Marketing Management Marketing is a communication Management

Marketing Management What is the definition of Marketing?

Marketing Management Definition of Marketing –The complex, interrelated series of activities involved in creating products and services, promoting their existence and attributes, and making them physically available to identified target buyers. (American Management Association) Marketing Management

SenderEncodeMessageDecodeReceiver Feedback This is the standard model of communication Marketing texts use the model to introduce promotion Marketing Management

SenderEncodeMessageDecodeReceiver Feedback I prefer this model to explain the marketing process It is applicable to any form of interaction Explains the marketing curriculum and strategies Marketing Management

SenderEncodeMessageDecodeReceiver Feedback Marketing (Jensen’s definition) : –A communication process that exists between producer and consumer for the purpose of optimizing satisfaction of both parties. Marketing Management

The sender originates the action The sender could also be known as the Producer of an offering Sender Marketing Management

The receiver is the target of the action The target could also be known as the Consumer of an offering Receiver Marketing Management

The message is the offering The message could also be known as the product Message Marketing Management

The way the Receiver decodes is of vital importance to the Sender Need to know who the target is; in as many ways possible Therefore, we study Consumer Behavior and Marketing Research Decode Marketing Management

Knowing the way the Receiver decodes guides the Sender in developing the offering All aspects of the offering serve as communication tools Therefore, we have the Marketing Strategies: Product, Price, Place and Promotion Encode Marketing Management

Product as a Communicator Label is full of information about the product Packaging-balancing Protection against Comparison Packaging-enhancing product image –Popin’s Branding-creating identification and allegiance –NABISCO’s “triangle” Product –Coffee Study and Convenience Goods Marketing Management

Price as a Communicator Discounts and Deals Price as a measure of quality The economist’s nightmare – a positively sloped demand curve Marketing Management

Place as a Communicator Place of purchase as indicator of quality –Bonney & Gordon Control of the Channel of Distribution –Private Branding versus National Brands Retailing and Display –Product placement Marketing Management

Promotion as a Communicator (the obvious one) Advertising - communicating with the masses Personal Sales - communicating one-to-one Marketing Management

SenderEncodeMessageDecodeReceiver Feedback This model allows a user to view any transaction from a marketing perspective and analyze the successes and failures Marketing Management

For Example I firmly maintain that Marketing Students SHOULD expect the job of their dreams upon graduation Their academic career was spent learning how to market a product – in this case, getting the job If they have learned anything it should have been how to market themselves And applying the model is a positive approach Marketing Management

Who is the Receiver (Target) How do they Decode What is the Product What Packaging is appropriate Is Branding a factor What are the Price factors What are the Place factors What Advertising is involved What Personal Selling is involved Marketing Management

MarketingMarketing: A communication process that exists between producer and consumer for the purpose of optimizing satisfaction of both parties. Marketing Management