1. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Marketing Management Theocharis Katranis Mid Term - Revision Fall Semester 2014 1 Revision

2. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 2 The Importance of Marketing Marketing is crucial for business success as it is focusing on understanding customers or meeting their needs profitably.

3. Marketing ManagementTheocharis Katranis, MBA,Fall Semester 2014 Mid Term - Revision 3 Definition: Marketing Management is the Art and Science of Choosing Target Markets and Getting, Keeping and Increasing Customers Through Creating, Managing, Communicating and Delivering Superior Customer Value. Marketing Management

4. Theocharis Katranis, MBA,Fall Semester 2014 Mid Term - Revision 4 The Scope of Marketing A Marketer must be able to understand: - What Marketing is... - How it Works... - What is Marketed... - Who Does The Marketing...

5. Marketing ManagementTheocharis Katranis, MBA,Fall Semester 2014 Mid Term - Revision 5 Understanding Markets Seven Entities: 1. Services 2. Products 3. Events 4. Experiences 5. People 6. Places 7. Ideas

6. Marketing ManagementTheocharis Katranis, MBA,Fall Semester 2014 Mid Term - Revision 6 The 7 P’s by Boden How is Marketing Practised?

7. Marketing ManagementTheocharis Katranis, MBA,Fall Semester 2014 Mid Term - Revision 7 Marketing Environment 1. Task Environment It includes every company in the network engaged in producing, distributing and promoting the offering i.e. company’s suppliers, distributors, dealers and the target customers. 1. Demographic 2. Broad Environment – Six Components: 2. Economic 3. Physical 4. Technological 5. Political-Legal 6. Socio-Cultural

8. Marketing ManagementTheocharis Katranis, MBA,Fall Semester 2014 Mid Term - Revision 8 The FOUR core features of Management 1. Planning 2. Organising 3. Leading 4. Controlling

9. Marketing ManagementTheocharis Katranis, MBA,Fall Semester 2014 Mid Term – Mid Term - Revision 9 The Business Unit Strategic-planning process Business Unit Strategic Planning

10. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 10 Business Unit Strategic Planning SWOT Analysis – (The way of monitoring the external and internal marketing environment)

11. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 11 1. Executive Summary and Table of Contents Contents of the Marketing Plan 2. Situation Analysis – (Background data on Sales, Costs, the Market, Competitors) 3. Marketing Strategy – (Mission, Marketing and Financial Objectives) 4. Financial Projections – (Sales Forecasts – Expense Forecast and a Break-even analysis) 5. Implementation Controls –(Every Month or Quarter) The nature and content of a marketing plan

12. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 12 Business Activities of Digital Technologies 1. E-commerce 2. E-procurement 3. E-manufacturing 4. E-business Managing Digital Technology in Marketing - ICT

13. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 13 1.1 Customers 1. Microenvironment 1.2 Suppliers 1.3 Distributors 1.4 Agencies 1.5 Competitors The Changing Marketing Environment and Information Management

14. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 14 2.1 Political / Legal Forces 2. Macroenvironment 2.2 Economic Forces 2.3 Ecological / Physical Forces 2.4 Social / Cultural / Demographic Forces 2.5 Technological Forces The Changing Marketing Environment and Information Management

15. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 15 Components of a modern Marketing Information System (MIS)– It consists of: 1. People2. Equipment3. Procedures... To gather, sort, analyse, evaluate and distribute needed, timely and accurate information to marketing decision makers. A MIS relies on internal company records, marketing intelligence activities and marketing research. Managing the Marketing Information System

16. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 16 The marketing Research Process Managing Market Research and Forecasting

17. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 17 Consumer Behaviour is the study of how individuals or groups buy, use and dispose of goods, services, ideas or experiences to satisfy their needs and wants. Definition: The Study of Consumer Behaviour

18. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 18 The Three Dimensions of Consumer Behaviour 1. The study of Culture 2. The study of Social Groups 3. The study of the Individual The Study of Consumer Behaviour

19. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 19 Model of Consumer Behaviour Key Psychological Processes

20. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 20 1. Motivation Maslow’s Hierarchy of needs Key Psychological Processes

21. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 21 The Buying Decision Process

22. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 22 Problem/Need Recognition Information Search Evaluation of Alternatives Purchase Decision Post-Purchase Behavior The Buying Decision Process

23. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 24 Participants in the business buying process The Buying Centre 1. Initiators: Users or others in the organisation who request that something be purchased. 2. Users: Those who will use the product or service. 3. Influencers: People who influence the buying decision, often by helping define specifications and providing information for evaluating alternatives. Technical personnel are particularly important influencers. Analysing Business Markets 4. Deciders: People who decide on product requirements or on suppliers.

24. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 25 The Buying Centre 5. Approvers: People who authorise the proposed actions of deciders or buyers. 6. Buyers: People who have formal authority to select the supplier and arrange the purchase terms. 7. Gatekeepers: People who have the power to prevent sellers or information from reaching members of the buying centre i.e. Receptionists and telephone operators may prevent sales persons from contacting users or deciders. Participants in the business buying process Analysing Business Markets

25. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 26 The FIVE Competitive Forces 1. Industry Competitors – (Many competitors in a market segment) 2. Potential Entrants – (High Entry Barriers & Low Exit Barriers) 3. Substitutes – (Potential Substitutes) 4. Buyers – (Strong and/or growing bargaining power) 5. Suppliers – (Raise Prices or Reduce quantity Supplied i.e. Oil Co) Dealing with competition

26. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 27 1. Competitors’ Strategies Analysing Competitors 2. Competitors’ Objectives 3. Competitors’ Strengths and Weaknesses 4. Selecting Competitors 5. Selecting Customers – (Which to lose and which to retain) (Market Share, Quality of Products, Pricing, Distribution, Product Availability, Technical Assistance, Selling Staff) (Strong Vs Weak, Close Vs Distant, Good Vs Bad – play with the industry’s rules) (What is each competitor seeking in the market place? / What drives each competitor’s behaviour?) Dealing with competition

27. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 28 FOR: 1. Market Leaders 2. Market Challenger 3. Market Follower 4. Market Nichers Competitive Strategies

28. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 29 1. Segment Marketing 2. Niche Marketing 3. Local Marketing 4. Individual Marketing Group of customers who share a similar set of needs and wants. Group of customers who are seeking a distinctive mix of benefits or values. Marketing Programmes tailored to the needs and wants of local customer groups in trading areas and or neighbourhoods. Segment of One / One-to-one marketing / It seeks to develop long-term relationships with individual customers to tailor responses to their needs. The FOUR Levels of Mass Marketing

29. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 30 1. Geographic Segmentation 2. Demographic Segmentation 3. Psychographic Segmentation 4. Behavioural Segmentation Bases for Segmenting Consumer Markets

30. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 31 Effective Criteria for Market Segmentation

31. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 32 Five Patterns of Target Market Selection

32. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 33 Positioning Differentiation Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the minds of the target market. Differentiation in company’s offerings Creating Differentiation and Positioning Strategies

33. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 34 2. Better train personnel 1. Create Competitive Advantage 3. Design more effectively and more efficiently their distribution channels’ coverage, expertise and performance. 4. Image Differentiation i.e. Prestige, Luxury, Differentiation Strategies

34. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 35 Total Customer Benefit is the perceived monetary value of the bundle of economic, functional and psychological benefits customers expect from a given market offering because of the products, services, personnel, and image involved. Customer Perceived Value (CPV) is the difference between prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. Total Customer Cost is the perceived bundle of costs customers expect to incur in evaluating, obtaining, using and disposing of the given market offering, including monetary, time, energy and psychological costs. Customer Perceived Value

35. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 36 Cultivating customer relationships 1. Use Customer Relationship Management – (CRM) Customer Relationship Management – (CRM) is the process of carefully managing detailed information about individual customers and all customer ‘touch points’ to maximise customer loyalty. Building Customer Satisfaction

36. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 37 2.1 Develop advertisement and place them in media 2. Attracting and Retaining Customers 2.2 Send Direct mail and make phone calls to possible new Customers 2.3 Send their sales people to participate in trade shows and so on. Building Customer Satisfaction

37. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 38 What is a Brand? A Brand is a name that is given to a particular product or service or range of products or services. It can be also a symbol, logo, design or image or any combination of these, which is designed to identify the product or service. Creating and Managing Brands and Brand Equity

38. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 39 Brand Image is the visual or verbal expressions of a brand which leads to the psychological or emotional associations that the brand aspires to maintain in the minds of the consumer. Brand Knowledge are all the different things that become linked to the brand in the minds of consumers. It consists of all the thoughts, feelings, images, experiences, beliefs, Creating and Managing Brands and Brand Equity

39. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 40 The Role of brands 1. It signals a certain level of quality & Satisfaction 2. It reduce the perceived risk and time needed to shop in the purchase situation. 3. It offers Legal Protection for unique features or aspects of the product or service. 4. It can create greater customer loyalty. 5. Consumers will be willing to pay higher price. Creating and Managing Brands and Brand Equity

40. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 41 6. Brands are hard to copy 7. Brands can secure a competitive advantage 8. Brands increase marketing communication efficiencies 9. Brands attract higher-quality employees 10. Brands elicit stronger support from channel and supply chain partners 11. Brands create growth opportunities through brand extensions and licensing The Role of brands Creating and Managing Brands and Brand Equity

41. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 42 1. Memorable 2. Meaningful 3. Likeability 4. Transferable 5. Adaptable 6. Protectable Criteria for Choosing Brand Names

42. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 43 A Product Life-Cycle has FOUR Stages: 1. Introduction 2. Growth 3. Maturity 4. Decline Product Life-cycle Marketing Strategies

43. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 44 Product Life-cycle Marketing Strategies

44. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 45 Product Life-cycle Marketing Strategies

45. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 46 Reasons why New Products Fail

46. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Mid Term - Revision 48 Managing the New Product Development Process

47. Introduction to MarketingTheocharis Katranis, MBASpring Semester 2011 The 5 Stages in the Adoption Process Mid Term - Revision 47 1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption The Consumer Adoption Process

48. Marketing ManagementTheocharis Katranis, MBAFall Semester 2014 Chapters 1 to 15 Mid Term - Revision 48 END of Mid Term - Revision Thank you for your attention