MBA603
MARKETING MANAGEMENT
Marketing Defined:
Marketing is the process of influencing
voluntary exchange transactions in
which one party to the transaction can
be envisioned in some fashion as the
customer of the other, the marketer.
Marketing Management
Marketing Management is the process
of analyzing, implementing,
coordinating, and controlling programs
involving the conception, pricing,
promotion and distribution of products,
ideas and services designed to create
and maintain beneficial exchange with
target markets for the purpose of
achieving organizational objectives.
What Is Marketing?
Personal Selling?
Advertising?
Making products available in stores?
Maintaining inventories?
All of the above, plus much more!
What Is Marketing?
A Philosophy
An Attitude
A Perspective
A Management
Orientation
plus
A Set of Activities,
including:
Products
Pricing
Promotion
Distribution
The Concept of Exchange
The idea that people give up
something to receive something
they would rather have.
The Concept of Exchange
At
AtLeast
Least Two
Two Parties
Parties
Something
Something of
of Value
Value
Necessary
Necessary
Conditions
Conditions
for
for Exchange
Exchange
Communication
Communication and
and Delivery
Delivery
Freedom
Freedom to
toAccept
Acceptor
or Reject
Reject
Desire
Desireto
to Deal
Deal with
withOther
Other Party
Party
Fundamental Theorem of Exchange
and its Relation to Marketing
Proposition: Voluntary trade is
mutually beneficial.
Voluntary exchange benefits all parties
involved. Each party receives value.
Competition is Very Real in Todays Market!
A company must integrate marketing
plans with the Companies strategies
and resources.
An apt marketing manager will
accomplish this mix.
Achieving a Market Orientation
Obtain information about customers, competitors,
and markets
Examine the information from a total business
perspective
Determine how to deliver superior
customer value
Implement actions to provide value
to customers
The Marketing Concept
The idea that the social and
economic justification for an
organizations existence is the
satisfaction of customer wants and
needs while meeting organizational
objectives.
The Marketing Concept
Focuses on customer wants and needs to
distinguish products from competition
Integrates all organizations activities to satisfy
customer wants and needs
Achieves organizations long-term goals by
satisfying customer wants and needs
Customer Value
The ratio of benefits to the
sacrifice necessary to obtain
those benefits
Customer Value Requirements
Offer products that perform
Give consumers more than they expect
Avoid unrealistic pricing
Give the buyer facts
Offer organization-wide commitment in
service and after-sales support
Customer Satisfaction
The feeling that a product has
met or exceeded the customers
expectations.
Maintaining Customer Satisfaction
Meet or exceed customers expectations
Focus on delighting customers
Provide solutions to customers problems
Cultivate relationships,
NOT one-time transactions
Relationship Marketing
Who
Who are
are your
your customers?
customers?
What
What do
do customers
customers value?
value?
Requirements
Requirements
for
for
Building
Building
Relationships
Relationships
What
What do
do they
they want
want to
to buy?
buy?
How
How do
do they
they prefer
prefer to
to interact?
interact?
Marketing Plan Process
Business Mission
Statement
Objectives
Situation or SWOT
Analysis
Marketing Strategy
Target Market
Strategy
Marketing Mix
Product
Distribution
Promotion
Price
Implementation
Evaluation
Control
Environmental Scanning
Examination of macroenvironmental forces
Social
Demographic
Economic
Technological
Political / Legal
Competitive
Helps identify market
opportunities
Provides guidelines for
design of marketing strategy
Defining the Business Mission
Answers the question,
What business are we in
and where are we going?
Focuses on the market(s)
rather than the good or service
Target Market Selections
Appeal
Appeal to
to the
the entire
entire market
market
with
with one
one marketing
marketing mix
mix
Concentrate
Concentrate on
on one
one
marketing
marketing segment
segment
Appeal
Appeal to
to multiple
multiple markets
markets
with
with multiple
multiple marketing
marketing mixes
mixes
Marketing Mix: The Four Ps
Price
Price
Promotion
Promotion
Place
Place
Product
Product
The Market Opportunity Analysis:
Market Opportunity
Analysis:
Understanding
opportunities
Customer analysis
Marketing research
and analysis
Market
segmentation,
targeting and
positioning.
Formulating Strategy
Set Objectives
Decide on an overall
marketing strategy
Make tactical
decisions relative to
each element of the
strategy
References
Baker, D., Marketing Slide Presentation
Texas Christian University
Lamb, Hair & McDaniel, Essentials of
Marketing, 4th Edition, South-Western
College Publishing, 2003.
Mullins, J.W., Walker, O.C., 2010
Marketing Management, 7th Edition, New
York:McGraw Hill
Zikmund, DAmico, The Power of
Marketing, 7th Edition, South-Western
College Publishing, 2003
