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MARKETING MANAGEMENT PHILIP KOLTER QUESTIONS + ANSWERS AND EXAMPLES FOR FINAL TESTPART 1 CHAPTER 1 CHAPTER 2 CHAPTER 3ContentsChapter 13So why is Marketing crucial for business success?3What is the scope of marketing?4What are some fundamental marketing concepts?6How has marketing management changed in recent years?8What are the task necessary for successful marketing management?94 P Explanation12Holistic marketing15Internal marketing174P Examples18Chapter 220How does marketing affect customer value?20How is strategic planning carried out at different levels of the organization?21Value chain23What does a marketing plan include?26Characteristics of Strategic Business Unit27Value chain example33Core business process:37Strategic business units38Mission Statement39Components of a Corporate Strategic Plan40Chapter 345What are the components of a modern marketing information system?45What are useful internal records for such a system?46What are some influential macroeconomic developments?47What makes up a marketing intelligence system?48Chapter 1049How can a firm develop and establish an effective positioning in the market?49How do marketers identify and analyze competition?51How are brands successfully differentiated?52Apple example52Differnent big and small53Emotional branding55Nike Brand Strategy57Different strategy57Chapter 1559What is a marketing channel system and value network?59What work do marketing channels perform?59How should channels be designed?60What decisions do companies face in managing their channels?60How should companies integrate channels and manage channel conflict?62Roles of marketing channels63Types of Marketing Channels65Horizontal marketing system66Vertical Marketing System68Horizontal VS Vertical Marketing70Chapter 1770What is the role of marketing communications?70What are the major steps in developing effective communications?71Marketing communications mix73Advertising Nike Products76Marketing communication effects77Developing effective communications78What is an integrated marketing communications program?80Toyota81 Chapter 1 So why is Marketing crucial for business success?It informs the audience of the products and services that is being offered by a business. It provides the value of the core product, the usage and additional details that customers usually want to know. This helps with brand awareness as it relates to informative advertising.It helps you understand your customer: During the first stages of the product life cycle, everyone has to do market research where market segmentation is done based on psychographics, behaviour, geographic or demographics. Once the segments have been identified, the target market is then assessed and the product is positioned accordingly.It boost Sales by utilising different ways to promote the product or service that is being offered. This can be done through various mediums which include, word of mouth, social media, direct marketing, press, radio, TV, point of sales, promotions, company website and other channels that assist with attracting and persuading persons to purchase the product or service offered. Through the use of a combination of these mediums, there can be increased sales which positively impacts profitability.
MARKETING MANAGEMENT PHILIP KOLTER QUESTIONS + ANSWERS AND EXAMPLES FOR FINAL TEST PART CHAPTER / CHAPTER / CHAPTER Contents Chapter 1 Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts? How has marketing management changed in recent years? What are the task necessary for successful marketing management? So why is Marketing crucial for business success? It informs the audience of the products and services that is being offered by a business It provides the value of the core product, the usage and additional details that customers usually want to know This helps with brand awareness as it relates to informative advertising It helps you understand your customer: During the first stages of the product life cycle, everyone has to market research where market segmentation is done based on psychographics, behaviour, geographic or demographics Once the segments have been identified, the target market is then assessed and the product is positioned accordingly It boost Sales by utilising different ways to promote the product or service that is being offered This can be done through various mediums which include, word of mouth, social media, direct marketing, press, radio, TV, point of sales, promotions, company website and other channels that assist with attracting and persuading persons to purchase the product or service offered Through the use of a combination of these mediums, there can be increased sales which positively impacts profitability It Engages: Engaging your customers with relevant information about the company and what’s new is crucial It makes them feel like they’re in-the-know Marketing helps with this aspect, especially on social media, through contests and sweepstakes or even in-store advertising or experiential marketing It gives you healthy competition based on pricing of products and services amongst competitors; providing they are not a monopoly in which case they can set any price With competition other companies are given an opportunity to exist on the market where they will try to win consumers through competitive pricing It builds your brand: Brand reputation is what makes or breaks a brand In order for your product or services to exist you should aim to have a good reputation on the market through use of effective marketing mediums When your brand is affiliated with a certain standard you will see increase sales and business expansion What is the scope of marketing? Scope: Marketing is a global phenomenon The scope of marketing goes beyond satisfying the customer’s need Marketing system should contribute to the societies overall wellbeing and protection of environment Marketing management make possible the activities and functions which are involved in the distribution of goods and services Main player, Philip Kotler, who studied marketing management in depth, explained that “Marketing management is the analysis, planning, implementation and control of programmes designed to bring about desired exchanges with target markets for the purpose of achieving organisational objectives It depends on designing the organisations offering in terms of the target markets needs and desires and using effective pricing, communication and distribution to inform, motivate and service the market.” Marketing management is associated with the developing a definite programme, after careful analysis and forecasting of the market situations and the final implementation of these plans to attain the objectives of the organisation Today marketing management is a topic of growing interest for all organizations Scope of Marketing are involved in different types of entities such as Goods, Services Experiences, Events, Persons, Places, Properties, Organizations, Information and Ideas Goods: Physical goods constitute the major part of a country’s production and marketing effort Companies market billions of food products, and millions of cars, refrigerators, television and machines Services: As economies advance, a large proportion of their activities is focused on the production of services Services include the work of airlines, hotels, car rental firms, beauticians, software programmers, management consultants, and so on Many market offerings consist of a mix of goods and services For example, a restaurant offers both goods and services Events: Marketers promote events Events can be trade shows, company anniversaries, entertainment award shows, local festivals, health camps, and so on For example, global sporting events such as the Olympics or Common Wealth Games are promoted aggressively to both companies and fans Experiences: Marketers create experiences by offering a mix of both goods and services A product is promoted not only by communicating features but also by giving unique and interesting experiences to customers For example, Maruti Sx4 comes with Bluetooth technology to ensure connectivity while driving, similarly residential townships offer landscaped gardens and gaming zones Persons: Due to a rise in testimonial advertising, celebrity marketing has become a business All popular personalities such as film stars, TV artists, and sportspersons have agents and personal managers They also tie up with PR agencies for better marketing of oneself Places: Cities, states, regions, and countries compete to attract tourists Today, states and countries are also marketing places to factories, companies, new residents, real estate agents, banks and business associations Place marketers are largely real estate agents and builders They are using mega events and exhibitions to market places The tourism ministry is also aggressively promoting tourist spots locally and globally Properties: Properties can be categorized as real properties or financial properties Real property is the ownership of real estates, whereas financial property relates to stocks and bonds Properties are bought and sold through marketing Marketing enhances the need of ownership and creates possession utility With improving income levels in the economy, people are seeking better ways of saving money Financial and real property marketing need to build trust and confidence at higher levels Organizations: Organizations actively work to build image in the minds of their target public The PR department plays an active role in marketing an organization’s image Marketers of the services need to build the corporate image, as exchange of services does not result in the ownership of anything The organization’s goodwill promotes trust and reliability The organization’s image also helps the companies in the smooth introduction of new products Information: Information can be produced and marketed as a product Educational institutions, encyclopedias, non-fiction books, specialized magazines and newspapers market information The production, packaging, and distribution of information is a major industry Media revolution and increased literacy levels have widened the scope of information marketing 10 Idea: Every market offering includes a basic idea Products and services are used as platforms for delivering some idea or benefit Social marketers widely promote ideas Maruti Udyog Limited promoted safe driving habits, need to wear seat belts, need to prohibit children from sitting near the driver’s seat, and so on What are some fundamental marketing concepts? Needs, wants and demands: A need is a state of felt deprivation or feeling of being deprived of something Human need is the most basic concept underlying the marketing Need is a part of human nature There are many kinds of needs such as physical needs, social needs, spiritual needs, etc Needs are shaped up by culture, personality and religion and they become wants when the need indicate an object to fulfill that need Wants depend upon the internal as well as external factors Want is defined in terms of an object that will define the need If thirst is need, water, a cola drink, or a fruit juice may be the want If hunger is need, pizza, burger, bread, or chapatti is a want There may be more than one object that may fulfill a need and this is called a want-list People have choices to choose a desired object or service from the want-list to fulfill a particular need However due to limited resources, people want best value of their money When a want is backed by buying power, it becomes a demand So if no buying power, no demand Money is required to create as well as fulfill a demand This is the most fundamental concept of marketing The marketer has to know the potential want list of his target market and make them available the best value for their money Target markets, positioning, and segmentation: A marketer can rarely satisfy everyone in a market Not everyone likes the same cereal, hotel room, restaurant, automobile, college, or movie Therefore, marketers start by dividing up the market into segments They identify and profile distinct groups of buyers who might prefer or require varying product and services mixes by examining demographic, psychographic, and behavioral differences among buyers The marketer then decides which segments present the greatest opportunity-which are its target markets For each chosen target market, the firm develops a market offering The offering is positioned in the minds of the target buyers as delivering some central benefit(s) For example, Volvo develops its cars for buyers to whom automobile Safety is a major concern Volvo, therefore, positions its car as the safest a customer can buy Companies best when they choose their target market(s) carefully and prepare tailored marketing programs Offerings and brands: Companies address needs by putting forth a value proposition, a set of benefits they offer to customers to satisfy their needs The intangible value proposition is made physical by an offering, which can be a combination of products, services in formation, and experiences A brand is an offering from a known source A brand name such as mcdonald’s carries many associations in the minds of people: hamburgers, fun, children, fast food, convenience, and golden arches These associations make up the brand image All companies strive to build brand strength-that is, a strong, favorable, and unique brand image Value and satisfaction: The offering will be successful if it delivers value and satisfaction to the target buyer The buyer chooses between different offerings on the basis of which is perceived to deliver the most value Value reflects the perceived tangible and intangible benefits and costs to customers Value can be seen as primarily a combination of quality, service and price (qsp), called the “customer value triad” value increases with quality and service and decreases with price, although other factors can also play an important role Value is a central marketing concept Marketing can be seen as the identification, creation, communication, delivery, and monitoring of customer value Satisfaction reflects a person’s comparative judgments resulting from a product’s perceived performance (or outcome) in relation to his or her expectations If the performance falls short of expectations, the customer is dissatisfied and disappointed If the performance matches the expectations, the customer is satisfied If the performance exceeds expectations, the customer is highly satisfied or delighted Customer value is a guiding principle The customer may rank the products as per his / her estimate of a products’ capability to satisfy a need The price attached to the product may also affect this ranking Ultimately, the customer chooses a product, which gives him / her best value of his / her money Short form Target Markets, Positioning, and Segmentation Marketers start by dividing the market into segments After identifying market segments, the marketer decides which present the greatest opportunities - which are its target markets For each, the firm develops a market offering for which it positions in the minds of the target buyer as delivering some central benefit(s) Offerings and Brands Companies address customer need by putting forth PROPOSITION, a set of benefits that satisfy those needs a VALUE The intangible value proposition is made physical by an OFFERING, which can be a combination of products, services, information, and experiences A BRAND is and offer from a known source Value and Satisfaction Customer Value Triad (Quality, Service, and Price) - Value perceptions increase with quality and service but decrease with price - Satisfaction reflects a person's judgement of a product's perceived performance in relation to expectations Marketing Channels To reach a target market, the marketer uses three kinds of marketing channels: Communication Channels - deliver and receive messages from target buyers E.g Websites, billboards, radio Distribution Channels - use to display, sell, or deliver the physical good or service(s) to the buyer or user Service Channels - to carry out transactions with potential buyers, the marketer uses service channels that include warehouses, transportation companies, banks, and insurance companies Supply Chain Is a longer channel stretching from raw materials to components to finished products carried to final buyers Competition Includes all the actual and potential rival offerings and substitutes a buyer might consider A broad view of competition assists the marketer to recognize the levels of competition based on substitutability: brand, industry, form, and generic Marketing Environment Task Environment - includes the actors engaged in producing, distributing, and promoting the offerings Broad Environment - consists of six components: demographic environment, economic environment, social-cultural environment, natural environment, technological environment, and political-legal environment How has marketing management changed in recent years? Major Societal Forces - Network information Technologies - Globalisation - Deregulation - Privatisation - Heightened Competition - Industry Convergence - Retail Transformation - Disintermediation - Customer Buying Power - Consumer Information - Consumer Participation - Consumer Resistance New Company Capabilities • Marketers can use the Internet as a powerful information and sales channel • Marketers can collect fuller and richer information about markets, customers, prospects, and competitors • Marketers can tap into social media to amplify their brand message • Marketers can facilitate and speed external communication among customers • Marketers can send ads, coupons, samples, and information to customers who have requested them or given the company permission to send them • Marketers can reach consumers on the move with mobile marketing • Companies can make and sell individually differentiated goods 10 effect a company’s mission is its identity, and the vision is its journey to accomplishing its mission Mission statements vary considerably from company to company The following examples are the mission statements of some of the trending companies as of 2017: − Microsoft – Empower every person and organization on the planet − − − − − − − − − to achieve more Bill & Melinda Gates Foundation – We see equal value in all lives And so we are dedicated to improving the quality of life for individuals around the world Chipotle – To change the way people think about and eat fast food MGM Resorts International – The leader in entertainment & hospitality - a diverse collection of extraordinary people, distinctive brands and best in class destinations Nike – To bring inspiration and innovation to every athlete in the world Walmart – We save people money so they can live better Starbucks – To inspire and nurture the human spirit – one person, one cup and one neighborhood at a time Tesla – To accelerate the world's transition to sustainable energy Airbnb – Belong anywhere JP Morgan – To be the best financial services company in the world Components of a Corporate Strategic Plan Defination: Strategic planning is a process in which organizational leaders determine their vision for the future as well as identify their goals and objectives for the organization The process also includes establishing the sequence in which those goals should fall so that the organization is enabled to reach its stated vision Strategic planning serves a variety of purposes in organizations, including to: 51 Clearly define the purpose of the organization and to establish realistic goals and objectives consistent with that mission in a defined time frame within the organization’s capacity for implementation Communicate those goals and objectives to the organization’s constituents Develop a sense of ownership of the plan Ensure the most effective use is made of the organization’s resources by focusing the resources on the key priorities Provide a base from which progress can be measured and establish a mechanism for informed change when needed Listen to everyone’s opinions in order to build consensus about where the organization is going A definition of strategic planning must be based on understanding that a strategic plan differs from a Business Plan in three ways; − it looks much further ahead; − it consists largely of words with just a few figures to indicate the scale of the planners’ intentions A Business Plan, on the other hand, consists largely of figures Because these are often unreliable beyond a few months, managers are reluctant to look ahead as far as they may need to Strategic plans can look further ahead because so few figures are employed, and also what few figures they contain are tested by risk analysis techniques − − − − Defining the corporate mission Establishing strategic business units [SBU’S] Assigning resources to each SBU Planning new business & down sizing older business 52 53 54 55 56 A corporate strategic plan is a document that describes the steps necessary for an organization to grow and become more profitable The benefits of strategic planning include making sure all members of an organization are working toward common objectives, and that the corporation’s resources—financial and human—are allocated as efficiently as possible Mission Statement A mission statement explains why the company is in business, and what value it intends to provide its customers, its employees, its stakeholders and even society The mission statement may not change from year to year Though sometimes only a paragraph, it often requires lengthy discussion among the executives participating in the planning process, who may view the company and its objectives differently 57 Analysis of current situation In the analysis of where a company stands, these questions are commonly asked: Where are we now in relation to our long-range goals? What are our strengths and weaknesses versus our competitors? What are we doing well and where are we falling short? Current situation also includes the economic and industry environment and how these may impact the organization A strategic plan for a company that is operating in a recession, or in an industry that is stagnant, would look much different than one for a company in a booming industry Vision for the future The company's vision is is sometimes referred to as defining the ideal Corporate executives try to imagine how the company could look three to five years in the future, assuming everything goes according to plan What will the revenues be? Pretax income? Will we be seen as the leader in our industry? The difficult task for the management team is to come up with a vision that is both aggressive and realistic It must challenge the capabilities of all members of the organization without being so optimistic that it could not possibly be realized The strategic planning process then becomes a matter of bridging the gulf between the current situation and the ideal Goals or Objectives The most important goals and objectives are usually set first, such as revenue growth for the next three to five years But since reaching the larger goals is the result of achieving smaller, incremental goals, these must be carefully thought out as well Goals are set for each division or department It is critical that the top executives involve all the division or department heads in the process Managers who are involved are more likely to endorse the strategic plan and work energetically toward its achievement 58 Strategies and Tactics Goals paint a picture of future success, but strategies and tactics are the specific steps that must be taken to achieve the goals They are action oriented Strategies say what the company intends to do, such as “enter educational market in 2010.” Tactics are how the strategy will be implemented, “direct mail campaign to schools.” Specific responsibility for their achievement is assigned to members of the management team, as well as a time line for each to be completed Chapter What are the components of a modern marketing information system? What are useful internal records for such a system? What makes up a marketing intelligence system? What are some influential macroeconomic developments? How can companies accurately measure and forecast demand? What are the components information system? of a modern marketing Internal records : The first component of MIS is ‘Internal Record’ Marketing managers get lots of information from the internal-records of the company These records provide current information about sales, costs, inventories, cash flows and account receivable and payable Many companies maintain their computerized internal records Inside records help marketing managers to gain faster access to reliable information -Marketing managers rely on internal reports related to customer orders, sales, price levels, cost, inventory levels, receivable and payables The heart of the internal record system is the order-topayment cycle Customers Internal record: Marketing managers rely on internal reports related to customer orders, sales, price levels, cost, inventory levels, receivable and 59 payables The heart of the internal record system is the order-topayment cycle Send orders to the firms The sales department prepares invoices and transmits copies to various departments The billing department sends invoices as quickly as possible It is the order from the customer that sets the internal record keeping This record becomes a vital source of information for analysis of sales, inventory levels, profit margins, credit policy to customers, etc Marketing intelligence : The second component of MIS is ‘Marketing Intelligence’ It collects information from external sources It provides information about current marketing-environment and changing conditions in the market This information can be easily gathered from external sources like; magazines, trade journals, commercial press, so on This information cannot be collected from the Annual Reports of the Trade Association and Chambers of Commerce, Annual Report of Companies, etc The salesmen’s report also contains information about market trends The information which is collected from the external sources cannot be used directly It must be first evaluated and arranged in a proper order It can be then used by the marketing manager for taking decisions and making policies about marketing So, marketing intelligence is an important component of MIS Marketing research : The third important component of MIS is ‘Marketing Research’ MR is conducted to solve specific marketing problems of the company It collects data about the problem This data is tabulated, analyzed and conclusions are drawn Then the recommendations are given for solving the problem Marketing research also provides information to the marketing managers However, this information is specific information It can be used only for a particular purpose MIS and MR are not substitutes of each other The scope of MIS is very wide It includes ‘MR’ However, the scope of MR is very narrow 60 What are useful internal records for such a system? Sales information system Marketing managers need timely and accurate reports on current sales Internal Record Systems is a system underwhich marketing information isstored, retrieved Marketing managers relay on internal reportson orders, sales, prices, costs, inventorylevels, receivables, payables, and so on Byanalyzing this information, they can spotimportant opportunities and problems Companies that make good use of ”cookies”, records of website usage stored in personal browsers are smart Companies must carefully interpret the sales data, however so as not to draw the wrong conclusion Databases, data warehousing and data mining Companies organize their information into customer, product, and sales person database- and then combine their data Companies make these data easily accessible to their decision makers Analyst can mine the data and garner the fresh insights into neglected customer segments, recent customer trends and other useful information A database is an organized collection of data The data is typically organized to model relevant aspects of reality in a way that supports processes requiring this information Today company organize their information in databases such as customer databases, product databases, sales person data bases and combine data from different databases Data warehouse means where all the databases are kept Data warehouses store current as well as historical data Company warehouse these data and make them easily accessible to decision makers The data mining process is to extract information from a data set and transform it into an understandable structure for further use The order to payment cycle sales information system databases, data warehousing and data mining The heart of the internal records system is the order-to-payment cycle Sales representatives, dealers, 61 and customers dispatch orders to the firm The sales department prepares invoices and transmits copies to various departments Out-ofstock items are back ordered Shipped items are accompanied by shipping and billing documents that are sent to various departments Now days improved order payment cycle is required Customers favor firms that can promise timely delivery Order-Pay can also be done online This process is called as EDI-Electronic Data Interface E.G., Marketing managers need up-to-the-minute reports on current sales Armed with laptop, computers, sales representives can access information about prospects and customers and provide immediate feedback and sales reports What are some influential macroeconomic developments? Demographic development often move at afairly predictable pace Marketers monitors :- by population in cities, regions and nation age distribution educational levels household pattern regional characteristics The totality of economic factors, such as employment, income, inflation, interest rates, productivity, and wealth, that influence the buying behavior of consumers and institutions Consumer psychology income distribution From our sociocultural environment we absorb, almost unconsciously, a world view tha defines our relationship to ourselves, others, organizatrion, society, nature, and the universe The natural environment has been undergoing rapid change Trends in natural environment for marketers to be aware of include the shortage of raw materials, especially water, the increased cost of energy, increased pollution level, and the changing role of government It is the essence of the market capitaliism to be dynamic and tolerate the cretive destructiveness of technology as the price of progress Accelerating pace of change unlimited opportunities for innovation varying r&d budgets increased regulation of technological change 62 The political and legal environment consists of law, government agencies, and pressure groups that influence various organization and indiviuals Increase in business legislation growth of special intrest group What makes up a marketing intelligence system? The type of information we are talking about here is not formally collected marketing research information, but that which is less formally collected, often in a very ad hoc fashion as and when it presents itself The system that attempts to collect, collate and manage this source of ‘loosely’ collected information is referred to as the ‘Marketing Intelligence System’ Kotler defines the marketing intelligence system in the following manner: ‘A Marketing Intelligence System is a set of procedures and sources used by managers to obtain their everyday information about pertinent developments in the marketing environment’ Marketing intelligence is the collection and evaluation of information about a company's market Companies need to know about changes in the market, competitor's new products, and customer preferences For example, if Ben doesn't know about a new product coming out that his customers want, his business may fall behind in the market Marketing intelligence helps companies understand everyday information in the market, prepares the company for decision making, and defining market strategy In order to have an efficient marketing Information System, the companies should work aggressively to improve the marketing intelligence system by taking the following steps: − Training and Motivation Programs for Sales Force: Several training modules are conducted to encourage sales force who are in direct touch with ultimate customers to collect all the relevant information related to the product along with the customer’s experience of using it A market intelligence is acquired when the sales force is motivated to give the valuable feedback and 63 − − − − suggestions about the product offers and the opportunities prevailing in the market to their managers, who then convert these into the actionable plan Encouraging Distributors and Retailers to seek Market Intelligence: Companies hire some specialist who visits several stores and showrooms to check the customer experience with the product or service Also, retailer or a service provider send its own person as a “mystery guest” who acts as a customer himself and check the quality of a product and the way employees are handling the customer’s queries Keeping a check on the Competitors: In order to sustain in the market, the companies should have complete knowledge about the doings of its competitors One of the major market intelligence tools is the internet where every information about the competitor’s product and its variants, the price and easy pay schemes, services, and its feedback is available, and the same can be used to have a comparative study Also, the information about the competitor’s activity can be acquired through the distributors, retailers and other intermediaries who are sitting in the market and know the whereabouts of each player Customer Suggestion Panel: Companies using their internal market intelligence prepare a list of their customers who frequently make the purchases and among those set up a panel who give their expert advice to new customers about the product and its benefits This method is very useful as people rely heavily on others experiences and a try a product or a service at least once It is most commonly seen in schools & colleges where the community of alumni is created who give their expert comments on the quality of teaching and the courses to be opted in a particular educational institute Government Data Resources: Government Resources are also the means to gain market intelligence The population census is considered crucial through which population density, trends, demographic characteristics, etc Is determined, and the same can be used to make judicious market plans Also, the data about 64 the literacy level, agricultural production, inflation and recession, are provided by the government that acts as an important tool for information Thus, government data resources are useful to gather relevant information about the prevailing market trends − Information from Outside Suppliers: The companies can also purchase the information from other companies who are specialists in doing the researches and prepare the reports about the other market players Acting as an important aide to market intelligence, these research companies can provide detailed information about the competitor’s product and service that can act as an important tool in designing the market plans − Customer Feedback System: The most common and easy way to gain market intelligence is through the use of customer feedback system Generally, it is online, where the customer is required to give his valuable feedback or suggestion on company’s website about the product or service consumed by him Also, the feedback can be taken in person by asking the customers to fill up a form after they have availed the services This is a more reliable form of information since it is directly provided by the customer himself 65