketers start by dividing the market into segments. ➢ They identify and profile distinct groups of buyers who might prefer or require varying product mix by examining demographic, psychographic, and behavioral differences among buyer ➢ After identifying market segments, the marketer then decides which present the great opportunity-which is its target market. ➢ For each, the firm develops a market offerings ie positions in the minds of the target buyers as delivering some central benefits E.g. Scorpio (SUV) launched by M&M is designed for people who prefer sturdy vehicle that offers luxury and comfort. Value and Satisfaction: ➢ The offering will be successful if it delivers value and satisfaction to the target buyer. ➢ The buyer choose between different offerings based on she perceive to deliver the most value ➢ Value reflects the sum of the perceived tangible and intangible benefits and costs to the customer. ➢ Value is a composition of of quality service and price (QSP) called the customer value triad ➢ Value increases with quality and service and decreases with price although other factors can also play an important role in our perception of value ➢ Marketing can be considered as identification, creation, and communication delivery and monitoring of customer value. Mr. P. K. Sahu (Assist. Prof. CEOB)

Lecture Notes