Mid Term Revision
Revision
Marketing Management
Theocharis Katranis
Fall Semester 2014
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The Importance of Marketing
Marketing is crucial for business success as it is
focusing on understanding customers or
meeting their needs profitably.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Marketing Management
Definition:
Marketing Management is the Art and Science
of Choosing Target Markets and Getting,
Keeping and Increasing Customers Through
Creating, Managing, Communicating and
Delivering Superior Customer Value.
Marketing Management
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Theocharis Katranis, MBA,
Fall Semester 2014
Mid Term Revision
The Scope of Marketing
A Marketer must be able to understand:
- What Marketing is...
- How it Works...
- What is Marketed...
- Who Does The Marketing...
Marketing Management
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Theocharis Katranis, MBA,
Fall Semester 2014
Mid Term Revision
Understanding Markets
Seven Entities:
1. Services
2. Products
3. Events
4. Experiences
5. People
6. Places
7. Ideas
Marketing Management
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Theocharis Katranis, MBA,
Fall Semester 2014
Mid Term Revision
How is Marketing Practised?
The 7 P’s by Boden
Marketing Management
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Theocharis Katranis, MBA,
Fall Semester 2014
Mid Term Revision
Marketing Environment
1. Task Environment
It includes every company in the network engaged in
producing, distributing and promoting the offering i.e.
company’s suppliers, distributors, dealers and the target
customers.
2. Broad Environment – Six Components:
1. Demographic
4. Technological
2. Economic
5. Political-Legal
3. Physical
6. Socio-Cultural
Marketing Management
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Theocharis Katranis, MBA,
Fall Semester 2014
Mid Term Revision
The FOUR core features
of Management
1. Planning
2. Organising
3. Leading
4. Controlling
Marketing Management
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Theocharis Katranis, MBA,
Fall Semester 2014
Mid Term –
Mid Term Revision
Business Unit
Strategic Planning
The Business Unit Strategic-planning process
Marketing Management
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Theocharis Katranis, MBA,
Fall Semester 2014
Mid Term Revision
Business Unit
Strategic Planning
SWOT Analysis – (The way of monitoring the external
and internal marketing environment)
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The nature and content
of a marketing plan
Contents of the Marketing Plan
1. Executive Summary and Table of Contents
2. Situation Analysis – (Background data on Sales,
Costs, the Market, Competitors)
3. Marketing Strategy – (Mission, Marketing and
Financial Objectives)
4. Financial Projections – (Sales Forecasts – Expense
Forecast and a Break-even analysis)
5. Implementation Controls –(Every Month or Quarter)
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Managing Digital Technology in
Marketing - ICT
Business Activities of Digital Technologies
1. E-commerce
2. E-procurement
3. E-manufacturing
4. E-business
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The Changing Marketing Environment
and Information Management
1. Microenvironment
1.1 Customers
1.2 Suppliers
1.3 Distributors
1.4 Agencies
1.5 Competitors
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The Changing Marketing Environment
and Information Management
2. Macroenvironment
2.1 Political / Legal Forces
2.2 Economic Forces
2.3 Ecological / Physical Forces
2.4 Social / Cultural / Demographic Forces
2.5 Technological Forces
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Managing the Marketing
Information System
Components of a modern Marketing Information
System (MIS)– It consists of:
1. People
2. Equipment
3. Procedures
... To gather, sort, analyse, evaluate and distribute
needed, timely and accurate information to
marketing decision makers.
A MIS relies on internal company records,
marketing intelligence activities and marketing
research.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Managing Market Research
and Forecasting
The
marketing
Research
Process
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The Study of
Consumer Behaviour
Definition:
Consumer Behaviour is the study of how
individuals or groups buy, use and dispose of
goods, services, ideas or experiences to satisfy their
needs and wants.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The Study of
Consumer Behaviour
The Three Dimensions of Consumer Behaviour
1. The study of Culture
2. The study of Social Groups
3. The study of the Individual
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Key Psychological Processes
Model of Consumer Behaviour
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Key Psychological Processes
1. Motivation
Maslow’s Hierarchy of needs
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The Buying Decision Process
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The Buying Decision Process
Problem/Need
Recognition
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Information
Search
Evaluation of
Alternatives
Theocharis Katranis, MBA
Purchase
Decision
Post-Purchase
Behavior
Fall Semester 2014
Mid Term Revision
Analysing Business Markets
Participants in the business buying process
The Buying Centre
1. Initiators: Users or others in the organisation who request
that something be purchased.
2. Users: Those who will use the product or service.
3. Influencers: People who influence the buying decision,
often by helping define specifications and providing
information for evaluating alternatives. Technical personnel
are particularly important influencers.
4. Deciders: People who decide on product requirements or on
suppliers.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Analysing Business Markets
Participants in the business buying process
The Buying Centre
5. Approvers: People who authorise the proposed actions of
deciders or buyers.
6. Buyers: People who have formal authority to select the
supplier and arrange the purchase terms.
7. Gatekeepers: People who have the power to prevent
sellers or information from reaching members of the buying
centre i.e. Receptionists and telephone operators may
prevent sales persons from contacting users or deciders.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Dealing with competition
The FIVE Competitive Forces
1. Industry Competitors – (Many competitors in a market segment)
2. Potential Entrants – (High Entry Barriers & Low Exit Barriers)
3. Substitutes – (Potential Substitutes)
4. Buyers – (Strong and/or growing bargaining power)
5. Suppliers – (Raise Prices or Reduce quantity Supplied i.e. Oil Co)
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Dealing with competition
Analysing Competitors
1. Competitors’ Strategies
2. Competitors’ Objectives
(What is each competitor seeking in the market place? /
What drives each competitor’s behaviour?)
3. Competitors’ Strengths and Weaknesses
(Market Share, Quality of Products, Pricing, Distribution,
Product Availability, Technical Assistance, Selling Staff)
4. Selecting Competitors
(Strong Vs Weak, Close Vs Distant, Good Vs Bad – play
with the industry’s rules)
5. Selecting Customers – (Which to lose and which to retain)
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Competitive Strategies
FOR:
1. Market Leaders
2. Market Challenger
3. Market Follower
4. Market Nichers
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The FOUR Levels of
Mass Marketing
1. Segment Marketing
Group of customers who share a similar set of needs and wants.
2. Niche Marketing
Group of customers who are seeking a distinctive mix of benefits or values.
3. Local Marketing
Marketing Programmes tailored to the needs and wants of local customer
groups in trading areas and or neighbourhoods.
4. Individual Marketing
Segment of One / One-to-one marketing / It seeks to develop long-term
relationships with individual customers to tailor responses to their needs.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Bases for Segmenting
Consumer Markets
1. Geographic Segmentation
2. Demographic Segmentation
3. Psychographic Segmentation
4. Behavioural Segmentation
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Marketing Management
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Effective Criteria for
Market Segmentation
Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Marketing Management
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Five Patterns of Target
Market Selection
Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Creating Differentiation and
Positioning Strategies
Differentiation
Differentiation in company’s offerings
Positioning
Positioning is the act of designing the company’s
offering and image to occupy a distinctive place
in the minds of the target market.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Differentiation Strategies
1. Create Competitive Advantage
2. Better train personnel
3. Design more effectively and more efficiently their
distribution channels’ coverage, expertise and
performance.
4. Image Differentiation i.e. Prestige, Luxury,
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Customer Perceived Value
Customer Perceived Value (CPV) is the difference
between prospective customer’s evaluation of all the
benefits and all the costs of an offering and the perceived
alternatives.
Total Customer Benefit is the perceived monetary value of
the bundle of economic, functional and psychological
benefits customers expect from a given market offering
because of the products, services, personnel, and image
involved.
Total Customer Cost is the perceived bundle of costs
customers expect to incur in evaluating, obtaining, using
and disposing of the given market offering, including
monetary, time, energy and psychological costs.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Building Customer Satisfaction
Cultivating customer relationships
1. Use Customer Relationship Management – (CRM)
Customer Relationship Management – (CRM) is
the process of carefully managing detailed
information about individual customers and all
customer ‘touch points’ to maximise customer
loyalty.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Building Customer Satisfaction
2. Attracting and Retaining Customers
2.1 Develop advertisement and place them in
media
2.2 Send Direct mail and make phone calls to
possible new Customers
2.3 Send their sales people to participate in trade
shows and so on.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Creating and Managing Brands
and Brand Equity
What is a Brand?
A Brand is a name that is given to a particular
product or service or range of products or services.
It can be also a symbol, logo, design or image or
any combination of these, which is designed to
identify the product or service.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Creating and Managing Brands
and Brand Equity
Brand Image is the visual or verbal expressions of a
brand which leads to the psychological or emotional
associations that the brand aspires to maintain in the
minds of the consumer.
Brand Knowledge are all the different things that
become linked to the brand in the minds of
consumers. It consists of all the thoughts, feelings,
images, experiences, beliefs,
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Creating and Managing Brands
and Brand Equity
The Role of brands
1. It signals a certain level of quality & Satisfaction
2. It reduce the perceived risk and time needed to shop in
the purchase situation.
3. It offers Legal Protection for unique features or aspects of
the product or service.
4. It can create greater customer loyalty.
5. Consumers will be willing to pay higher price.
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Creating and Managing Brands
and Brand Equity
The Role of brands
6. Brands are hard to copy
7. Brands can secure a competitive advantage
8. Brands increase marketing communication efficiencies
9. Brands attract higher-quality employees
10. Brands elicit stronger support from channel and
supply chain partners
11. Brands create growth opportunities through brand
extensions and licensing
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Criteria for Choosing
Brand Names
1. Memorable
2. Meaningful
3. Likeability
4. Transferable
5. Adaptable
6. Protectable
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Product Life-cycle
Marketing Strategies
A Product Life-Cycle has FOUR Stages:
1. Introduction
2. Growth
3. Maturity
4. Decline
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Marketing Management
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Product Life-cycle
Marketing Strategies
Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Marketing Management
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Product Life-cycle
Marketing Strategies
Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Marketing Management
Reasons why New
Products Fail
Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
Marketing Management
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Managing the New Product
Development Process
Theocharis Katranis, MBA
Fall Semester 2014
Mid Term Revision
The Consumer
Adoption Process
The 5 Stages in the Adoption Process
1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption
Introduction to Marketing
Theocharis Katranis, MBA
Spring Semester 2011
Mid Term Revision
Chapters 1 to 15
END of Mid Term Revision
Thank you for your attention
Marketing Management
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Theocharis Katranis, MBA
Fall Semester 2014