MBA 1302 Principles of Marketing

Size: px
Start display at page:

Download "MBA 1302 Principles of Marketing"

Transcription

1 SCHOOL OF BUSINESS evsjv `k D gy³ wek we` vjq MBA 1302 Principles of Marketing Course Development Team Writers Professor Abu Sayeed Talukder Department of Marketing University of Dhaka and Professor Dr. Md. Zakir Hossain Bhuiyan Department of Marketing University of Dhaka Editor, Style Editor & Coordinator Md. Jakir Hossain Assistant Professor School of Business Bangladesh Open University This book has been published after being refereed for the students of the School of Business, Bangladesh Open University

2 MBA 1302 Principles of Marketing SCHOOL OF BUSINESS Bangladesh Open University evsjv `k D gy³ wek we` vjq

3 MBA 1302 Principles of Marketing Published by: Publication, Printing and Distribution Department, Bangladesh Open University, Gazipur School of Business, Bangladesh Open University. First Published: June, Reprint: July, Computer Compose & Desk-Top Processing: Mohammad Wahiduzzaman Howlader, Md. Abdus Shahin Cover Design: Monirul Islim Printed in: Mania Art Press, 53/1 Northbrooke Hall Road, Dhaka All rights reserved by the School of Business, Bangladesh Open University. No part of this book can be reproduced in any form without proper permission from the publisher.

4 Dear Students Reading Instructions You may be tempted to skip over the introduction to this textbook. However you need to understand the organisation and the features of this text if you really want to do better and have very worthwhile experiences in this course. Because this is the first course on marketing with an opportunity to learn about the Principles of Marketing. The real focus of the course is what marketing means and how this is used by business firms. Today everyone needs a basic understanding of marketing concepts, not just those of you planning careers in business but also managing any business activities. Therefore, using marketing concept is simply a part of everyday life. Approach of this Text This book will focus primarily upon modern marketing activities. However, most of the marketing concepts will also discuss to apply this concepts in economic activities of individuals, government and non-profit organizations. Throughout the course, we will cast you in many decision-making roles ranging from starving students to corporate executives. Elements of this Textbook This first edition of this course is accompanied by a wide variety of in-text learning aids. Understanding their purpose should help you use them to greater advantage. Each unit starts with unit introduction and followed by a number of learning aids designed to help you study more efficiently. They are intended to illustrate a major theme of the unit in a non-technical way. This text consists of twelve units and each unit is divided into several lessons. As you know, it is a three credit course, so you are supposed to remember that you need to study three lessons in each week to complete the whole course. Each lesson also includes a short-set of learning objectives, which are integarted with the text discussions, lesson summaries, and assignment materials. These objectives identify the main points in each unit and may help you study for exams. However, do not limit yourself to meeting these objectives. Strive to broaden your knowledge. Assignment Materials One of the distinctive features of this text is the nature and variety of its assignment material. We find that students can learn much from one another. This concept, often called Collaborative learning which really works. Discussion Questions are for written answer and exercises & activities are short assignments, usually focusing on a single concept. They are designed to illustrate those concepts quickly and clearly. You also may find them similar to the types of exercises your tutor uses on exams. Supplementary Materials for You We have also developed the study guide for this course in Bengali with a view to make the different concepts easier to you. It includes a summary of the key points in each unit, and a wealth of self-text materials. As an additional study-aid, we explain the each topic in detail.

5 Principles of Marketing (MBA 1302) 1. Marketing in a Changing World : Defining the key terms in marketing ( Needs, Wants, Demand, Products, Value, Satisfaction, Quality, Exchange, Transactions, Markets and Marketing); Importance, Scope and functions of marketing; Marketing management philosophies. 2. Strategic Planning and the Marketing Process : Strategic planning & designing business portfolio; Marketing process; Managing the marketing effort. 3. Marketing Environment : Defining marketing environment and the company's microenvironment; The company's macro-environment. 4. Measuring and Forecasting Demand : Defining the market and measuring current market demand; Forecasting future demand. 5. Market Segmentation, Targeting & Positioning for Competitive Advantages : Defining deferent markets and needs for market segmentation; Market segmentation; Market targeting; Market positioning. 6. Consumer Market and Consumer Buyer Behaviour : Factors affecting consumer behaviour; Types of buying decision behaviour; The buyer decision process; The buyer decision process for new products. 7. Designing Products: Products, Brands, Packaging and Service : Definition & classification of product; Individual product decisions (Product attributes, branding, packaging labelling, product support services); Product line & product mix decision; Product life cycle and marketing strategies. 8. Pricing Product: Pricing Consideration and Approaches : Factors to be considered in pricing; General pricing approaches. 9. Placing Products- Distribution Channel and Logistics Management: The nature of distribution channel; Channel behaviour and organisation; Channel design decisions; Channel Management decisions; Physical distribution and logistics management. 10. Placing Products- Retailing and Wholesaling : Retailing & types of retailing; Retailer marketing decisions; Wholesaling & types of wholesaling; Wholesaler marketing decisions. 11. Promoting Product- Advertising, Sales Promotion, Public Relation and Personal Selling : Advertising; Sales Promotion; Public Relations; Role of personal selling and managing the sales force; Principles of personal selling. 12. Marketing Services, Organisations, Persons, Places and Ideas: Service marketing; Marketing of organisations, Persons, Places and ideas. Reference Books : 1. Philip Kotler and Gary Aramstrong - Principles of Marketing, Seventh Edition, Prentice-Hall of India Pvt. Ltd., New Delhi, William J. Statnton and others - Fundamentals of Marketing, Tenth Edition, McGraw-Hill, Inc., Singapore, Joel R. Evans and Barry Berman - Marketing, Third Edition, Macmillan Publishing Co. New York, Paul S. Busch and Michael J. Houston - Marketing, Strategic Foundations, Rich and D. Irwin, Inc., Homewood, Illinois, 1985.

6 CONTENTS Unit -1 Marketing in a Changing Environment... Lesson - 1 : Definition and Meaning of Marketing... Lesson - 2 : Seope, Importance and Functions of Marketing... Lesson - 3 : Marketing Management Philosophies... Unit - 2 Strategic Planning and the Marketing Process... Lesson - 1 & 2 : Strategic Planning... Lesson - 3 : The Marketing Process - Marketing's Role in the Organization... Lesson - 4 : Managing the Marketing Effort... Unit - 3 The Marketing Environment... Lesson - 1 : The Company's Micro Environment... Lesson - 2 & 3 : The Company's Macro Environment... Unit - 4 Measuring and Forecasting Demand... Lesson - 1 & 2 : Defining the Marketing and Measuring Current Market Demand Lesson - 3 : Forecasting Future Demand... Unit - 5 Market Segmenting, Targeting and Positioning... Lesson - 1 & 2 : Market Segmentation : Meaning and Bases... Lesson - 3 : Market Targeting... Lesson - 4 : Market Positioning... Page No Unit - 6 Unit - 7 Consumer Market and Consumer Buyer Behavior... Lesson - 1 & 2 : Factors Affecting Consumer Behaviour and Types of Buying Decision Behavior... Lesson - 3 : The Buyer Decision Process... Designing Products : Products, Brands, Packaging and Services... Lesson - 1 : Definition and Classification of Products... Lesson - 2 : Individual Product Decisions... Lesson - 3 : Product Line and Product Mix Decision : Product Life-Cycle and Marketing Strategies

7 Unit - 8 Pricing Product : Pricing Considerations and Approaches... Lesson - 1 : Internal Factors Affecting Pricing Decisions... Lesson - 2 : External Factors Affecting Pricing Decisions... Lesson - 3 : General Approaches of Pricing Unit - 9 Placing Products : Distribution Channel and Logistic Management... Lesson - 1 & 2 : The Nature of Distribution Channels and Channel Behaviour and Organization... Lesson - 3 : Channel Design Decisions and Channel Management Decisions... Lesson - 4 : Physical Distribution and Logistics Management Unit - 10 Placing Products : Retailing and Wholesaling... Lesson - 1 & 2 : Retailing - Its Nature, Types and Trends... Lesson - 3 : Wholesaling : Nature and Types... Unit - 11 Promoting Products : Advertising, Sales Promotion, Public Relation and Personal Selling... Lesson - 1 & 2 : Advertising : Its Nature and Role... Lesson - 3 : Sales Promotion and Public Relations... Lesson - 4 & 5 : Personal Selling : Its Role and Nature... Unit - 12 Marketing Services, Organizations, Pensions, Places and Ideas... Lesson - 1 & 2 : Service Marketing - Nature, Characteristics and Strategies... Lesson - 3 : Marketing Organization, Person, Place and Idea

8 MARKETING IN A CHANGING WORLD Marketing is an exciting and dynamic contemporary field which is the combination of diverse activities. In today's world, individuals, business firms and organizations - both profit and non-profit engage in marketing. Present day marketing is thought of as the anticipation, management and satisfaction of demand through the exchange process. Over time, different marketing philosophies have evolved that guide marketers in managing their marketing efforts. In this unit, we have discussed the introductory issues relating to marketing by dividing it into three lessons. Let's start the lessonwise discussion:

9 School of Business Blank page Unit-1 Page - 2

10 Bangladesh Open University Lesson 1 : Definition and Meaning of Marketing Lesson objectives After completing this lesson you will be able to : Define marketing and explain its meaning Explain the meaning of core concepts of marketing Identify the main actors and forces in a modern marketing system. What is Marketing? People in a society have different meanings of marketing. Most popularly, marketing is perceived of activities like selling and advertising. Members of a society are today exposed to TV and radio commercials, newspaper ads, bill boards, neon signs, direct mail, sales calls and innumerable types of other sales stimuli. But selling and advertising are only two of many marketing functions and often less important than others. Today, we no longer accept the orthodox meaning of marketing making a sale. Modern marketing must be understood in the new sense of satisfying customer needs. Experiences confirm that if the marketer understands consumer needs properly, design products that provide superior value, prices them competitively and distributes and promotes them efficiently, success in selling is guaranteed. To quote Peter Drucker, "The aim of marketing is to make selling superfluous. The aim is to know and understand the customer so well that the product or service fits... and sells itself". 1 Philip Kotler and Gary Armstrong define marketing "as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others". 2 This definition contains the following important terms: needs, wants and demands; products; value, satisfaction and quality; exchange, transactions and relationship and markets. Figure 1-1 shows that each of these core marketing concepts is linked with the proevious one. To have a comprehensive meaning of marketing, we will now examine these concepts. Selling and advertising are only two of many marketing functions. 1. Philip Kotler and Gary Armstrong, Principles of Marketing, seventh edition, Prentice-Hall of India, New Delhi, 1997; p Ibid., p.6. Principles of Marketing Page - 3

11 School of Business Figure 1-1: Core Marketing Concepts Core marketing concepts Human needs are many and complex. Human needs are shaped by culture and individual personality and take the form of wants. Needs, Wants and Demands The most fundamental concept underlying marketing is human needs which is a state of felt deprivation. Human needs are many and complex. These include basic physical needs, social needs and individual needs. Physical needs consist of needs for food, clothing and shelter; social needs consist of needs for love and belonging; and individual needs consist of needs for knowledge and self-expression. Marketers do not create these needs. They are an integral part of the human existence. If a need is not satisfied, a person will either try to forget the need or search for an object that will satisfy it. Individuals in backward societies may try to reduce their desires and fulfill them with what is available. Individuals in developed societies may try to find or develop objects that will fulfill their needs. Human needs are shaped by culture and individual personality and take the form of wants. A hungry person in Bangladesh may want rice and fish. A hungry person in North India may want chapti and pulses. Wants are expressed in terms of objects that will satisfy needs. As people come across more and more objects that stimulate their interest and desire, producers try to make available more want-satisfying goods and services. Wants are unlimited but resources are limited. People choose goods & services their money. Human wants become demands when backed by buying power. Consumers perceive products as bundles of benefits and choose products that give them the best bundle for their money. For example, a Maruti means basic transportation, low price and fuel economy. A Pajero means comfort, luxury and status. Given their wants Unit-1 Page - 4

12 Bangladesh Open University and resources, people demand products with the benefits that maximize satisfaction. Outstanding marketing companies go to great lengths to learn about and understand their customers' needs, wants and demands. They conduct consumer research, focus groups and customer clinics. They analyze customer complaint, inquiry, warranty and service data. They train salespeople to be on the lookout for unfulfilled customer needs. They observe customers using their own and competing products and interview them in depth about their likes and dislikes. 3 A detailed understanding of needs, wants and demands provides useful information for designing marketing strategies. Products Needs and wants are satisfied with products. A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. 4 Generally, the word product indicates a physical object, such as a refrigerator, a camera, or a toothpaste. But the concept of product is not confined in physical objects. Rather anything that can satisfy a need can be called a product. The term 'goods' and 'services' are often used to distinguish between physical products and intangible ones. Again, other vehicles, such as persons, places, organizations, activities and ideas provide benefits to consumers. Thus, the term product encompasses physical goods, services, persons, places, organizations and ideas that can satisfy consumers' needs and wants. Marketers sometimes substitute the term product by other terms such as satisfier, resource, or offer. The concept of product is not confined in physical objects. Rather anything that can satisfy a need can be called a product. Value, Satisfaction and Quality Consumers generally has the opportunity of selecting the desired product from a wide range of products. To make such a choice consumer consider their perceptions of the value that various products and services offer. Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. 5 However, in many cases, consumers do not assess product values and costs precisely or objectively. They take into account perceived value. Customer satisfaction is the extent to which a product's perceived performance matches a buyers expectations. If the product's performance falls short of expectations, the buyer is dissatisfied. If performance matches or exceeds expectations the buyer is satisfied or delighted Ibid., p Ibid., p Ibid., p Ibid., p. 10. Principles of Marketing Page - 5

13 School of Business Customer satisfaction is closely related to quality. In an exchange, there should be at least two parties. Transactions lead marketers gradually to relationship marketing. Successful marketing requires matching customer expectations with company performance. Customer satisfaction is closely related to quality. Quality has a direct influence on product performance and hence on customer satisfaction. Many companies have adopted total quality management (TQM) programs. TQM programs are designed to constantly improve the quality of products, services and marketing processes. Exchange, Transactions and Relationships Marketing takes place when people decide to satisfy needs and wants through exchange. Exchange is the act of obtaining a desired object from someone by offering something in return. 7 As a way of fulfilling needs, exchange has many benefits. People don't have to depend on others and they must not necessarily possess the skills to produce everything they need. They can decide to produce things which they excel in and trade them for other goods produced by others. In this way, exchange makes it possible to produce much more than it would have made with any other alternative system. Several conditions must exist for an exchange to take place. In an exchange, there should be at least two parties and each must have something of value to the other. Each party must have the desire to deal with others parties and each must have the freedom of accepting or rejecting the other's offer. Finally, each party must have the ability of communicating and delivering. Whereas exchange is the core concept of marketing, a transaction is marketing's unit of measurement. Transaction is a trade between two parties that involves at least two things of value, agreed-upon conditions, a time of agreement and a place of agreement. 8 In a transaction, one party gives A to another party and gets B in return. For example, a buyer pays Rangs Tk. 25,000 for a television set. This is a typical momentary transaction. But all transactions do not involve money. For example, in a barter transaction, one might trade an old sewing machine in return for secondhand furniture. Transactions lead marketers gradually to relationship marketing. Relationship marketing is the process of creating, maintaining and enhancing strong, value-laden relationships with customers and other stakeholders. 9 Marketing extends beyond creating short-term transactions. Marketers have to build long-term relationships with customers, distributors, dealers and suppliers. This is done by promising and consistently delivering high-quality products, good service and fair prices. Increasingly, marketing is shifting from trying to maximize the profit on each individual transaction to maximizing mutually beneficial relationships with consumers and other parties. The operating 7. Ibid., p Ibid., p Ibid., p. 11. Unit-1 Page - 6

14 Bangladesh Open University assumption is : build good relationship and profitable transactions will follow 10. Markets A market is the set consisting actual and potential buyers of a product. The size of a market depends on three things; the number of people who demonstrate the need, have resources to take part in exchange and are willing to part with these resources in exchange for what they want. Traditionally, the term market referred to the place where buyers and sellers gathered to exchange their goods. To economists, market is a collection of buyers and sellers who transact in a particular product class as in the rice market. To marketers, sellers constitute an industry and the buyers constitute a market. The following figure (Fig: 1-2) shows the relationship between the industry and the market: A market is the set consisting actual and potential buyers of a product. Figure 1-2 : A Simple Marketing System Communication Industry (a collection of sellers) Products/services Money Market (a collection of buyers) Information Source: Philip Kotler and Gary Armstrong, Principles of Marketing, seventh Prentice-Hall of India, New Delhi, 1997; p. 12. edition, Sellers and the buyers are connected by four flows. The sellers send products, services and communicate to the market; in return, they receive money and information. The inner loop shows an exchange of money for goods; the outer loop shows an exchange of information. 11 Modern economies are characterized by division of labor where each individual specializes in producing something, gets payment for his work and buys things with this money. Thus, modern economies thrive on markets. Producers buy resources from resource markets such as rawmaterial markets, labor markets and money markets, transform these resources into goods and services and sell them to middlemen, who sell them to ultimate consumers. Consumers sell their labor and earn income. They spend their income to buy goods and services. The government is another market which buys goods and services from resource, producer 10. Ibid., p Ibid., p. 12. Principles of Marketing Page - 7

15 School of Business and middlemen markets. It collects taxes from these markets (including consumer markets), and invests to create needed public services. Thus, each nation's economy and the whole world economy are composed of complex interacting sets of markets. These sets of markets are linked through exchange processes. Businesspeople use the term markets to indicate various customer groups such as need markets (holiday-makers), product markets (garments), demographic markets (young and old), and geographic markets (South Asia). The concept of markets are extended to cover also noncustomer groups such as financial markets and labor markets. Activities such as product development, research, communication, distribution, pricing and service are regarded as core marketing activities. Marketing The concept of markets ultimately leads us to the concept of marketing. Marketing is the task of managing markets to create exchanges to satisfy human needs and wants. Thus, we remember our definition of marketing as a process by which individuals and groups obtain what they need and want by creating and exchanging products and value with others. Exchange processes consist of activities. Sellers must locate buyers, assess their needs, design appropriate products and services, set prices of these products and services, promote, store and deliver them. Activities such as product development, research, communication, distribution, pricing and service are regarded as core marketing activities. Generally, it is thought that marketing is performed by sellers. But buyers also take part in marketing activities. Consumers engage in marketing when they look for the goods they need at prices they are willing to pay. The main elements in a modern marketing system are shown in figure 1-3. In the usual situation, marketing involves serving a market of end users in the face of competitors. The company and the competitors send their respective products and messages directly to consumers or through marketing intermediaries (middlemen) to the end users. All of the actors in the system are affected by major environmental forces (demographic, economic, physical, technological, political/legal, social/cultural). 12 Activity: Describe, how marketing is different from market. 12. Ibid., p. 13 Unit-1 Page - 8

16 Bangladesh Open University Figure 1-3 : Main Actors and Forces in a Modern Marketing System Company (marketer) Suppliers Marketing intermediaries End user market Competitors Environment Source: Philip Kotler and Gary Armstrong, Principles of Marketing, seventh edition, Prentice-Hall of India, New Delhi, 1997; p. 12. Principles of Marketing Page - 9

17 School of Business Questions for Review 1. Explain the aims of modern marketing. 2. Some scholars have argued that the desires stimulated by marketing efforts are not genuine : "A man who is hungry need never be told of his need for food." Decide whether this is a valid criticism of marketing. Explain why or why not. 3. Most popularly, marketing is perceived of activities like A. Selling and advertising B. Manufacturing and transporting C. Storing and delivering D. None of the above. 4. Individual needs consist of needs for A. Food B. Love C. Belonging D. Knowledge. 5. If the products performance matches buyers expectations, the buyer is A. Delighted B. Glad C. Satisfied D. Happy. 6. The size of a market depends on the number of people who A. Demonstrate the need B. Have resources to take part in exchange C. Are willing to offer these resources D. All of the above. Ans.: 3. A, 4. D, 5. C, 6. D. Unit-1 Page - 10

18 Bangladesh Open University Lesson 2 : Scope, Importance and Functions of Marketing Lesson objectives After completing this lesson you will be able to: Elaborate on the broad and business dimensions of marketing Explain the importance of marketing Discuss the various marketing functions. Scope of Marketing The definition of marketing stated earlier suggests that the scope of marketing is extremely wide. Marketing involves determining needs and wants, demand and produce products to satisfy them through exchange processes. Under the expanded notion of marketing, individuals, social organizations, political parties, educational institutions, charities and many other organizations are engaged in marketing. We will now look at the broad dimensions of marketing and the business dimensions of marketing to understand what marketing encompasses. Marketing : General Perspective Traditionally, marketing is regarded as an activity performed by business organizations. However, marketing can also be performed by other types of organizations and even by individuals. For example, a political party makes use of marketing when it persuades voters to vote for its candidate. University graduates can use marketing principles to maximize the effectiveness of their search for a job. Against this backdrop, there exists wide variety with respect to marketers, what they are marketing and what are their potential markets. For example, marketers might include, in addition to business firms, such diverse social units as the Bangladesh National Cadet Corp trying to attract new members, 'Shandhani' who persuades people to donate blood in their blood bank. So, marketers are people and organizations that wish to make exchanges. In addition to wide variety of items generally considered as goods and services, idea, persons, places and organizations are also marketed. For example, smoking is harmful for health (idea marketing), attend Runa Laila's concert (person marketing), come to Rangamati for holiday making (place marketing), and 'Acme' -science for the well being of the mankind (organization marketing). In this general perspective, markets cover more than the direct consumers of products. For example, in addition to its students, a public university's market is composed of government agencies who provide funds, citizens living around the university who may be affected by university activities and alumni who support various university programmes. A company's Principles of Marketing Page - 11

19 School of Business The essence of marketing is a transaction or exchange. markets include government agencies, environmentalists and shareholders. Thus, any individual or group with whom a person or organization has an existing or potential exchange relationship can be regarded as market. Marketing can occur any time one social unit (person or organization) strives to exchange something of value with another social unit. Thus, the essence of marketing is a transaction or exchange. In this broad sense, marketing consists of activities designed to generate and facilitate, exchanges intended to satisfy human needs or wants. 13 Marketing : Business Perspective In a society, organizations and individuals are involved in and exposed to various marketing activities. These organizations may or may not be profit oriented although they may face some marketing problems. However, popular notion of marketing does not provide a conceptual framework for practical purposes. Marketing should be visualized as a whole to get maximum return out of the investments in marketing activities. So, we need to define marketing from a business viewpoint that will guide managers in business and nonprofit organizations in carrying out their marketing tasks. Our definition of marketing applicable in a business or a nonprofit organization-is as follows : Marketing is a total system of business activities designed to plan, price, promote and distribute want-satisfying products to target markets to achieve organizational objectives. This definition has the following significant implications: The entire system of business activities should be customer-oriented. Customers' wants must be recognized and satisfied. Marketing should start with an idea about a want-satisfying product and should not end until the customers' wants are completely satisfied, which may be some time after the exchange is made. 14 A fundamental task of marketing is to generate consumer interest for goods and services. Importance of Marketing It is important to study marketing for a number of reasons. Marketing stimulates demand, costs a large part of sales, employs people, supports industries, affects all consumers and plays a major role in daily lives. Since marketing stimulates demand, a fundamental task of marketing is to generate consumer interest for goods and services. Increased consumer interest in goods and services increases demand and hence increases the Gross National Product (GNP) of a country. A large portion of sales revenue goes to cover marketing costs. These costs should not be mistaken as marketing profits nor should it be 13. Willian J. Stanton and others, Fundamentals of Marketing, 10th edition, McGraw, Hill, Inc., New York. 1994; p Ibid., p. 6. Unit-1 Page - 12

20 Bangladesh Open University assumed that the elimination of marketing activities would lower prices. Amount spent to cover various marketing costs is justified because marketing performs very important functions to bring goods and services from producer to consumer who are separated from each other. A sizable portion of a country's civilian labor force is engaged in marketing activities. This includes people employed in the retailing, wholesaling, transportation, warehousing and communications industries and those involved with marketing and activities for manufacturing, financial, service, agricultural, mining and other industries. In USA, for instance about 17 million people work in retailing, 6 million in wholesaling and 4 million in transportation. And projections indicate that future employment in marketing will remain strong. 15 Some industries run on the support of marketing activities, such as advertising and marketing research. Total annual U.S. advertising expenditures exceed $ 100 billion. Many agencies, including Young & Rubicam, J. Walter Thompson, McCann-Erickson and Ogilvy & Mather, have worldwide billings of $1 billion or more. Approximately $1.8 billion is spent yearly in the United States on marketing research. 16 People are consumers of various goods and services produced in a society. Knowledge of marketing make consumers better informed, more selective and more efficient. Consumers can establish effective channels of communication with organizations and can get complaints resolved more easily and favorably. An understudying of the role of marketing lead the consumers toward forming consumer groups. These consumer groups have often significant influence on the activities of marketers. Marketing has a strong influence on beliefs and life-styles of the members of a society. Often, marketing has been blamed for developing materialistic attitudes, fads, product obsolescence, a reliance on gadgets, conspicuous consumption and superficial product differences and wasting resources. Marketers counter these allegations by saying that they merely respond to the desires of people and make the best goods and services they can at the price people will pay. Marketing plays an important role in improving the quality of life. For example, marketers encourage companies to make safer products such as low-nicotin cigarettes. Marketers create public service messages on energy conservation, cures for diseases, abuses of alcohol and other issues of public interest. They also help new goods, ideas and services to be accepted and assimilated by people. A knowledge of marketing is also valuable for those not directly involved with marketing. For example, marketing principles can be utilized by doctors, lawyers, management consultants, financial analysts, research and development personnel, economists, statisticians, city planners, nonprofit institutions and others. Each of these professions and Marketing has a strong influence on beliefs and life-styles of the members of a society. Marketing plays an important role in improving the quality of life. 15. Joel R. Evans and Barry Berman, Marketing, third edition, Macmillan Publishing Company, New York. 1987; p Ibid., pp Principles of Marketing Page - 13

Fundamentals of Marketing Management

Fundamentals of Marketing Management Fundamentals of Management Dr. P.V. (Sundar) Managing World-Class Organizations What is? Process by which individuals and groups obtain what they need and want through creating and exchanging products

More information

Blackblot PMTK Marketing Review.

Blackblot PMTK Marketing Review. <Comment: Replace the Blackblot logo with your company logo.> Company Name: Product Name: Date: Contact: Department: Location: Email: Telephone: Blackblot PMTK Marketing Review Document Revision History:

More information

Marketing and Marketing Management: A First Basic Understanding

Marketing and Marketing Management: A First Basic Understanding Marketing and Marketing Management: A First Basic Understanding 2 2.1 Definitions, Tasks and Scope of Marketing Peter Drucker, an Austrian-born American management consultant, educator, and author, whose

More information

All available Global Online MBA routes have a set of core modules required to be completed in order to achieve an MBA.

All available Global Online MBA routes have a set of core modules required to be completed in order to achieve an MBA. All available Global Online MBA routes have a set of core modules required to be completed in order to achieve an MBA. Those modules are: Building High Performance Organisations Management and Organisational

More information

Marketing (Marketing Principles)

Marketing (Marketing Principles) Marketing (Marketing Principles) Main Aim(s) of the Unit: To provide students with a foundation for the analysis of marketing within organizations including decision making processes, segmentation, the

More information

Marketing: Advertising and Sales Promotion

Marketing: Advertising and Sales Promotion Marketing: Advertising and Sales Promotion Food Communication II Section A Introduction to Marketing All of the information has been adapted from Kotler P. Armstrong, G.,2004. Principles of Marketing.

More information

All available Global Online MBA routes have a set of core modules required to be completed in order to achieve an MBA. Those modules are:

All available Global Online MBA routes have a set of core modules required to be completed in order to achieve an MBA. Those modules are: All available Global Online MBA routes have a set of core modules required to be completed in order to achieve an MBA. Those modules are: Management and Organizational Change (P.4) Leading Strategic Decision

More information

MARKETING INTERMEDIATE LEVEL

MARKETING INTERMEDIATE LEVEL Syllabus MARKETING INTERMEDIATE LEVEL Proposed for examinations sessions starting May 2017 INTERMEDIATE Level, Marketing, MATSEC 1 Syllabus objectives The syllabus is intended to encourage candidates to:

More information

Basic Marketing Principles. Author: Mickey Smith, RPh, PhD Director, Center for Pharmaceutical Marketing and Management University of Mississippi

Basic Marketing Principles. Author: Mickey Smith, RPh, PhD Director, Center for Pharmaceutical Marketing and Management University of Mississippi Basic Marketing Principles Author: Mickey Smith, RPh, PhD Director, Center for Pharmaceutical Marketing and Management University of Mississippi Learning Objectives Define marketing in official and real

More information

Barco Marketing Case Analysis

Barco Marketing Case Analysis Barco Marketing Case Analysis I. Position Statement: Over the past few months, many events have led Barco Projection Systems to be confronted with an important decision: Barco needs to continue its development

More information

27. Which of the following is not a typical element of the promotion section of the 4-Ps? A. Personal selling B. Sales promotions C.

27. Which of the following is not a typical element of the promotion section of the 4-Ps? A. Personal selling B. Sales promotions C. 1 Student: 1. Which answer best describes the? A. Companies maximize sales by promoting their products and services B. Company profits relate directly to the sales of their products C. Companies achieve

More information

The most important conditions necessary for any exchange to take place are:

The most important conditions necessary for any exchange to take place are: ACTIVITY 1.1: QUESTION Think back to the last purchase you made. This purchase involved an exchange between yourself and another party. What conditions were necessary for this exchange to take place? ACTIVITY

More information

How to Write a Marketing Plan: Identifying Your Market

How to Write a Marketing Plan: Identifying Your Market How to Write a Marketing Plan: Identifying Your Market (Part 1 of 5) Any good marketing student will tell you that marketing consists of the four functions used to create a sale: The right product to the

More information

Principles of Marketing

Principles of Marketing GLOBAL EDITION Principles of Marketing FIFTEENTH EDITION Philip Kotler Gary Armstrong ALWAYS LEARNING PEARSON Brief Contents Preface 16 Part 1 Defining Marketing and the Marketing Process 24 1 Marketing:

More information

Course Outline. BUSN 5050/1-3 Marketing Management (3,0,0)

Course Outline. BUSN 5050/1-3 Marketing Management (3,0,0) Course Outline Department of Marketing, International Business, Entrepreneurship School of Business and Economics BUSN 5050/1-3 Marketing Management (3,0,0) Calendar Description Students examine the key

More information

Slide 1. Welcome to Chapter 11. This chapter is called Marketing. The author is Vicente Lluch.

Slide 1. Welcome to Chapter 11. This chapter is called Marketing. The author is Vicente Lluch. Slide 1 Welcome to Chapter 11 This chapter is called Marketing. The author is Vicente Lluch. Slide 2 In this chapter we will address the learning objectives by answering the following questions: What is

More information

Management and Marketing Course Descriptions

Management and Marketing Course Descriptions Management and Marketing Course Descriptions Management Course Descriptions HRM 301 Human Resources Management (3-0-3) Covers all activities and processes of the human resources function that include recruitment,

More information

Unit 4: Marketing Principles

Unit 4: Marketing Principles Unit 4: Marketing Principles Unit code: F/601/0556 QCF level: 4 Credit value: 15 credits Aim This unit aims to provide learners with understanding and skills relating to the fundamental concepts and principles

More information

SECTION A Consists of a separate multiple choice paper. Each question is worth one mark. Attempt all 25 questions.

SECTION A Consists of a separate multiple choice paper. Each question is worth one mark. Attempt all 25 questions. Foundations of Marketing: B1072: 2012/13 Exam Paper This examination is in TWO sections. SECTION A Consists of a separate multiple choice paper. Each question is worth one mark. Attempt all 25 questions.

More information

Marketing Management. 1 Many people are surprised when they realize how may different ideas and activities are included in the term.

Marketing Management. 1 Many people are surprised when they realize how may different ideas and activities are included in the term. Marketing Management 1 Many people are surprised when they realize how may different ideas and activities are included in the term. 1. Marketing 2. Manufacturing 3. Labeling 2 One of the most important

More information

Social Business Analytics

Social Business Analytics IBM Software Business Analytics Social Analytics Social Business Analytics Gaining business value from social media 2 Social Business Analytics Contents 2 Overview 3 Analytics as a competitive advantage

More information

Contents. Part- I: Introduction to Services Marketing. Chapter 1 Understanding Services 3-22. Chapter 2 The Nature of Services Marketing 23-38

Contents. Part- I: Introduction to Services Marketing. Chapter 1 Understanding Services 3-22. Chapter 2 The Nature of Services Marketing 23-38 Contents Part- I: Introduction to Services Marketing Chapter 1 Understanding Services 3-22 Chapter 2 The Nature of Services Marketing 23-38 Part- II: The Customer Experience Chapter 3 Consumer Behavior

More information

Lesson 1. Assessing the Marketplace

Lesson 1. Assessing the Marketplace Assessing the Marketplace Your first lesson consists of four assignments that cover the first four chapters. These assignments provide a useful overview of the contemporary marketing environment and all

More information

Customer Experience Management-As a Key strategy to build Brands in International Markets

Customer Experience Management-As a Key strategy to build Brands in International Markets Customer Experience Management-As a Key strategy to build Brands in International Markets Ms.Sunitha Chakravarthy* Prof.G.V.Bhavani Prasad** * Assistant Professor, Department of Management, Kakatiya Institute

More information

OUTLINE FOR AN INTERNATIONAL BUSINESS PLAN

OUTLINE FOR AN INTERNATIONAL BUSINESS PLAN OUTLINE FOR AN INTERNATIONAL BUSINESS PLAN Please type your plan single-spaced. The first stage in developing an international business plan is to undertake a preliminary country analysis. Presented below

More information

PRESENCE, INTELLIGENCE AND CONFLICT: OPPORTUNITIES AND CHALLENGES IN DIRECT-TO-CONSUMER E-COMMERCE

PRESENCE, INTELLIGENCE AND CONFLICT: OPPORTUNITIES AND CHALLENGES IN DIRECT-TO-CONSUMER E-COMMERCE WHITE PAPER PRESENCE, INTELLIGENCE AND CONFLICT: OPPORTUNITIES AND CHALLENGES IN DIRECT-TO-CONSUMER E-COMMERCE EXECUTIVE SUMMARY Readers of this document will learn why the advantages and opportunities

More information

UNLEASH POTENTIAL THROUGH EFFECTIVE SERVICE QUALITY DETERMINANTS

UNLEASH POTENTIAL THROUGH EFFECTIVE SERVICE QUALITY DETERMINANTS UNLEASH POTENTIAL THROUGH EFFECTIVE SERVICE QUALITY DETERMINANTS Viruli de Silva ABSTRACT This article is based on a recent research conducted in the Sri Lankan banking sector and it discusses how the

More information

Marketing Plan Development 101: The Importance of Developing a Marketing Plan for Public Transit Agencies & Commuter Assistance Programs

Marketing Plan Development 101: The Importance of Developing a Marketing Plan for Public Transit Agencies & Commuter Assistance Programs Marketing Plan Development 101: The Importance of Developing a Marketing Plan for Public Transit Agencies & Commuter Assistance Programs Mark Glein, PhD, Marketing Florida State University Marketing Plan

More information

Chapter 8 Product Concepts

Chapter 8 Product Concepts Marketing Management Chapter 8 Product Concepts Product-Introduction The customer never buys a product buy only a bundle of satisfaction Product represents anticipated and even unanticipated solutions

More information

Exercise 7.1 What are advertising objectives?

Exercise 7.1 What are advertising objectives? These exercises look at the topics in the context of a communications mix. We start with an examination of what advertising objectives are (Exercise 7.1). We then look at how to set advertising objectives

More information

1983, 1993, 2003 Mars, Incorporated Printed on environmentally friendly paper, 100% chlorine free in manufacture

1983, 1993, 2003 Mars, Incorporated Printed on environmentally friendly paper, 100% chlorine free in manufacture 1983, 1993, 2003 Mars, Incorporated Printed on environmentally friendly paper, 100% chlorine free in manufacture Mars, Incorporated The Five Principles of Mars Quality Responsibility Mutuality Efficiency

More information

MARKETING (MKT) University of Miami Academic Bulletin 1

MARKETING (MKT) University of Miami Academic Bulletin 1 University of Miami Academic Bulletin 1 MARKETING (MKT) MKT 201. Foundations of Marketing. 3 Credit Hours. Understanding and satisfying consumer need through product planning, pricing, promotion, and distribution.

More information

MODULE TITLE: Foundations of Marketing

MODULE TITLE: Foundations of Marketing SCHOOL OF ARTS, SOCIAL SCIENCES AND MANAGEMENT DIVISION OF BUSINESS, ENTERPRISE AND MANAGEMENT LEVEL 1 DIET 1 MODULE CODE: B1072 MODULE TITLE: Foundations of Marketing DATE: 16/12/2014 WRITING TIME: 2

More information

MBA I Year Examination. MP-106 : Marketing Management. Time: 3 Hours Max. Marks: 80

MBA I Year Examination. MP-106 : Marketing Management. Time: 3 Hours Max. Marks: 80 MBA I Year Examination MP-106 : Marketing Management Time: 3 Hours Max. Marks: 80 Note: The question paper is divided into three sections A, B & C. Write Answers as per the given instructions. Section

More information

Customer Relationship Management, Role of Customers Partnership System in Implementation of Customer Centric Culture in Marketing

Customer Relationship Management, Role of Customers Partnership System in Implementation of Customer Centric Culture in Marketing World Applied Sciences Journal 3 (Supple 2): 67-73, 2008 ISSN 1818-4952 IDOSI Publications, 2008 Customer Relationship Management, Role of Customers Partnership System in Implementation of Customer Centric

More information

Chapter 1 Introduction

Chapter 1 Introduction 1 CHAPTER This chapter lays the foundation for your increased understanding of the process of electrical estimating and submitting bids. It also covers the basic concepts about estimating and bidding that

More information

Diploma in Marketing

Diploma in Marketing Brentwood Open Learning College Diploma in Marketing (Level 4) Course Structure & Contents Diploma in Marketing Course Structure Contents Page 1 Unit 1 to Marketing The unit 1 covers the following topics:

More information

The Marketing Plan. The business must make decisions on how to apply its resources to the target market(s).

The Marketing Plan. The business must make decisions on how to apply its resources to the target market(s). The Marketing Plan The most important part of a business plan is the Marketing Plan. To keep one s business on course this plan must be geared toward the business s mission its product and service lines,

More information

An Introduction. Global Edition. "University of North Carolina. Northwestern University

An Introduction. Global Edition. University of North Carolina. Northwestern University An Introduction Global Edition "University of North Carolina Northwestern University Boston Columbus Indianapolis NewYork San Francisco Upper Saddle River Amsterdam CapeTown Dubai London Madrid Milan Munich

More information

CHAPTER TWO SEGMENTING THE MARKET

CHAPTER TWO SEGMENTING THE MARKET CHAPTER TWO SEGMENTING THE MARKET The Marketing Mixes 45 When marketers break the marketplace into separate target markets, they are segmenting the market, and each segment must meet four criteria in order

More information

Marketing planning toolkit for small business

Marketing planning toolkit for small business 10 Minute Guide Marketing planning toolkit for small business Membership Services Moor Hall, Cookham Maidenhead Berkshire, SL6 9QH, UK Telephone: 01628 427500 www.cim.co.uk/marketingresources The Chartered

More information

The Business Impact of E-Commerce

The Business Impact of E-Commerce The Business Impact of E-Commerce Ruchi Monga 1 Abstract Electronic commerce refers to the buying and selling of products or services over electronic systems such as the Internet and other computer network

More information

Marketing Planning How to Identify a Target Market and Prepare a Customer Profile

Marketing Planning How to Identify a Target Market and Prepare a Customer Profile Marketing Planning How to Identify a Target Market and Prepare a Customer Profile 1. What You Should Know Before Getting Started In order to market your product or service, it is imperative that you tailor

More information

Chapter Twelve Marketing Channels: Delivering Customer Value

Chapter Twelve Marketing Channels: Delivering Customer Value Chapter Twelve Marketing Channels: Delivering Customer Value Marketing Channels: Delivering Customer Value Topic Outline Supply Chains and the Value Delivery Network The Nature and Importance of Marketing

More information

Marketing Channels: Delivering Customer Value

Marketing Channels: Delivering Customer Value Chapter Twelve : Delivering Customer Value : Delivering Customer Value Topic Outline Supply Chains and the Value Delivery Network Channel Decisions Public Policy and Distribution Decisions Supply Chains

More information

Contents. Chapter 1 Introduction to Sales Management 3-16. Chapter 2 The Sales Organization 17-40. Chapter 3 Sales Functions and Policies 41-54

Contents. Chapter 1 Introduction to Sales Management 3-16. Chapter 2 The Sales Organization 17-40. Chapter 3 Sales Functions and Policies 41-54 Contents Part- I: The Sales Perspective Chapter 1 Introduction to Sales Management 3-16 Chapter 2 The Sales Organization 17-40 Chapter 3 Sales Functions and Policies 41-54 Chapter 4 Personal Selling 55-80

More information

Corporate Governance Guidelines

Corporate Governance Guidelines Corporate Governance Guidelines Fuji Heavy Industries Ltd. Chapter 1. General Provisions Article 1. Purpose These guidelines set out the basic policy, framework and operating policy of the corporate governance

More information

A Management Report. Prepared by:

A Management Report. Prepared by: A Management Report 7 STEPS to INCREASE the RETURN on YOUR BUSINESS DEVELOPMENT INVESTMENT & INCREASE REVENUES THROUGH IMPROVED ANALYSIS and SALES MANAGEMENT Prepared by: 2014 Integrated Management Services

More information

Channel Management for Household Products Companies in Nigeria

Channel Management for Household Products Companies in Nigeria Channel Management for Household Products Companies in Nigeria Sule, Ja afaru Garba Faculty Management Sciences, Department Of Business Administration, Kogi State University, Anyigba Dr.Ogbadu E. Elijah

More information

Question bank relating to each chapter

Question bank relating to each chapter Question bank relating to each chapter Chapter 1 Development of a strategic approach to marketing its culture; internal macro- and external micro-environmental issues 1. What factors have given rise to

More information

OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT

OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT OME 211: PRINCIPLES OF MARKETING COURSE OUTLINE INTRODUCTION This course introduces students to the concept and principles of marketing. In doing

More information

PROVEN INTERACTIVE TELEVISION REVENUES THROUGH INTERACTIVE ADVERTISING & DIRECT MARKETING

PROVEN INTERACTIVE TELEVISION REVENUES THROUGH INTERACTIVE ADVERTISING & DIRECT MARKETING PROVEN INTERACTIVE TELEVISION REVENUES THROUGH INTERACTIVE ADVERTISING & DIRECT MARKETING Jeffrey N. Brown OpenTV, Japan ABSTRACT As home to half the world s television households some 500 million the

More information

Management Accounting and Decision-Making

Management Accounting and Decision-Making Management Accounting 15 Management Accounting and Decision-Making Management accounting writers tend to present management accounting as a loosely connected set of decision making tools. Although the

More information

Marketing: Helping Buyers Buy

Marketing: Helping Buyers Buy Chapter Thirteen Marketing: Helping Buyers Buy McGraw-Hill/Irwin Copyright 2010 by the McGraw-Hill Companies, Inc. All rights reserved. CRICKET LEE Fitlogic Developed a system of clothes sizing called

More information

Marketing Concept. The Marketing Concept

Marketing Concept. The Marketing Concept Marketing Concept Ted Mitchell is a philosophy of business competition. We need to know what it is, what it assumes, and what it implies. What is it? holds that the key to achieving organizational goals

More information

CUSTOMER RELATIONSHIP MANAGEMENT IN THE INDIAN BANKING SECTOR: A COMPETITIVE TOOL

CUSTOMER RELATIONSHIP MANAGEMENT IN THE INDIAN BANKING SECTOR: A COMPETITIVE TOOL CUSTOMER RELATIONSHIP MANAGEMENT IN THE INDIAN BANKING SECTOR: Jasmer Singh A COMPETITIVE TOOL Abstract: It is said that CRM is not a product or service, it is an overall business strategy that enables

More information

Midterm Exam. Hagen Ziemer. California International Business University. February 9, 2009. CIBU 729: Marketing Management. Thomas Matula, Ph.D.

Midterm Exam. Hagen Ziemer. California International Business University. February 9, 2009. CIBU 729: Marketing Management. Thomas Matula, Ph.D. Midterm Exam 1 Midterm Exam Hagen Ziemer California International Business University February 9, 2009 CIBU 729: Marketing Management Thomas Matula, Ph.D. Midterm Exam 2 Table of Content I.Table of Content...

More information

CUSTOMER RELATIONSHIP MANAGEMENT OF SELECT LIFE INSURANCE COMPANIES

CUSTOMER RELATIONSHIP MANAGEMENT OF SELECT LIFE INSURANCE COMPANIES I n t e r n a t i o n a l J o u r n a l o f M a n a g e m e n t F o c u s 1 CUSTOMER RELATIONSHIP MANAGEMENT OF SELECT LIFE INSURANCE COMPANIES G. RAJU Asst. Professor of Business Administration, St. Thomas

More information

Marketin. Global Edition 14

Marketin. Global Edition 14 Marketin Global Edition 14 PHILIP Kotler Northwestern University GARY Armstrong University of North Carolina Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai

More information

Customer Relationship Management in Indian Life Insurance Sector

Customer Relationship Management in Indian Life Insurance Sector Customer Relationship Management in Indian Life Insurance Sector Ashraf Imam Research Scholar, Department of Commerce- Aligarh Muslim University, Aligarh. Abstract Customer relationship management is an

More information

A Service of SRI World Group, Inc. 74 Cotton Mill Hill A-255 Brattleboro, VT 05301 (802) 251-0110

A Service of SRI World Group, Inc. 74 Cotton Mill Hill A-255 Brattleboro, VT 05301 (802) 251-0110 A Service of SRI World Group, Inc. 74 Cotton Mill Hill A-255 Brattleboro, VT 05301 (802) 251-0110 www.csrwire.com Printed on recycled paper Introduction Today, forward-thinking companies understand that

More information

How to Write a Business Plan

How to Write a Business Plan How to Write a Business Plan Small Business Development Center (SBDC) A well-written comprehensive business plan forms the basis for the success of any business venture. The business plan is a written

More information

AC 234 ก 3(3-0-9) (Management Accounting)

AC 234 ก 3(3-0-9) (Management Accounting) ก ก ( ก.. 2551) AC 234 ก 3(3-0-9) (Management Accounting) ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก ก A study of the use of accounting information for management decision making, financial statement analysis,

More information

International Journal of Computing and Corporate Research IJCCR India

International Journal of Computing and Corporate Research IJCCR India ENHANCING CUSTOMER VALUE PROPOSITION THROUGH CUSTOMER RELATIONSHIP MANAGEMENT IN RETAILING Prof. V.P.Deshmukh, Prof S.P.Shinde, Prof. N.R.Jadhav Bharati Vidyapeeth University, Y.M.I.M., Karad, Maharashtra,

More information

Proposal Writing Kit Tips & Techniques

Proposal Writing Kit Tips & Techniques PHILANTHROPIC VENTURES FOUNDATION 1222 Preservation Park Way Oakland CA 94612 BILL SOMERVILLE President Proposal Writing Kit Tips & Techniques 1. Writing A Proposal: A Conceptual Framework 2. The Letter

More information

VPQ Level 6 Business, Management and Enterprise

VPQ Level 6 Business, Management and Enterprise VPQ Level 6 Business, Management and Enterprise VPQ Level 6 Certificate in Business, Management and Enterprise The VPQ Level 6 Certificate in Business, Management and Enterprise is a 30 credit qualification.

More information

Marketing Plan. Contents. Introduction: Using the Marketing Planning Framework. The Elements of the Marketing Planning Framework

Marketing Plan. Contents. Introduction: Using the Marketing Planning Framework. The Elements of the Marketing Planning Framework Marketing Plan Contents Introduction: Using the Marketing Planning Framework The Elements of the Marketing Planning Framework Terms of Reference Executive Summary 1. Business Mission 2. External Marketing

More information

Chapter 8 Customer Relationship Management Benefits of CRM Helps in improving customer retention and loyalty Helps in generating high customer

Chapter 8 Customer Relationship Management Benefits of CRM Helps in improving customer retention and loyalty Helps in generating high customer Chapter 8 Customer Relationship Management Benefits of CRM Helps in improving customer retention and loyalty Helps in generating high customer profitability through a steady flow of customer purchases

More information

Continuous Customer Dialogues

Continuous Customer Dialogues Continuous Customer Dialogues STRATEGIES FOR GROWTH AND LOYALTY IN MULTI-CHANNEL CUSTOMER-ORIENTED ORGANIZATIONS whitepaper TABLE OF CONTENTS: PAGE Overview...3 The Continuous Customer Dialogue Vision...4

More information

LECTURE 1 Introduction To Integrated Marketing Communications. Marketing satisfying needs and wants through the exchange process.

LECTURE 1 Introduction To Integrated Marketing Communications. Marketing satisfying needs and wants through the exchange process. LECTURE 1 Introduction To Integrated Marketing Communications Marketing satisfying needs and wants through the exchange process. The Marketing Management Process 1. Situation analysis (PESTL). 2. Objectives.

More information

CHAPTER 11 INTERNATIONAL STRATEGY AND ORGANIZATION

CHAPTER 11 INTERNATIONAL STRATEGY AND ORGANIZATION CHAPTER 11 INTERNATIONAL STRATEGY AND ORGANIZATION LEARNING OBJECTIVES: 1. Explain the stages of identification and analysis that precede strategy selection. 2. Identify the two international strategies

More information

Consumer Behaviour. Customer is profit, all else is overload...

Consumer Behaviour. Customer is profit, all else is overload... Consumer Behaviour 1 1 Consumer Behaviour Customer is profit, all else is overload... This chapter provides an introduction to consumer behaviour. Consumer is the most important person. The business revolves

More information

THE ROLE OF CONSUMERS NEEDS AND WANTS IN THE DESIGN OF MBA (MARKETING) CURRICULUM: OPPOSING VIEWS FROM STUDENTS VS. EMPLOYERS IN THE DESIRED COURSE

THE ROLE OF CONSUMERS NEEDS AND WANTS IN THE DESIGN OF MBA (MARKETING) CURRICULUM: OPPOSING VIEWS FROM STUDENTS VS. EMPLOYERS IN THE DESIRED COURSE THE ROLE OF CONSUMERS NEEDS AND WANTS IN THE DESIGN OF MBA (MARKETING) CURRICULUM: OPPOSING VIEWS FROM STUDENTS VS. EMPLOYERS IN THE DESIRED COURSE Assistant Professor Kawpong Polyorat, Ph.D. Department

More information

Teaching Special Decisions In A Lean Accounting Environment Daniel Haskin, University of Central Oklahoma, USA

Teaching Special Decisions In A Lean Accounting Environment Daniel Haskin, University of Central Oklahoma, USA Teaching Special Decisions In A Lean Accounting Environment Daniel Haskin, University of Central Oklahoma, USA ABSTRACT Lean accounting has become increasingly important as more and more companies adopt

More information

The Counselors Academy's Guide to Selecting a Public Relations Firm or Consultant

The Counselors Academy's Guide to Selecting a Public Relations Firm or Consultant The Counselors Academy's Guide to Selecting a Public Relations Firm or Consultant The Need for Public Relations in Today's Management Practice To reach its organizational goals, today's management needs

More information

Guidelines for the Development of a Communication Strategy

Guidelines for the Development of a Communication Strategy Guidelines for the Development of a Communication Strategy Matthew Cook Caitlin Lally Matthew McCarthy Kristine Mischler About the Guidelines This guide has been created by the students from Worcester

More information

Essential Guide for Business Plan Creation Basic 12 step guide for executing a successful Business Plan

Essential Guide for Business Plan Creation Basic 12 step guide for executing a successful Business Plan Essential Guide for Business Plan Creation Basic 12 step guide for executing a successful Business Plan EBP Business Plan Designer Written by Matthew Parfitt EBP International Sales Executive The Essential

More information

8.2 MARKETING AND PROMOTION. Advertising And Image Making. Producing A Marketing Plan. Promoting Community Organisations

8.2 MARKETING AND PROMOTION. Advertising And Image Making. Producing A Marketing Plan. Promoting Community Organisations 82 RUNNING THE ENTERPRISE 8 MARKETING AND PROMOTION Advertising And Image Making Producing A Marketing Plan Promoting Community Organisations Why Are You Promoting Yourselves? Generating Publicity Selling

More information

What this topic is about. The purpose of marketing Different approaches to marketing Segmentation Niche &mass markets B2C & B2B marketing

What this topic is about. The purpose of marketing Different approaches to marketing Segmentation Niche &mass markets B2C & B2B marketing Effective Marketing What this topic is about The purpose of marketing Different approaches to marketing Segmentation Niche &mass markets B2C & B2B marketing What is Marketing? The process of identifying,

More information

Business Plan Template

Business Plan Template Staunton Creative Community Fund 10 Byers Street, Staunton, VA 24401 540-213-0333 www.stauntonfund.com courtney@stauntonfund.com Business Plan Template So you have an amazing, innovative idea for a new

More information

THE OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT OME 212: BUSINESS ENVIRONMENT AND STRATEGIES COURSE OUTLINE

THE OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT OME 212: BUSINESS ENVIRONMENT AND STRATEGIES COURSE OUTLINE THE OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT OME 212: BUSINESS ENVIRONMENT AND STRATEGIES COURSE OUTLINE 2010 1 INTRODUCTION This course focuses on the external and internal environment

More information

Multi-Stage Marketing: How to Approach the Customers Customers in B2B Markets

Multi-Stage Marketing: How to Approach the Customers Customers in B2B Markets Institute for Market-Oriented Management Competence in Research & Management Prof. Dr. Dr. h.c. mult. Christian Homburg, Prof. Dr. Sabine Kuester IMU Research Insights # 014 Multi-Stage Marketing: How

More information

CUSTOMER EXPERIENCE MANAGEMENT THE MOST IMPORTANT DIMENSION OF THE SERVICE FIRM STRATEGY

CUSTOMER EXPERIENCE MANAGEMENT THE MOST IMPORTANT DIMENSION OF THE SERVICE FIRM STRATEGY CUSTOMER EXPERIENCE MANAGEMENT THE MOST IMPORTANT DIMENSION OF THE SERVICE FIRM STRATEGY Ra iu Monica Paula Romanian-American University, Faculty of Internal and International Tourism Economy, 1B, Expozi

More information

Pharmaceutical Marketing Overview Ibrahim Alabbadi MBA, PhD Amman- July-2015

Pharmaceutical Marketing Overview Ibrahim Alabbadi MBA, PhD Amman- July-2015 Pharmaceutical Marketing Overview Ibrahim Alabbadi MBA, PhD Amman- July-2015 1 Pharmacists job opportunities Hospital Community Pharmaceutical industry Marketing Others Academia Insurance Social security

More information

STUDENT PROJECT. Building an IMC Campaign IMC Plan Pro

STUDENT PROJECT. Building an IMC Campaign IMC Plan Pro STUDENT PROJECT Building an IMC Campaign IMC Plan Pro Introduction The Building an IMC Campaign exercises are designed to accompany the Clow and Baack Advertising, Promotion, and Integrated Marketing Communications

More information

A review of Marketing strategy of motorcycle products in Bangladesh.

A review of Marketing strategy of motorcycle products in Bangladesh. A review of Marketing strategy of motorcycle products in Bangladesh. *Farooq Hossan *Issa Ahammad Abstract In Bangladesh extensive road network has been made in the rural areas as part of the infrastructural

More information

Non-personal communication

Non-personal communication Week 8: Promotions Integrated Marketing Communications: advertising, Sales Promotion, Public Relations, and Direct Marketing Strategic Goals Of Marketing Communication Create awareness Build positive images

More information

Dissimilarity of E-marketing VS traditional marketing

Dissimilarity of E-marketing VS traditional marketing Dissimilarity of E-marketing VS traditional marketing Mehrdad Salehi MBA (Global Marketing), Management and science university, Kuala Lumpur, Malaysia Email:Ems.fardab@yahoo.com Tel: +60178729454 Abstract

More information

Introduction to Management Information Systems

Introduction to Management Information Systems IntroductiontoManagementInformationSystems Summary 1. Explain why information systems are so essential in business today. Information systems are a foundation for conducting business today. In many industries,

More information

Sales Force Management

Sales Force Management Churchill/Ford/Walker's Sales Force Management Tenth Edition Mark W. Johnston Crummer Graduate School of Business Rollins College Greg W. Marshall Crummer Graduate School of Business Rollins College draw

More information

GB 747, Retail Marketing and Channel Management. Loyola College in Maryland Sellinger School of Business and Management Mrs. Hope B.

GB 747, Retail Marketing and Channel Management. Loyola College in Maryland Sellinger School of Business and Management Mrs. Hope B. GB 747, Retail Marketing and Channel Management Loyola College in Maryland Sellinger School of Business and Management Mrs. Hope B. Corrigan, MS, MBA Course Description This course examines the strategic

More information

The decision to grow is yours.

The decision to grow is yours. The potential for growth is certain. The decision to grow is yours. 1.800.827.6639 www.omexcorp.com OMEX Inter national Inc. All rights reserved. This advertising is not an offering. An offering can only

More information

Internet Marketing for Local Businesses Online

Internet Marketing for Local Businesses Online Dear Business Owner, I know you get calls from all sorts of media outlets and organizations looking to get a piece of your advertising budget. Today I am not pitching you anything. I would just like to

More information

Superior Sales Management

Superior Sales Management Superior Sales Management The Pivotal Skill The success of a company is based on many things, but there is no more important job than that of the sales manager. It is the pivotal position in any company

More information

Marketing Challenges for Financial Services

Marketing Challenges for Financial Services Marketing Financial Services A Self Study Guide LESSON ONE Marketing Challenges for Financial Services Objective: to introduce the basics of marketing, particularly the concepts of market information and

More information

Key Terms. DECA Ryerson 2015-16 Case Guides Business to Business Marketing

Key Terms. DECA Ryerson 2015-16 Case Guides Business to Business Marketing Key Terms Acquisition Costs: The incremental costs involved in obtaining a new customer. Agent: A business entity that negotiates, purchases, and/or sells, but does not take title to the goods. Benchmark:

More information

PROMOTION TRHOUGH THE MARKETING CHANNEL

PROMOTION TRHOUGH THE MARKETING CHANNEL Chapter 12 PROMOTION TRHOUGH THE MARKETING CHANNEL Chapter Objectives One of the major tools the manufacturer uses for implementing an integrated promotional program is selling support by channel members.

More information

Marketing Ethics and Social Responsibility

Marketing Ethics and Social Responsibility Marketing Ethics and Social Responsibility 1 Social Criticisms of Marketing Marketing s impact on individual consumers has been criticized in terms of: High prices Deceptive practices High-pressure selling

More information

The Table underneath is showing the major causes and supporters companies in our country. Table 2: Major causes and major supporters

The Table underneath is showing the major causes and supporters companies in our country. Table 2: Major causes and major supporters Cause-Related Marketing Practice of Some Selected Firms In Bangladesh And Its Effect On Target Segment Md Gaffar Hossain Shah Abstract:- There has been significant growth and interest in Cause Related

More information