Introduction to marketing, its different aspects, marketspace and market place. This shall help to understand the dictionary meaning of marketing and based activities. I hope you will enjoy.

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MARKETING
MANAGEMENT
M . C O M – 2 N D S E M E S T E R

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I n l e c t u r e n o . 0 1 , w e s h a l l d i s c u s s f o l l o w i n g t o p i c s
i n d e t a i l f o r b e t t e r u n d e r s t a n d i n g w i t h s u b s e q u e n t
m a r k e t i n g t e r m i n o l o g i e s a n d vo c a b u l a r i e s .
1 . W hat is Mar k eting Management?
2 . Impor tanc e of Mar k eting
3 . W hat is Mar k eting?
4 . W hat is Mar k eted?
5 . W ho Mar k ets?
TODAY TOPICS

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1. What is Marketing Management
T h e v e r y f i r s t e d i t i o n o f “ M a r k e t i n g M a n a g e m e n t ” i n t r o d u c e d t h e
c o n c e p t t h a t : -
C o m p a n i e s M u s t B e C u s t o m e r - a n d - M a r k e t D r i v e n . F u n d a m e n t a l t o p i c s
s u c h a s s e g m e n t a t i o n , t a r g e t i n g a n d p o s i t i o n i n g .
T h e s e w e r e n o t e v e n p a r t o f m a r k e t i n g v o c a b u l a r y : -
C o n c e p t s u c h a s : -
B r a n d E q u i t y – C u s t o m e r Va l u e A n a l y s i s – D a t a b a s e M a r k e t i n g –
E - C o m m e r c e – Va l u e N e t w o r k s , H y b r i d - C h a n n e l – S u p p l y C h a i n
M a n a g e m e n t – I n t e g r a t e d M a r k e t i n g C o m m u n i c a t i o n .

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1. What is Marketing Management
Ma rk eting is n o long er a comp a ny d epa rtment cha rg ed
with a limited number o f ta sks – It is a compa ny- wid e
und erta k ing .
It d rives the co mpany's vision, mission and stra teg ic
p la nning .
Ma rk eting includ es the d ecisio ns lik e : -
i. Who the company wants as its customers.
ii. Which of their needs to satisfy.
iii. What products and services to offer.
iv. What prices to set.
v. What communication to send and receive.
vi. What Channel of distribution to use.
vii. What partnerhsip to develop.

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1. What is Marketing Management
Marketing succeeds only when all departments
work together to achieve goals:-
i. When Eng ineering D esig n the Rig ht Pro d ucts .
ii. Fina nce f urnishes the req uired f und s .
iii. Purcha sing Buy Hig h - Q uality Ma teria ls .
iv. Pro d uctio n ma k es Hig h - Q ua lity p ro d ucts o n time .
v. Acco unting Mea sures the p ro fitab ility of d iff erent
custo mers, p ro d ucts a nd a rea s .

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• To Address all different shifts, good marketers are practicing holistic marketing.
• Holistic Marketing is the development, design and implementation of marketing programs, processes and
activities that recognize the breadth and interdependencies of today marketing environment. Four key
dimensions of holistic marketing are:-
• Internal Marketing: ensuring everyone in the organization embraces appropriate marketing
principles, especially senior management.
• Integrated Marketing: ensuring that multiple means of creating, delivering and communicating
values are employed and combined in the best way.
• Relationship Marketing: having rich, multi-faced relationships with customers, channel members
and other marketing partners.
• Performance Marketing: Understanding returns to the business from marketing activities and
programmes as well as addressing broad concerns and their legal, ethical, social and environmental
effects.

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2. IMPORTANCE OF MARKETING
• Marketing is playing a key role in addressing those challenges. Finance, operations, accounting and
other business functions won’t really matter with sufficient demand for products and services so the
firm can make a profit.
• Thus financial success often depends on marketing ability.
• Successful marketing builds demand for products and services, which, in turn, creates jobs.
• By contributing to the bottom line, successful marketing also allows firms to more fully engage in socially
responsible activities.
• Marketers must decide what features to design into a new product or service, what prices to set, where to sell
products or offer services and how much to spend on advertising, sales , the Internet or mobile marketing.
• Marketers must make those decisions in an Internet-Fueled environment where consumers, competition,
technology and economics forces change rapidly.

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3. WHAT IS MARKETING?
Marketing is about identifying and meeting human and social needs. One of the shortest good definition is
“Meeting needs profitably.”
The American Marketing Association offers the following formal definition:-
Marketing is the activity, set of institutions and processes for creating, communicating, delivering
and exchanging offerings that have value for customers, clients, partners and society at large.
Marketing Management as the art and science of choosing target markets and getting, keeping and growing
customers through creating, delivering and communicating superior customer values.

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3. WHAT IS MARKETING?
A social definition shows the role marketing plays in society: For Example, one marketer has said that
marketing’s role is to “deliver a higher standard of living.” Here is a social definition of marketing.
“Marketing is a societal process by which individuals and groups obtain what they need and want through
creating, offering and freely exchanging products and services of value with others.
Peter Drucker, a leading management theorist mentioned that:-
Aim of marketing is to make selling superfluous. The Aim of marketing is to know and understand the
customer so well that the product or service fits him and sells itself.
Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to
make the product or service available.

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4. WHAT IS MARKETED?
M a rket ers ma rket 10 ma in ty pes of ent ities . Let’s t ake a quick loo k at
t hese ca t eg o ries :-
Go o ds : Physica l g o o d s co nstitute the b ulk o f mo st co untries
p ro d uction a nd ma rk eting eff o rts . i. e. f ro zen f o o d s
p ro d uction, millio ns o f ca rs, ref rig erato rs, televisio n,
ma chines etc.
Services : An eco no mic a d va nce, a g ro wing p ro p o rtion o f their
a ctivities fo cuses o n the p rod uctio n o f services . It includ es
a irlines, ho tels, car renta l f irms, ba rb ers a nd b eauticia ns,
ma intena nce a nd rep a ir, a cco unta nt, eng ineers, d o cto rs,
so f twa re p ro g rammer a nd ma na g ement co nsulta nts .
Ma ny mark et off ering mix- good s and services such as fa st-
f o o d mea l.

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4. WHAT IS MARKETED?
Ev ent s : Ma rk eters p romo te time- ba sed events, such a s ma jo r trad e
sho ws, a rtistic p erf o rmance a nd co mp a ny a nniversa ries .
G lob al sporting events such a s the O lymp ics and the World
Cup a re p ro moted a g g ressively to b o th co mp a nies a nd f a ns .
Ex p eriences : By o rchestra ting severa l services a nd g o o d s, a f irm ca n
crea te, sta g e a nd ma rk et ex p eriences .
Perso ns : Artists, Musicia ns, CEO s, p hysicians, hig h- pro f ile la wyers
a nd f ina nciers a nd o th er p ro f essionals a ll g et help f ro m
celeb rity ma rk eters . Some p eop le ha ve do ne ma sterful job
o f ma rk eting themselves . i. e. Da vid Beck ha m etc.
Pla ces : Cities, sta tes, regions a nd who le nations comp ete to a ttra ct
to urists, resid ents, f a cto ries a nd co mp a ny hea d q ua rters .

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4. WHAT IS MARKETED?
Pro pert ies : P ro p e r t i e s a re i n t a n g i b l e r i g h t s o f o w n e r s h i p t o e i t h e r re a l
p ro p e r t y ( re a l - e s t a t e ) o r f i n a n c i a l p ro p e r t y ( s t o c k s & b o n d s ) .
T h e y a re b o u g h t & s o l d a n d t h e s e e x c h a n g e s re q u i re
m a r k e t i n g .
O rg a niza tio n : O r g a n i z a t i o n w o r k t o b u i l d a s t r o n g , f a v o r a b l e & u n i q u e
i m a g e i n t h e m i n d s o f t h e i r t a r g e t p u b l i c s .
U n i v e r s i t i e s , m u s e u m s , p e r f o r m i n g a r t s o r g a n i z a t i o n ,
c o r p o r a t i o n s a n d n o n - p r o f i t s a l l u s e m a r k e t i n g t o
b o o s t t h e i r p u b l i c i m a g e s a n d c o m p e t e f o r a u d i e n c e s
a n d f u n d s .
Inf o rmation : T h e p r o d u c t i o n , p a c k a g i n g & d i s t r i b u t i o n o f i n f o r m a t i o n a r e
m a j o r i n d u s t r i e s . I n f o r m a t i o n i s e s s e n t i a l w h a t b o o k s , s c h o o l s
a n d u n i v e r s i t i e s p r o d u c e , m a r k et a n d d i s t ri b u t e a t a p r i c e t o
p a r e n t s , s t u d e n t s a n d c o m m u n i t i e s .

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4. WHAT IS MARKETED?
Ideas:
Ev ery ma rket o f f ering includes a ba sic idea .
Cha rles Revso n o ne o b served tha t: -
“ In f a ctory we mak e cosmetics, in the drugsto re we sell
ho p e . ”
Prod ucts and S ervices a re p la tfo rms f or delivering some
id ea o r b enef it .

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5. WHO MARKETS?
MARKETERS AND PROSPECT:
Ma rk eter is so meo n e w ho seeks a r esp onse – atten tion , a purch ase, a
v o te, a d o n atio n – f r o m an o th er p ar ty, called th e p ro sp ect .
If two p ar ties ar e seek in g to sell so meth ing to each o th er, w e call th em
b o th mar k eter s .
Just as prod u ction and lo gistics p rof essio nals ar e r esp on sib le f or supp ly
man ag emen t, Ma rk eters a re resp o nsible f o r d ema nd ma na g ement .
Ma rk eter seek to in flu en ce th e lev el, timin g and comp ositio n of
d ema nd to meet o rg an ization’s o b j ectiv es .

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3. WHO MARKETS?
MARKETERS AND PROSPECT:
Eight demand states are possible: -
Neg a tive D ema nd : C o n s u m e r s d i s l i k e t h e p ro d u c t a n d m a y e v e n p a y t o
a v o i d i t .
N o n - e x i s t e n t D e m a n d : C o n s u m e r s m a y b e u n a w a re o f o r u n i n t e re s t e d i n t h e
p ro d u c t .
L a t e n t D e m a n d : C o n s u m e r s m a y s h a re a s t ro n g n e e d t h a t c a n n o t b e
s a t i s f i e d b y a n e x i s t i n g p ro d u c t .
D e c l i n i n g D e m a n d : C o n s u m e r s b e g i n t o b u y t h e p ro d u c t l e s s f re q u e n t l y
o r n o t a t a l l .
I r r e g u l a r D e m a n d : C o n s u m e r s p u rc h a s e s v a r y o n a s e a s o n a l , m o n t h l y,
w e e k l y, d a i l y o r e v e n h o u r l y b a s i s .

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3. WHO MARKETS?
MARKETERS AND PROSPECT:
Eight demand states are possible: -
Full Dema nd : C o n s u m e r s a re a d e q u a t e l y b u y i n g a l l p ro d u c t s p u t
i n t o m a r k e t p l a c e .
O v e r f u l l D e m a n d : M o re c o n s u m e r s a re a d e q u a t e l y b u y i n g a l l p ro d u c t s
t h a n c a n b e s a t i s f i e d .
U n w h o l e s o m e d e m a n d : C o n s u m e r s m a y b e a t t r a c t e d t o p ro d u c t s t h a t h a v e
u n d e s i r a b l e s o c i a l c o n s e q u e n c e s .
In ea ch case, Marketer must identify the und erlying ca use(s) o f the d ema nd
sta te a nd d etermin e a p la n o f a ctio n to shif t d ema nd to a mo re d esired sta te .

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3. WHO MARKETS?
MARKETS:-
Tr a d i t i o n a l l y, a “ m a r k e t ” w a s a p h y s i c a l p l a c e w h e re b u y e r s a n d s e l l e r s
g a t h e re d t o b u y a n d s e l l g o o d s . E c o n o m i s t s d e s c r i b e a m a r k e t a s a
c o l l e c t i o n o f b u y e r s a n d s e l l e r s w h o t r a n s a c t o v e r a p a r t i c u l a r p ro d u c t o r
p ro d u c t c l a s s ( s u c h a s t h e h o u s i n g m a r k e t o r t h e g r a i n m a r k e t ) .
M a r k e t e r s u s e t h e t e r m “ M a r k e t ” t o c o v e r v a r i o u s g ro u p i n g s o f c u s t o m e r s .
T h e y v i e w s e l l e r s a s c o n s t i t u t i n g t h e i n d u s t r y a n d b u y e r s a s c o n s t i t u t i n g
t h e m a r k e t . T h e y t a l k a b o u t n e e d m a r k e t , p ro d u c t m a r k e t , d e m o g r a p h i c
m a r k e t s a n d g e o g r a p h i c m a r k e t s . O r t h e y e x t e n d t h e c o n c e p t t o c o v e r v o t e r
m a r k e t s , l a b o r m a r k e t s a n d d o n o r m a r k e t s e t c .

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5. WHO MARKETS?
Structure of Flows in a Modern Exchange Economy

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5. WHO MARKETS?
A Simple Marketing Systems

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5. WHO MARKETS?
KEY CUSTOMER MARKETS:-
C o n s u m e r M a r k e t s : C o m p a n i e s s e l l i n g m a s s c o n s u m e r g o o d s & s e r v i c e s .
Business Ma rk ets : Co mp an ies sellin g b usin ess g ood s an d serv ices of ten
face well - in formed p ro fessional b u yers sk illed at
ev alu atin g co mp etitiv e o ff er in gs .
Bu sin ess b u yer s b u y g o o d s to mak e o r r esell a
p r o d u ct to o th er at a p r o f it .
Bu sin ess mar k eter s mu st d emo n str ate h o w th eir
p r o d u cts w ill h elp ach iev e h ig h er r ev en u e at lo w er
co sts .

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5. WHO MARKETS?
KEY CUSTOMER MARKETS:-
G l o b a l M a r k e t : C o m p a n i e s i n t h e g l o b a l m a r k e t p l a c e m u s t d e c i d e : -
a ) . w h i c h c o u n t r i e s t o e n t e r ;
b ) . h o w t o e n t e r e a c h ( a s a n e x p o r t e r, l i c e n s e r, j o i n t - v e n t u re p a r t n e r
c o n t r a c t m a n u f a c t u re r o r s o l o m a n u f a c t u re r.
c ) . h o w t o a d o p t p ro d u c t a n d s e r v i c e f e a t u re s t o e a c h c o u n t r y.
d ) . h o w t o p r i c e p ro d u c t s i n d i f f e re n t c o u n t r i e s .
e ) . h o w t o d e s i g n c o m m u n i c a t i o n s f o r d i f f e re n t c u l t u re s .
f ) . F a c i n g re q u i re m e n t s f o r b u y i n g a n d d i s p o s i n g o f p ro p e r t y, c u l t u r a l ,
l a n g u a g e , l e g a l a n d p o l i t i c a l d i f f e re n c e s a n d c u r re n c y f l u c t u a t i o n s .

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5. WHO MARKETS?
KEY CUSTOMER MARKETS:-
N o n - P r o f i t a n d G o v e r n m e n t a l M a r k e t s :
C o m p a n i e s s e l l i n g t o n o n - p ro f i t o r g a n i z a t i o n s w i t h l i m i t e d p u rc h a s i n g
p o w e r s u c h a s c h u rc h e s , u n i v e r s i t i e s , c h a r i t a b l e o r g a n i z a t i o n s a n d
g o v e r n m e n t a g e n c i e s n e e d t o p r i c e c a re f u l l y.
M u c h g o v e r n m e n t p u rc h a s i n g c a l l s f o r b i d s , a n d b u y e r s o f t e n f o c u s o n
p r a c t i c a l s o l u t i o n a n d f a v o r t h e l o w e s t b i d i n t h e a b s e n c e o f e x t e n u a t i n g
f a c t o r s .
L o w e s t s e l l i n g p r i c e s a f f e c t t h e f e a t u re s a n d q u a l i t y t h e s e l l e r c a n b u i l d
i n t o t h e o f f e r i n g .

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5. WHO MARKETS?
1. MARKET-PLACES
2. MARKET-SPACES
3. META-MARKETS

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