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Semester 2: Marketing Management
Introduction: Marketing Management Philosophies – What is marketing- The concepts of marketing- Marketing and Services – Digital Marketing – Social Media Marketing – Current marketing challenges; Rural Marketing – E-Rural Marketing – International Marketing – Industrial Marketing.
Marketing Management
M.B.A.
Core
2
Periyar University
Marketing Management
Marketing Management Philosophies
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Marketing encompasses activities that direct the flow of goods and services from producers to consumers. It includes understanding consumer needs, creating value, and developing relationships.
Introduction to Marketing
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The core concepts include needs, wants, demands, market offerings, value and satisfaction, exchange, transactions, and markets. Each concept plays a crucial role in shaping marketing strategies.
Concepts of Marketing
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Service marketing focuses on intangible offerings, emphasizing customer experience and service quality. It requires different approaches compared to product marketing.
Marketing and Services
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Digital marketing utilizes online platforms to promote products. Strategies include SEO, content marketing, email marketing, and online advertising to reach target audiences.
Digital Marketing
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Social media marketing leverages platforms like Facebook, Twitter, and Instagram to create brand awareness, engage customers, and drive sales through interactive content.
Social Media Marketing
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Challenges include keeping up with technology trends, managing data privacy, and addressing changes in consumer behavior and market conditions.
Current Marketing Challenges
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Rural marketing focuses on reaching consumers in rural areas, adapting products and strategies to cater to local needs, preferences, and economic conditions.
Rural Marketing
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E-rural marketing combines rural marketing with digital strategies. This approach targets rural consumers through online platforms, increasing accessibility and engagement.
E-Rural Marketing
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International marketing involves promoting products in global markets. Strategies must consider cultural differences, legal requirements, and varying market dynamics.
International Marketing
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Industrial marketing focuses on businesses rather than consumers. It emphasizes building relationships and long-term contracts, often involving complex decision-making processes.
Industrial Marketing
Strategic Marketing– Marketing Management Process – Analysis of Marketing opportunities, Selecting Target Consumers, developing Marketing Mix Analysis of Macro and Micro environment Marketing Research as an Aid to Marketing, Marketing Research Process – Sales Forecasting – Techniques. Marketing Tactics, The Mix Service and Retail Marketing.
Strategic Marketing - Marketing Management Process
Analysis of Marketing Opportunities
Evaluating potential markets and identifying trends. Understanding customer needs and market gaps to leverage strengths.
Selecting Target Consumers
Defining market segments based on demographics, psychographics, and behaviors. Choosing the most profitable segments to target.
Developing Marketing Mix
Creating a blend of product, price, place, and promotion strategies to reach target customers effectively.
Analysis of Macro and Micro Environment
Assessing external factors (economic, social, technological, political) and internal factors (company capabilities, competition) influencing marketing strategies.
Marketing Research as an Aid to Marketing
Gathering, analyzing, and interpreting data about markets, competitors, and customer preferences to inform marketing decisions.
Marketing Research Process
Steps include defining the problem, developing research plan, collecting data, analyzing results, and making informed decisions.
Sales Forecasting Techniques
Utilizing historical data, market trends, and statistical models to predict future sales and guide production and investment decisions.
Marketing Tactics
Implementing strategies through advertising, promotions, direct marketing, public relations, and digital marketing to achieve marketing objectives.
The Mix Service and Retail Marketing
Adapting the marketing mix for service-based industries, focusing on people, process, and physical evidence. Strategies for enhancing customer experience in retail.
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MIS: Marketing Information Systems- Customer Relationship Management (CRM) Customer Engagement Marketing – Sales force Automation- Marketing Analytics.
MIS: Marketing Information Systems
Introduction to Marketing Information Systems
Marketing Information Systems (MIS) are essential tools that help organizations gather, analyze, and utilize data for marketing decision-making. They support effective marketing planning and execution by providing insights into market trends, consumer behavior, and competitive landscape.
Customer Relationship Management (CRM)
CRM systems focus on managing a company's interactions with current and potential customers. They consolidate customer data, streamline communication, and enhance the customer experience. Effective CRM practices help in building long-term customer loyalty and increase business profitability.
Customer Engagement Marketing
Customer Engagement Marketing involves strategies to build strong relationships with customers through personalized communication and interactions. Utilizing data analytics, marketers can create targeted campaigns that resonate with individual preferences, leading to higher engagement rates.
Sales Force Automation
Sales Force Automation (SFA) refers to the use of software to automate sales tasks and processes. It helps sales teams manage leads, track customer interactions, and improve productivity. Implementing SFA enhances communication within the sales team and with customers.
Marketing Analytics
Marketing Analytics is the practice of measuring, analyzing, and interpreting marketing performance data. It provides insights that help marketers understand what strategies are effective, which channels drive the most revenue, and how to allocate resources efficiently for maximum ROI.
Buyer Behaviour: Factors Influencing Consumer Behaviour – Buying situation– Buying Decision Process – Industrial Buyer Behaviour. Market Segmentation: Targeting and Positioning – Competitive Marketing Strategies. Customer Life Cycle – Customer Life time Value, Product Portfolio Management.
Buyer Behaviour: Factors Influencing Consumer Behaviour
Buying Situation
Buying situations can be classified into different categories such as emergency, planned, and impulse buying. Each situation affects consumer decision-making processes, influencing factors like urgency, emotional state, and previous experiences.
Buying Decision Process
The buying decision process comprises five stages: problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Each stage involves various psychological and social factors that influence consumer choices.
Industrial Buyer Behaviour
Industrial buyer behaviour differs from consumer buying behaviour as it involves multiple decision-makers and higher stakes. Factors influencing industrial buyers include price, quality, supplier reliability, and service support.
Market Segmentation
Market segmentation involves dividing a market into distinct groups of buyers with different needs or characteristics. Effective segmentation allows for targeted marketing strategies that resonate with specific consumer segments.
Targeting and Positioning
Targeting refers to selecting specific market segments to focus on, while positioning involves creating a distinct image of a product in the consumer's mind. Both strategies are essential for effective marketing.
Competitive Marketing Strategies
Competitive marketing strategies include differentiation, cost leadership, and focus strategies. These strategies help businesses position themselves effectively against competitors and appeal to consumers.
Customer Life Cycle
The customer life cycle includes stages such as awareness, engagement, purchase, retention, and advocacy. Understanding this cycle helps businesses tailor their marketing efforts to enhance customer experience.
Customer Lifetime Value
Customer lifetime value (CLV) is the total revenue a business can expect from a customer over their entire relationship. CLV helps businesses allocate resources effectively for customer acquisition and retention strategies.
Product Portfolio Management
Product portfolio management involves analyzing and managing a company's range of products. It aims to balance investments across products to maximize overall profitability and meet market demands.
Product Policies: Consumer and Industrial Product Decisions, Branding, Packaging and Labelling – New Product Development and Product Life Cycle Strategies, Pricing – Pricing Strategies and approaches, Promotion Decisions: Promotion Mix – Integrated Marketing Communication – Advertising and Sales Promotion - Sales Force Decisions, Selection, Training, Compensation and Control – Publicity and Personal Selling – Distribution Management – Channel Management: Selection, Co-operation and Conflict Management – Vertical, Horizontal and Multi-channel Systems Consumer Protection – Awareness of Consumer Rights in the Market Place.
Product Policies and Marketing Management
Product decisions involve understanding the differences between consumer products and industrial products. Consumer products are intended for personal use, while industrial products are used in manufacturing or other business processes. Marketers must consider factors such as target market, product features, and usability.
Branding is crucial for creating identity and positioning in the market. It encompasses the name, logo, design, and overall image of a product. Effective branding fosters customer loyalty and helps differentiate products in a competitive market.
Packaging serves multiple functions such as protection, convenience, and promotion. Labelling provides essential information about the product, including instructions and ingredients. Both elements are key to attracting consumers and conveying value.
New product development refers to the processes involved in bringing a new product to market. It includes idea generation, concept testing, product design, and market introduction. This process is essential for innovation and meeting changing consumer needs.
The product life cycle outlines the stages a product goes through from introduction to decline. Each stage requires different marketing strategies, such as pricing adjustments and promotional efforts, to maximize product success.
Pricing strategies are crucial for market positioning and profitability. Common approaches include cost-plus pricing, value-based pricing, and competitive pricing. Strategic pricing can influence consumer perceptions and buying behavior.
Promotion involves creating awareness and interest in a product through various channels. This includes advertising, public relations, and sales promotions. A well-structured promotion mix is essential for effectively reaching target audiences.
Integrated marketing communication ensures consistency across all marketing channels. This approach aligns messages and branding strategies to enhance effectiveness and build a stronger relationship with consumers.
Sales force management includes the selection, training, and compensation of sales personnel. Effective sales force strategies can lead to improved performance and customer satisfaction.
Publicity involves generating media attention, while personal selling focuses on direct interaction with customers. Both are vital for product awareness and can complement each other in a marketing strategy.
Distribution management focuses on the process of transporting products to consumers. Effective channel management includes selecting the right partners and managing relationships to minimize conflicts and maximize efficiency.
Consumer protection laws and regulations are in place to safeguard consumer rights. Awareness of these rights helps consumers make informed decisions and promotes trust in the marketplace.
