Definition of Marketing ManagementNature of Marketing ManagementImportance of Marketing Management:1. Setting Marketing Goals:2. Selecting Target Market:3. Formulating Suitable Marketing Organisation:4. Maintaining Healthy Relations with other Departments:5. Establishing and Maintaining Profitable Relations with Outside Parties:6. Marketing Research Activities:7. Sales Management:8. Exercising Effective Control on Marketing Activities:- Philip Kotler:Internal Records System:Marketing Intelligence System:3. Marketing Research System:4. Marketing Decision Support System (MDSS):Market Research ProcessINTERNATIONAL MARKET RESEARCHWhy is International Market Research so important ?What needs to be considered when executing International Market Research?Analysis of Consumer MarketsFirms need to research the consumer market to find answers to the questions: 1. Who constitutes the market? (occupants) 2. What the market buys? (objects) 3. Why the market buys? (objectives) 4. Who participates in the buying? 5. How the market buys? ...Consumer analysis can be applied at several levels. It can be used to analyze not only a single consumer but also groups of consumers that make up a target market—a larger group of consumers made up of all the purchasers of a product in an industry—or...Meaning and Definition:Cultural FactorsWhat is a product?1. Core Product2. Generic Product3. Expected Product4. Augmented Product5. Potential ProductProduct Life Cycle Stages ExplainedStage 1: Idea GenerationStage 2: Idea ScreeningStage 3: Concept Development and TestingStage 4: Marketing Strategy and DevelopmentStage 5: Business AnalysisStage 6: Product DevelopmentStage 7: Test MarketingStage 8: CommercializationMarket Segmentation A. Demographic Segmentation: 1. Age: 2. Gender: 3. Income: 4. Family cycle: B. Geographic Segmentation: C. Psychographic Segmentation: 1. Personality characteristics: 2. Lifestyle: D. Behavioural Segmentation: 1. Occasion: 2. User status: 3. Usage rate: 4. Loyalty status: 5. Buyer readiness stage:Market PotentialSales PotentialCompetitionCostTarget Market Selection Segmentation and PositioningWhat types of analyses need to be completed?Market Segmentation Best PracticesB2B Segmentation CriteriaTarget MarketingPositioningManufacturer to CustomerManufacturer to Retailer to ConsumerManufacturer to Wholesaler to CustomerManufacturer to Agent to Wholesaler to Retailer to CustomerIntermediariesAgents/BrokersWholesalersDistributorsRetailersAdvertising:Features of Advertising and Advantages/Merits of Advertisement:Disadvantages of Advertising:Objections to Advertising or Criticism of Advertising:2. Sales Promotion:Sales Promotion Techniques for Customers:Merits of Sales Promotion:Demerits of Sales Promotion:3. Personal Selling:Features of Personal Selling:Qualities of a Good Salesman:Role of Personal Selling:4. Public Relations:Role, Significance, advantages of public relations:Ways/Methods and Tools of Public Relations:Markup PricingProfit Maximization PricingTotal Profit MaximizationDefinition of 'Break-even Pricing'Pricing FactorsPricing: More ethics than legalityPrice discrimination: Anti-favoritism4. Price skimming: Discriminating through time5. Supra competitive pricing: Monopoly gougingPerceived ValueCaptive PricingLoss LeadersDomino EffectWhat is a 'Balance Of Payments (BOP)'What is Relationship Marketing and What Can it do for Your Business?SustainabilityLegislation and ethical practiceBenefiting business reputationLECTURE NOTES ON MARKETING MANAGEMENT MBA II SEMESTER (IARE – R18) Prepared by Ms. G.Joseph Mary Assistant Professor, Department of MBA MASTER OF BUSINESS ADMINISTRATION INSTITUTE OF AERONAUTICAL ENGINEERING (Autonomous) Dundigal, Hyderabad – 500 043UNIT-I INTRODUCTION TO WORLD OF MARKETINGUNIT-I INTRODUCTION TO WORLD OF MARKETING Definition of Marketing Management According to Philip Kotler, "Marketing Management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target audiences for the purpose of personal and of mutual gain. It relies heavily on the adoption and coordination of product, price, promotion and place for achieving responses.". Marketing management is a business process, to manage marketing activities in profit seeking and non profit organisations at different levels of management. Marketing management decisions are based on strong knowledge of marketing functions and clear understanding and application of supervisory and managerial techniques. Nature of Marketing Management It Combines the Fields of Marketing and Management As the name implies, marketing management combines the fields of marketing and management. Marketing consists of discovering consumer needs and wants, creating the goods and services that meet those needs and wants; and pricing, promoting, and delivering those goods and services. Doing so requires attention to six major areas - markets, products, prices, places, promotion, and people. Management is getting things done through other people. Managers engage in five key activities - planning, organising, staffing, directing, and controlling. Marketing management implies the integration of these concepts. Marketing Management is a Business Process Marketing management is a business process, to manage marketing activities in profit seeking and non profit organisations at different levels of management, i.e. supervisory, middle-management, and executive levels. Marketing management decisions are based on strong knowledge of marketing functions and clear understanding and application of supervisory and managerial techniques. Marketing managers and product managers are there to execute the processes of marketing management. We, as customers, see the results of such process in the form of products, prices, advertisements, promotions, etc. Marketing Management is Both Science and Art “Marketing management is art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.” (Kotler, 2006). Marketing management is a science because it follows general principles that guides the marketing managers in decision making. The Art of Marketing management consists in tackling every situation in an creative and