1. Marketing Management

2.  According to Phillip Kotler marketing management is the process of planning & executing the pricing, promotion & distribution of goods, services & Ideas.

3.  Determining the objectives: Set the goals for profit target or sales target etc.  Planning: Determining the manner in which these goals are to be achieved.  Organizing: It is the process of arranging activities.  Coordination: Coordinating the activities in sales, advertising, market research etc.  Controlling: This consist of establishment of performance standard for result.  Staffing: It requires selection of human resource.  Operating: It includes operating a sales force & directing an advertising programme.

4.  The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.  The 4Ps make up a typical marketing mix – 1. Product, 2. Price, 3. Promotion 4. Place.  However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

5. Meaning: The goods and/or services offered by a company to its customers. Tools:variety, quality, design, features, brand name, packaging, services

6. Meaning: The amount of money paid by customers to purchase the product. Tools: discounts, payment period, credit terms

7. Meaning: The activities that communicate the product’s features and benefits and influence customers to purchase the product. Tools:advertising, personal selling, sales promotion, public relations

8. Meaning: It refers to the point of sale. Tools:channels, coverage, locations, inventory, transportation etc.

9.  Production Concept  Product Concept  Selling Concept  Marketing Concept  Societal Concept  Holistic Concept

10.  This concept holds that consumers will favour those products that are widely available and low in cost.  Managers of production oriented organisations concentrate on achieving high production efficiency and wide distribution coverage.

11.  This concept holds that consumers will favour those products that offer most quality performance or innovation features.  Thus the product concepts leads to “Marketing myopia (a short-sighted and inward looking approach to marketing)”, a focus on the product rather than on the customers need.

12.  The selling concept holds that without some form of intervention the consumers will not buy their products.  The organization must therefore undertake an aggressive selling and promotion effort.

13.  This concept emphasises the determinations of the requirements of potential customers and supplying products to satisfy their requirements.  The approach is not finding the right customer for your product but finding the right products for your customer.  Dell computer does not attempt to make a perfect computer for it’s target market rather it provides multiple product platforms on which the customers customizes as per his requirements.

14.  The societal marketing concept holds that the organisation’s task is to determine the needs wants and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that enhances the consumer’s and society’s well-being

15.  A marketing strategy that is developed by thinking about the business as a whole, its place in the broader economy and society, and in the lives of its customers.  Four main components of holistic marketing are: 1. Relationship marketing, 2. Integrated marketing, 3. Internal marketing, 4. Socially responsible marketing.

16.  Demand forecasting is the activity of estimating the quantity of a product or service that consumers will purchase.

17.  Survey of Buyers’ Intentions Method of Forecasting  Sales Force Opinion Method of Forecasting  Expert Opinion Method of Forecasting  Market Test Method of Forecasting  Time Series Analysis Method of Forecasting

18. Characteristics  Sample of buyers tell their buying intentions  Responses are added and applied to the market for a forecast Application  Use with at least one other method  Use when there are not many customers  Use when you can't use anything else

19. Characteristics  Salespeople each estimate their territory  May consult supervisor Application: Best used for companies Industrial products  Few customers  Seasoned, skilled sales people

20. It is of mainly 5 types Jury of executive opinion:  senior managers draw upon their collective wisdom to map out future events. These discussions are carried out in open meeting, and may be subject to the drawbacks of group think and personality dominance. The Delphi Method:  drawing upon the group’s expertise by getting individual submissions, without the drawback of face to face meetings. The Nominal Group Technique  It is a face to face Delphi method, allowing group discussion. The Devils Advocate method  poses sub-groups to question the group’s findings The Dialectical Inquiry method  poses sub-groups to challenge the group’s findings with alternative scenarios

21.  To determine customer responses to products, test marketing is a good option for small companies.  Here, the distributor sells low quantities of the product within geographical locations to assess the demand for the product.

22. Time series analysis helps in identifying & explaining  Systematic variation which arises due to seasonality in the series of data.  Trends in the data  Growth rates of these trends  Forecasting the future demand Assumption:  The factors influencing demand will not change very much over a period of time & that the future will reflect the past.

23.  The process of dividing a market into a number of submarkets or segments is known as market segmentation.

24. Demographic Segmentation  It may be on the basis of age, gender, education etc….. Psychographic Segmentation:  It may be on the basis of social class, lifestyle, personality etc…. Geographic Segmentation:  It may be on the basis of region, country size, climate etc…

25.  Demographics  Purchasing approaches

26. Industry:  As per the types & need of the industry market segmentation can be done. Company Size:  As per the numbers of employees & turnover of Industry Customer Location:  Depending upon customer location market segmentation can be done

27.  Organisation’s purchasing Junction.  Power structures  Relationships among the buyers & sellers  General purchasing policies.  Urgency of order fulfillment  Product application  Size of the order.