MARKETING MANAGEMENT Lecture 1

LECTURE 1 : MARKETING MANAGEMENT

Introduction to marketing

Marketing is an important aspect of our life that we do to meet our needs. Knowingly or unknowingly we are always involved in marketing in some form.   We will take the simplest example that is when a child cries, by doing this the child shows that he is in some sort of discomfort and he needs attention. Observing this, mother of the child gets to know the discomfort of the child and by resolving this she gets the return as satisfaction. So, from above example we see that both are getting things of their interest. This is where marketing starts. So, for marketing to happen both party should have something which is of value for the others. Exchange  can  be  of services or goods. In simple words marketing is exchange of something which is of values for both.

To align our thought in the right direction , for understanding marketing we should know ‘What’ is marketing, ’Why’  we do marketing ,with ‘Whom’ to do marketing, ‘How’ to practice it, ’When’ marketing is needed and ‘Where’ to practice it .

Marketing has two approach general or common and academic or professional approach.  In general approach people communicate among themselves and in professional approach people uses media or some advertising means for marketing.

Putting in single line we can define ‘Marketing’ as the art or science of providing appropriate stimulus to get new customer and retain existing customer and to get desired response from the  other side.

There are four prerequisite for Marketing to happen which we call as four P’s of Marketing. Elaborating the same we should have something which is of others interest, which we call as ‘Product’, after this we should decide the ‘Price’ for  which we sell the product, then the ‘Place’ where it has to be sold, and finally we need to ‘Promote’ the product so that people for whom it is of values are aware of this .

Management:

Now we will define ‘Management’. Management is efficient and effective utilisation of resources. Whenever we talk about efficiency it refers to quantity and for effectiveness it refers to quality. To elaborate it we will consider one scenario. If some vehicle is travelling at high speed we can say that the vehicle is efficient, but if it travels at high speed in wrong direction then we infer that the vehicle is not effective even though it is efficient. So, for vehicle to be efficient and effective it must travel in right direction at high speed.

Management is all about optimal use of resources, it can be money, material, man, power etc.

	TR	TW
RT	√	X
WT	x	X

RT =Right things

TR = Things right

TW=Things wrong

WT=Wrong thing

Now we will extend concept explained above to define ‘Marketing Management’. It can be defined as the effective and efficient utilization of resources to get new customer and retain the existing one  and increase the company perceived value.

It is the analysis, planning, implementation and control of program designed to bring appropriate exchange with customer for the purpose of profit.

Appropriate stimulus to increase competencies can be defined by seven keywords which we call as 7 P’s for marketing management – product, price, promotion, place and  people, process, physical evidence first four are related to mixed market .