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Marketing Management 1
Session II
Learning Objectives
1.
Marketing Myopia
2.
Selling Vs Marketing
3.
Marketing Fundamentals
Selling: Transaction C.
product
Caveat Emptor
Customer is last link in
business
Begins with existing
products
Ends at sale transaction
Makes profit by aggressive
selling
Looking at the mirror
customers
Caveat Vendor
Customer is very purpose of
business
Begins with product idea
Ends at customer
satisfaction
Makes profit by satisfying
needs
Looking outside the window
STP
Segmenting
Population shows variety seeking behavior
High degree of heterogeneity prevails in society
Marketers select segment of opportunity
Subsets of consumers with common needs
Targeting
Level, Timing & Nature of select groups demand
One or more segments to pursue
Demand Management & Customer Management
Positioning
Choose a value proposition
Differentiate- USP, position & communicate
Marketing Mix
Product
Promotion
Product Variety
Sales promotion
Product Quality
Advertising/ Publicity
Public Relations
Direct Marketing
Warranties
Price
List price
Credit & Discounts
Payment period
Place
Channels & Coverage
Warehousing
Transportation
Marketing Mix
Product
Price
Place
Promotion
Offer Mix
Promotion Mix
(Communication Mix)
Marketing Environment
Internal Environment
Micro Environment
Task Environment
Political-Legal Envt.
Economic Envt
Socio-Cultural Envt.
Technological Envt.
Demographic Envt.
Natural Envt.
External Environment
Macro Environment
Broad Environment
Mega Environment
Customers
Cognitive Customer
Information processor
Economic Customer
Rational decision maker
Passive Customer
Marketers influence
EPS
Extensive Problem Solving
LPS
Limited Problem Solving
RRB
Routine Response Behavior
Emotional Customer
Impulsive decisions
Customer
Impulse Buying
Buying Situations
Competition
Brand Competition
All other brands in same category
Industry Competition
Category Competition
Form Competition
Sector Competition
Generic Competition
Genres competing for money
References:
Marketing Myopia
Theodore Levitt, HBR, July-Aug 1960.