Marketing Management: Basic Concepts

Marketing Management
Lecture 1 Basic concepts
WEEKS Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 Week 12 Week 13 Week 14 Week 15
THEMES
LECTURE TITLES
LECTURER INITIALS
Overview of the Module & Evolution of Understanding marketing and marketing concepts marketing The Marketing Mix Marketing Environment (1) Marketing environment (2) Social Responsibility Analysing Industry Attractiveness Class activity : Case study Marketing Research and Marketing Information System (1) Marketing Research and Marketing Information System (2) Consumer and business to business buying behaviour (1) Class activity: Consumer and business to business buying behaviour (2) Target Marketing Group Presentation Group Presentation Influences, stages of decision making process Market Segmentation, Market Targeting and Product Positioning Marketing Research, Research Design & MIS Questionnaire Design and Attitude Measurement Techniques Types of consumer buyer behaviour & business buying behaviour Micro environment and Macro Environment Green Marketing, Environmental scanning + case study/group work Social Responsibility Competitors analysis and Porters model, etc
THEMES WEEKS Week 1 Recap of themes covered in first semester and introduction to the The 7Ps marketing mix Product Management Product Management Pricing Decisions & Strategies Distribution & Channel Management Product Line, Product Mix, PLC, BCG Growth Share Matrix for Product Management Services, PLC, BCG Growth Share Matrix for Product Management Factors influencing Pricing Decisions, Pricing Tactics and Strategies, Bases for pricing Choice of distribution, Channel functions and decisions, Channel conflict, VMS, Channel Management Promotion mix, Promotion Strategies, Integrated Marketing Communication LECTURE TITLES
LECTURER INITIALS
Week 2 Week 3 Week 4 Week 5
Week 6 Week 7 (to be confirmed) Week 8 Week 9
Marketing Communication & IMC Class Test The Extended Marketing Mix Service Quality
People, Process and Physical Evidence Service Quality Dimensions and the Servqual Model Customer relationship management, customer loyalty and satisfaction
Week 10 Week 11 Week 12

Week 13 Week 14 Week 15
Customer Relationship Management Working on case study Strategic Marketing Planning and Control
Group Presentation Group Presentation Revision
Group work Strategic Marketing Planning Process, budgeting, evaluation and control; marketing plan
History of marketing
More customer Oriented
Societal Marketing concept
Marketing concept
Selling Concept
Product Concept
Production concept
THE PRODUCTION CONCEPT

The production concept holds that consumers will prefer products that are widely available and inexpensive. Based on Production efficiency Low costs Mass distribution
PRODUCT CONCEPT
Consumers will prefer those products that offer the most quality performance or innovative features focuses on making superior product and improving them over time
THE SELLING CONCEPT

The consumers and businesses if left alone will ordinarily not buy enough of the companys products. The organisation must therefore undertake an aggressive selling and promotion effort
THE MARKETING CONCEPT

Customer Centered Find the right product for the customer instead the right customer for the product
SOCIETAL MARKETING
Focuses on satisfying consumer need as well as the needs of society
MARKETING AND SALES CONCEPTS CONTRASTED
What is marketing?
Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create exchanges to satisfy individual and organizational goals (AMA)
Definition 2
Marketing is a management process responsible for identifying anticipating, and satisfying customer requirements profitably (CIM, 2001)
Definition 3
Marketing is identifying and satisfying consumer needs
NEEDS, WANTS & DEMANDS

Needs are basic human requirements Needs become wants when they are directed to specific objects that might satisfy that particular needs. as shaped by culture and individual personality Demands are wants for specific products backed by an ability to pay.
DISCUSSION
Do People Really Know what they Need?
1. What does it mean when a customer says he wants an Inexpensive Car?

Stated Need ..Inexpensive car Real Need.. Inexpensive to maintain and not initial cost Unstated Need. Good service Delight Need.. Mp3, DVD Secret Need wants to look savvy
MARKETERS & PROSPECTS

Marketer is someone who is seeking a response (attention, purchase, vote, donation) from another party called the prospect.
VALUE PROPOSITION
A Value Proposition is a set of benefits companies offer to customers to satisfy their needs
VALUE
Value is the ratio between customer benefits and customer costs Customer value= Customer benefits/customer costs Cost Monetary cost, time cost, energy cost, psychic cost Benefits Functional benefits Emotional Benefits
VALUE AND SATISFACTION

If performance is lower than expectations, satisfaction is low If performance is higher than expectations, satisfaction is high
RELATIONSHIP MARKETING
Relationship marketing has the aim of building long term relations with key parties-customers, suppliers, distributorsin order to earn and retain their business Marketers achieve this by promising and delivering high quality products and services to the other parties over time
ADVANTAGES OF RELATIONSHIP MARKETING

Cuts down on transaction cost and time Builds strong economic , technical and social ties
NETWORKS
A marketing network consist of the company and its supporting stakeholders with whom it has built mutually profitable relationships
MARKETING MYOPIA
Thinking too narrowly of competition. Sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products. They focus on the wants and lose sight of the needs.

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Marketing Management

Lecture 1 Basic concepts

Week 2 Week 3 Week 4 Week 5

Week 6 Week 7 (to be confirmed) Week 8 Week 9

Week 10 Week 11 Week 12

THE PRODUCTION CONCEPT

THE SELLING CONCEPT

THE MARKETING CONCEPT

MARKETING AND SALES CONCEPTS CONTRASTED

NEEDS, WANTS & DEMANDS

1. What does it mean when a customer says he wants an Inexpensive Car?

MARKETERS & PROSPECTS

VALUE AND SATISFACTION

ADVANTAGES OF RELATIONSHIP MARKETING

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