Marketing Management study points

This blog post is reserved as my study notes area.

Marketing – Strategic Context

  1. Market may be local, national or international
  2. Price of product/service is set by the demand/supply
  3. Two types of markets
    • B2C – Business to Consumer
    • B2B – Business to Business
  4. Definition by The Chartered Institute of Marketing, UK  is “Marketing is the management process which identifies, anticipates, and supplies customer requirements efficiently and profitably
  5. Today – Customer is King!
  6. According to David Packard of Hewlett Packard (HP) – the whole company must be marketing oriented. Orders can be lost because of Marketing people or sales people or a bad treatment by accounting department or dispatch.
  7. According to Prof. Kolter, profit making is an aim of marketing, but it is not just for profit making commercial organizations. Every organization requires marketing
  8. Strategy is a long term plan of action or execution designed to achieve a particular goal
  9. Marketing:
    • Strategic Marketing – what you say, how you say, who you say etc.
    • Tactic Marketing – Place advts, generate leads, send mailers etc.
  10. Drucker sugests organizations need to set corporate objectives 8 key areas:
    1. Market standing
    2. Innovation
    3. Productivity
    4. Resources
    5. Profitability
    6. Management performance and productivity
    7. Employee performance and attitude
    8. Public responsibility
  11. Two approaches to strategic planning and development
    • Portfolio Management
    • Core Competences

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