Marketing Management in International Business

Business International Marketing

1. ‹#› Marketing Management Week 1

2. ‹#› Markets The set of all actual and potential buyers of a product or service A simple marketing system Industry (a collection of sellers) Market (a collection of buyers) Communication Products / Services Money Information

3. ‹#› Core Marketing Concepts To explain marketing definition, we examine the following important terms : Needs, wants, and demands Products and services Value, satisfaction and quality Exchange, transactions, and relationships Markets

4. ‹#› Needs, Wants, and Demands Needs: . Human have many complex needs: Physical needs for food, clothing, warmth, and safety Social needs or belonging and affection Individual needs for knowledge and self – expression Wants: Want are the form taken by human needs as they are shaped by culture and individual personality. Demands: When backed by buying power, wants become demands .

5. ‹#› Products and Services Product: Anything that can be offered to a market to satisfy a need or want. The concept of product is not limited to physical objects – anything capable of satisfying a need can be called a product. Services: In addition to tangible goods, products also include services, which are activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything.

6. ‹#› Values, Satisfaction, and Quality Values : Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the products. Satisfaction: Customer satisfaction depends on a product ’ s perceived performance in delivering value relative to a buyer ’ s expectation. Quality: Customer satisfaction is closely linked to quality. Quality has a direct impact on product performanc e.

7. ‹#› Relationships Marketing Relationship marketing : The process of creating, maintaining, and enhancing strong, value – laden relationships with customers and other stakeholders

8. ‹#› Marketing Management The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.

9. ‹#› Marketing Management Involves: Demand Management : The organization has a desired level of demand for its products. At any point in time, There may be no demand, adequate demand, irregular demand, or too much demand, and marketing management must find ways to deal with these different demand states. Building Profitable Customer Relationships : Beyond designing strategies to attract new customers and create transactions with them, companies now are striving to retain current customers and build lasting customer relationships.

10. ‹#› MARKETING MANAGEMENT PHILOSOPHIES The role that marketing plays within a company varies according to the overall strategy and philosophy of each firm. There are five alternative concepts under which organizations conduct their marketing activities: Production concept Product concept Selling concept Marketing concept Societal marketing concepts Holistic Marketing Concepts

11. ‹#› 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.

12. ‹#› Product Concept The philosophy that consumers will favour products that offer the most quality, performance, and innovative features.

13. ‹#› 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 effort.

14. ‹#› 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.

15. ‹#› 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 and efficiently than competitors in a way that maintains or improves the consumer ’ s and society ’ s well – being.

16. ‹#› Factory Existing products Selling and promoting Profits through sales volume Starting point Focus Means Ends The selling concept Market Customer needs Integrated marketing Profits through customer satisfaction The marketing concept   The selling and Marketing Concepts Contrasted

17. ‹#› Three Considerations Underlying The Societal Marketing Societal marketing concept Society ( Human welfare) Company (Profits) Consumers (Want satisfaction )

18. Holistic Marketing Concept Holistic marketing concept is a part of the series on concepts of marketing and it can be defined as a marketing strategy which considers the business as a whole and not as an entity with various different parts. According to holistic marketing concept, even if a business is made of various departments, the departments have to come together to project a positive & united business image in the minds of the customer. Holistic marketing concept involves interconnected marketing activities to ensure that the customer is likely to purchase their product rather than competition. Example of Holistic marketing concept An organization will have different departments like sales and marketing, accounting and finance, R&D and product development and finally HR and operations. Thus, if you want to implement a holistic marketing concept in your organization, you need to ensure that R&D and product development take the feedback from marketing and sales to launch the product which is most likely to attract customers. On the other hand they need to work closely with accounting and finance to find out the exact budget for the project. Sales and marketing need to communicate to the HR the right kind of people that they need, and finally, admin and operations need to devise a plan to retain these people. ‹#›

19. Key Concepts of Holistic Marketing Internal marketing  –  Marketing between all the departments in an organization Relationship marketing  –  Building a better relationship with your customers, internal as well as end customers is beneficial for holistic marketing. Performance marketing  –  Driving the sales and revenue growth of an organization holistically by reducing costs and increasing sales. Integrated marketing  –  Products, services and marketing should work hand in hand towards to growth of the organization ‹#›

20. ‹#› MARKETING CHALLENGES INTO THE NEW CENTURY GROWTH OF NON-PROFIT MARKETING THE INFORMANTION TECHNOLOGY BOOM RAPID GLOBALIZATION THE CHANGING WORLD ECONOMY THE CALL FOR MORE ETHICS AND SOCIAL RESPONSIBILITY