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
 

Two brains constitute one brain

Your single brain got two different “brains”. One is “left” and the other is “right”

  • Right brain is a creative one. Mostly designers, copyrighters etc. belongs to this category.
  • Left brain is more into logical stuff. Members of this section are programmers, architects etc.

Even though everybody uses “both brains“, there will be a dominance of one side usually. You can find a more detailed reading on this topic here.

It was known from very long back that the right side of the brain controls movements of right side of the body and vise versa. But recently only studies proved about the “creative” and “logic” differentiation of brain hemispheres.

Hints:-

  • Emotions are right
  • Speech, language etc. are left
  • Gestures are right
  • Lawyers, Accountants, Managers etc. have more powerful left brains
  • Artists, Musicians etc. have more powerful right brains

Source: Leisure reading on Internet

 

Who are the blue chip organizations?

They are “most valuable organizations”. They will have a rating in BSE/NSE. We can say, they are financially well sound organizations.

Eg: Oracle, Vodafone, Pepsi etc.

The name “blue chip” came from the poker game where “blue chips” have the highest value.

 

Gap Analysis

It is an analysis to do the comparison between “Where are we” and “Where we planned” – in marketing context.

 

STEEPLE analysis

Social
Technological
Economic
Environmental
Political
Legal
Ethical

This is a valuable analysis for consideration when entering into export market.

Also known as PESTLE or PESTLIED analysis.

You might want to read about PEST here.