Marketing Management

Marketing Management

Introduction

• American Marketing Association (AMA):
  Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational objectives.
• Philip Kotler:
  Marketing management is the analysis, planning, implementation, and control of programs designed to bring about desired exchanges with target audiences for the purpose of achieving organizational objectives.

Objectives of Marketing Management

1. Customer Satisfaction – Ensuring products and services meet consumer needs.
2. Market Share Maximization – Achieving leadership through penetration.
3. Profit Maximization – Generating sustainable profit for survival and growth.
4. Creation of Demand – Identifying and stimulating latent or potential demand.
5. Brand Building – Establishing a strong image and reputation.
6. Market Development – Entering new markets and segments.
7. Innovation and Adaptation – Continuously improving products/services.
8. Social Responsibility – Ethical marketing, protecting environment, consumer rights.

Responsibilities of Marketing Management

• Market Research: Studying consumer needs, preferences, and trends.
• Product Development: Designing and improving offerings.
• Pricing Decisions: Fixing competitive yet profitable pricing.
• Promotion and Advertising: Communicating with target customers.
• Distribution Management: Ensuring availability at right time/place.
• Customer Relationship Management (CRM): Building long-term loyalty.
• Monitoring Competition: Keeping track of rival strategies.
• Forecasting Demand & Planning: Anticipating future sales.

Process of Marketing Management

1. Analyzing Market Opportunities
• Environment scanning
• SWOT analysis
2. Marketing Research & Segmentation
• Identifying market segments and consumer behavior
3. Target Market Selection
• Choosing segments with best opportunities
4. Developing Marketing Strategy
• Differentiation and positioning
5. Designing the Marketing Mix (4Ps / 7Ps)
6. Implementation
• Putting strategies into action
7. Control & Feedback
• Monitoring performance, making adjustments

Marketing Plans

·       A marketing plan is a formal written document outlining strategies to achieve marketing objectives.

Components:

1. Executive Summary
2. Situational Analysis (SWOT, PESTLE, Competitor analysis)
3. Marketing Objectives
4. Target Market & Segmentation
5. Marketing Strategies
6. Marketing Mix (4Ps/7Ps)
7. Budgeting & Resources Allocation
8. Implementation Schedule
9. Control & Evaluation (KPIs, ROI analysis)

Marketing Mix

Originally 4Ps (Product, Price, Place, Promotion) → Expanded to 7Ps for services.

1. Product – Design, quality, brand, packaging, life cycle.
2. Price – Strategies: penetration, skimming, psychological pricing.
3. Place (Distribution) – Channels, logistics, intermediaries.
4. Promotion – Advertising, sales promotion, PR, digital marketing.
5. People – Staff, sales team, customer service.
6. Process – Delivery systems, efficiency, customer interaction.
7. Physical Evidence – Tangible cues, environment, branding.

Functions of Marketing

1. Market Research – Understanding demand.
2. Product Planning & Development
3. Standardization & Grading
4. Pricing
5. Promotion
6. Physical Distribution
7. After-sales Service
8. Risk Bearing & Financing
9. Demand Forecasting & Market Information

Marketing Organization

·       A marketing organization is the structural framework to carry out marketing functions.

Types:

1. Line Organization – Authority flows downward.
2. Functional Organization – Specialists handle specific functions.
3. Product-based Organization – Separate teams for different products.
4. Market/Customer-based Organization – Focus on particular customer groups.
5. Geographic Organization – Divided by regions/territories.
6. Matrix Organization – Combination of product and function.

Marketing Environment

Definition:

The marketing environment includes all external and internal factors that affect marketing decisions.

Marketing Management and its Environment:

• Marketing cannot operate in isolation; it must adapt to environmental changes.
• Managers must anticipate, monitor, and respond to opportunities and threats.

Types of Environment:

1. Micro Environment (Internal factors):
• Company (resources, policies)
• Suppliers
• Marketing Intermediaries
• Customers
• Competitors
• Publics (media, govt, NGOs)
2. Macro Environment (External factors):
• Demographic
• Economic
• Social & Cultural
• Political & Legal
• Technological
• Natural/Environmental

Market Segmentation

Definition:

Market segmentation is the process of dividing a heterogeneous market into smaller homogeneous groups with similar needs, preferences, or characteristics.

Features:

• Customer-centric approach.
• Identifies differences in demand.
• Helps in targeting marketing efforts.
• Dynamic (changes with trends).

Benefits:

1. Better customer satisfaction.
2. Efficient allocation of resources.
3. Competitive advantage.
4. Facilitates product differentiation.
5. Helps in identifying market opportunities.
6. Improves marketing efficiency.

Approaches:

1. Undifferentiated Marketing (Mass Marketing): Same product for all.
2. Differentiated Marketing: Different strategies for each segment.
3. Concentrated (Niche) Marketing: Focusing on one small segment.
4. Micromarketing: Tailored marketing (local or individual).

Segmentation Strategies / Bases:

• Demographic Segmentation: Age, gender, income, education.
• Geographic Segmentation: Region, climate, urban/rural.
• Psychographic Segmentation: Lifestyle, personality, social class.
• Behavioral Segmentation: Buying behavior, loyalty, usage rate, benefits sought.

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