MM 405

INDUSTRIAL MARKETING

(3+0)

COURSE OBJECTIVE: This course deals with major decision areas of industrial marketing. It covers concepts and tools for analysing market and marketing environment to discern opportunities and also deals with tactical marketing and each element of the marketing mix. COURSE CONTENTS SECTION I INTRODUCTION TO INDUSTRIAL MARKETING

1. Introduction- definition and nature of industrial marketing- industrial marketing vs. Consumer marketing, economies of industrial demand 2. Industrial marketing environment- economic environment, competitive environment, technological environment, socio-cultural environment, political environment 3. Responsibilities of industrial marketing manager- buyer- seller relationship- types of relationship (transactional, collaborative) SECTION IIINDUSTRIAL MARKETS

1. Types of industrial products- installations, equipment, semi-manufactured goods, component parts, supplies, raw materials 2. Industrial customers- commercial enterprises, government customers, institutions, cooperative societies. 3. Industrial buying behaviour- nature of buying behaviour, buying centre /decision making unit (user, gatekeeper, influencer, decider, buyer)- types of buying situations(new task, modified rebuy, straight rebuy) - buying process- factors influencing organisational buying processmodels of organisational buying- Webster And Wind Model, The Seth Model SECTION IIIINDUSTRIAL MARKETING- ANALYSIS AND PLANNING

1. Strategic planning meaning- characteristics- process ( mission, opportunities and threat analysis, assessment of strength and weakness) 2. Segmentation, targeting and positioning- bases for industrial market segmentation(type of industry, company size, customer location, application) -evaluating market segments- target market strategies (concentrated marketing, differentiated marketing, undifferentiated marketing)- positioning (product, service, personnel, image) SECTION IVINDUSTRIAL MARKETING STRATEGY

1. Managing industrial products- definition- new product development (idea generation, matching product, product search, identification of requirements, evaluation, implementation) - industrial product life cycle 2. Industrial pricing- meaning- factors affecting pricing- pricing strategies (skimming pricing, penetration pricing) pricing methods (full cost pricing, variable cost pricing, return on investment) pricing policies (list price, trade discount, quantity discount, cash discount, geographical pricing)

3.

Industrial marketing communication developing a programme- public relationsadvertising- sales promotion and direct marketing.

SECTION V- INDUSTRIAL MARKETING DISTRIBUTION AND EVALUATION & CONTROL

1. Distribution channels- definition- types of industrial intermediaries- managing channel member (selecting intermediaries, motivating channel members or middlemen, controlling channel conflicts, evaluating performance ) 2. Performance measurement and control process- the control process (setting standards, comparing with actual, taking corrective action, feedback control)- types of control (strategic control, annual plan control, efficiency and effectiveness control, profitability control)- tools of industrial marketing control (budget, sales analysis, decision support systems)- the balanced scorecard RECOMMENDED BOOKS: 1. 2. 3. 4. Industrial Marketing- Govindrajan- - Vikas Publicating House Industrial Marketing- Krishnamacharyu- Jaico Publishing House Industrial Marketing- Krishna Havaldar- Tata Mc Graw Hill Industrial Marketing - R.S.Alexander, James S. Cross And Richer M. Hill All India Traveller Book Seller Publishers 5. Industrial Marketing- Robert R. Reeder, Edward G. Briety & Betty H. Reeder Prentice Hall International 6. Industrial Marketing- Michael. D. Hutt And Thomas W. Sepch- Saunder International RECOMMENDED JOURNALS 1. Harvard Business Review 2. Journal of marketing 3. Journal of Marketing Research