MB 203: MARKETING MANAGEMENT
MODULE I (MAKAUT MBA SYLLABUS & STUDY MATERIAL)
- Introduction: Definitions of marketing; Core Concept of Marketing – need, want, demand, offering and branding, value and satisfaction, Evolution of marketing concepts (orientations); Marketing Mix – 4Ps and 4Cs.
4 P’s OF MARKETING
FROM 4P’s TO 4C’s OF MARKETING
The Four Ps is being replaced by the Four Cs model, comprising of consumer, cost, convenience, and communication. The Four Cs model is more consumer-situated and fits better in the development from mass marketing to specialty marketing. The product some portion of the Four Ps model is replaced by consumer or consumer models, moving the concentration to fulfilling the consumer.
Product is replaced by Client: You need to concentrate on consumer needs and needs and afterward draw in consumers individually with something every one wants.It is to make a custom arrangement as opposed to categorizing a client into a product.
Pricing is replaced by cost, mirroring the truth of the absolute cost of possession. Many variables influence cost, including however not restricted to the clients cost to change or execute the new product or administration and the clients cost for not choosing a contenders capacity. You need to understand that price – estimated in dollars – is one piece of the cost to fulfill. Assuming that you sell cheeseburgers, for instance, you need to think about the cost of heading to your eatery, the cost of still, small voice of eating meat, and so on.
Place is replaced by the convenience capability. With the ascent of web and cross breed models of buying, place is presently not important. Convenience considers the straightforwardness to purchase a product, track down a product, track down data about a product, and a few different contemplations. You need to know how every subset of the market likes to purchase – on the Web, from an inventory, on the telephone, utilizing Visas, and so forth. Lands End clothing, Amazon Books and Dell PCs are only a couple of organizations who do very above and beyond the Web.
Promotions highlight is replaced by communication. Communications addresses a more extensive concentration than essentially promotions. Communications can incorporate promoting, advertising, individual selling, viral publicizing, and any type of communication between the firm and the consumer. Be imaginative and you can make any publicizing “intuitive”. Use telephone numbers, your site address, and so forth to help here. What’s more, pay attention to your clients when they are “with” you.
Note : The above study material is compiled and written from various sources. The study material is intended to be used by students of MBA from various universities mainly MAKAUT university.