Lecture 2 : Marketing Management

                                             

                                        Lecture 2 : Marketing Management

What is Management?  Is it an art or science?

In science we follow some standard principles and methods to solve a problem and get expected result. In management also we follow some principle to solve managerial problems. But generally in management there are some social and psychological factor influencing the process and cannot be just  solved by using scientific principle , so we have to apply some sets of skills which can be developed from experience to manage the problems so we can say  management is a combination of art and science.

Why to study marketing management?

 In marketing we provide the stimulus and the ultimate goal is to get customer response but the problem is that the stimulus which is appropriate for one may not be appropriate for other. So we put some filters to create the most appropriate stimulus.

Appropriate stimulus   > > Filter  >>  Desired Response

How marketing management plays an important role in any organization?

In the above considered diagram whenever any CEO makes any promise to the customers the main job of the internal marketing  is to fulfilling and facilitating their promises this is done by creating trust about the organization  and making them loyal towards them. In external marketing the main job is to deliver the promises made by CEO to the customer in different ways. In Interactive marketing people related to organization interacts with the customer and market the organization

Example of marketing success 

During the initial year the brand ‘Nirma’ was not advertised. Customer base and sales volume increased due to attractive value preposition – the detergent that performed the basic function of washing the cloths at the price affordable to even low income families. An attractive value for money preposition supported by distribution, penetration, retailer, relationship and word of mouth publicity spurred the demand during the initial period of brand introduction. Subsequently the company initiated extensive media campaign for the brand. Today ‘Nirma’ is well recognized branch of India and is one of the leaders in the detergent market. The company has also integrated backward by setting up facilities to manufacture chemicals needed for detergent industry .