YARDISTIC INTERNATIONAL COLLEGE

Marketing Management

INDIVIDUAL ASSIGNMENT

Assignment 01

PREPARED BY:-Kassahun Abebaw ----------MAO/1855/13

SUBMITTED TO- Dr Muhammed Kassaw [PhD]

 1. Define the term marketing management?

Marketing management is the process of decision making, planning controlling the market aspect
of the company in terms of the marketing concept within the marketing system. And also marketing
management is the organizational discipline which focuses on the practical application of marketing
orientation, techniques and methods inside enterprises and organizations.it is also defined as the art
and science of choosing target markets and getting, keeping and growing customers through creating,
delivering and communicating superior customer value.

2 ..List and explain the types of demand in marketing with practical examples

from your local area?

There are eight(8)types of demands in marketing:-

a) Negative demand :- negative demand occurs when a product is disliked by all its target
customers in general. The product may be good in quality but the interest of the customers
willingness to buy may be negative because the doesn’t need the product.even if the companes
tried to convince the customers by using different methods they can’t convince .The best
example for this type of demand is insurance polices customers choose protect them selves
from risk rather than buying insurance polices.
b) Unwholesome demand :-this is the second type of demand,if the negative demand is the head
unwholesome demand is the tail.It is another face of negative demand.both negative and
unwholesome demand have have same elements except some like in the negative demand
consumers dosent feel requierments to buy the product but in unwholesome demand
consumers badly wants the product.the best example for this demand is alchole consumers.
c) Non existing demand :-this is the third type of demand it is very harmful to any brand if the
market research is not accurate.In this type of demand the marketer thinks that there is a
demand for the product in the market but in reality,there is no demand for the product. In many
cases companies loses their market value by not analyzing this product. the best example for
this type of demand is educational and computer courses which are not demanded by market
d) Latent demand :-this is the fourth type of demand It means that the demand for which the
product is not available or is not developed to date. There are fewer needs for any product
which are not produced ,but still there are many needs of the people which are un seen by the
marketer, the products which are invited or developed during this type of demand gain almost
all of the market of the product as it is new to everyone. For this type of demand the best
example is the need for new branded mobile phones.
e) Declining demand:-As its name indicates that the demand for the product whose demand is
declining with time.it depends on product to product.it may be due to a new invention in that
particular product field, bad brand marketing or decreasing the quality of the product .there are
various products like technological products in which the coming of new technology results in
declining of previous tech or methods. This type of demand is majorly seen in technological
fields but the food sector face this as a challenge.
f) Irregular demand:-this is the demand due to which the company has to change its marketing
strategy rom time to time repeatedly.in this type of demand the sales of product or service
fluctuate to much.that means some times that go to the the extreme top ,some time it goes to
zero.this happens because of seasonal or time based needs of the product. The customer only
wants the product in a certain period of season due to which only buy the product in that
particular season. Air conditioners seasonal cloths are the best day to day things where these
irregular demands are seen. Before the arrival of summers sales of air conditioners and loose
and light cloths increase rapidly but after summers are gone, the sales curve of this goes striate
down as there is no demand or such products in the winter.
g) Full demand:- in this demand it is called as the golden period of the company it is the state of
the market where the supply is equal to the demand. It means that the customers for that
product are loyal to the brand, the brand also makes sure that each customer is happy with their
product. It can also be called as full market coverage as most of the market demand has been
completely fulfilled by the company.the best example for this type of demand are the demand
for smart phones like mi.The products of this brands get sold out whenever they launch a new
model.
h) Overfull demand :-This demand generates when there is a limited manufacturing capacity of the
company for a product but a demand for it is more than the manufacturing copacity.It means
that demand is more but supply is less. The brand equity of the company is highly affected in
this type of demand due to which sometimes companies use De-marketing techniques to
 decrease the demand for their product so that the sales can match the demand. This type of
demand can usually be seen in occasional products like the cement industry where the demand
is occasional but very high.

These industries have limited manufacturing power due to which there is a chance of consumers
switching the brand which results in loss of both market share and brand equity.

So, these are the main types of demand or classification of demand that help a marketer for
demand forecasting and managing the demand every time.

There should be fast and accurate decision making by the marketer as the challenges and effects
of these types of demands can both ruin the company’s reputation as well as take it to the sky
heights.

3 .List and explain the philosophies of marketing with practical examples?

There are five marketing concepts a company should choses the right one according to their and
their customer’s needs.
a)Production concept:-This concept works on an assumption that consumers prefer a product
which in inexpensive and widely available. this viewpoint was encapsulated in says law which
states supply creates its own demand. Increase in the production of the product makes the
companies get the advantage of economies of scale.This decreased production cost makes the
product inexpensive and more attractive to the customers. A low price may attract new
customers, but the focus is just on production and not on product quality. This may result in
decrease in sales if the product is not up to the standards.
b)Product concept :- This concept works on the assumption that customers prefer products of
‘greater quality’ and ‘price and availability’ doesn’t influence their purchase decision. Hence the
company devotes most of its time in developing a product of greater quality which usually turns
out to be expensive.

Since the main focus of the marketers is the product quality, they often lose or fail to appeal to
customers whose demands are driven by other factors like price, availability, usability, etc.
The best examples of product concept of marketing management philosophies are :-
 -companies in the technology industry
-companies having an advantage of monology

c) selling concept:- Production and product concept both focus on production but selling concept
focuses on making an actual sale of the product. Selling Concept focuses on making every possible sale
of the product, regardless of the quality of the product or the need of the customer. The main focus is to
make money. This philosophy doesn’t include building relations with customers. Hence repeated sales
are very less. Companies following this concept may even try to deceive the customers to make them
buy their product.The best examples of selling concept are :-

-companies with short sited profit goals.

-froudlent companies.

d)societal marketing concept:- dding to the marketing concept, this philosophy focuses on society’s
well-being as well. The business focuses on how to fulfil the needs of the customer without affecting the
environment, natural resources and focusing on society’s well-being. This philosophy believes that the
business is a part of the society and hence should take part in social services like the elimination of
poverty, illiteracy, and controlling explosive population growth etc.

e)Holistic marketing concept:- olistic marketing is a business marketing philosophy which considers
business and all its parts as one single entity and gives a shared purpose to every activity and person
related to that business.A business is just like a human body: it has different parts, but it’s only able to
function properly when all those parts work together towards the same objective. Holistic marketing
concept enforces this interrelatedness and believes that a broad and integrated perspective is essential
to attain best results. Holistic marketing focuses on marketing strategies designed to market the brand
to every person related to it, be it employees, existing customers or potential customers, and
communicating it in a unified manner while keeping in mind the societal responsibility of the business.

4)List and briefly explain marketing mix elements?

The elements of a marketing mix are the aspects of marketing that a business will leverage to promote
its goods or services. There are five elements to consider: product, price, place, promotion, and people.
a) Product:- These are the products or services you offer to your customers, including their physical
attributes, what they do, how they differ from your competitors, and what benefits they provide.
b) Price :-This element concerns how you price your product or service. A well-balanced price allows
you to remain competitive while still creating a good level of profit Pricing can be tricky because
you need to calculate the value of what you offer along with what it costs you in materials, time,
and overhead to produce it. As you consider those factors, think about what your market is willing
and able to pay, and whether or not they think your product is worth what you're charging. You
don't want to undercharge, but neither do you want to ask people to pay more than what your
product or service is worth.
c) Palce:- This is where your business sells its products or services and how it gets those products or
services to your customers. It's also known as "distribution."Your place lets consumers know
where they can find and receive your goods and services. This seems very basic, and in some ways
it is, but you have to consider more nuanced aspects of this element, such as the specifics of your
product or service, the broader market, and the price of using a given place. If your market doesn't
use eBay, then it wouldn't make sense to have your products on the site.
d) Promotion:- These are the methods you use to communicate the features and benefits of your
products or services to your target customers. The most effective marketing is focused on message
and location. For example, if you're selling weight loss products and your market is new moms,
you'd want to have a message that talks specifically about losing baby weight and ensure those ads
show up on mom blogs or some other place where new moms will see it.
e) People:- The "people" in this category aren't your customers, but your co-workers, colleagues, and
yourself. This refers to how your level of service and the expertise provided by the people who
work for you that can be used to set you apart from your competitors.You can master all the other
elements of the marketing mix, but if you or your salespeople are rude, or your customer service
systems fall short, it won't matter how good the other P's are. Consumers have a choice about
who they do business with, and they prefer businesses that know their stuff, are willing to help,
and are responsive.