Marketing Management
Ch1: Demands Type & structure
1.Negative Demand
- Latent Demand
- Declining Demand
- Irregular Demand
- Full Demand
- Unwholesome Demand
customers dislike the product and may even pay a price to avoid it
(Eq. Heart Attack checking / Insurance)
customers may share a strong need that can't be satisfied by an existing product (Eq. wanting to buy a new computer with a better battery)
consumers begin to buy the product less frequently or not at all
(Eq. packaged drinking water, people have begun to prefer tap water "environment friendly"
consumers purchases vary on a seasonal, monthly, weekly, daily or even hourly basis (Eq. umbrellas/ back to school) ,
Consumers are adequately buying all products put into the marketplace (Eq. Medicine)
Consumers may be attracted to products that have undesirable social consequences (Eq. cigarette/ Alcohol)
Ch1: Type & Kind of Retailers
Ch4
Research methods (Types)
characteristics of services
Marketing Environmental Scanning
1. In-depth Interviews
2. Projective techniques
3. Association tests
4. Focus Groups
Face-to-face situations / unstructured interview/specific questions
To gain insights into consumer's values, motives, attitudes or needs that are difficult to express or identify
An individual is asked to respond with the first thing that comes to mind
Small number of people with similar backgrounds and/or interests and brought together to discuss a particular product, idea or issue
1. Intangibility
2. Inseparability
3. Perishability
4. Variability
Services cant be seen, tasted, felt, heard or smelled b before purchase "without adequate information"
Services can't be separated from their providers "Haircut"
Services can't be stored for late sale or use
"Bachelor every empty seat is lost"
Quality of services depends on who provides them and when/where/how
Kinds
5. Discount Store - standard merchandise sold at lower price for low margins
4. Convenience Store - fast moving products (groceries/food)
3.Supermarket large, low-cost/ high volume/ self-service with wide offering
2.Department Store Shoppers shop/ Big Bazaar
1.Specialty Store - books
Types
Unorganized Market
Owner lacks technical & standardization
Organized Market
Professionally managed / Corporate backed hypermarkets and retail chains
1.Social
2.Economic
3.Technological
4.Competitive
5.Regulatory
Population/Age/Education
Unemployment/ labor market
Connectivity and cloud computing
Globalization of Markets and forces
UN/ Governments policy
Environmental scanning is a review of external sources to discover factors that impact a business. The main goal is to identify and consult sources outside the business. / SWOT
Ch14: Types of Pricing strategy
1.Cost plus pricing
- Competitive pricing
- Value-Based Pricing
- Price skimming
- Penteration Pricing
simply calculating your costs and adding a mark-up
setting a price based on what the competition charges
setting a price based on how much the customer believes what you’re selling is worth
setting a high price and lowering it as the market evolves
setting a low price to enter a competitive market and raising it later
Ch15: Managing marketing channels
Marketing Management
Physical Distribution
Communication - product features/ marketing programs
Servicing - Customers/ Products/ Intermediaries
Selling - To wholesales/ Retailers/ Consumers/Intermediaries
Motivating - Consumers/ Wholesalers/ Retailers/ Facilitators
Shipping Provide carries/deliver/negotiate rates/claims/ document
Handling - Equipment/ Wrapping/ Packaging/ / OSHA regs
Storing Proper facility/ inventory control/regulatory/facilitators
Ordering Process - entry/race/document/ feedback
Management professional select, train, motivate, and evaluate individual intermediaries for each channel.
Ch17; Managing integrative marketing communication
Integrated Marketing Communication (IMC) is a concept of marketing communication planning that recognize the added value of comprehensive plan and evaluates the strategic roles of variety of communications such as AD, direct marketing, sales promotion, PR to provide clarity, consistency and maximum impact
A. Coordinating Media; Occur across and within media types but marketers should combine personal and non personal communication channel through multiple-stage campaigns to achieve maximum impact and increase message reach and impact
B. Implementing IMC: integrated marketing communication can produce stronger message consistency and greater sales impact/ should improve the company's ability to reach the right customer with the right message at the right time in the right place