Subject: Marketing Management

Module: 1

Module Name: Introduction to Marketing Management

1
Marketing Management

Syllabus
• Introduction – Meaning and nature of marketing management
• Objectives and importance of marketing management
• Marketing concepts
• Role and Function of Marketing: Role of Marketing in achieving customer satisfaction.
• Consumer Needs, Wants and Consumer Insights
• Using Needs/Wants Insight in Marketing
• Benefits Sought by Consumers
• Introduction to CRM
• The Impact of Emotional Benefits
• Consumer Insight
• The Role of an Insight in Product Development and Marketing. 2
Marketing Management

AIM:
This course enables students to understand the fundamental aspects of marketing management.

3
Marketing Management

Course Objectives:
• To describe the concept of marketing management.
• To explain all-pervasive nature of markets and their transformation across decades.
• To recognize the rational, sensory & emotional triggers in consumer buying.

4
Marketing Management

Course Outcomes:
• Demonstrate the core concepts of marketing and its significance in developing a successful
marketing plan.

• Analyse customer satisfaction for better results of marketing

• Implement the concept Customer Relationship Manager.

5
Marketing Management

Table of Content:
• Introduction – Meaning and nature of marketing management
• Objectives and importance of marketing management
• Marketing concepts
• Role and Function of Marketing: Role of Marketing in achieving customer satisfaction.
• Consumer Needs, Wants and Consumer Insights
• Using Needs/Wants Insight in Marketing
• Benefits Sought by Consumers
• Introduction to CRM
• The Impact of Emotional Benefits
• Consumer Insight
• The Role of an Insight in Product Development and Marketing. 6
Marketing Management

Table of Content:
• Summary
• Self Assessment Questions
• Interview Questions
• Case Studies
• Activity
• Reading Assignment and Interactive Brainstorming
• Document Reference Links
• Video Reference Links
• E Books
• Reference Books

7
 Marketing Management

Introduction – Meaning and nature of marketing management

Introduction:

Marketing management is a crucial aspect of business that involves planning, organizing, and controlling
marketing activities to meet the objectives of an organization. It plays a pivotal role in creating, communicating,
delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Meaning of Marketing Management:

Marketing management encompasses a set of processes and activities aimed at identifying and satisfying
customer needs while achieving the organization's goals. It involves analyzing market trends, understanding
consumer behavior, and developing strategies to promote and sell products or services effectively. Marketing
management is not only about advertising and sales; it includes various elements such as product development,
pricing, distribution, and customer relationship management. 8
Marketing Management

Nature of marketing management

• Customer-Centric: The primary focus of marketing management is understanding and meeting customer
needs. It involves market research to identify customer preferences, behaviors, and trends.

• Integrated Approach: Marketing management integrates various elements like product development,
pricing, promotion, and distribution to create a cohesive and effective marketing strategy.

• Dynamic and Evolving: Marketing is influenced by ever-changing market conditions, technological

advancements, and shifting consumer preferences. Marketing managers need to adapt and evolve their
strategies to stay relevant.

• Goal-Oriented: Marketing management aims to achieve specific organizational goals, such as increasing
market share, maximizing profitability, or building brand equity.

9
Marketing Management

Nature of marketing management

• Strategic Planning: Marketing management involves long-term planning and strategic decision-making. It
requires a forward-looking approach to anticipate market changes and plan accordingly.

• Multi-disciplinary: It draws upon various disciplines such as economics, psychology, sociology, and
statistics to understand consumer behavior, market dynamics, and trends.

• Profitable Transactions: While meeting customer needs is central, marketing management also
emphasizes creating profitable transactions for the organization. This involves setting the right price,
optimizing distribution channels, and effective promotion.

• Ethical and Social Responsibility: In today's business environment, marketing management also includes
considerations of ethical practices and social responsibility. Companies are increasingly expected to engage
in socially responsible and ethical marketing practices. 10
Marketing Management

Objectives and Importance of marketing management

Marketing management plays a crucial role in the success of a business, as it involves planning, organizing,
and controlling activities related to the marketing of products or services. The objectives and importance of
marketing management can be outlined as follows:

Objectives of Marketing Management:

• Market Share:

Increase the company's market share by attracting and retaining customers. This involves strategies to
outperform competitors and gain a larger portion of the target market.

• Profitability:

Generate revenue and maximize profits by effectively pricing products or services. Marketing strategies aim
11
to create a balance between sales volume and pricing to achieve optimal profitability.
Marketing Management

Objectives of marketing management

• Customer Satisfaction:

Enhance customer satisfaction by understanding their needs and preferences. Satisfied customers are more
likely to become repeat buyers and advocates for the brand.

• Brand Awareness and Equity:

Build and strengthen the brand by increasing awareness and establishing positive brand associations. Brand
equity, which represents the perceived value of a brand, is a key objective.

• Product Development and Innovation:

Drive product development and innovation based on market trends and consumer feedback. Marketing
management aims to ensure that products or services meet customer needs and stay competitive.
12
Marketing Management

Objectives of marketing management

• Market Expansion:

Explore and enter new markets to expand the customer base. This may involve entering new geographical
locations or targeting different segments within existing markets.

• Relationship Building:

Foster strong relationships with customers, suppliers, and other stakeholders. Building long-term
relationships contributes to customer loyalty and positive word-of-mouth.

• Cost Efficiency:

Optimize marketing expenses to achieve cost efficiency. This involves allocating resources effectively and
measuring the return on investment (ROI) of marketing initiatives.
13
Marketing Management

Importance of marketing management

• Revenue Generation:

Marketing management is instrumental in generating revenue by creating demand for products or services
and driving sales.

• Market Understanding:

Through market research and analysis, marketing management helps businesses understand customer needs,
preferences, and market dynamics, enabling informed decision-making.

• Competitive Advantage:

Effective marketing strategies provide a competitive edge by differentiating products or services and
positioning them favorably in the market.
14
Marketing Management

Importance of marketing management

• Customer Retention:

Building strong customer relationships and meeting customer expectations through marketing efforts
contribute to customer loyalty and retention.

• Innovation and Adaptation:

Marketing management is closely tied to identifying market trends and adapting to changes, allowing
businesses to innovate and stay relevant in a dynamic environment.

• Resource Allocation:

Proper resource allocation is critical for achieving marketing objectives, and marketing management helps in
allocating resources efficiently to maximize returns.
15
Marketing Management

Importance of marketing management

• Communication and Promotion:

Marketing management facilitates effective communication with the target audience through promotional
activities, advertising, and public relations, creating brand awareness and interest.

• Long-Term Success:

A well-executed marketing management strategy contributes to the sustained success and growth of a
business over the long term.

Marketing management is essential for achieving various organizational goals, from revenue generation and
market share growth to building strong customer relationships and maintaining a competitive advantage in
the market.
16
Marketing Management

Marketing concepts

Marketing is a multifaceted field that involves various concepts and strategies to promote products or
services and satisfy customer needs. Here are some fundamental marketing concepts:

Product Orientation:

• Focuses on the quality and features of the product.

• Assumes that customers will buy a product that offers the most quality, performance, or innovative
features.

Market Orientation:

• Shifts the focus from the product to the needs and wants of the customers.

• Emphasizes understanding customer needs and adapting products and strategies accordingly. 17
Marketing Management

Marketing concepts

Customer Satisfaction:

• The goal is not just to make a sale but to ensure that customers are happy with their purchase and
overall experience.

Marketing Mix (4Ps):

• Product: The service or actual item being offered.

• Price: The amount customers pay for the product.

• Place: The distribution channels used to make the product available to customers.

• Promotion: The methods used to communicate and persuade the target audience.
18
Marketing Management

Marketing concepts
Target Market:

• Identifying and focusing on a group of potential customers who are likely to buy a product or service.

• Helps in tailoring marketing strategies to meet the needs and preferences of that particular market segment.

Market Segmentation:

• Distinguished the market into different groups with similar characteristics or needs.

• Allows businesses to customize their marketing efforts for each segment.

Positioning:

• Establishing a specific image or perception of a product or brand in the minds of the target audience.

• Differentiation from competitors is often a key aspect of positioning. 19

Marketing Management

Marketing concepts
SWOT Analysis:

• Analyzing the internal Strengths and Weaknesses and external Opportunities and Threats.

• Helps in understanding the current market position and developing strategies based on this analysis.

Brand Equity:

• The perceived value and strength of a brand in the minds of consumers.

• A strong brand can lead to customer loyalty and a competitive advantage.

Digital Marketing:

• Utilizing online channels and platforms such as social media, search engines, and email to reach customers.

• Allows for more targeted and measurable marketing efforts. 20

Marketing Management

Marketing concepts

Relationship Marketing:

• Building long-term relationships with customers rather than focusing solely on one-time transactions.

• Emphasizes customer retention and loyalty.

Social Responsibility:

• Acknowledging and addressing the impact of business activities on society.

• Consumers often prefer brands that demonstrate ethical and socially responsible behavior.

21
 Marketing Management

Role and Function of Marketing: Role of Marketing in achieving customer satisfaction

22
 Marketing Management

Role and Function of Marketing: Role of Marketing in achieving customer satisfaction

The role of marketing in achieving customer satisfaction is crucial for the success of any business.
Marketing encompasses a range of activities aimed at understanding, creating, communicating, and
delivering value to customers. Here's how marketing contributes to customer satisfaction:

Understanding Customer Needs:

• Marketing research helps businesses understand the needs, preferences, and behaviors of their target
audience.

• By gathering and analyzing data, marketers can identify what customers want and tailor products or
services to meet those needs.

23
 Marketing Management

Role and Function of Marketing: Role of Marketing in achieving customer satisfaction

Product Development and Innovation:

• Marketing plays a key role in the development of new products or the improvement of existing ones based
on customer feedback and market trends.

• Innovations driven by marketing insights can lead to products that better satisfy customer demands.

Effective Communication:

• Marketing is responsible for creating and implementing communication strategies to convey the value of
products or services to customers.

• Clear and compelling communication helps customers understand how a product or service can address
their needs and desires. 24
 Marketing Management

Role and Function of Marketing: Role of Marketing in achieving customer satisfaction

Building Brand Image:

• A strong brand is essential for customer satisfaction. Marketing builds and maintains a positive brand
image that resonates with the target audience.

• Consistent branding helps customers develop trust and loyalty, contributing to overall satisfaction.

Promotion and Advertising:

• Marketing uses various promotional channels to raise awareness about products or services.

• Well-executed advertising campaigns can highlight key features and benefits, influencing customer
perceptions and ultimately satisfaction.
25
 Marketing Management

Role and Function of Marketing: Role of Marketing in achieving customer satisfaction

Distribution and Accessibility:

• Marketing is involved in decisions related to product distribution and making products easily accessible to
customers.

• Efficient distribution ensures that customers can find and purchase products when and where they need
them.

Pricing Strategy:

• Marketing determines pricing strategies that align with customer expectations and perceived value.

• Fair and transparent pricing contributes to customer satisfaction by establishing trust.

26
 Marketing Management

Role and Function of Marketing: Role of Marketing in achieving customer satisfaction

Customer Relationship Management (CRM):

• Marketing often works closely with CRM systems to track and manage customer interactions.

• Personalized communication and targeted marketing efforts based on customer data can enhance
satisfaction and loyalty.

Feedback and Improvement:

• Marketing helps collect feedback from customers through surveys, social media, and other channels.

• Analyzing feedback allows businesses to make continuous improvements, ensuring that products and
services meet or exceed customer expectations.
27
 Marketing Management

Consumer Needs, Wants and Consumer Insights

Understanding consumer needs, wants, and consumer insights is crucial for businesses to develop successful
products, services, and marketing strategies. Let's break down these concepts:

Consumer Needs:

• Definition: Consumer needs are the basic requirements that individuals must fulfill to survive, thrive, and
maintain their well-being.

• Examples: Food, water, shelter, clothing, healthcare, and education are common examples.

Consumer Wants:

• Definition: Consumer wants are desires that go beyond basic needs and are often shaped by culture,
personality, and individual preferences. 28
Marketing Management

Consumer Needs, Wants and Consumer Insights

• Examples: While food is a need, the desire for a gourmet meal or a specific cuisine represents a want.
Similarly, the need for clothing can be met by basic garments, but the want may include fashion-
forward or designer items.

Consumer Insights:

• Definition: Consumer insights are deep understandings derived from analyzing consumer behavior,
preferences, and feedback. They help businesses make informed decisions about their products, services,
and marketing strategies.

• Sources of Insights: Surveys, focus groups, social media monitoring, customer reviews, and sales data are
common sources of consumer insights. Advanced analytics and artificial intelligence can also provide
29
valuable insights.
Marketing Management

Consumer Needs, Wants and Consumer Insights

Relationships between Needs, Wants, and Consumer Insights:

Consumer insights help businesses understand not only the basic needs and wants of their target audience
but also the motivations, emotions, and trends that influence consumer behavior.

By analyzing consumer insights, businesses can identify unmet needs or emerging wants, allowing them to
innovate and tailor their offerings to better meet consumer demands.

Strategies for Addressing Consumer Needs and Wants:

• Product Development: Create products or services that fulfill both basic needs and specific wants,
aligning with consumer preferences and trends.

30
Marketing Management

Consumer Needs, Wants and Consumer Insights

• Marketing and Communication: Craft messages that resonate with consumer emotions and
aspirations, emphasizing how a product or service meets their needs and wants.

• Customer Experience: Enhance the overall customer experience by providing excellent service,
addressing concerns, and adapting based on consumer feedback.

Example Scenario:

• A fitness app may address the consumer need for health and well-being by providing workout
routines and nutrition guidance. The want for a personalized experience can be met through features
like customized workout plans based on individual preferences and fitness levels.

31
Marketing Management

Using Needs/Wants Insight in Marketing

Needs and wants insight is a crucial aspect of marketing that involves understanding the underlying
motivations and desires of consumers. By delving into the needs and wants of your target audience, you
can tailor your marketing strategies to better resonate with them.

Here are some ways to leverage needs and wants insight in marketing:

• Consumer Research: Conduct thorough market research to identify the specific needs and wants of
your target audience. Use surveys, interviews, and other data collection methods to gain insights into
consumer preferences, pain points, and aspirations.

32
Marketing Management

Using Needs/Wants Insight in Marketing

• Segmentation: Once you have gathered information, segment your audience based on common needs
and wants. This allows you to create targeted marketing campaigns that speak directly to the unique
motivations of each segment.

• Personalization: Use the collected data to personalize your marketing efforts. Tailor your messaging,
content, and offers to address the specific needs and wants of different segments.

• Emotional Connection: Understand the emotional aspects associated with the needs and wants of your
audience. Create marketing messages that evoke emotions, as emotional connections can lead to
stronger brand loyalty.

33
Marketing Management

Using Needs/Wants Insight in Marketing

• Problem Solving: Highlight how your product or service solves specific problems or fulfills desires.
Addressing the needs and wants of your customers demonstrates that you understand their challenges
and are committed to providing solutions.

• Storytelling: Share narratives that resonate with their needs and wants, making your brand more
relatable and memorable.

• Value Proposition: Clearly communicate the unique value your product or service brings to address the
specific needs and wants of your target audience. This helps in differentiating your brand from
competitors.

34
Marketing Management

Using Needs/Wants Insight in Marketing

• Feedback Mechanism: Establish a feedback loop to continuously gather information about changing
needs and wants. Stay responsive to customer feedback and adjust your marketing strategies
accordingly.

• Educational Content: Create content that educates your audience about how your product or service
can fulfill their needs or desires. This not only helps in building trust but also positions your brand as an
authority in addressing customer concerns.

• Adaptability: Markets and consumer preferences evolve. Stay adaptable by regularly reassessing the
needs and wants of your audience. Adjust your marketing strategies to stay relevant in a dynamic
environment.

35
 Marketing Management

Benefits Sought by Consumers Introduction to CRM

Customer Relationship Management (CRM) is a tactical approach that
focuses on handling and development relationships with the customers.
In the business world, understanding the benefits sought by consumers
is crucial for the successful implementation of CRM strategies.

Introduction to CRM:

Customer Relationship Management is a comprehensive business strategy designed to enhance the customer
experience, improve customer satisfaction, and ultimately drive business growth.

It involves the use of technology, processes, and people to manage and analyze customer interactions
throughout the entire customer lifecycle. The goal is to build long-term, mutually beneficial relationships with
customers. 36
 Marketing Management

Benefits Sought by Consumers Introduction to CRM

Benefits Sought by Consumers:

Consumers seek various benefits when engaging with a business, and CRM plays a vital role in meeting these
expectations. Here are some key benefits sought by consumers:

Personalization:

• Definition: Consumers want personalized interactions and offerings tailored to their preferences, needs,
and behavior.

• CRM Contribution: CRM systems collect and analyze customer data, enabling businesses to personalize
marketing messages, product recommendations, and overall customer experiences.

37
 Marketing Management

Benefits Sought by Consumers Introduction to CRM

Efficient Service:

• Definition: Consumers desire efficient and timely services, including quick issue resolution and responsive
communication.

• CRM Contribution: CRM tools streamline customer service processes, ensuring quick access to customer
information and efficient handling of inquiries, complaints, and support requests.

Consistent Experience Across Channels:

• Definition: Consumers expect a seamless experience regardless of the channel they use to interact with a
business (e.g., online, in-store, mobile).

• CRM Contribution: CRM systems facilitate Omni channel communication and coordination, ensuring a
38
consistent and integrated experience for customers across various touchpoints.
 Marketing Management

Benefits Sought by Consumers Introduction to CRM

Trust and Transparency:

• Definition: Consumers value trust and transparency in their interactions with businesses.

• CRM Contribution: By maintaining accurate customer records and communication logs, CRM fosters
transparency, helping businesses build and maintain trust with their customers.

Proactive Engagement:

• Definition: Consumers appreciate proactive engagement, such as personalized offers, proactive support,
and relevant communications.

• CRM Contribution: CRM systems enable businesses to anticipate customer needs, allowing for proactive
engagement through targeted marketing, loyalty programs, and personalized communication.
39
 Marketing Management

Benefits Sought by Consumers Introduction to CRM

Quality and Value:

• Definition: Consumers seek high-quality products or services that provide value for their money.

• CRM Contribution: By understanding customer preferences and feedback, CRM helps businesses
enhance their products or services to better meet customer expectations.

In summary, CRM is a strategic initiative that aligns with the benefits consumers seek in their interactions
with businesses. By leveraging CRM tools and principles, businesses can create more personalized,
efficient, and satisfying experiences for their customers, ultimately fostering loyalty and driving long-term
success.

40
 Marketing Management

The Impact of Emotional Benefits

Emotional benefits can have a profound impact on various aspects of individuals' lives, influencing their well-
being, behavior, and overall satisfaction. Here are some key areas where emotional benefits can make a
significant impact:

Mental Health:

• Positive Emotions: Experiencing positive emotions, such as joy, gratitude, and love, can contribute to
better mental health. These emotions can act as buffers against stress and may enhance resilience in the
face of challenges.

• Emotional Resilience: Emotional benefits contribute to emotional resilience, helping individuals cope
with life's ups and downs. People who experience emotional well-being are often better equipped to
41
handle stress and adversity.
Marketing Management

The Impact of Emotional Benefits

Physical Health:

• Stress Reduction: Emotional well-being is linked to lower levels of stress. Chronic stress can have
detrimental effects on physical health, so positive emotions and emotional benefits can indirectly
contribute to better overall health.

• Immune Function: Some research suggests that positive emotions and emotional well-being may
positively influence immune system function, promoting better resistance to illnesses.

Relationships:

• Communication: Emotional benefits, such as empathy and understanding, can enhance communication
and connection in relationships. Individuals who experience emotional well-being are often better
equipped to navigate conflicts and express themselves effectively. 42
Marketing Management

The Impact of Emotional Benefits

• Social Support: Positive emotions can foster a sense of belonging and strengthen social bonds. Feeling
emotionally supported by others is crucial for mental and emotional well-being.

Work Performance:

• Motivation and Engagement: Employees who experience emotional benefits at work, such as job
satisfaction and a positive work environment, are likely to be more motivated and engaged. This can lead
to improved productivity and creativity.

• Team Dynamics: Emotional intelligence and positive emotional states contribute to effective teamwork.
Team members who understand and manage their emotions well can create a more harmonious and
collaborative work environment.
43
Marketing Management

The Impact of Emotional Benefits

Quality of Life:

• Life Satisfaction: Emotional benefits are closely tied to overall life satisfaction. Individuals who
experience positive emotions and emotional well-being are more likely to report a higher quality of life.

• Personal Growth: Emotional well-being can be a catalyst for personal growth and development. It
provides a solid foundation for individuals to pursue their goals and aspirations.

Decision-Making:

• Clarity of Thought: Emotional benefits contribute to clarity of thought, allowing individuals to make
more informed and rational decisions. Emotional balance can prevent impulsive decision-making driven
by negative emotions.
44
Marketing Management

The Impact of Emotional Marketing - Example

Apple

• Apple is one of the most ideal companies when it comes to emotional marketing. using a simple brand
with a clear goal of becoming a lifestyle. This explains why people like to be in a larger circle such as a
particular party or association. Apple recognizes that its audience is a social component that wants to be
part of a major technological revolution.

• That's why the company has conducted conferences to uncover its new devices to create some ambiguity
and allow the public to feel part of something big and important. According to Maslow. the highest degree
in the need pyramid is creativity and respect by others.

• Apple meets these needs, claiming to be a platform for unlocking creativity in the world.
45
 Marketing Management

Consumer Insight
Consumer insight refers to the understanding and interpretation of consumer behavior, preferences, and needs
through the analysis of data and information.

It involves gaining a deep understanding of how consumers think, feel, and act in relation to products,
services, or brands. These insights are crucial for businesses to make informed decisions and develop
effective marketing strategies.

Key aspects of consumer insight include:

• Understanding Behavior: Analyzing consumer behavior helps
businesses identify patterns, trends, and preferences. This
involves studying how consumers interact with products, make
purchasing decisions, and use services. 46
 Marketing Management

Consumer Insight
• Identifying Needs and Motivations: Consumer insights help businesses uncover the underlying needs,
motivations, and desires that drive consumer choices. Understanding these factors allows companies to
tailor their products and marketing messages to better meet consumer expectations.

• Segmentation: Consumer insights often involve segmenting the target audience based on demographics,
psychographics, and other relevant criteria. This segmentation helps businesses create targeted marketing
campaigns and develop products that resonate with specific consumer groups.

• Feedback and Reviews: Monitoring and analyzing customer feedback, reviews, and comments provide
valuable insights into consumer sentiments. This information can be used to address issues, improve
products, and enhance the overall customer experience.
47
 Marketing Management

Consumer Insight
• Competitive Analysis: Understanding how consumers perceive and compare different products or brands
within a market is crucial. This knowledge helps businesses position themselves effectively and identify
opportunities to differentiate from competitors.

• Technology and Data Analytics: Advances in technology and data analytics have significantly enhanced
the ability to gather and analyze consumer insights. Tools like surveys, social media monitoring, and data
analytics platforms provide businesses with a wealth of information to understand consumer behavior.

• Predictive Analysis: Some businesses use predictive analysis to forecast future consumer trends and
behaviors. By leveraging historical data and advanced analytics, companies can make more informed
decisions about product development, marketing strategies, and resource allocation.
48
Marketing Management

The Role of an Insight in Product Development and Marketing

Insights play a crucial role in product development and marketing by providing a deep understanding of
customers, market trends, and the competitive landscape. An insight, in this context, refers to a valuable and
actionable understanding gained through the analysis of data, customer feedback, and market research.
Here's how insights contribute to both product development and marketing:

Product Development:

Customer Understanding:

• Identifying Needs and Pain Points: Insights help uncover customer needs and pain points, allowing
product developers to create solutions that directly address these issues.

• Behavior Analysis: Understanding customer behavior enables the development of products that align
with how users naturally interact with technology or services. 49
Marketing Management

The Role of an Insight in Product Development and Marketing

Innovation and Ideation:

• Spotting Trends: Insights can highlight emerging trends, allowing companies to innovate and create
products that are in line with current market demands.

• Opportunity Identification: By analyzing customer behaviors and preferences, companies can identify
opportunities for new products or features that can meet unmet needs.

Product Differentiation:

• Competitive Analysis: Insights help in understanding what competitors are offering, enabling companies
to differentiate their products by providing unique features or a better user experience.

50
Marketing Management

The Role of an Insight in Product Development and Marketing

Iterative Improvement:

• Feedback Integration: Continuous insights from customer feedback and product usage data aid in
iterative improvements, ensuring that the product evolves to meet changing customer expectations.

Marketing:

Target Audience Identification:

• Segmentation: Insights contribute to the identification and segmentation of target audiences based on
demographics, behaviors, and preferences.

• Persona Development: Understanding customer personas helps in crafting more targeted and effective
marketing messages.
51
 Marketing Management

The Role of an Insight in Product Development and Marketing

Message Tailoring:

• Communication Strategy: Insights inform the development of marketing messages that resonate with the
target audience, addressing their specific needs and concerns.

• Content Optimization: Understanding what content engages the audience allows for the creation of more
effective marketing materials.

Channel Optimization:

• Media Selection: Insights help in choosing the right marketing channels where the target audience is most
active, optimizing the use of resources.

• Timing and Frequency: Understanding customer behavior can guide decisions on when and how frequently
52
to communicate with the audience.
Marketing Management

The Role of an Insight in Product Development and Marketing

Brand Loyalty and Advocacy:

• Building Trust: Insights into customer preferences and expectations contribute to building a brand that
customers trust.

• Customer Advocacy Programs: Identifying satisfied customers through insights can lead to the
development of advocacy programs, leveraging satisfied customers to promote the product.

Performance Measurement:

• Key Performance Indicators (KPIs): Insights contribute to the definition and monitoring of KPIs,
allowing marketers to measure the success of their campaigns and make data-driven adjustments.

53
 Marketing Management

Customer Insight in Marketing - Example

• Event: At the beginning of the 2012 Olympics in London, Nike unleashed its athletics-encouraging campaign called
‘Find Your Greatness’. The aim of the campaign was to promote aspirations of being an athlete, but not just with
high-performing athletes but with all people regardless of their physical capability.

• Insight: What consumer insights showed Nike was that the majority of their target audience were not professional
athletes, but people who strived to be more like them. This campaign was aimed at inspiring all of their audience
members to achieve their own personal greatness. Pushing your limits isn’t only for top-level athletes, as Nike
deduced. All of this was data-driven, of course, and carefully analyzed before any action took place.

• Result: So, it’s not just the medal-winners and record-breakers who should wear Nike gear, but everyone ready to
push their boundaries no matter their fitness level. The inspiring message had enormous appeal for target consumers
and challenged the approach to heavily target the pros upheld by the company until that time.
54
Marketing Management

Summary
• Marketing management is a dynamic and customer-focused discipline that plays a crucial role in the
success of organizations. It involves a holistic approach to understand, create, and deliver value to
customers while achieving the company's objectives in an ethical and socially responsible manner.
• Marketing management is essential for achieving various organizational goals, from revenue generation
and market share growth to building strong customer relationships and maintaining a competitive
advantage in the market.
• Marketing concepts form the foundation for creating effective marketing strategies that adapt to the ever-
changing business landscape. Successful marketers often integrate and balance these concepts to meet the
dynamic needs of their target audience.

55
Marketing Management

Summary
• Marketing is not only about selling products but also about understanding, creating, and delivering value
to customers. By focusing on customer needs and preferences, marketing contributes significantly to
achieving customer satisfaction and building long-term relationships with the target audience.
• Understanding consumer needs, wants, and insights is a dynamic process that involves ongoing research,
analysis, and adaptation. Successful businesses continuously strive to align their offerings with evolving
consumer preferences and market dynamics.
• By integrating needs and wants insight into your marketing strategy, you can build stronger connections
with your audience, increase customer satisfaction, and drive brand loyalty. Remember that a customer-
centric approach that addresses genuine needs and desires fosters long-term relationships and sustainable
business growth.
56
Marketing Management

Summary
• CRM is a strategic initiative that aligns with the benefits consumers seek in their interactions with
businesses. By leveraging CRM tools and principles, businesses can create more personalized, efficient,
and satisfying experiences for their customers, ultimately fostering loyalty and driving long-term success.

• Emotional benefits play a crucial role in shaping individuals' mental and physical health, their
relationships, work performance, overall satisfaction, and decision-making processes. Prioritizing
emotional well-being can lead to a more fulfilling and meaningful life.

• By investing in consumer insights, businesses can stay attuned to changing market dynamics, respond to
consumer needs more effectively, and ultimately build stronger and more successful customer
relationships..

57
Marketing Management

Self Assessment Question

1. Which of these is true about marketing?

a. Marketing is used to promote the product and services

b. Marketing is concerned about the sales only

c. Marketing is the activity, set of institutions, and processes for creating,

communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large.

d. Marketing considers only the needs of the organization and not the society

Answer: c 58
Marketing Management

Self Assessment Question

2. Which one is not a part of the 4 Ps?

a. Product

b. People

c. Price

d. Place

Answer: b

59
Marketing Management

Self Assessment Question

3. In today's time marketing must be understood and developed as?

a. Getting the first mover’s advantage

b. Creating value for the customers

c. Pushing for higher sales and profits

d. Creating innovative products

Answer: b

60
Marketing Management

Self Assessment Question

4. Which one of these is an appropriate definition of "want"?

a. The desires of consumers

b. Needs related to society

c. Basic human needs

d. Needs directed to the product

Answer: d

61
Marketing Management

Self Assessment Question

5. What is motive development?

a. The imbalance between the customer's actual and desired state in which gap
or problem-solving is recognized

b. The gap between the customer's current state and past state

c. The balance between the customer's actual and desired state

d. The gap between the customer's and his colleague's current state

Answer: a
62
Marketing Management

Self Assessment Question

6. The major objective of any marketing activity is to?

a. Sell

b. Promote

c. Create

d. Increase awareness

Answer: a

63
Marketing Management

Self Assessment Question

7. "Everyone likes a Mercedes car but few can buy it”. This is an example of ?

a. Demand

b. Desire

c. Want

d. Need

Answer: a

64
Marketing Management

Self Assessment Question

8. Customer Relationship Management is about

a. Acquiring the right customer

b. Instituting the best processes

c. Motivating employees

d. All of the above

Answer: d

65
Marketing Management

Self Assessment Question

9. The ______________ holds that consumers will favor products that are available and highly
affordable (therefore, work on improving production and distribution efficiency).

a. Product concept

b. Production concept

c. Production cost expansion concept

d. Marketing concept

Answer: a
66
Marketing Management

Self Assessment Question

10. Market expansion is usually achieved by:

a. More effective use of distribution

b. More effective use of advertising

c. By cutting prices

d. All of the above are suitable tactics

Answer: d

67
Marketing Management

Interview Questions
• What is marketing?
• What is the goal of marketing?
• What is your target audience?
• What is a marketing trend or campaign you liked?
• How do you manage the launch of a new product?
• What do you mean by Customer Relationship Management?
• What are the marketing channels that you have experience
working in?
• How did you measure the impact of a successful campaign for a
product that you marketed?
• Why do you need to create a customer journey map?

68
Marketing Management

Understand Marketing Management concept through Case studies…..

69
Marketing Management

Case Study 1: Coca-Cola collaborates with App Annie.

Coca-Cola is a beloved beverage brand enjoying worldwide recognition and profit. Other than its trademark
soft drinks, the company also has several sister brands under its name. Over the years, Coca-Cola has
developed into a tech-savvy, modern business, thanks to its innovation strategies.
The latest app developed by Coca-Cola includes the Coca-Cola Freestyle for customers, Coke Notify Service
Request for retailers. The study describes the significant challenges faced by the brand and how it overcomes
them with remarkable success. Towards the end, you also learn about the future prospects of the company.
Read the case study titled “Coca-Cola relies on App Annie to amaze and delight its customers” for more
details.

(Hint:- https://www.data.ai/en/insights/customer-stories/the-coca-cola-company/ )
70
Marketing Management

Case study 2: Zomato’s new deep discounting strategy

Zomato is a popular Food Service Aggregators in India (FSAs) known for its online delivery and user-
friendly interface. Recently, in an attempt to improve business, Zomato introduced some heavy discounts for
its client base. The new Zomato Gold was part of this campaign.

Customers who subscribed to Zomato Gold could access free meals, drinks, and discounts in certain
restaurants. The company partnered with numerous eateries to execute this plan This was just a gist of
the case study on Zomato’s deep discounting strategy. Read through the details of the report, analyze the
stats, and establish your take on the situation.

(Hint:- https://www.icmrindia.org/casestudies/catalogue/Marketing/MKTG409.htm )
71
Marketing Management

Case study 3: Raymond’s experiment with khadi

Raymond is a significant textile business worldwide known for its fabric quality and fitting suits. The brand
now plans to customize its fabric to suit the Indian market. For this, the market experts narrow down to the
traditional Indian material- “Khadi”. Khadi is a hand-woven, light, and comfortable fabric with some rich
cultural and historical significance. This case study titled “Raymond: Giving a new spin to Khadi” discusses
the deal between the company and the govt. Body. Khadi Village and Industries Commission (KVIC) is an
organization that overlooks the production and distribution of khadi in India.

The case study highlights how Raymond breaks the general perception of Khadi, presenting differently. It
also outlines the practical challenges faced by the brand to successfully launch the khadi line.

(Hint:- https://www.icmrindia.org/casestudies/catalogue/Marketing/MKTG404.htm )
72
Marketing Management

Activity

• Write an Essay on Marketing Management.

Offline/ Online
Activity
(30 min)

73
Marketing Management

Reading Assignment & Interactive brainstorming

•Analyse critically the Marketing

Management approach to grow
your customer base?
Online/Offline
Activity
(30 min)

74
Marketing Management

Document Links

Topic URL Notes

Understanding of introduction to
https://brainwonders.in/blog/what-is-marketing-
Marketing management marketing management, importance,
management
scope and functions

Understanding the concept CRM, its

What is CRM benefits, advantages, disadvantages in
https://www.anodius.com/what-is-crm-system/
details

75
Marketing Management

Video Links

Topic URL Notes

Explain in details introduction to

Marketing Management https://youtu.be/WeMgJOePAVU?si=65Z6OeIYlR6uTc73
marketing management

Customers Relationship
https://youtu.be/H6htt_I2Ddk?si=NidVAha4efn_xUFJ Detailed understanding of CRM
Management

76
Marketing Management

E- Book Links

E-book name Chapter Page No. Notes URL

https://drnishikantjha.com
Marketing This covers the detailed understanding of
All 78 Pages /papersCollection/Marketi
Management the marketing management.
ng%20Management.pdf

https://aissmschmct.in/wp
-
Detailed discussion of Customer
Introduction to CRM All 8 Pages content/uploads/2020/08/
Relationship Management approach.
Ch-1-Introduction-to-
CRM.pdf

77
Marketing Management

References
1. Kotler, Philip and Armstrong. Principles of Marketing. New York: Pearson Education,2020

2. S.A Sherlekar, R. Krishnamoorthy; Marketing Management: Concept and Cases,14th Edition,

Himalaya Publishing House,2019

3. Michael Etzel; Bruce J Walker; William Stanton; Ajay

Pandit; Marketing; 14th Edition;2019;Tata McGraw Hill

78