MARKETING MANAGEMENT
Ritu Mehta
[email protected]
Evolution of Marketing Concept
Evolution of approach to marketplace
• The production concept (1890s-1920s)
• The selling concept (1920s-1950s)
• The marketing concept (1950s-present)
Evolution of approach to marketplace
• The selling concept (1920s-1950s)
– push
• The marketing concept (1950s-present)
– pull
“There is only one valid definition of business purpose: to
create a customer. What business thinks it produces is not of
first importance-especially not to the future of the business
or to its success. What the customer thinks he/she is buying,
what he/she considers "value" is decisive-it determines what
a business is, what it produces, and whether it will prosper."
-Peter Drucker, 1954
https://hbr.org/video/3590615227001/the-explainer-marketing-myopia
https://www.youtube.com/watch?v=ad-GuV6YIMI
The Development of Marketing
• The marketing (vs the selling) concept (1950s-present)
“There will always be a need for
some selling. But the 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 is to make the product or service available.”
-Peter Drucker
• The societal marketing concept (1980s-present)
Formal definition of Marketing
What is marketing?
• “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” (AMA
2007)
– Not limited to a department or businesses
– Not limited to exchange of goods and services
– Not a random activity but specific decisions on 4Ps
• “Marketing is an organizational function and a set of processes for
creating, communicating, and delivering value to customers and for
managing customer relationships in ways that benefit the organization
and its stakeholders” (AMA 2004)
• “Business activities involved in the flow of goods and services from
production to consumption” (AMA 1937)
What is marketing?
• “Designing and managing successful exchange that
creates value for all stakeholders”
Marketing Management-The Plan
Developing the action plan to create value –key
activities include:
– Situation analysis (5Cs)
– Developing strategy (STP)
– Designing tactics (4Ps)
5Cs
• Customer – what needs do we satisfy
who are the potential buyers
• Company – what skills do we possess
• Collaborators – who can help us
• Competitors – who competes with us
• Context – PESTLE analysis
STP
• Identifying groups of customers with similar
characteristics/preferences/behavior
(segments)
• Deciding which segments to target
• Developing a distinct image in the minds of
target customers
Exchange facilitators: The Marketing Mix
The 4 Ps
– Product
– Price
– Place
– Promotion
Course outline
Session 1 Introduction to Marketing
Session 2 Understanding Customers’ Buying Behavior
Session 3 Developing Plan
Session 4, 5, 6 STP
Session 7, 8 Product & Brand Decisions
Session 9 Distribution Management
Session 10 Pricing
Course Objectives
• Understanding the concepts, frameworks, and
activities comprising marketing management
• Learning by doing
– Develop marketing decision-making skills in
different situations
• Cases/ in-class exercises
– Apply tools learned through class discussions
Case analysis: General guidelines
• Identify the problems
• Generate alternatives (pros and cons)
• Sound arguments for your decision
• Approach to the problem and solution – reasonable
• Thoughtful interpretation of the text and analysis of
numbers wherever possible
• No one correct answer
Note: Restrict to information provided in the case only.
Evaluation
Assignment 15%
Quizzes 40%
End Term 45%
Case analysis
• Group work (Group size: 6)
• Form groups according to reg. no.
• Maximum 4 page report if asked to submit a
written report
Pedagogical style and expectations
• Mix of lectures and cases
• Prepared with cases and assigned readings
• Active participation
