Page 1 : MARKETING MANAGEMENT, UNIT-I, , Nature of Marketing, 1. Marketing is an Economic Function, 2. Marketing is a Legal Process by which Ownership Transfers, 3.Marketing, , is, , a, , System, , of, , Interacting, , Business, , Activities, , 4. Marketing is a Managerial function, 5. Marketing is a social process, 6. Marketing is a philosophy based on consumer orientation and satisfaction, 7. Marketing had dual objectives - profit making and consumer satisfaction, , Scope of Marketing, 1. Study of Consumer Wants and Needs, Goods are produced to satisfy consumer wants. Therefore study is done to identify consumer, needs and wants. These needs and wants motivates consumer to purchase., 2. Study of Consumer behaviour

Page 2 : Marketers performs study of consumer behaviour. Analysis of buyer behaviour helps marketer in, market segmentation and targeting., 3. Production planning and development, Product planning and development starts with the generation of product idea and ends with the, product development and commercialisation. Product planning includes everything from, branding and packaging to product line expansion and contraction., 4. Pricing Policies, Marketer has to determine pricing policies for their products. Pricing policies differs form, product to product. It depends on the level of competition, product life cycle, marketing goals and, objectives, etc., 5. Distribution, Study of distribution channel is important in marketing. For maximum sales and profit goods are, required to be distributed to the maximum consumers at minimum cost., 6. Promotion, Promotion includes personal selling, sales promotion, and advertising. Right promotion mix is, crucial in accomplishment of marketing goals., 7. Consumer Satisfaction, The product or service offered must satisfy consumer. Consumer satisfaction is the major, objective of marketing., 8. Marketing Control, Marketing audit is done to control the marketing activities.

Page 4 : MARKETING PERSPECTIVES, Marketing has so many different definitions and foundations. It has evolved over time into so, many different layers. The rare concept of marketing dates back to ancient times. However, the perspective of marketing varies from different cycles., Economists perceive marketing to be based on the transaction/ exchange of something of, value., Practitioners perceive marketing to be a process of planning and implementing the, development and distribution of goods to fulfill and produce revenue., Companies perceive marketing to include functional activities which can grow a company., This consists of products, customers and competitors analysis, environment forecasting, and, implementation of distribution in society to maintain the lifeline of a company., Scholars perceive marketing to be theory and special business relationship activities for, pricing, promoting, distributing products and services for the mutual benefit of stakeholders, and to achieve organizational objectives., If we combine all of these different perspectives with the current times in business today., Marketing is defined as the theory and practise of identifying the needs/ wants and leveraging, distribution of goods and services in a competitive society., Marketing Process

Page 7 : Functions of Marketing Manager, Work with top management, The main function of marketing manager is to work with top management. He is to, assist the top management in determining the marketing plans and policies so that, all the problems of the process of planning may be removed and sound plans and, policies may be formulated., Supervise and coordinate business activities, A marketing manager has to establish effective co-ordination among the business, activities of purchase, sale, packing, storage, transportation, advertisement, sales, promotion, after sale-services, etc., Identify Potential Markets, To create and increase the demand of the goods and services produced by the, enterprise, the marketing manager has to identify new potential markets and also, has to maintain the relationships among the existing markets for their enterprise and, its products., Evaluate the Product, In the technological arena, the needs and demands of the customers changes time, to time. Thus, it becomes necessary for the marketing manager to study all these, changes and evaluate the product periodically so that necessary modifications and, alterations may be made in the product.

Page 8 : Launch new product or services, To attract new customers and retain old customers, marketing manager study needs, and demands of the market. According to it, he launches new goods and services to, satisfy the existing customers and to attract new customers (or consumers)., Select the Channels of Distribution, The physical distribution of goods and services through many channels viz., wholesalers, retailers, etc. is decided by the marketing manager. As per the needs of, the firm, he selects the specific channel and supplies the finished products from, producers to consumers., Create a market plan, According to the marketing nature of the firm, the marketing manager creates an, action plan to determine when, how, where and by whom the marketing activities viz., sales forecast, advertisement, sales promotion, distribution of products, etc. should, be carried out to achieve marketing goals., Study the Economic and Political Environment, To survive and get success in the business, the marketing manager not only has to, study the economic, social and the political environment of the business enterprise, but also has to follow the government rules and regulations, social norms and, cultural values, regional treaties and global alignment, economic rules and tax, policies of the government. After analyzing all these factors, he formulates the, business strategies for the customer satisfaction and profit maximization of the, enterprise., Thus, we can say, business organization is a dynamic entity because it operates in, the dynamic business environment., , Responsibilities of Marketing Manager, Marketing manager is the person responsible for overseeing the allocation of, resources to marketing activities. Marketing activities are the activities which, determine the success or failure of an enterprise. Some of the responsibilities of, marketing manager are as follows:, Responsibilities towards Enterprise, The marketing manager is a very responsible authority to achieve the predetermined goals of an enterprise. To increase the honor and earning of the firm, he, has to plan, organize, co-ordinate and control all the marketing activities. He has the, responsibility to, , , , , Gather the results of market research and decide and control the quantity and quality, of production., Sale forecasting, product planning and price fixation., Prepare a roadmap of advertisement and sales promotion and specify the channels, of distribution for goods and services., , , , Control credit policy of the firm and also the cost of marketing activities., , , , Arrange for after-sale-services and remove the problems of consumers.

Page 9 : Responsibilities towards Employees, A Marketing Manager has a great responsibility towards’ the employees of his, department. For his employees, he has the responsibility to provide them proper, training and remuneration. The other responsibilities of marketing manager towards, his employees are to, , , Commence schemes for their welfare.., , , , Motivate them, which indirectly benefits in the development of the firm., , , , , Evaluate the performance of employees and receive the suggestions and the, problems of employees., Co-ordinate the activities different employees., , Responsibilities towards Society, A Marketing Manager has a great responsibility towards his society also. He has the, responsibility to, , , Provide new goods and services as per the needs and wants of society., , , , Maintain regular supply of goods and services at reasonable prices in the market., , , , Increase the employment opportunities., , , , Protect society against the effects of economic slump., , Responsibilities towards Customers, Following are the responsibilities of a Marketing Manager towards customers (or, consumers):, , , To study the needs and wants of consumers and according to it fulfill their demands., , , , To make the regular supply of goods and services., , , , To provide after sale-services., , , , To educate the consumers regarding alternative uses of products., , , , To remove grievances of consumers, , Marketing Environment, What is the marketing environment?, A marketing environment is a combination of internal and external, environmental forces and factors that influences the business operation of a, business and its ability to serve its customers. It is essential to know both, internal as well as external environmental factors. Therefore, enterprises keep, checking on them to do their business without any legal trouble and to generate, maximum profit., The internal marketing environment consists of factors like material, machines,, workers, money, etc. All of these components are necessary to run a business

Page 10 : successfully. For example, if the raw material is not available on time and in, sufficient quantity, then the work of production will become slow, and the, company will not be able to fulfill the demand of the product in the market., On the other hand, the external marketing environment can be divided into two, categories, such as macro external marketing environment and micro external, marketing environment. The microenvironment is closely related to the business, and constitutes all external business activities such as distribution and, promotion of products of the company., Microenvironment- The Micro Marketing Environment includes all those factors that, are closely associated with the operations of the business and influences its, functioning. The microenvironment factors include customers, employees, suppliers,, retailers & distributors, shareholders, Competitors, Government and General Public., These factors are controllable to some extent., , These factors are further elaborated:, , , Customers– Every business revolves around fulfilling the customer’s needs, and wants. Thus, each marketing strategy is customer oriented that focuses on, understanding the need of the customers and offering the best product that fulfills, their needs., , , , Employees– Employees are the main component of a business who contributes, significantly to its success. The quality of employees depends on the training and, motivation sessions given to them. Thus, Training & Development is crucial to, impart marketing skills in an individual.

Page 11 : , , Suppliers– Suppliers are the persons from whom the material is purchased to, make a finished good and hence are very important for the organization. It is, crucial to identify the suppliers existing in the market and choose the best that, fulfills the firm’s requirement., , , , Retailers & Distributors– The channel partners play an imperative role in, determining the success of marketing operations. Being in direct touch with, customers they can give suggestions about customer’s desires regarding a product, and its services., , , , Competitors– Keeping a close watch on competitors enables a company to, design its marketing strategy according to the trend prevailing in the market., , , , Shareholders– Shareholders are the owners of the company, and every firm, has an objective of maximizing its shareholder’s wealth. Thus, marketing activities, should be undertaken keeping in mind the returns to shareholders., , , , Government– The Government departments make several policies viz. Pricing, policy, credit policy, education policy, housing policy, etc. that do have an, influence on the marketing strategies. A company has to keep track on these, policies and make the marketing programs accordingly., , , , General public– The business has some social responsibility towards the, society in which it is operating. Thus, all the marketing activities should be, designed that result in increased welfare of the society as a whole., , Macro EnvironmentThe Macro Marketing Environment includes all those factors that exist outside the, organization and can not be controlled. These factors majorly include Social,, Economic, Technological Forces, Political and Legal Influences. These are also, called as PESTLE framework.

Page 12 : The detailed description of Macro factors is given below:, , , Political & Legal Factors– With the change in political parties, several, changes are seen in the market in terms of trade, taxes, and duties, codes and, practices, market regulations, etc. So the firm has to comply with all these changes, and the violation of which could penalize its business operations., , , , Economic Factors– Every business operates in the economy and is affected by, the different phases it is undergoing. In the case of recession, the marketing, practices should be different as what are followed during the inflation period., , , , Social Factors– since business operates in a society and has some, responsibility towards it must follow the marketing practices that do not harm the, sentiments of people. Also, the companies are required to invest in the welfare of, general people by constructing public conveniences, parks, sponsoring education,, etc., , , , Technological Factors– As technology is advancing day by day, the firms, have to keep themselves updated so that customers needs can be met with more, precision., , Therefore, marketing environment plays a crucial role in the operations of a business, and must be reviewed on a regular basis to avoid any difficulty.