Unit 1 - Introduction to Marketing Management
Marketing has become recognized as a basic motivating force in most organizations. Marketing management focuses on the process of marketing decisions for organizations. Firms practicing the marketing concept strive to satisfy customers' needs and wants while achieving the organization's objectives at the same time. From a managerial point of view, marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Consumers are constantly seeking quality products and services. Companies continue to explore how to meet customer expectations. To meet the challenges of a global marketplace, a company must do an excellent job if it wants to compete effectively. Businesses today face a number of challenges and opportunities including globalization, the effects of advances in technology, and deregulations. They have responded by changing how they conduct marketing in fundamental ways.
Unit 2 - Information Drives Marketing Decision Making
Loyal customers are value-maximizers. They form an expectation of value and act on it. Buyers will buy from the firm that they perceive to offer the highest customer-delivered value, defined as the difference between total customer value and total customer cost. Companies are also becoming skilled in customer relationship management (CRM), which focuses on meeting the individual needs of valued customers. The skill requires building a customer database and doing data mining to detect trends, segments, and individual needs.
A major challenge for marketing-oriented companies as they respond to the rapidly changing marketplace is to engage continuously in market-oriented strategic planning. They must learn how to develop and maintain a viable fit among their objectives, resources, skills, and opportunities. The strategic planning process is carried out at the corporate level, business level, and product level.
Marketing plans focus on a product/market and consist of the detailed marketing strategies and programs for achieving the product's objectives in a target market. Marketing plans are the central instrument for directing and coordinating the marketing effort. All marketing efforts are focused on satisfying the ultimate household consumer and the organizational user. To understand these types of consumers, it is important to understand the final consumer. In addition to a company's marketing mix and other factors present in the external environment, personal characteristics, along with the process whereby they make decisions, influence final consumers. By understanding consumer demographics and lifestyles and the way in which consumers decide whether or not to make purchases, the marketer can better target efforts to satisfy consumers' wants and needs among specific groups.
An understanding of organizational consumers is also of great importance to marketers. In organizational markets, good are usually bought for enhancement and subsequent resale, whereas in consumer markets, goods are bought for their final consumption or use. Understanding organizational consumers and developing an effective target market strategy and product planning enable marketers to satisfy consumers' demands.
Unit 2 also is about how to deal with the competition. To prepare an effective marketing strategy, marketers always must consider with whom they compete, as well as their actual and potential customers. To meet their challenge, it is important that companies conduct competitive intelligence and disseminate information continuously. Maintaining good information about competitors and practices is an effort toward effective market orientation.
Unit 3 - Developing Value Offerings
Product development is an important element of marketing management. This unit presents discussion on setting product strategy. Understanding of product concept is key to successful product development. Service and the quality of service constitute an important segment of customer satisfaction. A product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need. Products can be physical objects, services, people, places, organizations, and ideas. Product strategy calls for making coordinated decisions on product mixes, product lines, brands, packaging, and labeling.
As the United States moves increasingly toward a service economy and beyond, marketers need to know more about marketing service products. Services are activities or benefits that one party can offer to another that are essentially intangible and do not result in ownership of anything tangible. Services are intangible, inseparable, variable, and perishable. Each characteristic poses problems and requires strategies. It calls not only for external marketing but also for internal marketing to motivate employees, and interactive marketing to emphasize the importance of both "high tech" and "high touch."
Price has become one of the more important marketing variables. Despite the increased role of nonprice factors in the modern marketing process, price is a critical marketing element, especially in markets characterized by monopolistic competition or oligopoly. Competition and buyers that are more sophisticated have forced many retailers to lower prices and in turn place pressure on manufacturers. Further, there has been increasing buyer awareness of costs and pricing, and growing competition within the channels, which in turn provides the consumer with even more awareness of the pricing process.
By practicing market-oriented strategic planning, excellent companies adapt and respond to a continuously changing marketplace. Strategy determination begins with analyzing the market situation and selecting the target market. Marketing strategy identifies the kind of total impact on demand the overall marketing effort is designed to achieve. In doing so, marketing strategy provides consistency of direction among programs.
To be successful, marketing organizations must ensure that the products offered to their customers are perceived to be of high quality and promote a combination of satisfaction and utility to the desired target market. Positioning is a firm's act of making sure that its product provides maximum utility and can be compared favorably with other similar products. Positioning is made up of three essential steps: (1) identifying possible products, (2) determining criteria for selecting important differences, and (3) signaling to the target market the important differences.
New-product development in an organization is important because firms use products to sustain growth and foster differential advantages. Unit 3 describes the new-product development process and measures why some new products fail. New-product planning process is also discussed in this unit.
Packaging is the process or the procedure a firm follows in planning and marketing products. Strategic package planning can be highly profitable. Unit 3 also describes how to design and carry out a successful product strategy.
Unit 4 - Communicating and Delivering the Value Offering
In deciding on the marketing communications mix, marketers must examine the distinct advantages and costs of each communication tool and the company's market rank. They must also consider the type of product market in which they are selling, how ready consumers are to make a purchase, and the product's stage in the product life cycle. This unit takes a close look at mass communication and sales promotion. Sales promotion includes tools for consumer promotion, trade promotion, and business and sales-force promotion (trade shows and conventions, contests for sales reps, and specialty advertising). In using sales promotion, a company must establish its objectives, select the tools, develop the program, pretest the program, implement and control it, and evaluate the results.
Direct marketing is an interactive marketing system that uses one or more media to effect a measurable response or transaction at any location. Direct marketing, especially electronic marketing, is showing explosive growth. Despite many challenges in the international arena (shifting borders, unstable governments, foreign-exchange problems, corruption, and technological pirating), companies selling in global industries need to internationalize their operations. Companies cannot simply stay domestic to maintain their markets.
This unit sums up the concepts of marketing today--marketing must be involved in all elements of the company's operations and work closely with its suppliers and channel partners, with the understanding that each element of function provides an opportunity to market the product to the ultimate consumer. In addition, this unit focuses on the "management" of marketing in terms of the ability of the marketing personnel to work with cooperation and to encourage customer focus by each discipline. Marketers today must also be concerned for the welfare of society as a whole. Finally, marketers must focus their attention on the implementation process of solving marketing opportunities.
There are 5 exams for this course.
There are 19 discussion activities and a written case analysis for this course.
There are no team assignments for this course.