MARKETING MANAGEMENT – DEFINITION AND CONCEPT

MARKETING MANAGEMENT – DEFINITION AND CONCEPT

1. MARKETING MANAGEMENT – DEFINITION AND CONCEPT Presented by HARSHITHA B J Under the guidance of Sundar B. N. Asst. Prof. & Course Co-ordinator GFGCW, PG Studies in Commerce Holenarasipura

2. Introduction to Marketing Management Market it is a place where buyers and sellers sales and buys from producers. Marketing Management it can be defined as an art and science of choosing target volume and getting keeping and growing customers to create delivering and communicating superior customer value.

3. Definitions According to American Marketing Association , Marketing is the activity ,set of instructions and processes for creating, communicating, delivering and exchanging offering that have value for customers, clients, partners and society at large. According to Dr. Philip Kolter defines marketing as science and art of exploring, creating and delivering value of satisfying the needs of target market at a profit.

4. What is Marketing Management? Marketing Management is the process of planning and executing the conception, pricing, promotions, and distribution of ideas, goods, and services to create exchange that satisfy individuals and organizational goals.(Philip Kolter)

5. Concepts of Marketing The Production concepts The Product concepts The Selling concepts The Marketing concepts The Societal Marketing concepts The Holistic concepts

6. Production Concept The philosophy that consumers will favour products that are available and highly affordable and that management should therefore focus on improving production and distribution efficiency.

7. Production Concept example:- You see, in Amazon or retail stores, the market is flooded with cheap products from china. Everything from the cheap plastic product from China is on your cart now. The best example of the production concept is Vivo, the Chinese smartphone brand. Their phones are available in almost every corner of the Asian market. You can walk into any phone shop in Asia and can walk out with the latest and greatest smartphone from Vivo.

8. Product Concept The philosophy that consumers will favour products that offer the most quality, performance, and innovative features.

9. Product Concept example:- For example, suppose a company makes the best quality Floppy disk. But a customer does need a floppy disk? She or he needs something that can be used to store the data. It can be achieved by a USB Flash drive, SD memory cards, portable hard disks, etc. So that the company should not look to make the best floppy disk, they should focus on meeting the customer’s data storage needs. When you think of high-quality products, Apple will be one of the top ones. Their products are so good that they set industry trends and standards. Logitech makes very high-quality computer products such as keyboard, mouse, and webcams. These high-quality products are priced higher, but people still buy, and they get almost free advertisement from independent reviews.

10. Selling Concept The idea that consumers will not buy enough of the organization’s products unless the organization undertakes a large-scale selling and promotion efforts.

11. Selling Concept example:- Every saw an ad online or TV commercial that you almost can’t escape and hide from? The Selling Concept is in play. Almost all companies eventually fall into this concept. “Mountain Dew” ads are hard to miss. If people like Mountain Dew or not, that is debatable, but you can see that PepsiCo is pushing it hard using ads. Almost all soft drinks and soda drinks follow the selling concept. These drinks have no health benefits ( actually harm your health more); you can easily replace them with water ( the most available substances on the earth). And the soft drink companies know it, and they run ads 24×7, spending millions,

12. Marketing Concept The marketing management philosophy that holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors do.

13. Marketing Concept example:- Restaurants and startups do follow the marketing concept. They try to understand the consumer and deliver the best product or service, which is better for the competition. ‘Dollar shave club’ is the best example. They changed the Men’s grooming market. They have understood that people are not happy with their previous grooming products and their prices. Where other company’s grooming products will cost hundreds to buy for just one month. ‘Dollar shave club’ charges a couple of bucks a month with higher quality products and home delivery convenience.

14. Societal Marketing Concept The idea that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively than competitors in a way that maintains the consumers and society’s well-being.

15. Societal Marketing Concept example:- While large companies sometimes launch programs or products that benefit society, it is hard to find a company that is fully committed socially. We can see Adidas doing great as they continue to support Colin Kaepernick despite pressure from various parties. Tesla promises a big push for green energy with electric cars and solar roof panels/tiles.

16. Holistic concepts :- Philip Kotler - “ The holistic marketing concept is based on the development, design and implementation of marketing programs, processes and activities that recognizes their breadth and interdependencies.”

17. Holistic concepts

18. Conclusion Marketing is the most exciting of all business sports. It is the heartbeat of every successful business. It is continually changing in response to the explosion of information, the expansion of technology, and the aggressiveness of competition, at all levels and everywhere.

19. References Philip Kotler (1987) Marketing : An Introduction . Prentice-Hall; International Editions. Ramaswamy, V.S., 2002, Marketing Management, Macmilan India, New Delhi. Kotler P, Armstrong G,2008, Principles of Marketing , 9th Edition, Prentice Hall, New Delhi Gandhi J.C, 1985, Marketing –A Managerial Introduction , Tata McGraw-Hill , New Delhi www.unilorin.edu.ng/.../ product %20 classification %20 strategy .pdf http://www.mbanotesworld.in/2008/04/classification-of-product.html