Introduction:
This course is aimed at providing the basic understanding of marketing and its structure and regulations. The course also provides an overview of various services, their emerging role and its service delivery process.
Learning Objective:
- This course is designed to familiarize students with the necessary background about marketing budget, marketing research, product lines and new product development, branding, pricing, channels of marketing, marketing promotion.
Learning Outcome:
· Understanding the concepts, strategies and contemporary issues involved in the marketing of products and services.
Unit 1: Marketing Budgets and Costs:
Marketing Cost Analysis, Customer Profitability Analysis: Steps in Customer Profitability Analysis, Financial Situation Analysis, Financial Ratios, Contribution Analysis, Budgeting for the Sales Force Department, Production and Efficiency, Learning Effect and Experience Curve.
Unit 2: Marketing Research, MKIS and Demand Forecasting:
Meaning and Scope of Marketing Research, The Marketing Research Process, Research Instruments, Data Collection Techniques, Evaluating Data and Preparing a Research Report, Barriers between Marketing Researchers and Managerial Decision Maker, The Importance of Ethical Marketing Research, Meaning and Scope of MKIS , MKIS Components, Demand Forecast and Measurement : Market Classification, The Concept of Market Demand for Marketing, Market Potential, Company Demand, Company Sales Forecast, Sales Quota and Sales Budget, Current Demand Estimation, Future Demand Estimation
Unit 3: Product and Product Lines:
Product Personality: Nature of the Product, Product Hierarchy, Product Classification: Durability and Tangibility, Usage, Product Policy: Product Mix, Product Mix Strategies, Managing Product Lines, Product Life Cycle: Introduction, Growth, Maturity, Decline.
Unit 4: New Product Development:
Challenges in New Product Development, Organizing the Product Development Process: Product Managers, Product Committees, Product Departments, Product Venture Teams, Stages of New Product Development: Idea Generation, Idea Screening, Concept Testing and Analysis, Product Development, Test Marketing, Commercialization.
Unit 5: Branding and Packaging:
Brand as a Concept and its Significance: Value and Significance of a Brand, Types of Brands and their Challenges: Brand Challenges, Brand Equity: Selection of a Brand Name, Brand Sponsorship, Brand Strategy Decision: Line Extension, Brand Extension, Brand Rejuvenation, Brand Re-launch, Brand Proliferation, Multi Brands, New Brand Name, Co-brands, New Developments in Brand Management, Packaging and its Importance in Marketing, Labeling: Universal Product Codes.
Unit 6: Pricing and Marketing:
Significance and Importance of Price to a Marketer, Price and Non-Price Competition, The Process of Setting Prices: Setting Pricing Objectives, Factors Affecting Demand Determination, Analyzing Competitor’s Pricing, The Selection of a Pricing Method, The Selection of a Pricing Policy, Approaches to Price Adjustments: Geographical Pricing, Promotional Pricing, Discriminatory Pricing, Discounts and Allowances, Experience Curve Pricing, Product Mix Pricing, Effects of Price Changes: Buyers’ Perceptions on the Price Changes, Competitors’ Reaction.
Unit 7: Channels of Marketing:
Nature of Marketing Channels, Role of Marketing Channels: Channel Flow, Channel Levels, Service Sector Channel, Functions of Marketing Channels: Facilitating the Exchange Process, Alleviating Discrepancies, Standardizing Transactions, Matching Buyers and Sellers, Providing Customer Service, Designing Distribution Channels: Analyzing Customer Expectations of Service Output, Formulating Objectives, Evaluating Channel Alternatives, Channel Management: Channel Member Selection, Channel Member’s Training, Member Motivation and Evaluation, Modifying Channel Arrangement, Legal and Ethical Issues in Channel Management, Channel Dynamics: Horizontal Marketing System, Vertical Marketing System, Multi Channel Marketing System, Channels and Conflicts: Types of Channel Conflicts, Causes of Channel Conflicts, Managing Channel Conflicts.
Unit 8: Logistics and Wholesaling:
Objectives of Market Logistics: Delivering Customer Service, Reducing Total Distribution Costs, Reducing Cycle Time, Market Logistic Decisions: Order Processing, Inventory Management, Transportation, Functions of Warehousing, Types of Warehousing, Strategic Issues in Managing Logistics, Growth of Wholesaling, Classification of Wholesalers: Merchant Wholesalers, Agents and Brokers, Manufacturers’ Sales Branch and Offices, Market Decisions, Changing Pattern in Wholesaling.
Unit 9: Retailing:
Types of Retailers: Ownership, The Extent of Product Lines Handled, Retailing Based on Service vs. Goods Retail Strategy Mix, Non Store Based Retailing, Implication of Merchandising, Franchising: Major Types of Franchising, Advantages and Disadvantages of Franchising, Strategic Issues in Retailing: Location, Store Image Decision, Market Decisions- Product Assortment and Procurement, Service Mix and Retailing Environment, Global Trends in Retailing, Trends in Retailing in India.
Unit 10: Communication Mix in Marketing:
Communication and Promotion Process: Communication Process, Types of Communication Channels, Promotion Tools: Advertising, Sales Promotion, Publicity, Public Relation, Personal Selling, Direct Marketing, Developing a Communication Program: Target Audience Identification, Determination of Communication Objectives, Developing Marketing Communication Budget, Factors Influencing the Designing of Communication Message, Marketing Communication Mix: Product Market Type, Pull-Push Strategy, The Product Life Cycle, Effectiveness of Advertising, Marketing Communication Integration and Coordination, Future of Marketing Communication.
Unit 11: Advertising, Sales Promotion and Public Relations:
Benefits of Advertising, Developing an Advertising Program: Identify the Target Audience, Define the Objectives of Advertising Campaign, Set the Advertising Budget, Developing the Advertising Message, Selecting the Right Media, Evaluation of Advertising, Advertising Agencies, Sales Promotion: Purpose of Sales Promotion, Importance of Sales Promotion, Decisions in Sales Promotion, Public Relations: Marketing and PR, Major Decisions in PR, Major Tools of PR, Dealing with Unfavorable PR.
Unit 12: Personal Selling and Sales Force Management:
Nature and Importance of Personal Selling, Types of Salespersons: Order Takers, Order Getters, Support Personnel, Personal Selling Process- Prospecting and Evaluating, Pre-Approach, Presentation, Handling Objections, Closing , Follow up, Improving Personal Selling Efforts: Professional Training, Negotiations, Relationship Marketing, Sales Force Management: Establishing Sales Objectives, Fixing the Sales Quotas, Designing the Sales Force, Determining the Sales Force Size, Recruiting and Selecting Sales People, Routing and Scheduling, Training Sales Personnel, Compensation, Evaluating the Sales Force, Motivating the Sales Force.
Unit 13: Developing and Managing Marketing Department and Organization:
Trends in Business Environment - Reengineering, Outsourcing, Bench Marking, Collaborating with Suppliers, Customer Relationships, Mergers, Globalizing, Downsizing, Focus, Empowering, Marketing Organization: Evolution of Marketing Department, The Designing of Marketing Organization, Linkages with Other Departments: Research and Development, Engineering, Manufacturing and Operations, Purchasing, Finance, Strategies for Organization Wide Marketing Orientation, Marketing Implementation, Evaluation and Control: Annual Plan Control, Sales Analysis, Market Share Analysis, Marketing Expense to Sales Analysis, Financial Analysis, Market Based Score Card Analysis, Profitability Control, Efficiency Control, Strategy Control.
Essential readings
- Marketing Management: Analysis, Planning Implementation and Control, 11e, (Millennium Edition) -Philip Kotler / Prentice Hall Of India
- Services Marketing, 3e -Christopher P Lovelock / Prentice Hall
- Brand Positioning: Strategies for competitive advantage -Subroto Sengupta / Tata McGraw Hill
- Marketing Management- S.A Sherlekar/ Himalya publishing House, Bombay
- Fundamentals of Marketing -William J. Stanton and Charles Futrell / Tata McGraw Hill, New York
· Principles and Practice of Marketing in India -C.B Mamoria & R.L Joshi /Kitab Mahal, Allahabad
Suggested Readings
- Etzel, M. J., Bruce, J., W., Stanton, W. J., & Pandit, A. (2010). Marketing (14th ed.). New Delhi: Tata McGraw-Hill.
- Kotler, P., Keller, K., Koshy, L., & Jha, M. (2009). Marketing management: a south Asian perspective (13th ed.). New Delhi: Pearson.
- Teacher: Prabal Chakraborty