MBA603

MARKETING MANAGEMENT

Marketing Defined:
Marketing is the process of influencing
voluntary exchange transactions in
which one party to the transaction can
be envisioned in some fashion as the
customer of the other, the marketer.

Marketing Management
Marketing Management is the process
of analyzing, implementing,
coordinating, and controlling programs
involving the conception, pricing,
promotion and distribution of products,
ideas and services designed to create
and maintain beneficial exchange with
target markets for the purpose of
achieving organizational objectives.

What Is Marketing?

Personal Selling?

Advertising?

Making products available in stores?

Maintaining inventories?
All of the above, plus much more!

What Is Marketing?
A Philosophy
An Attitude
A Perspective
A Management
Orientation

plus

A Set of Activities,
including:
Products
Pricing
Promotion
Distribution

The Concept of Exchange

The idea that people give up

something to receive something
they would rather have.

The Concept of Exchange

At
AtLeast
Least Two
Two Parties
Parties
Something
Something of
of Value
Value

Necessary
Necessary
Conditions
Conditions
for
for Exchange
Exchange

Communication
Communication and
and Delivery
Delivery
Freedom
Freedom to
toAccept
Acceptor
or Reject
Reject
Desire
Desireto
to Deal
Deal with
withOther
Other Party
Party

Fundamental Theorem of Exchange

and its Relation to Marketing
Proposition: Voluntary trade is
mutually beneficial.
Voluntary exchange benefits all parties
involved. Each party receives value.

Competition is Very Real in Todays Market!

A company must integrate marketing
plans with the Companies strategies
and resources.
An apt marketing manager will
accomplish this mix.

Achieving a Market Orientation

Obtain information about customers, competitors,

and markets

Examine the information from a total business

perspective

Determine how to deliver superior

customer value

Implement actions to provide value

to customers

The Marketing Concept

The idea that the social and
economic justification for an
organizations existence is the
satisfaction of customer wants and
needs while meeting organizational
objectives.

The Marketing Concept

Focuses on customer wants and needs to

distinguish products from competition

Integrates all organizations activities to satisfy

customer wants and needs

Achieves organizations long-term goals by

satisfying customer wants and needs

Customer Value

The ratio of benefits to the

sacrifice necessary to obtain
those benefits

Customer Value Requirements

Offer products that perform

Give consumers more than they expect
Avoid unrealistic pricing
Give the buyer facts
Offer organization-wide commitment in
service and after-sales support

Customer Satisfaction

The feeling that a product has

met or exceeded the customers
expectations.

Maintaining Customer Satisfaction

Meet or exceed customers expectations

Focus on delighting customers

Provide solutions to customers problems

Cultivate relationships,
NOT one-time transactions

Relationship Marketing
Who
Who are
are your
your customers?
customers?
What
What do
do customers
customers value?
value?

Requirements
Requirements
for
for
Building
Building
Relationships
Relationships

What
What do
do they
they want
want to
to buy?
buy?
How
How do
do they
they prefer
prefer to
to interact?
interact?

Marketing Plan Process

Business Mission
Statement
Objectives
Situation or SWOT
Analysis
Marketing Strategy
Target Market
Strategy

Marketing Mix
Product

Distribution

Promotion

Price

Implementation
Evaluation
Control

Environmental Scanning

Examination of macroenvironmental forces

Social
Demographic
Economic
Technological
Political / Legal
Competitive

Helps identify market

opportunities

Provides guidelines for

design of marketing strategy

Defining the Business Mission

Answers the question,

What business are we in
and where are we going?

Focuses on the market(s)

rather than the good or service

Target Market Selections

Appeal
Appeal to
to the
the entire
entire market
market
with
with one
one marketing
marketing mix
mix
Concentrate
Concentrate on
on one
one
marketing
marketing segment
segment
Appeal
Appeal to
to multiple
multiple markets
markets
with
with multiple
multiple marketing
marketing mixes
mixes

Marketing Mix: The Four Ps

Price
Price
Promotion
Promotion
Place
Place
Product
Product

The Market Opportunity Analysis:

Market Opportunity
Analysis:
Understanding
opportunities
Customer analysis
Marketing research
and analysis
Market
segmentation,
targeting and
positioning.

Formulating Strategy
Set Objectives
Decide on an overall
marketing strategy
Make tactical
decisions relative to
each element of the
strategy

References
Baker, D., Marketing Slide Presentation
Texas Christian University
Lamb, Hair & McDaniel, Essentials of
Marketing, 4th Edition, South-Western
College Publishing, 2003.
Mullins, J.W., Walker, O.C., 2010
Marketing Management, 7th Edition, New
York:McGraw Hill
Zikmund, DAmico, The Power of
Marketing, 7th Edition, South-Western
College Publishing, 2003