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Marketing Planning & Implementation (MGT-411) Mr. Abid Saeed (Assistant Professor) [email protected] Course Objectives Students understand the basic theories, concepts, methods, variables, problems, practices, processes, and terminology of contemporary marketing. Begin to develop and utilize analytical, decision- making, and problem-solving skills that approximate "real world" marketing. Develop a consciousness about the importance of ethics in the marketing discipline. Learning Outcomes Understand the importance in business practice of being marketing oriented. Describe a range of common strategies for use with each of the various marketing mix tools: product, pricing, promotion, and distribution. Recommend and justify an appropriate mix of such strategies to form a cohesive overall strategy for a given marketing task or situation. Recommended Books Marketing Management – A South Asian Perspective by Philip Kotler, Kevin Lane Keller, Abraham Koshy & Mithileshwar Jha, 13th Edition, Published by Pearson Education, Inc. Strategic Marketing Management – Meeting The Global Marketing Challenges by Carol H. Anderson & Julian W. Vincze Published by Houghton Mifflin Company. Principles of Advertising & IMC by Tom Duncan 2nd Edition, Published by McGraw-Hill Irwin. Principles of Marketing by Philip Kotler & Gary Armstrong Thirteenth Edition, Published by Prentice Hall Teaching Methodology My basic teaching philosophy for this course is to blend the theory and practice of Marketing Planning and Implementation in a comfortable, supportive & easy language that promotes active learning. Assessment Criteria ITEM ASSESSMENT TASK TOTAL MARKS 1 Assignments (4) 10% 2 10% 4 Quizzes (4) Graded Discussion Topics (4) 1st Sessional 5 2nd Sessional 15% 6 Final Examination 50% 3 05% 10% Your assessment & final grades will be based as per University existing rules. Course Outline Defining Marketing For The 21st Century Developing Marketing Strategies And Plans Gathering Information & Scanning The Environment Conducting Marketing Research Creating Customer Value, Satisfaction, and loyalty Analysing Consumer Markets Identifying Market Segments And targets Creating Brand Equity Setting Product Strategy Developing Pricing Strategies And Programs Introducing New Market Offerings Using Advertising & Promotion To Build Brands Advertising & IMC Media Planning Consumer Sales Promotion & Packaging How Brand Communication Works LECTURE-1 Defining Marketing for the 21st Century Chapter Questions • Why is marketing important? • What is the scope of marketing? • What are some fundamental marketing concepts? • How has marketing management changed? • What are the tasks necessary for successful marketing management? What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. (American Marketing Association Formal Definition) What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. (American Marketing Association Formal Definition) What is Marketing Management? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. What is Marketed? • • • • • Services • Events and experiences • Persons • Goods Places and properties Organizations Information Ideas Demand States • Negative Demand • Consumers dislike the product e.g. Vaccination, Dental work • Nonexistent Demand • Consumers may be unaware of the product e.g. Foreign Language course • Latent Demand • Consumers may share a strong need that can’t be satisfied with existing product e.g. Harm less cigarettes, Fuel Efficient cars • Declining Demand • Consumers begins to buy the product less frequently e.g. churches, Govt. Schools • Irregular Demand • Consumers purchases vary on a seasonal, monthly, weekly, daily or hourly e.g. Museums on week days, Travelling Peak Off Peak time • Unwholesome Demand • Consumers attracted to products that have undesirable social consequences e.g. Cigarettes, Alcohol, Drugs • Full Demand • Consumers are adequately buying all products. • Overfull Demand • More consumers would like to buy than can be satisfied. Key Customer Markets • • • • Consumer markets Business markets Global markets Nonprofit/Government markets Functions of CMOs • Strengthening the brands. • Measuring marketing effectiveness. • Driving new product development based on customer needs. • Gathering meaningful customer insights. • Utilizing new marketing technology. Core Marketing Concepts • Needs, wants, and demands • Target markets, positioning, segmentation • Offerings and brands • Value and satisfaction • Customer value Triad Quality, Service & Price (QSP) • Marketing channels • Communication Channels e.g. Newspapers, Magazines Radio., Television, Mail, Telephone, Billboards, Posters, Fliers, CDs, Audio Tapes & Internet • Distribution Channels e.g. Distributors, Wholesalers, Retailers, & Agents • Supply chain • Competition • Marketing environment • Task Environment e.g. Company, Suppliers, Distributors, Dealers & Target Customers • Broad Environment e.g. Demographic, PESTL • Marketing planning The New Marketing Realities Major Societal Forces • • • • • • • • • Network information technology Globalization Deregulation Privatization Heightened competition Industry convergence Consumer resistance Retail transformation Disintermediation New Consumer Capabilities • A substantial increase in buying power • A greater variety of available goods and services. • A great amount of information about practically anything. • Greater ease in interacting and placing and receiving orders. • An ability to compare notes on products and services. • An amplified voice to influence public opinion. Company Orientations Toward The Market Place • The Production Concept • Consumers will prefer products that are widely available & inexpensive e.g. Lenovo, Haier etc. • The Product Concept • Consumer favor products that offer the most quality, performance, or innovative features e.g. Rolex etc. • The Selling Concept • Consumers & businesses, if left alone, won’t buy enough of the organization’s products e.g. Insurance, Encyclopedias etc. • The Marketing Concept • Emerged in mid 1950s Customer-Centered “Sense & Respond” e.g. Dell Computer etc. Marketing Mix and the Customer Four Ps • Product • Product Variety/Quality/ Design/ Features/Brand Name/ Packaging/ Sizes/Services/Warranties/Returns • Price • List Price/Discounts/Allowances/ Payment Period/Credit Terms • Place • Channels/Coverage/Assortments/ Locations/Inventory/Transport • Promotion • Sales Promotion/Advertising/Sales Force/Public relations/ Direct Marketing Four Cs • • • • Customer solution Customer cost Convenience Communication The Holistic Marketing Concept • Relationship Marketing • Relationship marketing is a strategy designed to foster customer loyalty, interaction and long-term engagement. • Integrated Marketing Communication • Integrated marketing communication (IMC) is a process for planning, executing and monitoring the brand messages that create customer relationship. • Internal Marketing • Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. The Holistic Marketing Concept… • Performance Marketing • Financial Accountability • Social Responsibility Marketing Corporate Social Initiatives • Corporate social marketing • Cause marketing • Corporate philanthropy • Corporate community involvement • Socially responsible business practices References & Bibliography Marketing Management – A South Asian Perspective by Philip Kotler, Kevin Lane Keller, Abraham Koshy & Mithileshwar Jha, 13th Edition, Published by Pearson Education, Inc. Strategic Marketing Management – Meeting The Global Marketing Challenges by Carol H. Anderson & Julian W. Vincze Published by Houghton Mifflin Company. Principles of Advertising & IMC by Tom Duncan 2nd Edition, Published by McGraw-Hill Irwin. Principles of Marketing by Philip Kotler & Gary Armstrong Thirteenth Edition, Published by Prentice Hall "Unless you try to do something beyond what you have already mastered, you will never grow." - Ronald E. Osborn The End…