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1、MARKETING MANAGEMENT,Lecture Notes for Business Introduction By Fahmy Radhi,Marketing Concepts,Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of idea, goods, and service to create exchanges that satisfy individual and organizational objective
2、Marketing Mix is the combination of products, price, promotion, and distribution, used to satisfy the needs of the target market,Product Variety Quality Design Features Brand Name Packaging Services,Price List price Discounts Allowances Credit Terms,Promotion Advertising Personal Selling Sales Promo
3、tion Public Relations,Place Channels Coverage Assortments Locations Inventory Transportation Logistics,Target Costumers Intended Positioning,Marketing Mix,Marketing Activities,Product: Develop new products Modify existing products Test-market products Select brand name Package product,Pricing: Estab
4、lish price objectives Conduct cost analysis Analyze competitors price Set actual prices,Marketing Activities,Promotion: Determine types of promotion Design the advertising massage Selecting advertising media Schedule the advertisements,Distribution: Select wholesalers and retailers Establish procedu
5、res for handling and moving products Find the best locations for plants, warehouses and retail outlets,Market,Market is people with the authority, financial ability, and willingness to purchase a product Types of Market: Consumer market - for personal use Industrial market - to use in the production
6、 or resell,Target Marketing,Target market - a group of people that has similar wants and needs which a firm directs its marketing activities Undifferentiated approach one marketing mix for a product to the total market Market Segmentation approach the division of the total market into segment with m
7、arketing mix directed to different segment,Market Segmentation,Market segment division of heterogonous market into homogonous market based on different characteristics Segmentation Based: Geographic bases - city, region Demographic bases - sex, race, marital Psychographics - a persons attitude, life
8、style Product-related - brand loyalty,PRODUCT,Product - a good, service or idea, including all attributes provided in an exchange between buyer and seller Product Classification: Consumer goods products purchased by consumers for personal use Industrial goods product purchased by companies to produc
9、e other products,Classifying Goods,Consumer Goods: Convenience good inexpensive and regularly consumed Shopping goods moderately expensive and infrequently Specialty goods expensive and rarely,Industrial goods: Raw material Components parts Equipment and installations Services,Product Line and Produ
10、ct Mix,Product Line - a group of related products that are considered a unit because of marketing, technical or use similarity Product Mix - the total group of product offer sale, or all of the firms product lines Product Differentiation creation of product or product image that differs from existin
11、g product to attract consumers,Product Attributes,Brand - a name, sign, symbol, design, or combination a companys product to distinguish it product from others Packaging - the development of a container and graphic design for a product Labeling - the display of important information on a product pac
12、kage,PRICING,Price - the value that buyer exchange for a product in the marketing transaction Pricing Objective: Market share Profit Return on Investment Status Quo,Pricing Decision and Methods,Factors in Pricing Decisions: Price and non-price competition Supply and demand Consumer perception of pri
13、ce Pricing Methods: Cost-Oriented Pricing - Mark-up Pricing Demand-Oriented Pricing - Break event point Competition Oriented Pricing,Pricing Strategies,Pioneer pricing leadership pricing in the market Price skimming setting an initial high price to cover new product cost and generate a profit Penetr
14、ation pricing setting an initial low price to establish a new product in the market Psychological Pricing setting an initial high price to respond irrationally consumers Price Discounting Price reduction offered as an incentive to purchase,PROMOTION,Promotion - the communication of favorable, persua
15、sive information about a firm or product in order to influential buyers Promotional Objectives: Informing Increasing sales Stabilizing sales Positioning the product Building a public image,The Promotion Mix,Promotion Mix - the combination of advertising, personal selling, sales promotion, publicity
16、used to promote a specific product,Advertising,Non-personal communication to a target audience through a mass medium, such as TV, Radio, newspapers, or magazines, and outdoor display Types of Advertising: Primary-Demand Advertising: for all products Selective Brand Advertising: for specific products
17、 Institutional Advertising: create public image,Advertising Promotion,Advertising Media variety of communication devices for carrying massage to potential customers Direct Mail delivery massage directly to customer places Internet Advertising put the massage into website or mailed directly to custom
18、er email,Personal Selling,Person-to-person communication with one or more prospective customers in order to make sale Telemarketing using telephone to perform the personal selling process Types of Salespeople: Order Getter Order taker Support salespeople,Sales Promotion,An activity that offers custo
19、mers or marketing intermediaries direct incentives for purchasing a product Type of Sales Promotion: Coupon: reduces the price of a product by stated amount at the time of purchase Rebate: an extra discount Free Sample Contest: consumer compete for prizes Trade show,Publicity and Public Relation,Pub
20、licity - a non-personal form of communication transmitted in news story form and not paid for directly sponsor Public Relations - a set of communication activities designed to create and maintain a favorable public image for firm,Major Public Relation Tools,Promotional Strategy:,Push Strategy: promo
21、tion of a product to wholesaler or retailers in the marketing channel, who in turn promote the product to consumers Pull Strategy: promotion of a product direct to consumers to stimulate strong consumer demands,DISTRIBUTION,Channel of Distribution - a group of interrelated organization that directs
22、the flow of products from producers to ultimate consumers Marketing Intermediary - an individual or organization in marketing channel that provides a link among producers, other channel members, and final consumer,Type of Marketing Channels:,Consumer Products: Producer-consumer: plant and flower, se
23、rvices Producer-retailer-consumer: automobile, furniture Producer-wholesaler-retailer-consumer: e.g. convenience goods Producer-Agent/broker-wholesaler-retailer-consumer: e.g. consumer products,Type of Marketing Channels,Industrial Products: producer-industrial user: heavy equipment and machinery pr
24、oducer-wholesaler-industrial user: tools and automotive parts,Distribution Overages,Intensity Distribution - market coverage in which all available outlets are used for distributing a product Selective Distribution - Market coverage in which only some of the available outlets are used for distributi
25、ng a product Exclusive Distribution - Market coverage in which one outlet is used in specific geographic area for distributing a product,Wholesaling,The marketing activities of intermediates who sell to retailer, industrial users, and other wholesalers. Types of Wholesalers: Merchant Wholesaler: tak
26、es ownership of goods and the risks associated with ownership Sales Branch: a manufacture-owned wholesaler that take title to products, risks, and provides service Agent: a wholesaler hired by a buyer or seller on a permanent basis and paid commissions Broker: a wholesaler who bring together buyers
27、and seller on temporary basis,Retailing,The marketing activities involved in selling products to final consumers for personal or household use Department Store: a large retailer organized into separate departments and offering a full line of services and wide product mix Supermarket: a large self-se
28、rvice retailer that stock a wide variety of groceries and a limited assortment of nonfood products,Retailing,Catalog Showroom: a form of warehouse show-room where customers select products from catalogs sent to customers homes or available in the store Direct Marketing: non-store retailing that uses
29、 non-personal media to introduce products to consumers who then purchase the product by mail, telephone, computer, or TV,Physical Distribution,Those activities that involve the movement of products through marketing channels from manufacturer to customer, including: Transportation: shipping goods to
30、 customers by rail, air, truck, water, and pipeline Warehousing: the receiving, storing, and shipping activities involved in the physical distribution of goods Order Processing: the receipt and preparation of an order for shipment Material Handling: the physical handling of products during transportation and warehousing,Basic Channels of Distribution,Typical Distribution of Drugs,Manufacturers,Marketing Agents,Retailers/Wholesalers/Distributors,Patient,Public Hospitals / Institutions,