Marketing management/Philip Kotler, Kevin Lane Keller. — 14th Marketing Research, Management Science, the Journal of Business Strategy, and. Futurist. Marketing Management. A global Business to business marketing management: a global perspective/ monpaysofchlesspi.ga monpaysofchlesspi.ga In this lesson, we will introduce you to the business function of marketing. After you Marketing managers are responsible for most of the activities necessary to.
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PDF | On Jan 1, , P Kotler and others published Marketing ○It makes Marketing management difficult ○Key customer markets: consumer, business. Industrial Marketing Management by Govindarajan, Publisher: Vikas Publishing House Pvt Ltd. . Marketing has close links with Business Environment, Human. Volume 18 - Business-to-Business Marketing Management: Strategies, Cases, and Solutions. ISBN: eISBN: Edited by: .
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The doorman at a swanky nightclub, for example, may deny entry to unfashionably dressed individuals because the business has made a strategic decision to target the "high fashion" segment of nightclub patrons. In conjunction with targeting decisions, marketing managers will identify the desired positioning they want the company, product, or brand to occupy in the target customer's mind.
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This positioning is often an encapsulation of a key benefit the company's product or service offers that is differentiated and superior to the benefits offered by competitive products. Ideally, a firm's positioning can be maintained over a long period of time because the company possesses, or can develop, some form of sustainable competitive advantage. Main article: Marketing plan The Marketing Metrics Continuum provides a framework for how to categorize metrics from the tactical to strategic.
If the company has obtained an adequate understanding of the customer base and its own competitive position in the industry, marketing managers are able to make their own key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm.
The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins, revenue growth, market share , long-term profitability, or other goals. After the firm's strategic objectives have been identified, the target market selected, and the desired positioning for the company, product or brand has been determined, marketing managers focus on how to best implement the chosen strategy.
Traditionally, this has involved implementation planning across the "4 Ps": product management , pricing at what price slot does a producer position a product, e. Taken together, the company's implementation choices across the 4 P's are often described as the marketing mix , meaning the mix of elements the business will employ to " go to market " and execute the marketing strategy.
The overall goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm's chosen positioning, builds customer loyalty and brand equity among target customers, and achieves the firm's marketing and financial objectives.
In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business' objectives. Jerome McCarthy 's text, Basic Marketing: A Managerial Approach which outlined the ingredients in the mix as the memorable 4 Ps, namely product, price, place and promotion.
The successful use of the model is predicated upon the degree to which the target market's needs and wants have been understood, and the extent to which marketers have developed and correctly deployed the tactics. Today, the marketing mix or marketing program is understood to refer to the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".
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The product element consists of product design, new product innovation, branding, packaging, labeling. The scope of a product generally includes supporting elements such as warranties, guarantees, and support. Branding , a key aspect of the product management, refers to the various methods of communicating a brand identity for the product, brand , or company.
Pricing This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.
The price is the cost that a consumer pays for a product—monetary or not. Methods of setting prices are in the domain of pricing science. Place or distribution This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner.
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This third P has also sometimes been called Place or Placement, referring to the channel by which a product or service is sold e. Promotion This includes all aspects of marketing communications; advertising , sales promotion , including promotional education , public relations , personal selling , product placement , branded entertainment , event marketing, trade shows and exhibitions.
This fourth P is focused on providing a message to get a response from consumers that is designed to persuade or tell a story to create awareness.
Criticisms[ edit ] Morgan, in Riding the Waves of Change Jossey-Bass, , suggests that one of the greatest limitations of the 4 Ps approach "is that it unconsciously emphasizes the inside—out view looking from the company outwards , whereas the essence of marketing should be the outside—in approach". An inside-out approach is the traditional planning approach where the organisation identifies its desired goals and objectives which are often based around what has always been done.
Marketing's task then becomes one of "selling" the organisation's products and messages to the "outside" or external stakeholders.
Well-designed models should exhibit clearly defined categories that are mutually exclusive, with no overlap. Yet, the 4 Ps model has extensive overlapping problems.
Some of the Ps are only defined in vague terms. Several authors stress the hybrid nature of the fourth P, mentioning the presence of two important dimensions, "communication" general and informative communications such as public relations and corporate communications and "promotion" persuasive communications such as advertising and direct selling.
Certain marketing activities, such as personal selling, may be classified as either promotion or as part of the place i. Other important criticisms include that the marketing mix lacks a strategic framework and is therefore unfit to be a planning instrument, particularly when uncontrollable, external elements are an important aspect of the marketing environment.
Extensions of the four P's include "people", "process", and "physical evidence" and are often applied in the case of services marketing  Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing: Industrial marketing or B2B marketing needs to account for the long term contractual agreements that are typical in supply chain transactions.
Relationship marketing attempts to do this by looking at marketing from a long term relationship perspective rather than individual transactions.All the resources are arranged into a particular symmetry depending upon the strategies and plans. Thus, segment-specific product bundles increase chances for cross selling.
They offer the same products to all customer groups. Search all titles. Once a brand is audited, any business that ends up with a strong financial performance and market position is more likely than not to have a properly conceived and effectively executed brand strategy.
Business strategists often talk about first-mover advantage.
Today, in order to increase speed to market, many companies are dropping this sequential approach to development and are adopting the faster, more flexible, simultaneous development approach. Given that the products themselves may be highly complex, this often requires a sophisticated downloader to understand them.
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