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Chapter Notes on Marketing Management by Philip Kotler 10th Edition

Extracts from this document...

Introduction

MARKETING MANAGEMENT Chapter 1 Marketing in the 21st century Chapter 2 Building Customer Satisfaction Value and Retention Chapter 3 Winning Markets: Market Oriented Strategic Planning Chapter 4 Gathering Information and measuring market demand Chapter 5 Scanning the Marketing Environment Chapter 6 Analyzing Consumer markets & Buying Behavior Chapter 7 Analyzing Business markets and Business Buying Behavior Chapter 8 Dealing with the Competition Chapter 9 Identifying Market Segments and Selecting Target Markets Chapter 10 Positioning the Market Offering Through the Product Life Cycle Courtesy: Marketing Management by Philip Kotler 10th Edition Chapter 1 Marketing in the 21st century Scope of Marketing Marketing people are involved in 10 types of entities: * Goods like eggs, steel, cars (Maruti!!!! Wow) * Services like airlines, hotels, barbers * Experiences like Walt Disney world's magic kingdom, at planet Hollywood * Events like Olympics, trade shows, sports events * Persons like celebrity marketing by making major film star as brand ambassador etc. * Places like cities, states, nations to attract tourists, factories, company headquarters, and new residents, like we use TAJ or say Nainital * Properties like real state owners market properties or agent markets securities * Organizations thru' Corporate identity ads like by using tag line 'Lets make things better', or like Richard Branson (virgin) or Phil knight of Nike are some identity * Information like thru encyclopedias, CDs and visit the internet for information. This is information marketing * Ideas like the buyer of a drill are really buying a hole. Church should market itself as a place of worship or a community center. Eight different states of demand: * Negative demand: if a major part of market dislikes the product and may even pay a price to avoid it - vaccinations, gall bladder operations etc. Marketing task is to analyze why the market dislikes the product and whether a marketing program can change beliefs and attitudes. ...read more.

Middle

For e.g. Restaurants are recognized for both goods and services 4. Major service with accompanying minor goods and services: The offering consists of a major service along with additional services or supporting goods. For e.g. Airline passengers buy transportation service and also get food, drinks etc. 5. Pure Service: The offering consists primarily of a service. Examples include massage, baby sitting etc. Based on these distinctions following generalizations can be made: 1. Services vary as to whether they are equipment based (automated car washes) or people based (accounting services). People based services vary as to whether they are provided by unskilled or skilled professionals. 2. Some services require client's presence (brain surgery) and some do not (car repair). If the client is present then service provider has to consider his needs as well. 3. Services differ as to whether they meet a personal need (personal services) or a business need (business services). Service providers develop different programs for personal and business markets. 4. Service providers differ in their objectives (profit or non profit) and ownership (private or public). The marketing programs of a private investor hospital will differ from that of a private charity hospital. Characteristics of services & their marketing implications: Services have four major characteristics that greatly affect the design of marketing programs: intangibility, inseparability, variability and perishability. Intangibility: Services are intangible. Unlike physical products they cannot be seen, tasted, felt, heard or smelled before they are bought. The person getting a face lift cannot see the exact results before the purchase and the patient in the psychiatrist's office cannot know the exact outcome. To reduce uncertainty buyers will look for signs or evidence of service quality. They will draw inferences from place, people, equipment, price etc that they see. Therefore the service provider's task is to "manage the evidence", to "tangibilize the intangible". Suppose a bank wants to position itself as a "fast bank". ...read more.

Conclusion

Product managers are appointed for even minor products; each overworked product manager pleads for an associate brand manager. Meanwhile the company continues to increase its functional specialists in copy, packaging, media, sales promotion etc. Soon, payroll costs climb and the company is saddled with a large and costly structure. Pearson & Wilson have suggested 5 steps to make product management work better: * Clearly delineate the limits of the product manager's role and responsibility. * Build a strategy-development and review process to provide a framework for the product manager's operations. * Take into account areas of potential conflict between product managers and functional specialists when defining their respective roles. * Set up a formal process that forces to the top all conflict of interest situations between product management and functional line management. * Establish a system for measuring results consistent with the product manager's responsibilities. A second alternative is to switch from product managers to product teams. There are 3 types of product-team structures in product management. Vertical Product team: The product manager is the leader and deals with other managers to gain their cooperation. The associate product manager assists in these tasks and also does some paperwork. The product assistant carries out most of the paperwork and routine analysis. Triangular Product team: Product manager and 2 specialized product assistants one who takes care of marketing research and other, marketing communications. E.g. Hallmark Company PM R C PM - Product Manager R - Market Researcher C - Communication Specialist Horizontal Product team: Product manager and several specialists from marketing and other functions. 3M has teams consisting of a team leaser and representatives from sales, marketing, laboratory, engineering etc. S - Sales Manager D - Distribution Specialist F - Finance/ Accounting Specialist E - Engineer A third alternative is to eliminate product manager positions for minor products and assign 2 or more products to each remaining manger. This is feasible where 2 or more products appeal to a similar set of needs. A fourth alternative!! Is to introduce category management, in which a company focuses on product categories to manage its brands. E.g. ...read more.

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