MARKETING ESSENTIALS 1.

NATURE, SCOPE, AND IMPORTANCE OF MARKETING Meaning and pervasiveness of marketing Changing business environment in India & need for marketing Definition(s) of marketing: Product oriented, customer oriented, system oriented definitions Nature of marketing: Customer focussed; mutually beneficial relationships Scope of marketing: R&D; exchange; physical handling; exchange facilitation Importance of marketing: Provision of utility; psychic satisfaction Marketing management: Management dimension; purpose Marketing and other functions Marketing philosophies: Production, product, sales, marketing, societal marketing concept Hurdles in adoption of marketing philosophy Latest buzzwords: Morph marketing; permission marketing; ambush marketing; guerrilla marketing 2. MARKETING MANAGEMENT PROCESS Scope: Organizing; analysing; selecting; developing; managing Organizing: Company, business, products; steps involved Analyzing: New opportunities; evaluation Selection: Demand measurement & forecasting; STP Development: Strategy development Managing: Management of self and competitors Implementation: Action program; organizational structure; organizational climate, etc. Control: Annual plan, profitability, and strategic controls 3. MARKETING ENVIRONMENT Meaning and typology; why scan environment? Demographic, political, socio cultural, economic, physical/natural, technological, and regulatory environment Stakeholders (employees, financial partners, suppliers, intermediaries) related environment Customer related environment: Demographic, psychographic, behavioural, and geographic factors Competitive environment Environment scanning system: Marketing information system; scenario building, etc. 4. MARKETING PROBING

Marketing research: Meaning & scope; process; survey methods; sampling process Marketing information system Demand estimation & sales forecasting: Meaning; information needs; approaches to estimation; method involved; selection of suitable method

5. CONSUMER BEHAVIOUR Meaning; why study Study of the market through 10 Os: Occupant, options, objects, objectives, outlays, operations, occasions, objections, organization, outlets Consumer buying behaviour models Factors influencing consumption: Personal (demographic, psychological, etc) and non personal (culture, group norms, etc) Consumer decision process: five stages in buying, consuming, and evaluating. 6. SEGMENTATION AND TARGETING Meaning and need for segmentation & targeting Benefits of segmentation Requisites of effective segmentation Alternative approaches to segmentation Bases for segmentation Targeting: various approaches Targeting strategies: Undifferentiated; differentiated; concentrated 7. PRODUCT AND PRODUCT PLANNING Concept of product & product portfolio Layers of product: Core, basic, expected, augmented, potential Product mix: Product line, width, depth, consistency Product mix strategies: Expansion, withdrawl, alteration, trading up/down Product classification: Goods (durables, nondurables) vs. services; convenience, shopping, speciality, and unsought products; producers goods (raw materials, fabricating material, installation, accessories) Product planning: Decisions about new product development & launch (on addition to portfolio (or) improvement of existing product/alteration (or) weeding out of unprofitable items Differentiation and positioning of a product. 8. NEW PRODUCT DEVELOPMENT Meaning Stages in NPD Product failures: Meaning and causes Quality dimension: meaning (conformance/improvement), provision (TQM), assurance (standards), cost of poor quality. Packaging: Meaning & layers; functions; traits of good packaging

Labelling: Meaning; required & desired information on label; new dimensions (ecomark, etc) Standardization: Various marks (ISI, FPO); grading

9. BRANDING Meaning: Brand, trademark; significance Functions of branding Advantages of branding to manufacturer, intermediaries, customers Brand related decisions: - Should a product be branded? - Who should sponsor the brand? - Naming a brand - Brand extension, line extension, multiple branding - Brand positioning & repositioning 10. PRODUCT/BRAND LIFESTYLE Meaning and significance Stages in PLC and marketing strategies for each stage Limitation of the concept 11. PRICING Meaning; types (free market, administered controlled); significance Objectives dictating strategy: Target rate of return, meeting or preventing competition, market share, profit maximization, survival, public image, product image Factors dictating pricing strategy: Internal and external (5 cs: cost, customer, competition, context, and control) Setting up of price: Bases (cost, customer, competition) New product pricing: Penetration pricing; skimming pricing; competitive pricing; predatory pricing Geographical factor: Fob pricing; home delivered pricing; zone pricing; uniform delivered pricing; base point pricing; freight absorption pricing Adopting the price: Fixed vs. variable; price range; psychological pricing; loss leader pricing; follow the leader pricing; discriminating pricing; pricing over stages of PLC; resale price maintenance Pricing in practice: Discounts; MRP; price higher than MRP. Initiating a price change: Reason (cost, demand, quality) and techniques Responding to a price change by the competitor: Ignore; react 12. PROMOTING AN OFFER Concept and relevance of marketing communication Process of marketing communication Objectives of promotion: Marketing, communication, operational

Product mix: Types; features; advantages; disadvantages; selection of promotional tool/mix. Advertising: Definition; nature; features; objectives; significance; types; process of advertising; advertising media; message; testing of advertising Personal selling: Meaning; features; significance; process; sales force management recruitment to performance evaluation. Sales promotion: Meaning; significance; comparison with advertising; types (consumer/sales force/dealer oriented) Sales promotional schemes: Samples; price offs; coupons; discounts; premium or bonus offer; trading stamps; fairs and exhibitions; etc Public relations: Meaning of publics and PR; steps involved; tools & techniques available.

13. PLACEMENT STRATEGY Placement: Meaning and significance Distribution channels: Meaning; types Factors dictating channel choice Market coverage: Intensive, selective, exclusive New development in marketing channels: Vertical marketing systems; HMS; multi level marketing; multi channel marketing; third party delivery system. 14. MARKETING MIDDLEMEN Meaning; reasons for appointment; why not direct selling? Types of middlemen: Agents; merchant middlemen Whole salers: Meaning; types; functions performed Retailers: Meaning; functions Difference between wholesalers and retailers Various retail formats available in Indian markets Retailing in marketing space as against market place 15. PHYSICAL DISTRIBUTIOIN Decisions about physical distribution: Mode & method of transportation; warehouse location; inventory decisions; external distribution agency Transportation: Significance; modes of transportation; comparative evaluation of different modes Storage and warehousing: Meaning; need; significance; functions of a warehouse; types. Inventory: Meaning; optimum level; inventory control meaning and techniques available.

Reference books

Kotler, Keller, Koshy & Jha: Marketing Management (Pearson: 13th edition): Relevant chapters

4Ps Business & Marketing ( Planman Media: fortnightly) All current issues (IMP: The end semester examination will have questions based on articles, etc. published in 4Ps)