Marketing and Event Management unit 1|bcom notes| degree 1st year MEM notes|Bangalore University

 

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Unit 1 syllabus

SYLLABUS OF UNIT 1: MARKETING MANAGEMENT AND ENVIRONMENT                   

Marketing management -Meaning,definition and features of market,marketer,marketing concepts selling concept and societal marketing concept, marketing versus selling,E-marketing and digital marketing(only the meaning)Marketing Environment -Micro Environment-Suppliers,customers,public,competitors,intermediaries. Macro environment-demographic, economic,natural,technological,political and cultural factors 

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 Chapter 2

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UNIT 1: MARKETING MANAGEMENT AND ENVIRONMENT

MEM Unit 2-Marketing mix and Market segmentation

Marketing Management

1.Give the meaning of Marketing Management

Marketing management means management of the marketing function. Marketing management refers to planning, organising, directing and control of the activities which facilitate exchange of goods and services between producers and consumers . 

2.Define  marketing management

Marketing management is defined "as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer values of management".  

3.Explain the term 'Market'

The term ‘market’ refers to the place where buyers and sellers gather to enter into transactions involving the exchange of goods and services. It is in this sense that this term is being used in day to day language. in modern marketing sense, the term market has a broader meaning. It refers to a set of actual and potential buyers of a product or service.

MEM Chapter 2 Marketing Mix and Market Segmentation

 4.Give the features of a 'Market' 

The features of the market are:

i) Presence of Buyers and Sellers

There are two sides in the market for goods the buyer side and seller side.Any transaction is conducted between buyer and seller in the market.When a transaction occurs ownership is transferred from seller to the buyer.

(ii) The communication between the Buyers and the Sellers:

There should be communication between buyers and sellers for the market relation to grow. Communication can be either face to face between buyer and seller or through modern telecommunication system.

(iii) Establishing  Market Relation between the different basic units of the Economic system -

Market relation establishes between the two basic units- households and firms, of the economic system. It is both an economic relation and a social relation. 

The importance of this relation is that the buyers and sellers are engaged in the transactions in the market with a view of fulfilling their economic goals and they  have to obey the social rules of the market.

(iv) Price determining through interaction between demand and supply and the Price-rule

In the market, for goods ,the buyers and sellers are aware of what goods are sold and purchased in the market and at what prices,who are the buyers and sellers in the market,so that the buyers may buy at the minimum possible price and the sellers can sell at the maximum possible price.

5.Explain marketing concept

The focus on satisfaction of customer’s needs is the key to the success of any organisation in the market. 

 An organisation can achieve its objective of maximisation of profit in the long run by identifying the needs of its present and prospective buyers and satisfying them in an effective way. 

All the decisions in a firm are taken from the point of view of the customers. Customer’s satisfaction become the focal point of all decision making in the organisation. 

 The basic role of a firm then is to ‘identify a need and fill it’. The concept implies that products ad-services are bought because they satisfy a specific need of a customer. 

A pre-requisite for the success of any organisation, is to understand and respond to customer needs. 

The marketing concept is based on the following factors which are-  

• identification of target customers 
• understanding needs of customers in the target market
• development of products  for satisfying needs of the target market
• satisfying needs of target market  better  than the competitors 
• ability to do all this at a profit.

Thus,marketing concept  focuses  on customer needs and the customer satisfaction becomes the means to achieving the firms’ objective of maximising profit. 

6.Explain the Selling Concept

• An increase in the scale of business has improved the position of marketing environment with respect to supply of goods, resulting in increased competition among sellers, which lead to the selling concept. 
• The product quality and availability do not ensure growth of firms, because of the large number of sellers, selling quality products. This led to importance of attracting and persuading customers to buy the product. 
• The new business philosophy is, customers would not buy a product, unless they are adequately convinced and motivated  to do so. Therefore, firms must undertake aggressive selling and promotional efforts to make customers buy their products. 
• The promotional techniques such as advertising, personal selling and sales promotion were considered essential for selling of products.
• The focus of business firms shifted to pushing the sale of products through aggressive selling techniques with a view to persuade,  the buyers to buy the products. 
• Making sale through any means became important. 

7.Explain the Societal Marketing Concept

• The business orientation should be meant not only to serve  consumers  needs but also consider issues of long-term social welfare.
• The societal marketing concept holds that, the task of any organisation is to identify the needs and wants of the target market and deliver the desired satisfaction in an effective and efficient manner, so that the long term well-being of the consumers and the society is taken care of. 
• Thus, it is an extension of the marketing concept which is supplemented by the concern of long-term welfare of the society. 
• It pays attention to the social, ethical and ecological aspects of marketing which needs to be attended.

 

8.Differentiate between Marketing and  Selling 

Marketing refers to a large set of activities of which selling is just one part. 

For example, a marketer of TV, before making the sale, does a lot of other activities such as planning the type and model of TV's to be produced, the price at which it would be sold and selecting the distribution outlets  etc. 

In short, marketing involves whole range of activities relating to planning, pricing, promoting and distributing the products that satisfy customer’s needs. 

The function of selling, is restricted to promotion of goods and services through salesmanship, advertising, publicity and short-term incentives so that title of the product is transferred from seller to buyer.

Differences between marketing and selling

1. Marketing focuses constantly only buyer needs whereas selling focuses on seller needs
2. Converts customer needs into products whereas selling converts products into cash
3. marketing views business as a customer satisfying process whereas selling views business as a goods producing process.
4. In marketing consumer determines the price and price determines the cost but in selling cost determines the price
5. In marketing satisfaction of the customer is the primary motive whereas in selling , sales is the primary motive
6. Marketing involves external market orientation whereas selling involves internal company orientation
7. Marketing concept takes aqn outside-in perspective whereas selling takes an inside out perspective
8. Marketing is pull whereas selling is push

9.Explain E-marketing and Digital marketing

E-marketing 

• It involves  search engine optimisation as in internet marketing 
• It also focuses on building customer relations which is the key to build successful campaigns.
• Social media email marketing and customer review sites start to come under the e marketing.
• It is sometimes considered to have a broader scope since it includes management of digital customer data and electronic customer relationship management systems(E-CRM systems. 

Types of E- marketing include

• Social media like Facebook,YouTube, Instagram,Twitter, LinkedIn
• Online reviews like google reviews,trust pilot etc
• Email marketing campaigns

Digital marketing -

• It is similar to E- marketing and covers the whole of E- marketing and internet marketing.
• Any marketing that uses electronic devices to pass or convey messages for promotion of goods or services is known as digital marketing.
• Digital marketing refers to marketing campaigns that appear on a computer,phone or any other such device.
• It can be in any form like videos online,posts which appear on social media,display ads, TV ads,billboards,apps on mobile etc.

10.Explain the marketing environment

The marketing environment refers to all internal and external factors which directly or indirectly influence the organisation's decisions related to marketing activities.The internal factors are within the control of the organisation whereas external factors  will not fall within its control

Marketing Environment

Definition: The marketing environment involves the internal factors such as employees customers, suppliers, retailers and distributors , intermediaries etc and the external factors such as political,legal,social,economical,and technological factors that surround the business and influence its marketing operations.

Some of these factors are controllable whereas some are uncontrollable factors.

The marketing environment can be broadly classified as

1.Micro Environment(Internal Environment)

• The micro environment or the internal environment refers to immediate environment which influences the performance of the company and they have a direct bearing on the firm's regular business operations.
• The internal marketing environment includes all the factors that are within the organisation and affects the overall business operations. It involves all the factors that are closely related with the operations of the business and can influence its functioning.
• These factors include labour, money, inventory, company policies, logistics, budget, capital,etc.The micro environment factors include customers, employees, suppliers, intermediaries, competitors and general public.
• These factors are controllable by the firm.
• The factors under micro environment are:

 

i)Customers-Every business revolves around fulfilling the customers needs.Thus each marketing strategy is customer oriented that must focus on understanding the need of the customers and offering the best product that fulfills their needs.

ii)Employees-Employees are the main component of a business who contributes significantly to its success.The quality of employees depends on the training and motivation sessions given to them.

iii)Suppliers-Suppliers are the persons from whom the material is purchased to make a finished good and they are also very important for the organisation.It is crucial to identify the best suppliers that fulfil the firms requirement.

iv)Intermediaries-They are the retailers and distributors who determine the success of marketing operations.As they are in direct touch with the customers they can give suggestions about customers desires regarding a product.

v)Competitors-Keeping a close watch on competitors enables a company to design its marketing strategy according to the trend in the market.

vi)General Public-The business has some social responsibility towards the society in which it is operating.Thus all the marketing activities should be designed in such a way that result in increased welfare of the society as a whole.

2.Macro environment(External Environment)

The macro environment is made up of immense forces that influence the organisation and the industry.The elements of macro environment are

i)Demographic environment-

• A firm must study the population ,its conveyance,age structure etc before choosing the strategy of marketing.
• Each segment of the population acts differently depending on a range of factors like age, status and so on.
• If these variables are measured a company can produce only those products which can satisfy the need of the consumers.

ii)Economic Environment-

• It includes the factors that influence the spending patterns and purchasing power .
• What the market needs is,purchasing power with the people.
• Economic policies,economic conditions,and economic factors create the economic environment which can affect the business.

iii)Natural Environment-

• In many cities of the world,the pollution levels of air and water have reached a dangerous level.
• Marketers must be aware of the risk and opportunities with the subsequent trends in the natural environment which are mainly shortage of raw materials,increased energy,increased pollution levels and the dynamic act of the government in protection of the environment.

iv)Technological environment-

• Technological variables includes the works which are innovation,robotization,new web developments and many other latest communication innovations.
• From the consumers perspective, change in innovation implies a change in living standard.

v)Political Environment-

• It contains laws,which are the pressure groups that affect and limit various organisations and individuals in a community.

vi)Cultural Environment-

• The society is a mixture of different group of people with differing cultures.
• The marketing manager has to carefully study and observe the society in which he works.
• Even when the people of different cultures use the same products,the way they consume it the circumstance they use it,the purpose of use or the approach towards the product ,all those factors can vary widely.
• Even the belief and value towards a particular colour may be different among different cultures.

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MEM Chapter 2 Marketing Mix and Market Segmentation

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