Summary

Chapter no 1
Defining marketing for the 21st century

Organization uses a tool to capture a huge number of customer that is marketing. Marketing is a set of
processes for creating, communicating, and deliver values to customers as well as managing healthy
customer relationships that benefit the company and its shareholders. Marketing management is the art
and science of selecting the best target markets and attaining, sustaining, and availing more customers
through creating, delivering, and communicating extra customer value. Marketers are skillful to
managing demands they try to affect the level, timing, and composition of demand, marketers are
involved in the marketing process many types of entities such as goods, events, services, experiences,
places, persons, organization, ideas, properties, and information. They also run various types of
marketplaces such as consumers, global, nonprofit, and business. Marketing is not done by the
marketing department, marketing needs customers with every aspect of the experience. If marketing
organization thinking to create strong marketing then their marketers think like an executive in other
departments, and executives of other departments think like marketers. Nowadays marketplace is
different as a result of societal changes these changes bring new consumer and company capabilities.
These changes bring new challenges and opportunities, and marketing management also changed in
recent years and companies find new ways to achieve the best performance in marketing. In every
organization has five competing concepts organizations choose the best one to conduct their business:
the production concept, the product concept, the selling concept, the marketing concept, and the
holistic marketing concept, in this concept first three is limited use today. The holistic marketing
concept relies on the development, design, and application of marketing programs, procedures, and
activities that identify their breadth and interdependencies. Holistic marketing identifies everything
matters with marketing and this is a broad integrated perspective. There are four components of
holistic marketing: relationship marketing, internal marketing, integrated marketing, and socially
responsible marketing. For successful marketing management, some tasks will help to achieve the best
performance which includes developing marketing strategies and plans, capturing marketing insights,
connecting with customers, creating long-term growth, delivering and communicating value, building
a strong brand, and shaping the market offerings
 Summary

Chapter no 2

Developing marketing strategies and plane

The value delivery process means selecting or identifying, providing or delivering, and
communicating superior value. The value chain is a tool for finding basic activities that make value
and costs in a particular business. Powerful companies develop greater capabilities in managing core
business activities such as inventory management, new product realization, and customer acquisition
and retention. Managing these core activities that help the company to works closely with all parties in
the production and distribution chain, suppliers of raw materials to retail distributors. Companies do
not compete with their competitors in the long term but marketing networks do this. Holistic
marketing boosts the value exploration by understanding the interrelationships between the customer’s
thinking and the company’s competences, the collaborator’s resource; boost the value creation by
finding new customers benefits that match the customers thinking, using core competencies from its
business domain, and choosing and managing business partners from its linked networks; and boost
value delivery by becoming professional in (CRM) customer relationship management, internal
resource management, and business partnership management. Market-oriented strategic planning is the
part of the managerial process of developing and maintaining a viable fit between the organization’s
purposes, skills, and resources and changing market opportunities. The motive of strategic planning is
to shape the company’s businesses and products so that they earn target profits and growth. Strategic
planning has four levels: the corporate unit, business unit, division, and product. The corporate
strategy designs a framework within the division and business unit to make their strategic plane. There
are four activities included in corporate strategy: defining corporate mission statement, creating
strategic business units (SBUs), allocating resources to each SBU based on its market attractiveness
and business strength, and plaining new businesses and minimize other businesses. For individual
business, the strategic plaining consists of the following activities: defining the corporate mission
statement, analyzing external opportunities and threats, analyzing internal strengths and weaknesses,
establishing goals, establishing strategy, establishing supporting programs, implementing the
programs, and collecting feedback and exercising to control. In business units, each product level must
develop a marketing plan for achieving its objectives. The marketing plan is the most important step in
the marketing process.

Summary

Chapter no 3

Gathering information and scanning environment

To continue their analysis, implementation, planning, and controlling the responsibilities, marketing
managers need a best marketing information system (MIS). Marketing information system helps to
assess the manager’s information needs, develop the needed information, and allocate the information
in a correct time. The marketing information system based on three elements: an internal system that
saves all data of the order-to-payment series and sales information system; The second element is the
marketing intelligence system, a set of procedures and sources apply by managers to gain regular data
about related departments in the marketing environment; and the third is marketing research system
that allows the systematic design, gathering data, identifying and reporting of data and searching
related information of marketing condition. Marketers search many opportunities by analysis trends
such as some special events that have some durability and momentum and megatrends such as social
changes, economical changes, political changes, and technological changes this changes effects in the
long term. The rapid change in global picture, marketers must be check six major environmental
forces: economical forces, technological forces, social-cultural forces, political-legal forces,
demographic forces. In economic forces, marketers should need to pay attention on allocation of
income and level of savings, debt, and credit availability. In technological forces marketers need to be
aware about rapidly change in technology, opportunities for innovation, fluctuating R&D budgets, and
high government regulation about technological change. In social-cultural forces marketer’s analysis
peoples point of views of themselves, others, organizations, society, nature, and the whole world.
Marketer’s must be market those products which correspond according to society’s core and secondary
values and discourse the needs of different subcultures within a society. In political-legal forces
marketers must do their job according to many laws which regulating business practices with many
special interest groups. In the demographic forces marketers must be known total population growth,
age difference, ethnic composition, and level of education, growth of nontraditional families, and the
shift of geographical area in population.

Summary

Chapter no 4

Conducting marketing research and forecasting demand

Organization conduct their marketing research or they hire other companies to do it for them.
Marketing research is characterized by the scientific technique, creativity, some research methods,
exact model building, cost-benefit analysis, healthy skepticism, and focus on ethics. The marketing
research process involves in the following steps: defining the problem, decision alternatives, and
research purpose, establishing the research plan, collect information, examining the information,
presenting the findings to management, and finally make the decision. When firms decide to conduct
research they must choose two options, whether they collect their data or collect from online where
already exist. They also decide which type of research (observational, the survey, behavioral data or
experimental, focus, group) and which instrument use for research (questionnaire, qualitative measure,
or technological devices) to use. They also decide sampling method and contact methods by mail, by
person, by phone, or online. There are two approaches to measure marketing productivity: The first
one is marketing metrics to assess marketing effects, second is marketing mix modeling to evaluate the
causal relationships and measure how marketing activities affect outcomes. Marketing dashboards are
structured in this way to distribute the insight assembled from these two approaches. In marketing
management, there are two types of demands: market demand and company demand. To evaluate
current demand, companies attempt to control total market potential, area market potential, industry
sales, and market share. To evaluate future demand, companies survey the buyer’s behaviors, ask their
sales forces input, collect expert opinions, examine past sales, or involve in-market testing.
Mathematical models, statistical techniques, and electronic data collection processes are important to
all type of demand and sales forecasting
 Summary

Chapter no 5

Creating customer value, satisfaction and loyalty

Customers values higher when they expect more from a product and they act. When buyers buy a
product from a firm they perceive the highest customer delivered value, defined that difference
between total customer benefits and total customer cost. Buyers satisfaction is the combination of
products perceived performance and buyer’s expectations. If buyers are more satisfied then they lead
more customer loyalty, today many companies concentrating on TCS (total customer satisfaction).
Companies thinking that customer satisfaction is both a goal and marketing tool. Losing regular
customers can damage your firm’s profits. Attracting new customers is more expensive so keeping the
happy current customer. Retaining customer is the relationship marketing. Quality is the total features
and characteristics of a product and service that satisfy predefine or implied needs. Marketer play a
vital role to attaining high level of total quality that’s why firms gain more profit. Marketing managers
also calculate lifetime values of their customers to understand firms profit. And they also define ways
to maximize the customer value. Companies are skillful in customer relationship management (CRM),
which focus on establishing plans to capture and retain right customers and provide right customer
needs to valuable customers. Customer relationship management requires to create customer database
and doing datamining to identify trends, segments, and customer’s needs.
 Importance and uses of marketing management

Marketing management is use for analysis, implementation, planning, and controlling the programs
which designed to bring about desired exchanges with target markets to achieve organization goals.
Marketing management is important to compete your competitors and need to develop your strategies
of distribution to minimize the cost and increases profits. Marketing management is important for
commercial and enterprise business. The following factors helps understand why marketing
management is important.

Lunching new products

When company introduce new product services and most of the customers don’t know about your new
product and you don’t have any kind of customer’s relationship with your potential customers. Then
marketing management helps to create brand awareness for your product and services and its helps to:

 Understand the customer’s needs

 Improve the product and service to satisfy customer needs
 Expand the technique to achieve potential customers
 Provide the right tools at right time
 Save time and money only focus on resources

Boost your sale

When company made their own products and services then they think about how to sale them. Once
your product and service ready company decide the place which make customers easy to get this can
increase the chance of purchase by customer. Marketing management is to make marketing strategies
that helps in cost of sales and distribution.

Increase Company Reputation

The major thing in any company is the reputation and it also success of any company because
company reputation is most important in business. And marketing strategy can help to build strong
reputation by availing best opportunities and recognizing threats.

Source of new ideas

Marketing management differentiate company’s competition by analyze the company’s benefit and
their supporting elements. Marketing management sets a healthy competition in marketplace.
Marketing management helps to understand the new demand pattern and improving the effectiveness.