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Semester 2: Marketing Management
Fundamentals of Marketing, Role of Marketing, Relationship of Marketing With Other Functional Areas, Concept of Marketing Mix, Marketing Approaches, Various Environmental Factors Affecting the Marketing Functions
Marketing Management
Fundamentals of Marketing
Marketing is the process of creating, communicating, and delivering value to customers. It involves understanding customer needs, developing products that meet those needs, and promoting them effectively. Key concepts include market research, segmentation, targeting, and positioning.
Role of Marketing
The role of marketing is to connect businesses with their customers. It helps in identifying customer needs, creating demand for products, and fostering brand loyalty. Marketing also plays a crucial role in driving sales and revenue growth.
Relationship of Marketing with Other Functional Areas
Marketing works closely with other functional areas such as finance, operations, and human resources. It provides insights on consumer behavior that can influence product development, pricing strategies, and customer service. Collaboration ensures cohesive business operations.
Concept of Marketing Mix
The marketing mix refers to the set of actions or tactics that a company uses to promote its brand or product in the market. It comprises the 4Ps: Product, Price, Place, and Promotion. Each element must be aligned to create a favorable market response.
Marketing Approaches
There are various marketing approaches including traditional marketing, digital marketing, inbound marketing, and relationship marketing. Each approach has its own strategies and tools, aimed at effectively reaching and engaging the target audience.
Various Environmental Factors Affecting Marketing Functions
Marketing functions are influenced by various environmental factors such as economic conditions, social trends, technological advancements, and regulatory frameworks. Understanding these factors helps marketers adapt their strategies to changing market dynamics.
Segmentation: Need and Basis of Segmentation, Targeting, Positioning, Product Characteristics, Benefits, Classifications, Consumer Goods, Industrial Goods, Product Mix, New Product Development Process, Product Life Cycle, Branding, Packaging
Segmentation: Need and Basis of Segmentation, Targeting, Positioning, Product Characteristics, Benefits, Classifications, Consumer Goods, Industrial Goods, Product Mix, New Product Development Process, Product Life Cycle, Branding, Packaging
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Segmentation is the process of dividing a market into distinct groups of buyers with different needs or behaviors.
It allows businesses to tailor marketing strategies to specific groups, improving customer satisfaction and enhancing marketing efficiency.
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Targeting involves selecting the segments that a company will focus on for its marketing efforts.
Undifferentiated targeting
Differentiated targeting
Concentrated targeting
Micromarketing
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Positioning is the process of establishing a brand or product in the minds of consumers relative to competitors.
Attribute positioning
Benefit positioning
Use/application positioning
Competitor positioning
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Characteristics that define a product, influencing consumer choices and perceptions.
Quality
Features
Design
Brand
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Benefits refer to the value or advantage a consumer gains from a product.
Functional benefits
Emotional benefits
Self-expressive benefits
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Consumer Goods
Industrial Goods
Product classifications help in determining marketing strategies based on product type.
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Products purchased by the end-user for personal consumption.
Convenience goods
Shopping goods
Specialty goods
Unsought goods
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Goods used for producing other goods or services.
Materials and parts
Capital items
Supplies and services
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The total range of products offered by a company.
Product lines
Product types
Product items
Product variations
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Idea Generation
Screening
Concept Development
Business Analysis
Market Testing
Commercialization
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Introduction
Growth
Maturity
Decline
Understanding these phases helps to adapt marketing strategies accordingly.
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The process of creating a unique name and image for a product in the consumer's mind.
Branding helps to differentiate products and build customer loyalty.
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The technology of enclosing or protecting products for distribution, storage, sale, and use.
Protection
Convenience
Promotion
Cost Efficiency
Pricing: Factors Influencing Pricing Decisions, Pricing Objectives, Market Physical Distribution Importance, Various Kinds of Marketing Channels, Distribution Problems
Pricing Factors and Marketing Channels
Factors Influencing Pricing Decisions
Pricing decisions are influenced by various factors including production costs, market demand, competition, and perceived value. Companies must analyze these factors to set a price that maximizes profits while remaining attractive to customers.
Pricing Objectives
Pricing objectives can vary, including profit maximization, market share growth, and customer satisfaction. Each objective will guide the pricing strategy and determine how a business approaches its pricing.
Market Importance of Physical Distribution
Physical distribution is crucial for getting products to consumers efficiently. It impacts customer satisfaction, costs, and overall sales. A well-managed distribution system ensures timely delivery and product availability.
Various Kinds of Marketing Channels
There are several marketing channels available, including direct sales, wholesalers, retailers, and online platforms. Each channel has its advantages and disadvantages, affecting reach, cost, and customer experience.
Distribution Problems
Common distribution problems include inventory management, transportation issues, and channel conflict. Organizations must address these challenges to maintain an efficient distribution network that meets customer needs.
Overview of Communication Mix: Types of Media and its Characteristics, Print, Electronic, Outdoor, Internet as a tool to customer loyalty, Sales Promotion tools, IMC, CRM Importance
Overview of Communication Mix
Types of Media
The communication mix consists of various media types, including print, electronic, outdoor, and internet. Each type has its unique advantages and characteristics that cater to different audience segments.
Print Media
Print media includes newspapers, magazines, brochures, and flyers. Its characteristics include tangible format, targeted reach, and the ability to convey detailed information. Print media can enhance brand credibility.
Electronic Media
Electronic media encompasses television, radio, and online streaming platforms. These channels provide audio-visual content, allowing for dynamic storytelling. They have a broad reach and are effective for brand awareness.
Outdoor Media
Outdoor media includes billboards, transit ads, and posters. Its characteristics are high visibility and accessibility. Outdoor media is effective for reaching consumers on the go and creating brand recognition.
Internet as a Tool for Customer Loyalty
The internet facilitates direct communication with customers through social media, emails, and websites. It allows brands to engage customers, provide personalized content, and build relationships, enhancing loyalty.
Sales Promotion Tools
Sales promotions are short-term incentives designed to encourage the purchase of products. Common tools include discounts, coupons, and contests. They attract new customers and motivate existing ones to increase purchases.
Integrated Marketing Communications (IMC)
IMC is a strategic approach to coordinating various promotional tools and media to deliver a consistent message. It ensures that all marketing channels work together to enhance the overall effectiveness of communication.
Customer Relationship Management (CRM) Importance
CRM involves managing interactions with current and potential customers. It is crucial for understanding customer needs, preferences, and behaviors, leading to improved customer satisfaction and retention.
Sales Force Management: Personal Selling Process, Motivation, Compensation and Control of Sales Force, Digital Marketing: Introduction, Applications, Benefits
Sales Force Management and Digital Marketing
Personal Selling Process
The personal selling process involves several stages including prospecting, pre-approach, approach, presentation, handling objections, closing, and follow-up. Each stage requires specific skills to effectively communicate and engage with potential customers.
Motivation in Sales Force
Motivation is crucial for a high-performing sales team. Factors such as recognition, goal-setting, incentives, training, and a positive work environment play key roles in motivating sales personnel to achieve their targets.
Compensation of Sales Force
Compensation structures can include base salary, commission, bonuses, and non-monetary rewards. An effective compensation plan aligns with both employee goals and company objectives to drive sales performance.
Control of Sales Force
Sales force control includes setting performance standards, monitoring performance, and providing feedback. Techniques such as sales reporting and performance reviews are essential for managing sales efforts and achieving sales targets.
Digital Marketing: Introduction
Digital marketing refers to the use of digital channels and technologies to promote products and services. It encompasses various strategies including social media marketing, email marketing, search engine optimization, and online advertising.
Applications of Digital Marketing
Digital marketing applications include brand awareness, customer engagement, lead generation, and sales conversion. Businesses leverage digital marketing to reach target audiences effectively and efficiently.
Benefits of Digital Marketing
Benefits include cost-effectiveness, measurable results, wider reach, and improved customer interaction. Digital marketing allows businesses to adapt quickly to market changes and consumer behavior.
