B ASICS OF M ARKETING M ANAGEMENT MBA 649 : Marketing Management M Wahidul Islam Fall 2014 LECTURE...
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Transcript of B ASICS OF M ARKETING M ANAGEMENT MBA 649 : Marketing Management M Wahidul Islam Fall 2014 LECTURE...
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BASICS OF MARKETING
MANAGEMENT
MBA 649 : Marketing ManagementM Wahidul Islam
Fall 2014
LECTURE 1
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KEY QUESTIONS
What is Marketing? What is Marketing Management? Marketing Management Tasks What is Marketed? What are the core concepts of marketing
management? Key Customer Markets Company Orientations How and why marketing scenario have
changed
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WHAT IS MARKETING?1-3
Marketing is an organizational function and a set of processes for creating,
communicating, and delivering value to customers and for managing
customer relationships in ways that benefit the
organization and its stakeholders.
Marketing is meeting needs profitably
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WHAT IS MARKETING MANAGEMENT?
1-4
Marketing management is theart and science
of choosing target markets and getting, keeping, and growing
customers throughcreating, delivering, and communicating
superior customer value.
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MARKETING MANAGEMENT TASKS
Develop market strategies and plans
Capture marketing insightsConnect with customersBuild strong brandsShape market offeringsDeliver valueCommunicate valueCreate long-term growth
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1-6
What is Marketed
?
GoodsService
s
Events
Experiences
Persons
Places
Properties
Organizations
Information
Ideas
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CORE MARKETING CONCEPTS
Needs, wants, and demands Target markets, positioning,
segmentation Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment
1-11
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CORE MARKETING CONCEPTSNEEDS, WANTS, AND DEMANDS Needs are basic human requirements Need becomes want when the
requirement is directed toward an specific object
Demand are wants for specific products Five Types of Needs
Stated needs (the customer wants an inexpensive car)
Real needs (customer wants a car with low operating cost)
Unstated needs (expects good service from the dealer)
Delight needs (would like to include a GPS) Secret needs (wants to be seen as a savvy
customer)
1-12
Transport
Car / Bike / Bicycle
Toyota / BMW / Honda
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CORE MARKETING CONCEPTSNEEDS, WANTS, AND DEMANDS: DEMAND
STATES
1-13Nonexistent Latent
Declining Irregular
Full UnwholesomeOverfull
Negative
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KEY CUSTOMER MARKETS1-14Consumer Markets
Business Markets
Global Markets
Nonprofit & Government Markets
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KEY CUSTOMER MARKETSCONSUMER MARKETS
Companies selling Mass consumer goods and services
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KEY CUSTOMER MARKETSBUSINESS MARKETS
Company to Company B2B 1
-16
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KEY CUSTOMER MARKETSGLOBAL MARKETS
Companies in global marketplaces must decide which countries to enter, how to enter, how to adapt product and service features to each
counties, how to price product in different countries
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KEY CUSTOMER MARKETSNONPROFIT & GOVERNMENT ORGANIZATIONS
Non-profit organizations: churches, universities, charitable organizations, Social organizations
Government agencies Very price sensitive
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COMPANY ORIENTATIONS1-19
• One of the oldest concept• Assumes that consumers prefer that are widely
available and inexpensive• Example: Lenovo group
The Production Concept
• Proposes that consumers favor products offering the most quality, performance and innovative features
• Example: Mousetrap
The Product Concept
• Assume that customers will not buy if not left alone. Practiced most aggressively for unsought products
• Example: Insurance, cemetery plots etc.
The Selling Concept
• A customer centered, sense and respond philosophy.• Find out right customers for your products• Example: Dell
The Marketing Concept
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HOLISTIC MARKETING CONCEPT1-20
The Holistic Marketing Concept is based on the development, design and implementation of marketing programs, processes and activities that recognize their breadth and interdependencies.
Long-term relationship
The whole is greater than the sum of its parts
So that all employees serve customers well
Understanding financial & non-financial returns to
business & society frommarketing activities & programs.
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THE TRADITIONAL FOUR P’S
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THE MARKETPLACE ISN’T WHAT IT USED TO BE…
1-22
Information technologyInformation technology
GlobalizationGlobalization
DeregulationDeregulation
PrivatizationPrivatization
CompetitionCompetition
ConvergenceConvergence
Consumer resistanceConsumer resistance
Retail transformationRetail transformation
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NEW CONSUMER CAPABILITIES
A substantial increase in buying power A greater variety of available goods and
services A great amount of information about
practically anything Greater ease in interacting and placing
and receiving orders An ability to compare notes on products
and services An amplified voice to influence public
opinion
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THE TRADITIONAL FOUR P’S
1-24
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REFERENCES
Chapter 1 – Defining Marketing for the 21st Century Kotler, Philip, Keller, Kevin L., Koshy, Abraham
and Jha, Mithileshwar (2013-14) Marketing Management: A South Asian Perspective (14thEdition) Pearson Education Inc