what are marketing management,In marketing - EM

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Tuesday, 6 March 2018

what are marketing management,In marketing




Introduction to marketing management. Introduction to Marketing Management  Definition According to Philip Kotler, Marketing Management is the process of planning and executing the conception, pricing and promotion and distribution of goods, services Marketing management is the process of developing strategies and planning for product or services, advertising, promotions, sales to reach desired customer segment, In other words, a business discipline, which is focused on the practical application of marketing. techniques and the management of a firm's marketing resources and activities, Marketing Management. Marketing Management focuses on the psychological and physical factors of Marketing.



marketing management,marketing,Marketing Strategy,DISTRIBUTION AND PROMOTION STRATEGY,Channel Design Decision,Channel Management Decision,PROMOTION STRATEGY,Direct Marketing,Personal selling,Personal selling,Qualities of a salesman,public relation,MARKET COMPETITION,Market Competitors,Defending market share,Expanding market share    Defense Strategies    Position defenseExpanding market share    Defense Strategies    Position defense,Preemptive defense,Counter Offensive Defense,Mobile Defense,Market Challenger Strategies,1.Frontal attack,1.Frontal attack,Encirclement attack,Bypass attack,Market Follower Strategies,Market-Niche Strategies,1.Creating niches    2.Expanding niches    3.Protecting niches,Niche Specialist Roles,Upward Stretch,Two-way Stretch,Product mix Decision,New Product Development Strategy, 1.Product development    2.Introduction    3.Growth    4.Maturity    5.Decline,Product Lifecycle Marketing Strategy,PRICING STRATEGIES ,Factors to consider when setting pricing,Pricing an innovative Product,Market –Penetration Pricing,Price Adjustment Strategies,Discount and allowance Pricing:,Segment Pricing,Psychological pricing,Promotional pricing,Value pricing    Geographic Pricing:,International Pricing,DISTRIBUTION AND PROMOTION STRATEGY,Channel Design Decision,Channel Management Decision, PROMOTION STRATEGY , Tools of Promotional-mix,.Advertising    2.Direct Marketing    3.Sales promotion    4.Salesmanship ( Personal Selling)    5.Public relation
marketing management, marketing, Marketing Strategy


 "You cannot change your destination overnight, but you can change your direction overnight"

                  MARKETING 2018 STEPS TO SUCCESS by-JIM ROHN





Upward Stretch


Companies at the lower end of the market might want to enter the higher end. They may be attracted by faster growth rate or higher margins at the higher end, or they may simply want to position themselves as full-line manufacturers. Sometimes companies stretch upward in order to add prestige to their current products. In stretching its product line upward, Toyota opted to produce two even more expensive models under the Lexus brand, to compete against BMW 5 and 7 series vehicles as equivalent Mercedes models.




  Two-way Stretch


Companies in the middle range of the market might decide to stretch their lines in both directions. Sony did this to hold off copycat competitors for its Walkman line of the personal cassette player. Sony introduced its first Walkman in the middle of the market. As imitative competitors moved in with lower-priced models, Sony stretched downward. At the same time, to add luster to its lower-priced models and to attract more affluent consumers, Sony stretched the Walkman line upward with new models and technology

Product mix Decision

The product mix is the set of all product lines and items that a particular seller offer.

The Breadth: of Unilever’s product mix refer to the number of different lines the company carries.

The Length: of Unilever’s product mix refers to the number of items the company carries.

The Depth: of Unilever’s product mix refers to the number of versions offered of each product in the line.

The consistency: of the product mix refers to how closely related the various product lines are in the end use

New Product Development Strategy

The development of original products( New ZPTOS anti-dandruff Sunsilk Shampoo)

Product improvements (MacIII- triple blade Razor)

product modifications (Diet Coke)

New brands through the firm’s own R&D efforts (Double Cola)
(PLC) Product Life Cycle & New Product Development Strategy
Stages: 


1.Product development

2.Introduction

3.Growth

4.Maturity

5.Decline



Product Lifecycle Marketing Strategy 


Growth Stage

Maturity Stage

Decline Stage

Introduction Stage





PRICING STRATEGIES 


1.Steps in setting the Price

2.New product Price strategies

3.Product mix pricing strategies

4.Price adjustment strategies and Price changes






Factors to consider when setting pricing



Internal Factors:

•Marketing objectives; maximum profit, High share, build customer loyalty.

•Mktg-mix strategy

•Costs

•Org. considerations





                         External factors:



•The market and demand

•Competitor’s pricing

and offers

•Other external factors;

pure competition,

monopolistic competition,

Oligopolistic competition





New Product Pricing Strategies
Pricing an innovative Product:

Market-Skimming Pricing

Setting a high price for a new product to skim maximum revenue from the segments willing to pay the high price; the company makes fewer but more profitable sales.

Market –Penetration Pricing

Setting a low price for a new product in order to attract a large number of buyers and a large market share.


Product-mix Pricing Strategies
Product/service line pricing

Setting price steps between various products in a product line based on cost differences between the products, customer evaluations of different features and competitors and service line items.

Optional-product pricing

Pricing optimal or accessory products sold with the main product.

Captive-product pricing

Pricing products that must be used with the main product

By-product pricing

Pricing low–value by-products or services to get rid of them

Product-bundle pricing

Pricing bundles of products sold together.




Price Adjustment Strategies


Companies usually adjust their basic prices to account for various customer differences and changing situation.


Discount and allowance Pricing:



1.Cash discounts

2.Functional discount

3.Seasonal discount

4.Trade-in-allowance



Segment Pricing:



1.Customer segmented pricing

2.Product segmented pricing

3.Time segmented pricing



Psychological pricing:


1.Reference pricing




Promotional pricing:



1.Special event pricing

2.Longer warranties

3.Free servicing

Value pricing


Geographic Pricing:



1.FOB-origin pricing

2.Uniform delivered pricing

3.Freight absorption pricing

International Pricing

Price Changes

After developing their price structures and strategies companies may face occasions when they will want either to cut or to raise prices.


1.Initiating price increases

2.Buyer reaction to price changes

3.Responding to price changes (Competitors)




DISTRIBUTION AND PROMOTION STRATEGY

DISTRIBUTION STRATEGY
1.Channel design decision

2.Channel management decision



Channel Design Decision



1.Analyzing consumer service needs

2.Setting channel objectives and constraints

3.Identifying the major alternatives

4.Types of intermediaries

5.Company sales force

6.Manufacturer’s agency

7.Industrial distributors

8.Number of intermediaries

9.Intensive distribution

                                 10.Exclusive distribution

                                  11.Selective distribution



Channel Management Decision




1.Selecting channel member

2.Motivating channel member

3.Evaluating channel member



PROMOTION STRATEGY 


a.Advertising

b.Major decisions

c.Personal selling

d.Personal selling process

e.Sales promotion

f.Public relations (Publicity)



Tools of Promotional-mix


1.Advertising


3.Sales promotion

4.Salesmanship ( Personal Selling)

5.Public relation

Advertising

Any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor.




Objectives setting
Communication
objectives
Sales objectives




Budget decision

Affordable approach
Percent of sales
Competitive parity
Objective and task



Message decision
message strategy
Message execution



Media
decision
Reach,
frequency,
Media type.


Direct Marketing
Any of a number of promotional activities aimed at gaining a direct sales result, such as direct mail. These activities may or may not supplement advertising and may employ sales promotions.

Personal selling
Personal selling is a personal approach to the direct marketing of any product to the customer.




Qualities of a salesman:



1.Curiosity of a cat (courage)

2.Tenacity of a bulldog(try-try)

3.Persistence of a bill collector(way of taking)

4.Affection of a mother(love n understanding)

5.Enthusiasm for a chorus girl(interest)

6.Diplomacy of a way-word husband(managing)




Tools for Sales Promotion





a.Samples
b.Coupons
c.Cash refund offers
( Rebates)
d.Free gifts
e.Patronage awards
f.Warranties
g.Raffle draw


Public Relation

It is one of the important role play in  concept of marketing 
Building good relations with the company’s various publics by obtaining favorable publicity, building up a good corporate image and handling or heading off unfavorable rumors, stories, and events.



MARKET COMPETITION




A.Market Competitors

B.Competitive strategies for market leader

C.Market challenger strategies

D.Market-Follower strategies

E.Market Niche strategies


Market Competitors


Market Leader (40% market share)
Market Challenger (30% M.S)
Market Follower (20% M.S)
Market Nisher (10% M.S)


Competitive Strategies for Market Leaders
Expanding the total market (Example. Caterpillar)


1.New customers

2.More usages



Defending market share


1.Premium performance

2.Extensive and efficient dealership system

3.Superior service

4.Full-line strategy

5.Good financing to customers



Expanding market share

Defense Strategies

Position defense

Position defense involves occupying the most desirable market space in the minds of the consumers, making the brand almost impregnable, like Wheel detergent/bar.


Expanding market share

Defense Strategies

Position defense

Although position defense is important, the market leader should also erect outposts to protect a weak front or possibly serve as an invasion base counterattack. For example, Grameen Phone, even at the growth stage, kept the high price of per minute call and invested that additional amount in extensive advertising and building brand equity. Thus, it has made him still market leader by counterattacking the other competitors. SME(Small and medium-sized enterprises)



Preemptive defense

A more aggressive maneuver is to attack before enemy starts its offense. A company can launch a preemptive defense in several ways. It can wage guerrilla action across the market- hitting one competitor here, another there and keep everyone off balance; or it can try to achieve grand market envelopment.




Counter Offensive Defense

When attacked most market leaders will respond with a counterattack. Counterattacks can take many forms. In a counteroffensive, the leader can meet the attacker frontally or hit its flank or launch a pincer movement. An effective counterattack is to invade the attacker’s main territory so that it will have to pull back to defend the territory.


Mobile Defense

In mobile defense, the leader stretches its domain over new territories that can serve as future centers for defense and offense through market broadening and market diversification. Market broadening involves shifting focus from the current product to underlying generic need.
( Example. Petroleum companies in India get involved in oil, coal, nuclear and hydroelectric industries. Market diversification involves shifting into unrelated industries ( Reynolds, Philips, cigarette companies, moved to produce beer, liquor, soft drinks and frozen industries)

Market Challenger Strategies

A market challenger must first define its strategic objectives:


1.It can attack the market leader

2.It can attack firm of its own size that is not doing the job and are underfinanced.

3.It can small local and regional firms.


Market Challenger’s Attacking Strategies



1.Frontal attack

In a pure frontal attack, the attacker matches its opponent’s product, advertising, price, and distribution. A modified frontal attack, such as cutting price vis-a-vis convinces the market that it’s product is equal to the leader's product.


Frontal attack


An enemy’s weak spots are natural targets. A flank attack can be directed along two strategic dimensions-geographic and segmental. In a geographic attack, challenger target the areas the leader’s product is underperforming. Another flanking strategy is to serve uncovered market needs, as Japanese automakers did when they developed more fuel-efficient cars.

Encirclement attack

The encirclement maneuver is an attempt to capture a wide slice of the enemy’s territory through a “blitz”. It involves launching a grand offensive on several fronts. Encirclement makes a sense when the challenger commands superior resources and believes a swift encirclement will break the opponent’s will. In making a stand against rival Microsoft, Sun Microsystems licensed its JAVA software to hundreds of pf companies and millions of software developers for all sorts of consumer devices. As consumer electric products began to go digital, Java started appearing in a wide range of gadgets.




Bypass attack


The most indirect assault strategy is the bypass. It means bypassing enemy and attacking easier markets to broaden one’s resource-based. This strategy offers three lines approach: diversifying into the unrelated product, diversifying into new geographic markets, leapfrogging into new technologies to supplant existing products.



Guerrilla warfare

Guerrilla challenger uses both conventional and unconventional means of attack. These include selective price cuts, intense promotional blitzes, and occasional legal action. Normally Guerrilla warfare is practiced by the smaller firm against the larger one.

Choosing a Specific Attack Strategy


1.Price discount, but not compromising on value.

2.Lower price goods

3.Value-priced goods and services

4.Prestige goods

5.Product proliferation (variety products)

6.Product innovation

7.Improved services

8.Distribution innovations

9.Manufacturing cost reduction

10.Intensive advertising promotion


Market Follower Strategies

1.Some years ago, 

Theodore Levitt wrote an article entitled" Innovation Imitation”, in which he argued that a strategy of product imitation might be as profitable as a strategy of product innovation. The innovator bears the expenses of developing the new product, getting it into distribution, and informing and educating the market. The reward for all this work and is normally of the market leader. However, another firm can come along and copy or improve on the new product. Although it probably will not overtake the leader, the follower can achieve profits because it did not bear any of the innovation expense.



2.A market follower 

must know how to hold current customers and win a fair share of new customers. Each follower tries to bring distinctive advantage to its target market-location, services, financing. Because the follower is often a major target of attack by challengers, it must keep its manufacturing costs low and its product quality and services high. It must also enter new markets as they open up.



Four Strategies of Follower


1.Counterfeiter- 

The counterfeiter duplicates the leader’s product package and sells it on the black market or through disreputable dealers. Music records firm, Apple Computer, and Rolex have been plagued with the counterfeiter problem, especially in Asia.

2.Cloner- 

The cloner emulates the leader’s product, name, and packaging, with slight variations.

3.Imitator- 

The imitator copies some things from the leader but maintains differentiation in terms of packaging, advertising, pricing, or location. The leader does not mind the imitator as long as the imitator attacks the leader.

4.Adapter- 

The adapter takes the leader’s products and adapts or improves them. The adapter may choose to sell to different markets, but often the adapter grows into the future challenges, as many Japanese firms have done after adapting and improving products developed elsewhere.

Market-Niche Strategies

An alternative to being a follower in a large market is to be a leader in a small market, or niche.

Nicher has three tasks:


1.Creating niches

2.Expanding niches

3.Protecting niches

Niche Specialist Roles

1.End-user specialist (value added reseller-Software for specific customer)

2.Vertical-level specialist (Distribution value chain-A copper firm may concentrate on producing copper, copper components)

3.Customer size specialist (Small, medium or large size of customers)

4.Specific customer specialist(B2B)

5.Geographic Specialist

6.Product or Product-line specialist (A firm may produce only lenses for microscope)

7.Product feature specialist (A firm specializes in producing a certain type of product feature)

8.Job-shop specialist (The firm customizes its product for individual customer

9.Quality Price specialist (The firm operates at the low or high-quality ends of the market)

10.Service specialist (a Bank that takes loan request over phone and hand deliver money to the customer)

11.Channel Specialist (The firm specializes in serving only one channel of distribution- example. A soft-drink company decides to make a very large-sized soft drink available only for gas station)



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