Unit 9 - MARKETING MANAGEMENT

7Ps

Product, Price, Promotion, Place, People, Process and Packaging

Branding

the process of giving a meaning to specific organization, company, products, or services by creating and shaping a brand in consumers’ mind

Marketing Management

the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services in order to create, exchange, satisfy individual and organizational objectives

Marketing concept

based on an idea that customers buy the products to accomplish their needs. Companies based on marketing concept philosophy perform customer-researches to know their needs and wants and make products to meet the same better than their competing companies. In this way, the company builds a customer relationship, becomes profitable and earns goodwill

Holistic marketing concept

a business and its different parts are one single entity and have a common goal, aligned and integrated activities to achieve that goal. This concept focuses on meeting customer needs in a better and consistent way as well as performing social responsibilities

Product concept

based on an idea that customers prefer quality products whatever may be their price and availability. According to this concept, companies concentrate on developing a better quality product which is usually expensive

Production concept

based on an idea that inexpensive and widely available products generate more sales because customers prefer those

Selling concept

only concerned with selling the product whatever may be the quality of the product and need of the customer. The chief motive is making money, not developing a relationship with the customers. So, there is less possibility of repeated sales.

Societal marketing concept

based on the marketing concept just adding the philosophy of social welfare with it. Companies concentrate on fulfilling their customers’ needs as well as contributing to social welfare without polluting or affecting the environment and natural resources.

Societal marketing orientation

a company’s strategy focuses on meeting the needs and wants of customers while considering society’s well-being

Satisfaction

a pleasant feeling that you get when you receive something you wanted, or when you have done something you wanted to do

Customer preferences

the specific choices, desires, or inclinations of consumers towards certain products or services over others

Customer perception

the way customers view, understand and interpret a company’s products, services, or brand images

Customer expectation

the anticipated service or product performance as perceived by the consumer, serving as a benchmark for satisfaction

Customer retention

the practice of maintaining current customers or clients within a business or service, as opposed to acquiring new customers, is often achieved through quality service or product satisfaction

Consumer expenditures

refers to the total spending by consumers on goods and services within a specific period. It encompasses the money spent on various products to fulfill consumers’ needs and desires.

Buying behavior

refers to the process and patterns that consumers exhibit when purchasing products or services. It involves decision-making processes, motivations, preferences, and purchasing habits

Market growth

relates to the expansion or increase in the size and demand of a particular market over a period. It is determined by factors like increasing consumer demand, new consumer groups, or innovative product developments.

Market share

the percentage or proportion of total sales within a specific market that a company or product holds

Market segments

represent distinct groups within a larger market that share similar characteristics and have specific needs or demands. These allow marketers to tailor their strategies to target particular customer groups effectively.

Demographic

refers to the statistical characteristics of a population, such as age, gender, education, income, and family structure. In the context of marketing, it includes the study and analysis of these factors for targeting specific customer groups or market segments

Legal environment

includes the laws, regulations, and statutes that govern business operations. It influences how companies conduct their activities, such as product safety, pricing, advertising, and distribution

Sociocultural environment

pertains to the cultural and social aspects within which an organization operates. It encompasses societal values, norms, beliefs, and customs, influencing consumer behaviors and marketing strategies

Inflation

signifies the general increase in prices of goods and services in an economy over a particular period. It reduces the purchasing power of money, affecting consumer behaviors and market trends.

Regulations

are specific rules and standards established by authorities, such as governments, to control and guide business practices within a specific industry or market. These may encompass legal constraints, quality standards, or marketing guidelines.

Quality

the overall excellence or superiority of a product or service in meeting or exceeding customer expectations

Profitability

the ability of a company to generate earnings or financial gains in relation to its investments and costs

Reliability

the capability of consistently meeting or exceeding the expected service levels or product performance as promised

Operational efficiency

the capability of an organization to utilize resources effectively and achieve optimal productivity in its operations

Service support

assistance or aid provided to customers before, during, or after their purchase to help them use a product or service

Timely delivery

providing products or services within the agreed-upon or expected time frame

Non-price attributes

qualities of a product or service, apart from cost, influence a customer’s purchasing decisions

Measurement system

a systematic procedure or method for evaluating and quantifying customer satisfaction or service performance against predefined criteria or standards

Performance against goals

the assessment of how effectively a company or service meets the objectives or targets set for quality, sales, or customer service

Investment level

represents the amount of capital or funds put into different areas, such as businesses, stocks, or projects, often to achieve financial returns or specific goals

Intermediary

a third-party entity or person that acts as a mediator between the company and end customers, assisting in the distribution or sale of products or services

Dealership relocation

the process of physically moving to an established location where products, typically vehicles or goods, are sold or traded

Merger

the consolidation of two or more companies or businesses to form a new entity, often to leverage combined strengths and resources

Action plan

a structured and organized strategy outlining steps and initiatives to rectify or improve specifics areas identified through performance analysis

Globalization

the process of conducting business and operating on an international scale, leading to increased interconnectedness and integration of various markets and economies