Marketing Management B.B.A

PORTER’S GENERIC STRATEGIES Michael Porter has pro-posed three generic strategies that provide a good starting point forstrategic thinking:overall cost leadership,differentiation,and focus. 34• Overall cost leadership. Firms work to achieve the lowest produc-tion and distribution costs so they can underprice competitorsand win market share. They need less skill in marketing. Theproblem is that other firms will usually compete with still-lowercosts and hurt the firm that rested its whole future on cost.• Differentiation. The businessRead More0 Comments

The task of any business is to deliver customer value at a profit. In a hypercompetitive economy with increasingly informed buyers faced with abundant choices,a company can win only by fine tuning the value delivery process and choosing, providing, and communicating superior value.The Value Delivery ProcessThe traditional view of marketing is that the firm makes something and then sells it,with marketing taking place in the selling process. Companies that subscribe to this viewRead More0 Comments

Connecting with CustomersAtlas must consider how to best create value for its chosen target markets and develop strong, profitable,long-term relationships with customers (see Chapter). To do so,it needs to understand consumer markets (see Chapter). Who buys cameras, and why? What features and prices are they looking for, and where do they shop? Atlas also sells cameras to business markets, including large corporations,professional firms,retailers,and government agencies (see Chapter),where purchasing agents or buying committees makeRead More0 Comments

McCarthy classified various marketing activities into marketing-mix tools of four broad kinds, which he called the four Ps of marketing: product, price, place, and promotion. 55 The marketing variables under each P are shown in  Figure 1.4.Given the breadth, complexity, and richness of marketing, however—as exemplified by holistic marketing—clearly these four Ps are not the whole story anymore. If we update them to reflect the holistic marketing concept, we arrive at a moreRead More0 Comments

Marketing ChannelsTo reach a target market, the marketer uses three kinds of marketing channels. Communication channels deliver and receive messages from target buyers and include newspapers,magazines,radio, television, mail, telephone, billboards, posters, fliers, CD s, audiotapes, and the Internet. Beyond these, firms communicate through the look of their retail stores and Web sites and other media. Marketers are increasingly adding dialogue channels such as e-mail,blogs,and toll-free numbers to familiar monologue channels such as ads.TheRead More0 Comments

The Rolling Stones have done a masterful job of marketing their rebellious form of rock and roll to audiences of all ages. EXPERIENCES By orchestrating several services and goods, a firm can create, stage, and market experiences. Walt Disney World’s Magic Kingdom allows customers to visit a fairy kingdom, a pirate ship, or a haunted house. There is also a market for customized experiences, such as a week at a baseball camp withRead More0 Comments

when they are directed to specific objects that might satisfy the need. A U.S. consumer needs food but may want a Philly cheesesteak and an iced tea. A person in Afghanistan needs food but may want rice, lamb, and carrots.Wants are shaped by our society. Demands are wants for specific products backed by an ability to pay. Many people want a Mercedes; only a few are able to buy one. Companies must measureRead More0 Comments

To prepare to be a marketer, you need to understand what marketing is, how it works, who does it,and what is marketed. What Is Marketing?Marketing is about identifying and meeting human and social needs. One of the shortest good definitions of marketing is “meeting needs profitably.” When eBay recognized that people were unable to locate some of the items they desired most, it created an online auction clearinghouse. When IKEA noticed that peopleRead More0 Comments

Marketing’s broader importance extends to society as a whole. Marketing has helped introduce and gain acceptance of new products that have eased or enriched people’s lives. It can inspire en- hancements in existing products as marketers innovate to improve their position in the market- place. Successful marketing builds demand for products and services, which, in turn, creates jobs. By contributing to the bottom line, successful marketing also allows firms to more fully engageRead More0 Comments

Formally or informally, people and organizations engage in a vast numbern of activities we could call marketing. Good marketing has become increasingly vital for success. But what constitutes good marketing is constantly evolving and changing. The election of Barack Obama as the 44th President of the United States was attributed, in part, to the adoption of new marketing practices. The “Obama for America” presidential campaign combined a charismatic politician, a powerful message ofRead More0 Comments