By Philip, Kevin Lane Keller, Abraham Koshy, Mithileshwar Jha
Understanding Marketing Management
Marketing is an essential art and science that is engaged in a vast number of activities by both persons and organizations. It has become an increasingly vital ingredient in the success of a business. Good marketing is the result of careful planning and execution. There are two sides to marketing – the formulated side and the creative side. It is important to lay the foundation in marketing concepts, tools, frameworks and issues of the formulated side while at the same time instil the real creativity and passion for marketing, ...view middle of the document...
Marketing managers are responsible for demand management. Eight demand states are possible: • • • • • • • • Negative demand Nonexistent demand Latent demand Declining demand Irregular demand Full demand Overfull demand Unwholesome demand
The key customer markets are consumer markets, business markets, global markets, non-profit and governmental markets.
Core Marketing Concepts:
• • • • • Needs - state of felt deprivation for basic items such as food and clothing and complex needs such as for belonging. i.e. I am hungry. Wants - form that a human need takes as shaped by culture and individual personality i.e. I want a hamburger, French fries, and a soft drink. Demands - human wants backed by buying power. i.e. I have money to buy this meal. Target Markets are the market segments identified by the marketer which present the greatest opportunity. Value Proposition is a set of benefits that companies offer to customers to satisfy their needs. The intangible value proposition is made physical by as offering. A brand is an offering from a known source. • Value reflects the sum of the perceived tangible intangible benefits and costs to customers. Satisfaction reflects a person’s judgements of a product’s perceived performance. • • To reach a target market a marketer uses different marketing channels like communication channels, distribution channels and service channels. Supply chain is a longer channel stretching from raw materials to components to final products that are carried to final buyers.
Chapter 1 - Understanding Marketing Management Company...