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Marketing Management

MBA II Semester

Marketing Management
Marketing Management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Strategy:The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins, revenue growth, market share, long-term profitability, or other goals.

Customer relationship management (CRM) CRM is a widely-implemented strategy for managing a companys interactions with customers, clients and sales prospects. It involves using technology to organize, automate, and synchronize business processesprincipally sales activities, but also those for marketing, customer service, and technical support. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service. Customer relationship management describes a companywide business strategy including customer-interface departments as well as other departments

The three phases in which CRM support the relationship between a business and its customers are to: Acquire: CRM can help a business acquire new customers through contact management, selling, and fulfillment.[3] Enhance: web-enabled CRM combined with customer service tools offers customers service from a team of sales and service specialists, which offers customers the convenience of one-stop shopping.[3] :Retain CRM software and databases enable a business to identify and reward its loyal customers and further develop its targeted marketing and relationship marketing initiatives.[4

Tasks summarized in the table below: Marketing Task Identify targetmarkets Management has to identify those customers with whomthey want to trade. The choice of target markets will beinfluenced by the wealth consumers hold and thebusiness' ability to serve them Market research Management have to collect information on the currentand potential needs of customers in the markets theyhave chosen to supply. Areas to research include howcustomers buy (which marketing channels are used) andwhat competitors are offering

Product development Businesses must develop products and services that meet needs and wants sufficiently to attract target customers to wish and buy
Marketing mix Having identified the target markets and developed relevant products, management must then determine the price, promotion and distribution for the product. The marketing mix is tailored to offer value to customers, to communicate the offer and to make it accessible and convenient Market monitoring The objective in marketing is to first attract customers -and then (most importantly) retain them by building a relationship. In order to do this effectively, they need feedback on customer satisfaction. They also need to feed this back into product design and marketing mix as customer needs and the competitive environment changes

Value chain is a chain of activities that a firm operating in a specific industry performs in order to deliver a valuable product or service for the market. The concept comes from business management and was first described and popularized by Michael Porter in his 1985 best-seller, Activities The value chain categorizes the generic value-adding activities of an organization. The activities considered under this product/service enhancement process can be broadly categorized under two major activity-sets. Physical/traditional value chain: a physical-world activity performed in order to enhance a product or a service. Such activities evolved over time by the experience people gained from their business conduct. As the will to earn higher profit drives any business, professionals (trained/untrained) practice these to achieve their goal. Virtual value chain: The advent of computer-based business-aided systems in the modern world has led to a completely new horizon of market space in modern business-jargon - the cybermarket space. Like any other field of computer application, here also we have tried to implement our physical world's practices to improve this digital world. All activities of persistent physical world's physical value-chain enhancement process, which we implement in the cyber-market, are in general terms referred to as a virtual value chain.

Marketing Information System


The marketing information system is a management information system designed to support marketing decision making. A system that analyzes and assesses marketing information, gathered continuously from sources inside and outside an organization. Timely marketing information provides basis for decisions such as product development or improvement, pricing, packaging, distribution, media selection, and promotion. See also market information system.

Digitalization
Integration of digital technologies into everyday life by the digitization of everything that can be digitized.

. Customization

Changing marketing practices HOW MARKETING PRACTICES ARE CHANGING:SETTING UP WEB SITES Context : Layout and design Content : Text, pictures, sound, and video the site contains Community : How the site enables user-to-user communication Customization : Sites ability to tailor itself to different users toallow users to personalize the site Communication : How the site enables site-to-user, user-to-site,or two-way communication

Connection Degree that the site is linked to other sites.

Commerce Sites capabilities to enable commercial transactions

From building brands through advertising to building brands through performance From focusing on customer acquisition to focusing on customer retention From no customer satisfaction measurement to in-depth customer satisfaction measurement From over-promise, under-deliver to under-promise, over-deliver

Shift from E-business to E-commerce


Brick - Mortar Companies Brick - Click Companies Pure - Click Companies

CONTEXT FACTORS Attracting and Keeping Visitors How can we get more prospects to know and visit our site? How can we use marketing to spread word-of-mouth? How can we convert visitors into repeaters?How do we make our site more experiential and real? How can we build a strong relationship with our customers? How can we build a customer community? How can we capture and exploit customer data for up-selling andcross-selling?How much should we spend on building and marketing our site. Reducing the rate of customer defection. Increasing the longevity of the customer relationship. Enhancing the growth potential of each customer throughshare-of-wallet, cross-selling and upselling. Making low-profit customers more profitable or terminating them. Focusing disproportionate effort on high value customers. Identify your prospects and customers. Do not go after everyone

Marketing Information System

The market environment is a marketing term and refers to all of the forces outside of marketing that affect marketing managements ability to build and maintain successful relationships with target customers. The market environment consists of both the macroenvironment and the microenvironment. The microenvironment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and publics. The company aspect of microenvironment refers to the internal environment of the company. This includes all departments, such as management, finance, research and development, purchasing, operations and accounting. Each of these departments has an impact on marketing decisions. For example, research and development have input as to the features a product can perform and accounting approves the financial side of marketing plans and budgets

The macroenvironment refers to all forces that are part of the larger society and affect the microenvironment. It includes concepts such as demography, economy, natural forces, technology, politics, and culture. 2. Consumer Markets and Buying behaviour Consumer is a broad label for any individuals or households that use goods and services generated within the economy. The concept of a consumer occurs in different contexts, so that the usage and significance of the term may vary Buying behaviour A marketing firm must ascertain the nature of the customers buying behaviour, if it is to market its product properly. In order to entice and persuade a consumer to buy a product, marketers try to determine the behavioural process of how a given product is purchased. Buying behaviour is usually split in two prime strands, whether selling to the consumer, known as business-toconsumer (B2C) or another business, similarly known as business-to-business (B2B

B2C buying behaviour Example This mode of behaviour concerns consumers, in the purchase of a given product. As an example, if one pictures a pair of sneakers, the desire for a pair of sneakers would be followed by an information search on available types/brands. This may include perusing media outlets, but most commonly consists of information gathered from family and friends.If the information search is insufficient, the consumer may search for alternative means to satisfy the need/want. In this case, this may be buying leather shoes, sandals, etc. The purchase decision is then made, in which the consumer actually buys the product. Following this stage, a post-purchase evaluation is often conducted, comprising an appraisal of the value/utility brought by the purchase of the sneakers. If the value/utility is high, then a repeat purchase may be bought. This could then develop into consumer loyalty, for the firm producing the pair of sneakers.

Market segmentation is a concept in economics and marketing. A market segment is a sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function. These can broadly be viewed as 'positive' and 'negative' applications of the same idea, splitting up the market into smaller groups.

Examples: Gender Price Interests

Marketing Mix

Product Price Place Promotion, People, Process and Physical Evidence (C1): Corporation and competitor : The core of 4Cs is corporation and organization, while the core of 4Ps is customers who are the targets for attacks or defenses. (C2) : Commodity, (C3) : Cost, (C4) : Channel, (C5) : Communication (C6) : Consumer (Needle of compass to Consumer) The factors related to customers can be explained by the first character of four directions marked on the compass model: N = Needs, W = Wants, S = Security and E = Education (consumer education). (C7) : Circumstances (Needle of compass to Circumstances ) A formal approach to this customer-focused marketing mix is known as Four Cs (Commodity, Cost, Channel, Communication) in 7Cs compass model. Koichi Shimizu proposed a four Cs classification in 1973

Product Decision-Concept

Product : It is the bundle of utilities that can satisfy the customer. Product mix is a combination of products manufactured or traded by the same business house to reinforce their presence in the market, increase market share and increase the turnover for more profitability

Product Mix Decisions Often firms take decisions to change their product mix. These decisions are dictated by the above factors and also by the changes occurring in the market place. Like the changing life-styles of Indian consumers led BPL-Sanyo to launch an entire range of white goods like refrigerators , washing machines, and microwave ovens .It also motivate the firm to launch other entertainment electronics. Rahejas, a well-known builders firm in Bombay, took a major decision to convert one of its theatre buildings in the western suburbs of Bombay into a large garments and accessories store for men ,women and children, perhaps the first of its kind in India to have almost all products required by these customer groups Competition from low priced washing powders (mainly Nirma) forced Hindustan Levers to launch different brands of detergent powder at different price levels positioned at different market segments .Customer preferences for herbs, mainly shikakai motivated Lever to launch black Sunsilk Shampoo ,which has shikakai .Also ,low purchasing power. and cultural bias against shampoo market made Hindustan Lever consider smaller packaging mainly sachets , for single use .So, it is the changes or anticipated changes in the market place that motivates a firm to consider changes in its product mix.

New Product Development Strategies The process Idea Generation is often called the "fuzzy front end" of the NPD process Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features. Idea Screening The object is to eliminate unsound concepts prior to devoting resources to them. The screeners should ask several questions: Will the customer in the target market benefit from the product? What is the size and growth forecasts of the market segment/target market? What is the current or expected competitive pressure for the product idea? What are the industry sales and market trends the product idea is based on? Is it technically feasible to manufacture the product? Will the product be profitable when manufactured and delivered to the customer at the target price?

Concept Development and Testing Develop the marketing and engineering details Investigate intellectual property issues and search patent data bases Who is the target market and who is the decision maker in the purchasing process? What product features must the product incorporate? What benefits will the product provide? How will consumers react to the product? How will the product be produced most cost effectively? Prove feasibility through virtual computer aided rendering, and rapid prototyping What will it cost to produce it? Testing the Concept by asking a sample of prospective customers what they think of the idea. Usually via Choice Modelling.

Business Analysis Estimate likely selling price based upon competition and customer feedback Estimate sales volume based upon size of market and such tools as the Fourt-Woodlock equation Estimate profitability and breakeven point Beta Testing and Market Testing Produce a physical prototype or mock-up Test the product (and its packaging) in typical usage situations Conduct focus group customer interviews or introduce at trade show Make adjustments where necessary Produce an initial run of the product and sell it in a test market area to determine customer acceptance

Technical Implementation New program initiation Finalize Quality management system Resource estimation Requirement publication Publish technical communications such as data sheets Engineering operations planning Department scheduling Supplier collaboration Logistics plan Resource plan publication Program review and monitoring Contingencies - what-if planning Commercialization (often considered post-NPD) Launch the product Produce and place advertisements and other promotions Fill the distribution pipeline with product Critical path analysis is most useful at this stage New Product Pricing Impact of new product on the entire product portfolio Value Analysis (internal & external) Competition and alternative competitive technologies Differing value segments (price, value, and need) Product Costs (fixed & variable) Forecast of unit volumes, revenue, and profit

Product life cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its life cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. To say that a product has a life cycle is to assert four things: that products have a limited life, product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller, profits rise and fall at different stages of product life cycle, and products require different marketing, financial, manufacturing, purchasing, and human resource strategies in each life cycle stage. Four Stages of Product Life cycle are: 1.Market Introduction Stage costs are high slow sales volumes to start little or no competition demand has to be created customers have to be prompted to try the product makes no money at this stage

2 Growth Stage costs reduced due to economies of scale sales volume increases significantly profitability begins to rise public awareness increases competition begins to increase with a few new players in establishing market increased competition leads to price decreases 3. Maturity Stage costs are lowered as a result of production volumes increasing and experience curve effects sales volume peaks and market saturation is reached increase in competitors entering the market prices tend to drop due to the proliferation of competing products brand differentiation and feature diversification is emphasized to maintain or increase market share Industrial profits go down

4. Saturation Stage
costs become counter-optimal sales volume decline or stabilize prices, profitability diminish profit becomes more a challenge of production/distribution efficiency than increased sales Request for deviation In the process of building a product following defined procedure, an RFD is a request for authorization, granted prior to the manufacture of an item, to depart from a particular performance or design requirement of a specification, drawing or other document, for a specific number of units or a specific period of time. Market identification Termination is not always the end of the cycle; it can be the end of a micro-entrant within the grander scope of a macro-environment. The auto industry, fast-food industry, petro-chemical industry, are just a few that demonstrate a macro-environment that overall has not terminated even while micro-entrants over time have come and gone.

Pricing Decisions
Pricing strategies Pricing exercise Ten ways to increase prices without increasing price - Winkler Pricing Strategies Premium pricing Uses a high price, but gives a good product/service exchange e.g. Concorde, The Ritz Hotel Penetration pricing offers low price to gain market share - then increases price e.g. France Telecom - to attract new corporate clients (or Telewest cable) Economy pricing placed at no frills, low price e.g. Soups, spaghetti, beans - economy brands

Price skimming where prices are high - usually during introduction e.g new albums or films on release ultimately prices will reduce to the parity Psychological pricing to get a customer to respond on an emotional, rather than rational basis .e.g 99p not 1.01 price point perspective Product line pricing rationale of a product range e.g. MARS 32p, Four-pack 99p, Bite-size 1.29 Pricing variations off-peak pricing, early booking discounts,etc e.g Grundig offers a cash back incentive for expensive goods

Geographical pricing different prices for customers in different parts of the world e.g.Include shipping costs, or place onPLC Value pricing usually during difficult economic conditions e.g. Value menus at McDonalds

Quality Low High

Low Price

Economy Strategy e.g. Tesco spaghetti


Skimming e.g. New film or album

Penetration e.g. Telewest cable phones

High

Premium e.g. BA first class

Ten ways to increase prices without increasing price Winkler Revise the discount structure Change the minimum order size Charge for delivery and special services Invoice for repairs on serviced equipment Charge for engineering, installation Charge for overtime on rushed orders Collect interest on overdue accounts Produce less of the lower margin models in the line Write penalty clauses into contracts Change the physical characteristics of the product

Pricing Objectives Pricing objectives or goals give direction to the whole pricing process. Determining what your objectives are is the first step in pricing. When deciding on pricing objectives you must consider: 1) the overall financial, marketing, and strategic objectives of the company; 2) the objectives of your product or brand; 3) consumer price elasticity and price points; and 4) the resources you have available. maximize long-run profit maximize short-run profit increase sales volume (quantity) increase monetary sales increase market share obtain a target rate of return on investment (ROI) obtain a target rate of return on sales stabilize market or stabilize market price: an objective to stabilize price means that the marketing manager attempts to keep prices stable in the marketplace and to compete on nonprice considerations. Stabilization of margin is basically a cost-plus approach in which the manager attempts to maintain the same margin regardless of changes in cost. company growth maintain price leadership

Pricing Policies and Constraints Standard Procedure used by a firm to set wholesale and retail pricesfor its products or services.
Different Pricing Methods

Cost-plus pricing : Set the price at your production cost, including both cost of goods and fixed costs at your current volume, plus a certain profit margin Example: The Cost $20 in raw materials and production costs, and at current sales volume (or anticipated initial sales volume), your fixed costs come to $30 per unit. Your total cost is $50 per unit.

Target return pricing Set your price to achieve a target return-on-investment (ROI). For example, let's use the same situation as above, and assume that you have $10,000 invested in the company. Your expected sales volume is 1,000 units in the first year. You want to recoup all your investment in the first year, so you need to make $10,000 profit on 1,000 units, or $10 profit per unit, giving you again a price of $60 per unit. Value-based pricing Price your product based on the value it creates for the customer. This is usually the most profitable form of pricing, if you can achieve it. The most extreme variation on this is "pay for performance" pricing for services, in which you charge on a variable scale according to the results you achieve. Example: Let's say that your widget above saves the typical customer $1,000 a year in, say, energy costs. In that case, $60 seems like a bargain - maybe even too cheap. If your product reliably produced that kind of cost savings, you could easily charge $200, $300 or more for it, and customers would gladly pay it, since they would get their money back in a matter of months

Psychological pricing Ultimately, you must take into consideration the consumer's perception of your price, figuring things like: Positioning - If you want to be the "low-cost leader", you must be priced lower than your competition. If you want to signal high quality, you should probably be priced higher than most of your competition. Popular price points - There are certain "price points" (specific prices) at which people become much more willing to buy a certain type of product. For example, "under $100" is a popular price point. "Enough under $20 to be under $20 with sales tax" is another popular price point, because it's "one bill" that people commonly carry. Meals under $5 are still a popular price point, as are entree or snack items under $1 (notice how many fast-food places have a $0.99 "value menu"). Dropping your price to a popular price point might mean a lower margin, but more than enough increase in sales to offset it. Fair pricing - Sometimes it simply doesn't matter what the value of the product is, even if you don't have any direct competition There is simply a limit to what consumers perceive as "fair". If it's obvious that your product only cost $20 to manufacture, even if it delivered $10,000 in value, you'd have a hard time charging two or three thousand dollars for it

Product Line Pricing Product line pricing is a pricing strategy that uses one product with various class distinctions. Example An example would be a car model that has various model types that change with performance and quality. This pricing process is evaluated through consumer value perception, production costs of upgrades, and other cost and demand factors. New Product Pricing Impact of new product on the entire product portfolio Value Analysis (internal & external) Competition and alternative competitive technologies Differing value segments (price, value, and need) Product Costs (fixed & variable) Forecast of unit volumes, revenue, and profit

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