Market Management

• Market management is the process by which an organization manages its marketing activities to achieve organizational goals.
• Importance of Studying the Marketing Environment:

  • Helps identify opportunities before losing your edge
  • Alerts to potential threats affecting marketing activities
  • Assists in managing changes and maintaining growth in a dynamic economy
• Features of a Marketing Environment:

  • Dynamic: Factors affecting marketing environments constantly change over time
  • Relative: Marketing environments are unique to each organization
  • Uncertain: Market forces are unpredictable
  • Complex: Internal and external forces in a marketing environment make it complex
• Types of Marketing Environments:

  Internal Marketing Environments:

  • Factors within your control that impact marketing operations
  • Include organization's strengths, weaknesses, uniqueness, and competencies

  External Marketing Environments:

  • Factors outside of your control, such as technological advancements, regulatory changes, social, economic, and competitive forces
  • Can be categorized into micro and macro marketing environments
• Micro Marketing Environments:

  • Closely linked to your business and directly affect marketing operations
  • Include factors like customers, suppliers, business partners, vendors, and competitors
• Macro Marketing Environments:

  • Made up of factors beyond the control of your organization
  • Includes Political, Economic, Social and Demographic, Technological Advancement, Legal and Regulatory, and Environmental factors
• Analyzing the Macroenvironment:

  • Companies respond to unmet needs and trends profitably
  • Major forces include suppliers, marketing intermediaries, customers, competitors, and publics
  • Trends are more predictable and durable than fads
  • Megatrends are large social, economic, political, and technological changes
• Environmental Scanning:

  • Continual analysis of the environment inside and outside of an organization
  • Evaluates potential opportunities, threats, market trends, and lessons
  • Helps in responding appropriately and developing strategies
• Methods used for Environment Scanning:

  Scenario Building:

  • Based on analysis and understanding of current and historic trends
  • Helps identify possible future situations

  Cross Impact Analysis:

  • Connects relationships between events and variables
  • Determines most probable events or scenarios

  Delphi Method:

  • Forecasting process framework based on multiple rounds of questionnaires to experts
  • Combines expert analysis with elements of the wisdom of crowds

  SWOT Analysis:

  • Tool to provide a snapshot of a company's health
  • Evaluates Strengths, Weaknesses, Opportunities, and Threats
• Production Concept


  • Focuses on operations and assumes customers are attracted to readily available and affordable products
  • Useful in industries with tremendous growth but can lead to losing touch with customer needs
• Service Concept


  • Outlines how a service provider can realize the value and desired outcomes of its services
  • Describes the non-tangible aspects of service delivery and is part of the value proposition
• Selling Concept


  • Focuses on getting the consumer to the transaction without regard for customer needs or product quality
  • Doesn't lead to repeat purchases and excludes customer satisfaction efforts
• Product Concept


  • Assumes availability and price don't influence customer buying habits
  • Focuses on quality, innovation, and performance over low cost
• Marketing Concept


  • Focuses on offering better value to customers than competitors
  • Involves knowing the target market, sensing its needs, and meeting them effectively
• Holistic Concept


  • Considers the whole business and all marketing channels as a system
  • Involves different departments working together in synergy towards a conscious mission and positive brand image
• Holistic Concept

  • Internal Marketing
  • Integrated Marketing
  • Relationship Marketing
  • Performance Marketing
• The Wealth of Nations was written in 1776
• Rational


  (in classical economic theory) economic agents are able to consider the outcome of their choices and recognise the net benefits of each one
• Factors Influencing Marketing Concept


  • Growth of Population
  • Changing Concept of Family
  • More Disposable Income
  • More Discretionary Income
  • Technology Advancement
  • Media
  • Credit Facility
• Nature of Marketing: It is a system of interacting business activities
• Nature of Marketing: It is a managerial function of organizing and directing business activities that facilitates the movement of goods from producers to consumers
• Nature of Marketing: It is a Philosophy based on consumer orientation and satisfaction
• Nature of Marketing: It has dual objectives: Profit Making and Consumer Satisfaction
• Ten Types of Entities Marketers Market

  • Services
  • Events
  • Experiences
  • People
  • Places
  • Properties
  • Organizations
  • Information
  • Ideas
  • Physical Goods
• Scope of Marketing: Who Markets?

  • Marketers and Prospects
• Marketing strategy refers to the overall plan or approach that a company takes to promote and sell its products or services.
• A market-oriented company focuses on meeting customers' needs through continuous improvement of products and services.
• Market segmentation aims to discover distinct groups with different needs, characteristics, or behaviors within the overall market.
• Market management is the process by which an organization identifies, evaluates, selects, develops, implements, monitors, and maintains its markets.
• The marketing mix is made up of four elements - product, price, promotion, and place (distribution). These are often referred to as the "4 P's" of marketing.
• A marketing plan outlines specific actions and strategies that will be taken by a business to achieve their marketing goals.
• A marketing mix is a set of tactics used by companies to attract and retain customers.
• Product development involves creating new products or improving existing ones to meet customer needs.
• Pricing involves setting prices for goods and services based on factors such as production costs, competition, and demand.
• Market managers are responsible for analyzing market trends, consumer behavior, competitor activity, and other factors to develop effective marketing strategies.
• Promotion includes advertising, public relations, personal selling, sales promotions, direct marketing, guerrilla marketing, sponsorship, and event marketing.
• Pricing is another key element of marketing as it affects demand and profitability.
• Product development is an important aspect of marketing as it helps companies stay competitive by introducing new products or improving existing ones.