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Marketing Management ppt.ppt

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Marketing Management ppt.ppt

  1. 1. Marketing Management
  2. 2. 2 What is Marketing…?? Selling? Advertising? Promotions? Making products available in stores? Maintaining inventories? All of the above, plus much more!
  3. 3. 3 Marketing = ? Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals American Marketing Association
  4. 4. 4 Marketing = ? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
  5. 5. 5 Simple Marketing System Industry (a collection of sellers) Market (a collection of Buyers) Goods/services Money Communication Information
  6. 6. 6 Marketing = ?  Marketing is the sum of all activities that take you to a sales outlet. After that sales takes over.  Marketing is all about creating a pull, sales is all about push.  Marketing is all about managing the four P’s –  product  price  place  promotion
  7. 7. 7 The 4 Ps & 4Cs Marketing Mix Product Price Promotion Place Customer Solution Customer Cost Communication Convenience
  8. 8. 8 Difference Between - Sales & Marketing ? Sales trying to get the customer to want what the company produces Marketing trying to get the company produce what the customer wants
  9. 9. 9 Scope – What do we market  Goods  Services  Events  Experiences  Personalities  Place  Organizations  Properties  Information  Ideas and concepts
  10. 10. 10 Core Concepts of Marketing Based on :  Needs, Wants, Desires / demand  Products, Utility, Value & Satisfaction  Exchange, Transactions & Relationships  Markets, Marketing & Marketers.
  11. 11. 11 Needs, wants demands Markets Marketing & Marketers Utility, Value & Satisfaction Xchange, Transaction Relationships Products Core Concepts of Marketing
  12. 12. 12 Core Concepts of Marketing  Need – food ( is a must )  Want – Pizza, Burger, French fry's ( translation of a need as per our experience )  Demand – Burger ( translation of a want as per our willingness and ability to buy )  Desire – Have a Burger in a five star hotel
  13. 13. 13 In order to understand Marketing let us begin with the Marketing Triangle Customers Competition Company
  14. 14. 14 Who is a Customer ?? Anyone who is in the market looking at a product / service for attention, acquisition, use or consumption that satisfies a want or a need CUSTOMER IS . . . . .
  15. 15. 15 Customer – CUSTOMER has needs, wants, demands and desires Understanding these needs is starting point of the entire marketing These needs, wants …… arise within a framework or an ecosystem Understanding both the needs and the ecosystem is the starting point of a long term relationship
  16. 16. 16 How Do Consumers Choose Among Products & Services? Value - the value or benefits the customers gain from using the product versus the cost of obtaining the product. Satisfaction - Based on a comparison of performance and expectations.  Performance > Expectations => Satisfaction  Performance < Expectations => Dissatisfaction
  17. 17. 17 Customers - Problem Solution As a priority , we must bring to our customers “WHAT THEY NEED” We must be in a position to UNDERSTAND their problems Or in a new situation to give them a chance to AVOID the problems
  18. 18. 18 Customer looks for Value Value = Benefit / Cost Benefit = Functional Benefit + Emotional Benefit Cost = Monetary Cost + Time Cost + Energy Cost + Psychic Cost
  19. 19. 20 Strategic Marketing Strategic marketing management is concerned with how we will create value for the customer Asks two main questions  What is the organization’s main activity at a particular time? – Customer Value  What are its primary goals and how will these be achieved? – how will this value be delivered
  20. 20. 21 Strategic Planning Strategic Planning is the managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.  Also called Strategic Management Process  All organizations have this  Can be Formal or Informal
  21. 21. 22 The Strategic-Planning, Implementation, and Control Process
  22. 22. 23 Business Strategic-Planning Process External environment (Opportunity & Threat analysis) Internal Environment (Strength/ Weakness analysis) Goal Formulation Business Mission
  23. 23. 24 Strategy Formulation Environmental Analysis Internal Analysis Competitor Customer Supplier Regulatory Social/ Political Technology Know-How Manufacturing Know-How Marketing Know-How Distribution Know-How Logistics Strength & Weaknesses Identity Core Competencies Opportunities & Threats Identify opportunity Fit internal Competencies with external opportunities Firm Strategies
  24. 24. 25 The Marketing Plan A written document that acts as a guidebook of marketing activities for the marketing manager
  25. 25. 26 CONTENTS of MARKETING PLAN Business Mission Statement Objectives Situation Analysis (SWOT) Marketing Strategy  Target Market Strategy  Marketing Mix  Positioning  Product  Promotion  Price  Place – Distribution  People  Process Implementation, Evaluation and Control
  26. 26. 27 The Marketing Process Business Mission Statemen t Objective s Situation or SWOT Analysis Implementation Evaluation, Control Target Market Strategy Marketing Strategy Product Promotion Place/Distribution Price Marketing Mix
  27. 27. Marketing Environment
  28. 28. 29 Why a product like radio declined and now once again emerging as an entertainment medium ?
  29. 29. 30 What Were the Drivers of This Change ? Technology ? Government policy ? Other media substitutes ?
  30. 30. 31 Why Market Leaders Suffered ?  HMT vs. Titan  HLL vs. Nirma  Bajaj vs. Honda  Dot.com boom, then bust and now resurgence  Market leadership today cannot be taken for granted.New and more efficient companies are able to upstage leaders in a much shorter period.
  31. 31. 32 Factors Influencing Company’s Marketing Strategy
  32. 32. 33 Demographics Social Change Economic Conditions Political & Legal Factors Technology Competition Environmental Scanning Target Market Product Distribution Promotion Price External Environment is not controllable Ever-Changing Marketplace External Marketing Environment Physical / Natural
  33. 33. 34 The macro-environment is the assessment of the external forces that act upon the firm and its customers, that create threats & opportunities
  34. 34. 35 P r o d u c t
  35. 35. 36 Anything that is offered to the market for attention, acquisition, use or consumption that satisfies a want or a need Product is . . . . .
  36. 36. 37 Types of Products Consumer Products Industrial Products PRODUCTS Services
  37. 37. 38 Product Items, Lines, and Mixes Product Item Product Line Product Mix A specific version of a product that can be designated as a distinct offering among an organization’s products. A group of closely-related product items. All products that an organization sells.
  38. 38. 39 Product Mix Width – how many product lines a company has Length – how many products are there in a product line Depth – how many variants of each product exist within a product line Consistency – how closely related the product lines are in end use
  39. 39. 40 Gillette’s Product Lines & Mix Blades and Writing razors Toiletries instruments Lighters Fusion – 5 blade Mach 3 Turbo Mach 3 Series Paper Mate Cricket Sensor Adorn Flair S.T. Dupont Trac II Toni S.T. Dupont Atra Right Guard Swivel Silkience Double-Edge Soft and Dri Lady Gillette Foamy Super Speed Dry Look Twin Injector Dry Idea Techmatic Brush Plus Width of the product mix Depth of the product lines
  40. 40. 41 What is a Service? Defining the Essence An act or performance offered by one party to another (performances are intangible, but may involve use of physical products) An economic activity that does not result in ownership A process that creates benefits by facilitating a desired change in customers themselves, or their physical possessions, or intangible assets
  41. 41. 42 Some Industries - Service Sector Banking, stock broking Lodging Restaurants, bars, catering Insurance News and entertainment Transportation (freight and passenger) Health care Education Wholesaling and retailing Laundries, dry-cleaning Repair and maintenance Professional (e.g., law, architecture, consulting)
  42. 42. 43 Classification of Services Pure Tangible Product Materials / Components Computers Major Product with Minor Services Product = Service Major Service with Minor Product Business Hotels Good Transportation Banking Pure Intangible Service
  43. 43. 44  Intangibility – Services are intangibility cannot be seen, tasted, felt, heard or smelled before purchase.  Inseparability - Services are produced and consumed simultaneously.  Variability or Heterogeneity – Services are highly variable  Perishability – Services cannot be stored.  Non Ownership - Services are rendered but there is no transfer of title Major Characteristic of Services
  44. 44. 45 The Marketing Mix The conventional view of the marketing mix consisted of four components (4 Ps): Product, Price, Place/ distribution and Promotion. Generally acknowledged that this is too narrow today; now includes , Processes, Productivity [technology ]People [employees], Physical evidence Marketers today are focused on virtually all aspects of the firm’s operations that have the potential to affect the relationship with customers.
  45. 45. 46 The “8Ps” of Integrated Service Management vs. the Traditional “4Ps” ► Product elements ► Place, cyberspace, and time ► Process ► Productivity and quality ► People ► Promotion and education ► Physical evidence ► Price and other user outlays
  46. 46. 47 The Give and Get of Marketing
  47. 47. 48 Great Words on Marketing 1. “The purpose of a company is ‘to create a customer…The only profit center is the customer.’” 2. “A business has two—and only two—basic functions: marketing and innovation. Marketing and innovation produce results: all the rest are costs.” 3. “The aim of marketing is to make selling unnecessary.” 4. “While great devices are invented in the Laboratory, great products are invented in the Marketing department.” 5. “Marketing is too important to be left to the marketing department.”
  48. 48. 49 Drivers of Customer Satisfaction Many aspects of the firm’s value proposition contribute to customer satisfaction:  The core product or service offered  Support services and systems  The technical performance of the firm  Interaction with the firm and it employees  The emotional connection with customers Ability to add value and to differentiate as a firm focuses more on the top levels
  49. 49. 50 Marketers and Markets Marketers are focused on stimulating exchanges with customers who make up markets – B2C or B2B. The market is comprised of people who play a series of roles: decision makers, consumers, purchasers, and influencers. It is absolutely essential that marketers have a detailed understanding of consumers, their needs and wants. Much happens before and after the sale to affect customer satisfaction
  50. 50. 51 Stages of Customer Interaction
  51. 51. 52 What Changed in Marketing… • Organize by product units • Focus on profitable transactions • Look primarily at financial scorecard • Focus on shareholders • Marketing does the marketing • Build brands through advertising • Focus on customer acquisition • No customer satisfaction measurement • Over-promise, under-deliver • Organize by customer segments • Focus on customer lifetime value • Look also at marketing scorecard • Focus on stakeholders • Everyone does the marketing • Build brands through performance • Focus on customer retention • Measure customer satisfaction and retention rate • Under-promise, over-deliver Old Economy New Economy
  52. 52. 53 Are Banks truly marketing-savvy and customer - centric?
  53. 53. 54 Myth 1 – The larger the range of products, the more customer-centric I am. Mythbuster – The range of products has emerged from being competition-centric.
  54. 54. 55 Myth 2 – Better technology (read CRM) leads to better customer service. Mythbuster – Technology alone does not deliver, helps people do.
  55. 55. 56 Myth 3 – Launch a product and the customer will start using instantly. - Give a customer a card and he will learn how to play with it immediately Mythbuster – Customers need To be educated too…
  56. 56. 57 Mythbuster – Customers are not only present where competition is. Myth 4 – The only way to get a customer is from competition.
  57. 57. 58 Myth 5 – Just advertise and - You will sell. Mythbuster – Advertising will only sell, Not retain customers.
  58. 58. 59 Myth 6 – No difference between marketing & selling Mythbuster – “Selling focuses on the needs of the seller; marketing on the needs of the buyer.
  59. 59. 60 Myth 7 – In the absence of relationships ‘trust’ builds financial brands Mythbuster – Trust is not a differentiator at all… it is the very minimum that the customer expects!!
  60. 60. 61 So what will the differentiators be : • Technology ? • Brand ?
  61. 61. 62 The real differentiator of customer – centricity in a commoditised world of financial products - Customer Service !
  62. 62. 63 Thank You sagarnarsian@yahoo.com

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