b.com 07-11, slides.3 marketing management current
DESCRIPTION
Subject: Marketing Teacher: Hafiz Ahsan Class: Bcom 5th (2007-2011) Uploaded by: Saad Ahmad (BC07002)TRANSCRIPT
1. Marketing Management Marketing management is the art and science
of choosing target market and building profitable relationship with them.
Aim of Marketing Managers• Find
• Attract • Keep• Grow
Target market by creating, delivering and communicating superior customer value
2. Demarketing Marketing to reduce the demand temporarily or
permanently; the aim is not to destroy demand but only to reduce or shift.
The marketing manager must decide Which customer they want to targetOn the level, timing and nature of their demand.
Simply Marketing Management is
Customer Management and Demand Management
3. Relationship Marketing
The process of establishing and maintaining mutually exchange relationship with customer and other stakeholders.
Two Components of Relationship MarketingCustomer FocusCompetitive Advantage
4. Value Proposition
A company’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
**Note:
Company must design strong value propositions that give them the greatest advantage in their target markets.
5. Philosophies to design Marketing Strategies
Management wants to design strategies that will built profitable relationship with target customer.Production ConceptsProduct ConceptsSelling ConceptsMarketing ConceptsSocietal Concepts
1. Production ConceptConsumer will favor product that are available and highly
affordable. Management focus on improving production and distribution efficiency.This philosophy is still useful when
Demand exceeds the supply.Product cost is too high.It leads to Marketing Myopia. (lose sight of underlying
customer need )
2. Product ConceptConsumer will favor products that offer the most in
quality performance and features.Management focus on
InnovationContinuous improvement Customer will come on your door.Customer’s focus on Quality PerformanceLooking for better solution not better product
3. Selling Concept
Consumers will not buy enough products unless the
Firm is engaged in large-scale selling and promotion
efforts.
Management focus on (make and sell)Different selling techniquesExisting product
4. Selling Concept
Selling transaction not on building long term relationshipAim is to sell what they make not rather than make what
market wants.
Industry must be good in tracking down the prospects and selling them the product
5. Marketing Concept holds that achieving organizational goal depends on
knowing the needs and wants of target market and delivering the desire satisfaction better than competitors .
Management focus on (sense and respond)Identifying customer needSatisfying the need by providing some product
Management job is not to find the right customer for your product but to find the right product for your customer
Difference between selling and Marketing Concept
Starting
Point
Focus Means Ends
Factory
(Selling
Concept)
Existing
Product
Selling,
Promotion
Profit from
Sales volume
Market
(Marketing Concept)
Customer needs
Integrated Marketing
Profits from
Customer
Satisfaction
Societal Marketing Concept A principle of enlightened marketing that holds
that a company should make good decisions by considering consumer wants, the company requirements, consumer long run interest and society’s long run interests.
Management focus onConsumer’ s interestsSociety’s long run interest Company’s interest