MARKETING MANAGEMENT, S.Y.

BBA (SEM 3)-CBCS, VNSGU-SURAT

Chapter 1 - INTRODUCTION TO MARKETING

Topics under study
1) Core concepts of Marketing
2) Market
3) Definition of Marketing & Marketing Management
4) Philosophies of Marketing OR Marketing Orientations
5) Marketing concept / Difference between Marketing & Selling
6) Importance of Marketing
7) Marketing Management Process

ZAKIR PATEL, ASST. PROF. NARANLALA COLLEGE OF COMM & MNGT, NAVSARI

MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

TOPIC 1- CORE CONCEPTS OF MARKETING

1. NEEDS
Definition: A human need can be defined as a state of deprivation of some basic satisfaction.

Needs are the basic human requirements. People need food, air, water and clothing to survive. People
also have strong needs for education, entertainment, transportation etc.
Understanding customer needs and wants is not always simple. Some customers are not fully aware
about their needs. Hence it is important for organisations to understand the needs of the customers.
Example: A customer says he wants an inexpensive car. The Company must think into the deeper
meaning of what inexpensive car means. There are five different types of needs;
1) Stated needs (the customer wants an inexpensive car).
2) Real needs (the customer wants a car that operating cost is low).
3) Unstated needs (the customer expects good service from dealer).
4) Delight needs (the customer would like the dealer to include an onboard navigation system).
5) Secret need (the customer wants to show-off to their friends).

2. WANTS
Definition: Wants are defined as specific satisfiers of needs.

Needs become wants when they are directed to specific objects that might satisfy the need.
Example: An American needs food but want a hamburger, French fries, and a soft drink. A person in
Mauritius needs food but want a mango, rice, lentils and beans.
Wants of a person depends on his/her society and culture.

3. DEMAND
Definition: Demand can be defined as Wants backed by willingness and ability to purchase.

Demands are wants backed by buying power and willingness of the customer.
Demands are wants for specific products backed by an ability and willingness to pay for the product.
Example: Many people want a Mercedes car but only few are willing and able to buy it.
Companies must measure not only how many people want their product but also how many would
actually be willing and able to buy it.
There are different types of demand like latent demand, negative demand, full demand, overfull
demand, irregular demand etc.

4. OFFERINGS AND BRANDS

Companies try to satisfy the needs of consumers through a value proposition. Value proposition means a
set of benefits they offer to customers to satisfy their needs.
The market offering may include Physical goods, services, events, ideas, information, experiences,
ideas, organizations, places etc.
Definition: A brand is defined as, a name, term, sign, symbol, design or a combination of these in
order to identify a companys product from that of the competitors.
A brand is an offering from a company. A brand name such as McDonald's carries many associations in
the minds of people: for a customer, McDonalds means hamburgers, fun, children, fast food,
ZAKIR PATEL, ASST. PROF. NARANLALA COLLEGE OF COMM & MNGT, NAVSARI

MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

convenience etc. These associations make up the brand image. All companies try hard to build brand
strength-that is, a strong, favorable, and unique brand image.
5. VALUE AND SATISFACTION
Value = Benefits / Cost.
Benefits could be functional or psychological. Cost could be monetary or non-monetary.
Hence we can say that value is the amount of sacrifice the customer makes in the form of cost in order
to get the benefits.
Definition: Value is defined as the consumers estimate of the products overall capacity to satisfy
his/her needs.
Example: How do consumers choose from among the many products that might satisfy a given need?
Suppose Mr. X needs to travel three miles to work each day. He could use number of products to satisfy
this need: skates, a motor cycle, a car, a taxi or a bus. These alternatives make his product choice set.
Now assume that Mr. X would like to satisfy other additional needs in traveling to work: namely speed,
safety, ease and economy. Each product has a different capacity to satisfy his need set. A bicycle is
slower, is less safe and requires more effort than a car, but a bicycle is more economical. But somehow
Mr. X has to decide which product will deliver the most total satisfaction. Now the person will select
from among the alternatives based on the value concept as has been defined above. He/she will try to
estimate each products overall capacity to satisfy his needs. The one that satisfy needs maximum will
be of highest value to him/her.
Definition: Satisfaction means the fulfillment of expectation from the actual things.
When customer actually gets what he demands, satisfaction happens. Customers are dissatisfied if they
do not get what they expected. If demand is satisfied more than the expectations of the consumers,
delight happens.
Hence we can say that satisfaction depends on expectations that a customer has and the perception of
what he receives actually.
6. SUPPLY CHAIN:
Definition: Supply chain is defined as, The movement of materials as they flow from their source to
the end customer is known as supply chain.

Supply Chain includes purchasing, manufacturing, warehousing, transportation, customer service,

demand planning etc. It is made up of the people, activities, information and resources involved in
moving a product from it's supplier to customer.

Example of a Supply Chain:

Raw materials

Manufacturer

Distribution

Customer

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TOPIC 2. MARKET
ZAKIR PATEL, ASST. PROF. NARANLALA COLLEGE OF COMM & MNGT, NAVSARI

MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

Definition: A market consists of all the potential customers sharing a particular need or want. A
market is anywhere where buyers and sellers come together to transact with each other.
The traditional meaning of a market is a physical place where buyers and sellers come together in one
place.
A market exists whenever buyers and sellers come together. The buyer and seller dont have to be in the
same place in order to conduct transactions with each other.
There are many different kinds of market. The two main categories of geographical markets are:
Physical and electronic markets: A physical market brings buyers and sellers together in the same
location. A much larger number of markets are now electronic. Businesses find their customers using a
variety of electronic media, including the Internet, mobile telephony, digital television and via email.
Transactions are completed electronically.
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TOPIC 3- DEFINITION OF MARKETING

Definition-1 (Philip Kotler): Marketing is the social and managerial process by which individuals and
group obtain what they need and want through creating, offering and exchanging products and value with
others.
Following are the important part of the above definition:
- Marketing is a process
- Marketing satisfies the needs of individuals and groups(organisation)
- Marketing creates offers and exchanges value
DEFINITION OF MARKETING MANAGEMENT
Definition of Marketing Management: Marketing management is the process of planning and executing
the conception pricing, promotion and distribution of ideas, goods, and services to create exchanges that
satisfy individual and organizational goals
In the above definition, conception means products/services.
This definition includes 4Ps of marketing. They are Product, Price, Place, and Promotion.
4Ps are also known as Marketing mix
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TOPIC 4 - MARKETING PHILOSOPHIES / CONCEPTS OF MARKETING

ZAKIR PATEL, ASST. PROF. NARANLALA COLLEGE OF COMM & MNGT, NAVSARI

MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

There are different concepts/philosophies according to which businesses conduct their marketing
activities. Following are the marketing philosophies adopted by marketing managers;
1. THE PRODUCTION CONCEPT / PHILOSOPHY
Production concept is one of the oldest concepts of marketing. According to this production concept,
consumer will prefer products that are widely available and inexpensive.
Assumption of Production Concept: The assumption of this philosophy is that the buyer is
interested in the availability of the product and low price of the product.
This philosophy says that consumers will favour products that are available and highly affordable.
Management should therefore focus on improving production and distribution efficiency. Let us try
to understand this in the following paragraph;
This philosophy states that any companies would be able to sell products only if it is easily available
and affordable to customers. When firms adopt this concept, generally they produce goods on a mass
production level, to be able to produce large quantities, therefore make it more available. It is
important to invest in technology to reduce the costs of production and make it more affordable. In
such case the management is required to focus mostly on improving the production and distribution.
Situation under which this philosophy is used: This philosophy is useful in two type of situation first when the demand for a product is more than supply. Second situation occurs when the product's
cost is too high and improved productivity is needed to bring the price down.
Disadvantage:
- Company focuses only internally and does not look at the overall marketing environment
- In production orientation, business is defined in terms of products that the company is making.
The management does not define business in terms of serving particular needs.
- The purpose of the firm is to manufacture product and aggressively sell them to customer. Eg. Film industry
- When customer need change, production oriented companies are not able to sense them and they
continue to produce product and services.
Example: Model T car produced by Ford Motor Corporation during 1908 1928 adopted this
Production philosophy of marketing.

2. THE PRODUCT CONCEPT

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MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

The Product Concept: Some firms follow product concept of marketing. According to this
philosophy, customers will favor those products that offer the highest level of quality, performance
and / or innovative features.
Assumption of Product Concept: The assumption of this concept is that
-

The buyers only like the quality and performance of the product.

The organization knows its product better than anyone or any organization.

Focus of Product Concept: The operational implications of this concept are that the managers will

focus on:
-

Making better products

Improving the products over time.

Disadvantage of Product Concept:

-

This pattern of thinking most of the times leads the managers to be caught up in love with their
product at the cost of customer need which stands totally ignored.

This concept leads to marketing myopia. Marketing myopia means companies look at marketing
from a very narrow angle. i.e. they only think of product and do not think about the other
elements of marketing (i.e. price, place, promotion). Marketing myopia concept was given by
Theodore Levitt.

Example: Manufacturers of cosmetics companies continuously try to improve the quality of product
in order to attract consumers. Hence these types of companies focus on product philosophy

3. THE SELLING CONCEPT

The Selling Concept: According to this concept, the consumers and businesses, if left alone, will
ordinarily not buy enough of the organizations product. The organization must therefore undertake
an aggressive selling and promotion effort.
Assumption of Selling Concept:
-

The buying resistance exists in consumer.

The company has complete resources of vigorous marketing and effective selling.

Focus of Selling Concept: The focus will be on the sellers need of converting his product with

cash.
Application of Selling Concept: The applications of the selling concept are;

ZAKIR PATEL, ASST. PROF. NARANLALA COLLEGE OF COMM & MNGT, NAVSARI

MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

When the goods to be sold are such that buyers normally dont think of buying (the unsought
goods). The example is of insurance.

In the non-profit businesses, this concept is used by fund-raisers, political parties etc.

When the firms have over-capacity.

Drawback of Selling Concept: This concept when practiced can raise the buyers expectations,
which if not matched by the value of the product, may result in negative advertisement.
Example: A political party will strongly sell its candidate to voters. The candidate works hard at
selling himself by shaking hands and making speeches. Much money is spent on radio and television
advertising, posters and social media.

4. THE MARKETING CONCEPT

The Marketing Concept: Developed in 1950s, this concept is the most practical. As per this
philosophy, if the company wants to achieve its goals, it must be more effective than its competitors in
creating, delivering and communicating customer value of its chosen target markets.
Focus of the Marketing Concept: The focus of this philosophy is on the customer needs through
integrated marketing techniques. Hence in this concept, the organisation starts with a well defined
market, focuses on customer needs, co-ordinates all the activities that will affect customers and produces
profits by satisfying customers. The important concepts in this philosophy are;
a. Target market: A very carefully thought and well defined target market is chosen after segmenting
the market on the basis of age, income, gender, education, preferences of consumers etc.
b. Customer Needs: Customer needs have to be fully identified. It is never a simple process. Customers
have the following five types of needs: i. Stated needs: Which are stated; ii. Real needs: Which are
meant by stating; iii. Unstated needs: Which are expected; iv. Delight needs: Which are a bit more than
expectation; v. Secret needs: The purpose deep down behind the stated need
c. Integrated Marketing: It means that all the departments of the company work together to the
customers interest. Integrated marketing takes place at two levels.
i. All the marketing functions should be integrated.
ii. All other departments must be integrated with the marketing function in pursuit of customers
satisfaction.
d. Profitability through customer satisfaction: It is the ultimate goal of business organizations. But,
the marketing Managers do so by attaining higher level of customer satisfaction.
THE SOCIETAL MARKETING CONCEPT

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MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

Concept: According to societal marketing concpet, the organizations task is to determine the needs,
wants and interests of target markets (customers) and to deliver the desired satisfaction, more effectively
and efficiently than competitors, in a way that the consumers and societys well being is preserved and
enhanced.
Focus of Societal Marketing Concept: A marketing manger, in this area will incorporate social and
ethical considerations into his marketing strategy. He will have to keep a balance among companys
profit, customers satisfaction and the public interest. The companies practicing such form of marketing
are called to be having cause related marketing
Examples: Nokia practices societal marketing by recycling the used mobile phones. Many food
products manufacturing companies give instructions to consumers on the packaging of the product
regarding disposing off the plastic bags in dustbins and not in the environment because it might create
pollution in the environment. This type of practice helps the societys well being.
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TOPIC 5 - MARKETING CONCEPT

OR
DIFFERENCE BETWEEN
MARKETING CONCEPT AND SELLING CONCEPT
There are four important things in marketing concept. They are target market, customers need, integrated
marketing and profitability. These concepts are discussed below along with the difference between selling
concept and marketing concept.
1) Target market:
No company can operate in every market and satisfy every need. Even Microsoft Company cannot
offer the best solution for information processing need. Companies do best when they define their
target market carefully and prepare a properly designed marketing program. Hence we can say that
target market (customers) is the first step towards marketing.
Selling starts with the factory. The first step in selling is to produce the product without knowing the
needs and wants of the customers.
2) Customers needs:
A company can define its target market but fail to fully understand the customers needs. Understanding
customer needs and wants is not always simple. Some customers are not fully aware about their needs.
Hence it is important for organisations to understand the needs of the customers.
Example: A customer says he wants an inexpensive car. The Company must think into the deeper
meaning of what inexpensive car means. There are five different types of needs;
6) Stated needs (the customer wants an inexpensive car).
7) Real needs (the customer wants a car that operating cost is low).
8) Unstated needs (the customer expects good service from dealer).
9) Delight needs (the customer would like the dealer to include an onboard navigation system).
10) Secret need (the customer wants to show-off to their friends).
Hence understanding needs of the customers becomes the focus of any marketing company if it
practices marketing concept.
ZAKIR PATEL, ASST. PROF. NARANLALA COLLEGE OF COMM & MNGT, NAVSARI

MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

Selling focuses on the product and its fine points. Example: Political parties focus more on the

candidate and not on the needs and wants of the customers.

POINTS OF DIFFERENCE

SELLING

MARKETING

1.

STARTING POINT

Factory

Target market

2.

FOCUS

Products

Customer needs

3.

MEANS

Selling / Promotion

Integrated
Marketing

4.

3)

4)

ENDS

Profits through Sales

Volume

Profits Through Customer Satisfaction

Integrated marketing:
When all the departments of a company work together to serve the customers needs, the result is
integrated marketing. All the employees are not trained and motivated to work for the customer.
For example, an engineer will complain that salespeople were always protecting the customer and
not thinking of the companys interest.
Integrated marketing takes place at two levels. First, the various marketing functions-sales force,
advertising, product management, marketing research and so on must work together. Second,
marketing must be well coordinated with all departments.
Marketing does not work when it is only a department; it works only when all employees
understand their impact on customer satisfaction.
Selling uses the means of aggressive selling and promoting the products produced in factories.

Profitability:
The purpose of the marketing concept is to help organization achieve their goals through customer
satisfaction. A company makes money by satisfying customer needs better than its competitors do.
Selling aims at profits through sales volume. Hence it tries to aggressively sell and promote the
factory produced goods, focusing on products and its fine points.

TOPIC 6. IMPORTANCE OF MARKETING

ZAKIR PATEL, ASST. PROF. NARANLALA COLLEGE OF COMM & MNGT, NAVSARI

MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

Marketing, now-a-days, has become one of the most important functions of business. Marketing
has become so important that Companies now also have CMOs (Chief Marketing Officer). They
have realized that the success of a product or a brand depends mostly on the marketing efforts.
Marketing now does research which includes understanding the customer, his needs and his
psychology so that the product can be produced and promoted accordingly. Therefore, the
marketing managers try and answer the following questions:
How to find the right market segment?
How to compete with the other brands?
How to produce the better product with lower cost?
And how to advertise so that the product can reach the maximum number of people?
Marketing is useful not just for the company but also to the consumers. Following are the benefits
of marketing
1. It promotes awareness among the public The consumers get the opportunity to know about the
various products that are available in the market. New products are advertised so that people become
aware about it. New features are demonstrated so that people can get educated.
2. It helps in increasing sales Apart from public awareness, advertising also helps to increase
revenue of the company. People come to know about products and offers through TV advertisements
and commercials, billboards, newspaper advertisements, etc.
3. It builds company reputation It helps in creating brand name value. With the help of
advertisements and other promotional efforts, companies try to improve their goodwill in the market.
People often buy products based on the reputation of the company and its brands. Hence marketing
helps companies in improving reputation of brands and company.
4. It helps in healthy competition Because of marketing efforts of all the companies through
advertisements, it becomes easy for the consumers to decide which brand to buy from among all the
competitors. All competitors engage themselves in marketing their brands and products. This helps in
healthy competition among different companies products. Marketing, thus, helps in creating healthy
competition.
5. Marketing Creates Time utilities: Marketing is that function of business which can create time
utility for the consumers. When customers get the product whenever they demand, it is known as time
utility. Today consumers can buy the product whenever they want it. This means that consumers do not
have to wait for the product. For example, in earlier years, consumers had to wait for long in order to
buy automobiles, landline telephones etc. nowadays we get these products very easily. This is because
of improvement in marketing efforts.
6. Marketing Creates Place utilities: Today, consumers can get the product wherever they demand.
This is known as place utility. This means marketing has made it possible that products are available in
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MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

all cities wherever there are consumers. Hence, consumers do not have to go far for shopping whatever
products they want. Distribution function of marketing has made this possible.
7. Marketing Creates Possession utilities: It is because of marketing that consumers can own
whatever products they demand. This is known as possession utility. If there was no marketing, it
would not be possible to buy and own products.
8. Makes choice possible for the consumer: Because of marketing activities, consumers can get
various brands at a place to make a choice from. This helps the consumers to evaluate different brands
on the basis of quality, features etc and make the final choice.
9. Price: Because of marketing, consumers get aware about the actual price of the product. This makes
the buying decision easy for the consumer.
10. After sales service: Marketing activities are always done keeping customers in mind. This helps
the customer get better service from the company even after the product is sold. After sales service is
an important part of selling the product to the customers.
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TOPIC 7. MARKETING MANAGEMENT PROCESS

The Marketing Management Process consists of analyzing market opportunities, researching and selecting
target markets, developing marketing strategies, planning marketing tactics, and implementing and
controlling the marketing effort. The process is as shown below;

Identifying opportunities(analyse environment)

Segmenting and selecting target market

Developing Market Strategies

Implementing and controlling marketing effort

STEP 1. IDENTIFYING OPPORTUNITIES

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MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

All those factors that are going to affect the marketing manager in taking marketing decisions in a
company are known as environmental factors. These environmental factors are of two types micro
environmental factors and macro environmental factors.
MICRO ENVIRONMENT

Micro factors are those factors which are very closely connected with the organisation and they
directly affect the working/decisions of an organisation. Some of these micro factors are

Organisation: Suppliers, Customers, Competitors etc.

Outside the organisation: Publics: A public is a special group of people and / or organizations that have
an actual or a potential interest and / or impact on an organization. They may not be directly involved with
the company but they can still affect the marketing decisions of the company. Example of Publics for a
University: Faculty, Administration and staff, Parents of students, High School Teachers, Current students,
alumni, prospective students, mass media, general public, local community, Government Agencies, Trusts
that provide scholarships, etc. Publics also referred to as stakeholders.
Consumer the one who actually consumes product or service
Customer the one who pays for product or service
Influencer the one who influences the decision making process of customer and/or consumer
MACROENVIRONMENT
Demographic: Population Growth, Migration, Birth Rate, Aging, Marriage age, No. of children /
family, Divorce Rate, Working Women, Non-family households, Education, Ethnic & Racial Profile
Economic: Real Income Growth, Inflation, Consumer Savings & Debt, Consumer Expenditure Patterns
Physical: Shortages of certain raw materials, Cost of Energy, Pollution
Technological: New developments in technology, scientific inventions etc.
Political / Legal: Govt. policies, laws etc
Social / Cultural: Beliefs, customs, values of the society.
STEP 2. SEGMENTING AND TARGETING
Analyzing the market structure through research methods;
First Step Define the Market:
-

Define the general boundary conditions of the market.

Determine all the actual and potential members of the market.

Are we in the health service market or smokers clinic or maternity home or childrens nursing
home?

Are we a technology institute or a general educational institute (problem facing IITs)?

Second Step - Market Segmentation:

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MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

Market segmentation means dividing the market into homogenous parts where any part may be
selected as a target to be reached with a marketing mix (4ps). Segmentation may be on the
basis of variables like;

Geographic Variables Region, State, Country, Rural / Urban, Climate

Demographic Variables Age, Sex, Family size, Family life cycle, Income, Occupation,
Education, Religion, Caste, Race, Nationality, Social Class.

Psychographic Variables Life style, Personality, Benefits sought, User status, Usage rate,
Loyalty status, Readiness stage

Third Step Market Targeting:

Market Segmentation reveals the market segment opportunities facing the organization. Now it has to
evaluate the various segments and decide how many to serve.
a) Evaluating the Market Segments
b) Decide a Market Coverage Strategy Undifferentiated marketing, Differentiated marketing,
Concentrated or Niche marketing
STEP 3. DEVELOPING MARKET STRATEGIES
Marketing Strategy is the marketing plan of the company by which it tries to achieve its marketing
objectives. Marketing strategy consists of making decisions on the businesss marketing expenditures,
marketing mix, and marketing allocations in relation to expected environmental and competitive
conditions. Marketing Mix is the mixture of controllable marketing variables that the organization uses to
achieve desired level of sales in the target market.
Marketing Mix Variables 4 Ps
Product Product Variety, Quality, Features, Options, Style, Brand Name, Packaging, Sizes, Services,
Warranties etc.
Price List Price, Discounts, Allowances, Payment Period, Credit Terms, Mode of Payment
Place Channels, Coverage, Locations, Inventory, Transport
Promotion Advertising, Personal Selling, Sales Promotion, Public Relations, Direct Marketing
STEP 4. IMPLEMENTING AND CONTROLLING THE MARKETING EFFORT
Now the firm must put the plan into action according to its strategies. Feedback must be collected about
the performance. Feedback shall help in further planning of marketing activities. Proper marketing
departmental structure is given the responsibility of executing the marketing plan.
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EXAMINATION QUESTIONS (VNSGU)

ASKED FROM 2006 TO 2014

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MARKETING MANAGEMENT, S.Y. BBA (SEM 3)-CBCS, VNSGU-SURAT

SHORT QUESTIONS
1.

What do you mean by supply chain

2.

Define the term Value

3.

Define the term satisfaction. How is it related with expectation?

4.

Define Marketing.

5.

Define the terms Need, Want and Demand. How are they interrelated?

6.

Define and differentiate the terms Need and Want with a suitable example.

7.

Define Marketing management.

8.

Explain Holistic marketing concept. Identify its components

9.

Give an example of secret need of a customer.

10.

Define the term Market.

LONG QUESTIONS
1.

What is marketing management? Explain the relationship between need, want and demand.

2.

Write a short note on marketing concept

3.

Discuss the philosophy of marketing management in detail with assumptions, problems,

examples and circumstances in which each philosophy is applicable.
OR
What are the various concepts that emerged in marketing?

4.

Differentiate between marketing and selling

5.

Discuss marketing management process in detail

6.

Discuss importance of marketing to both consumer and marketer with suitable example?

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