SUB: MARKETING MANAGEMENT ASSIGNMENT: BOOK REVIEW NAME: VRUSTI .RAO SECTION: B SUBMISSION TO: DR.RAJU.

RATHOD SIR SUBMISSION DATE: 10/02/2013 INSTITUTE: G.H.PATEL POSTGRADUATE INSTITUTE OF BUSINESS MANAGEMENT

Marketing(edition 13)
-Michael J.Etzel - William J .Stanton Published by Tata McGraw -hill

The book is divided into 19 chapters and Six parts

Part I -Nature and Scope of Marketing

(1) The fields of marketing Summary:-Marketing consists of all activities designed to generate an exchange intended to satisfy human needs .Organisation and non profit are engage in marketing.
Marketing in business context means it is the total system designed for planning, pricing, promoting and distributing products which satisfy wants of targeted market to achieve goals of org. Evolution of it was in United States has gone to 3 stages product, sales, market orientation. Some org remain at 1or2 stage because they monopoly. Marketing management involves segmenting, selecting, establishing a position in the minds of the customers. In the todays world it is playing imp role, it is necessary and worth while .It is imp for students as career opportunities and individuals.

(2)Dynamic marketing environment Summary:-Various environmental forces influence an organisation marketing activities
.Org has some external (uncontrollable) and internal (controllable) factors. Now external factors further divided into six broad variables 1.demographic 2.economic 3.culture 4.sociocultural trends 5. Environmental 6.micro environmental

(3)Global markets &marketing Summary:-Firms engage in international marketing because of demand abroad, the
saturation of domestic markets, and to serve the international needs of their domestic customers .Simplest way for org to trade in international market is through exports, internet, middlemen specialised in foreign trade. Todays modern fully developed org structures are Multinational Corporation.

Part Two Identifying and selecting markets

(4)Consumer

markets and buying behaviour

Summary: Demographics play a vital statistics that describes a population.

Demographics frequently used for age, gender, family life cycle, religion etc .The buying behaviour of ultimate consumers is described as a 5 stage buying decision process, influenced by info, social and groups forces, psychological forces ,and situational.

(5)Business markets and buying behaviour Summary: Business market consists of org that buy goods and services to produce other
goods and services, to resell to others consumers organisations .Business market demand generally is derived , inelastic, and widely fluctuating .Business market demand is analysed by evaluating the number of business user and their buying power. Organisation buying has become more and making less because they have to look at quality and have to keep relationship with suppliers for a long period of time. Business decision process has 5 stages in business markets they are as following need to identify alternatives, identifying of alternatives, evaluation alternatives, purchase decision, and post purchase. Relationship and commitments built trust and sharing of information with supplier, customers. In business market, direct marketing are most popular, leasing marketing, electronic (internet) marketing.

(6)Market segmentation, targeting, positioning Summary: Market segmentation process of dividing the total market for goods and
services into smaller, internally homogeneous groups. A specific market segment for which the seller designs a particular marketing mix is target market. When positioning a product, the marketer wants to convey benefits most desired by targets market. For e.g. successfully positioning is the original Head and shoulders shampoo.

(7)Marketing research and information Summary: A marketing information system is an on going set of procedures designed to
generate, analyse, store, and retrieve information for marketing decision. The decision support system adds flexibility and speed .A marketing research project is undertaken to help to resolve a specific marketing problem. Firstly researchers must define the problem, the analyse problem and informal investigation, then primary or secondary data collection, design a questionnaire the analyses of it project decision is taken research complete.

Part Three Product

(8)Product planning and development Summary: Product Planning is the ongoing process of identifying and articulating market
requirements that define a products feature set. Product planning serves as the basis for decisions about price, distribution & promotion. product development - improving an existing product or developing new kinds of products development - act of improving by expanding or enlarging or refining; "he congratulated them on their development of a plan to meet the emergency"; "they funded research and development"

(9)Product mix strategies Summary: A range of associated products

that yields larger sales revenue when marketed together than if they were marketed individually or in isolation from others. Strategic decision is whether or how to expand the product mix by adding items to line to a and or introducing. Each cycle of the cycles passes four stages introduction, growth, maturity and decline.

(10)Brands, packaging and product features Summary: A brand is a means of identifying and differentiating the products of a organisation. The owner of brand has protect brand quality, promote and select a good brand
name .The brand building equity should be done thats adds value to the brand brings to the product. Packing is becoming increasingly imp as sellers recognise the problems, as well as the marketing opportunities, associated with it. Organisations choose strategies like family packing, multiple packing and keep on changing the package. Package needs labels and there are many laws regarding it. Organisations now recognise the marketing value quality and design.

(11)Services marketing Summary: Services marketing is a sub field of marketing, which can be split into the two
main areas of goods marketing (which includes the marketing of fast moving consumer goods (FMCG) and durables) and services marketing. Service marketing typically refers to both business to consumer (B2C) and business to business (B2B) services, and includes marketing of services like telecommunications services, financial services, all types of hospitality services, car rental services, air travel, health care services and professional services. The range of approaches and expressions of a marketing idea developed with the hope that it be effective in conveying the ideas to the diverse population of people who receive it. Characteristics of services are as foll intangibility, inseparability, heterogeneity &perishibilty. Management first identify its target market, making use of market segmentation strategies and design market mix to provide satisfaction for the market.

Part Four Price

(12)Price determination Summary: (13)Price strategies Summary: Pricing strategies for products or services encompass three main ways to
improve profits. These are that the business owner can cut costs or sell more, or find more profit with a better pricing strategy. When costs are already at their lowest and sales are hard to find, adopting a better pricing strategy is a key option to stay viable. Merely raising prices is not always the answer, especially in a poor economy. Too many businesses have been lost because they priced themselves out of the marketplace. On the other hand, too many business and sales staff leave "money on the table". One strategy does not fit all, so adopting a pricing strategy is a learning curve when studying the needs and behaviours of customers and clients.

Part Five Distribution

(14)Channels of distribution Summary: A distribution channel consists of the set of people and firms involved in the
transfer of title to a product moves from producers to ultimate consumer. There are types of distribution channel they are direct distribution and indirect distribution.

(15)Retailing Summary: Retail is the sale of goods and services from individuals or businesses to the
end-user. Retailers are part of an integrated system called the supply chain. A retailer purchases goods or products in large quantities from manufacturers directly or through a wholesale, and then sells smaller quantities to the consumer for a profit. Retailing can be done in either fixed locations like stores or markets, door-to-door or by delivery. Retailing includes subordinated services, such as delivery. The term "retailer" is also applied where a service provider services the needs of a large number of individuals, such as a public. Shops may be on residential streets, streets with few or no houses or in a shopping mall. Shopping streets may be for pedestrians only. Sometimes a shopping street has a partial or full roof to protect customers from precipitation. Online retailing, a type of electronic commerce used for business-to-consumer (B2C) transactions and mail order, are forms of non-shop retailing. Shopping generally refers to the act of buying products. Sometimes this is done to obtain necessities such as food and clothing; sometimes it is done as are creational activity. Recreational shopping often involves window shopping (just looking, not buying) and browsing and does not always result in a purchase.

(16)Whole selling &Physical distribution Summary: Wholesaling, jobbing, or distributing is defined as the sale of goods
or merchandise to retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services.1. In general, it is the sale of goods to anyone other than a standard consumer. According to the United Nations Statistics Division, "wholesale" is the resale (sale without transformation) of new and used goods to retailers, to industrial, commercial, institutional or professional users, or to other wholesalers, or involves acting as an agent or broker in buying merchandise for, or selling merchandise to, such persons or companies. Wholesalers frequently physically assemble, sort and grade goods in large lots ,break bulk, repack and redistribute in smaller lots.2. While wholesalers of most products usually operate from independent premises, wholesale marketing for foodstuffs can take place at specific wholesale markets where all traders are congregated. Traditionally, wholesalers were closer to the markets they supplied than the source from which they got the products.

Part Six Promotion

(17)Integrated marketing communication Summary:
Marketing communications (or marcom or integrated marketing communications) are messages and related media used to communicate with a market. Marketing communications is the "promotion" part of the "marketing mix" or the "four Ps": price, place, promotion, and product. Those who practice advertising, branding, brand language, directmarketing, graphicdesign, marketing,packaging, promotion, publicity, sponso rship, public relations, sales, sales promotion and online marketing are termed marketing communicators, marketing communication managers, or more briefly, marcom managers.

(18)Personal selling and Sales management Summary:-Personal selling means organisation send there representatives to
demonstrate and seel there product door to door.

(19)Advertising, sales promotion & public relations Summary: Advertising is a form of communication for marketing and used to encourage
or an audience (viewers, readers or listeners; sometimes a specific group) to continue or take some new action. Most commonly, the desired result is to drive consumer behaviour with respect to a commercial offering, although political and ideological advertising is also common. In Latin, ad vertere means "to turn the mind toward." The purpose of advertising may also be to reassure employees or shareholders that a company is viable or successful.

Advertising messages are usually paid for by sponsors and viewed via various traditional media; including mass media such as newspaper, magazines, television commercial, radio advertisement, outdoor advertising or direct mail; or new media such blogs, websites or text messages. Promotion is one of the market mix elements, and a term used frequently in marketing. The specification of five promotional mix or promotional plan. These elements are personal selling, advertising, sales promotion, direct marketing, and publicity. A promotional mix specifies how much attention to pay to each of the five subcategories, and how much money to budget for each. A promotional plan can have a wide range of objectives, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of a corporate image. Fundamentally, however there are three basic objectives of promotion. These are: 1. To present information to consumers as well as others. 2. To increase demand. 3. To differentiate a product. There are different ways to promote a product in different areas of media. Promoters use internet advertisement, special events, endorsements, and newspapers to advertise their product. Many times with the purchase of a product there is an incentive like discounts, free items, or a contest. This is to increase the sales of a given product. Public relations (PR) are the practice of managing the flow of information between an individual oran organization and the public. Public relations may include an organization or individual gaining exposure to their audiences using topics of public interest and news items that do not require direct payment. The aim of public relations by a company often is to persuade the public, investors, partners, employees, and other stakeholders to maintain a certain point of view about it, its leadership, products, or of political decisions. Common activities include speaking at conferences, winning industry awards, working with the press, and employee communication.

COMPARISION WITH MARKETING ; PHILIP KOTLER, KEVIN LANE KELLER, ABRAHAM KOSHY, MITHILESHWAR JHA; 14th Edition.

Features of the book Strength

This book has got more models to explain the various marketing concepts. Implications of the various marketing decisions that were undertaken by the corporate have been thoroughly explained in the form of charts and graphs. Each chapter has been followed by a case study to understand the concepts. Special attention has been paid to the relationship marketing.

Weakness
Being the book authored by the American authors, the Indian touch is missing. The book is boring to read and colouring pictures, graphs proper examples are not given. Definition should easy and easily to understand should be given.

Suggestions
Updating of book should be done time as kolter book has i.e. colour pictures, current examples and concepts should be clear to understand. The book should begin the cited case in the beginning and explain the concepts through that case.