1. Marketing Management Marketing management is the art and science

of choosing target market and building profitable relationship with them.

Aim of Marketing Managers• Find

• Attract • Keep• Grow

Target market by creating, delivering and communicating superior customer value

2. Demarketing Marketing to reduce the demand temporarily or

permanently; the aim is not to destroy demand but only to reduce or shift.

The marketing manager must decide Which customer they want to targetOn the level, timing and nature of their demand.

Simply Marketing Management is

Customer Management and Demand Management

3. Relationship Marketing

The process of establishing and maintaining mutually exchange relationship with customer and other stakeholders.

Two Components of Relationship MarketingCustomer FocusCompetitive Advantage

4. Value Proposition

A company’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

**Note:

Company must design strong value propositions that give them the greatest advantage in their target markets.

5. Philosophies to design Marketing Strategies

Management wants to design strategies that will built profitable relationship with target customer.Production ConceptsProduct ConceptsSelling ConceptsMarketing ConceptsSocietal Concepts

1. Production ConceptConsumer will favor product that are available and highly

affordable. Management focus on improving production and distribution efficiency.This philosophy is still useful when

Demand exceeds the supply.Product cost is too high.It leads to Marketing Myopia. (lose sight of underlying

customer need )

2. Product ConceptConsumer will favor products that offer the most in

quality performance and features.Management focus on

InnovationContinuous improvement Customer will come on your door.Customer’s focus on Quality PerformanceLooking for better solution not better product

3. Selling Concept

Consumers will not buy enough products unless the

Firm is engaged in large-scale selling and promotion

efforts.

Management focus on (make and sell)Different selling techniquesExisting product

4. Selling Concept

Selling transaction not on building long term relationshipAim is to sell what they make not rather than make what

market wants.

Industry must be good in tracking down the prospects and selling them the product

5. Marketing Concept holds that achieving organizational goal depends on

knowing the needs and wants of target market and delivering the desire satisfaction better than competitors .

Management focus on (sense and respond)Identifying customer needSatisfying the need by providing some product

Management job is not to find the right customer for your product but to find the right product for your customer

Difference between selling and Marketing Concept

Starting

Point

Focus Means Ends

Factory

(Selling

Concept)

Existing

Product

Selling,

Promotion

Profit from

Sales volume

Market

(Marketing Concept)

Customer needs

Integrated Marketing

Profits from

Customer

Satisfaction

Societal Marketing Concept A principle of enlightened marketing that holds

that a company should make good decisions by considering consumer wants, the company requirements, consumer long run interest and society’s long run interests.

Management focus onConsumer’ s interestsSociety’s long run interest Company’s interest