Marketing Management – Key Concepts Summary

🔑 Marketing Management – Key Concepts Summary

Unit 1: Marketing – Creating Customer Value

  • Definition: Marketing is a social and managerial process where individuals and groups obtain needs/wants through exchange.

  • Core concepts: Needs, wants, demands, market offerings, customer value & satisfaction.

  • Process: Market research → segmentation → targeting → positioning (STP) → marketing mix (4Ps).

  • Trends: Digital marketing, global marketing, sustainable and not-for-profit marketing.

Unit 2: Analyzing the Marketing Environment

  • Microenvironment: Suppliers, customers, competitors, publics, intermediaries.

  • Macroenvironment: Demographic, economic, technological, natural, political, cultural.

  • Strategic roles: Leaders, challengers, followers.

  • Tools: Marketing Information Systems (MIS), SWOT, PESTEL, marketing research.

Unit 3: Consumer Markets & Buyer Behavior

  • Consumer behavior model: Psychological, personal, social, cultural factors.

  • Buying process: Need recognition → info search → evaluation → purchase → post-purchase behavior.

  • Types: Complex, variety-seeking, habitual, dissonance-reducing.

Unit 4: Business Markets & Buyer Behavior

  • Business markets: Larger buyers, derived demand, formal decision process.

  • Buying process: Problem recognition → supplier search → proposal → selection → order → review.

  • B2B Trends: E-procurement, digital platforms, institutional and government markets.

Unit 5: Customer Value–Driven Marketing Strategy

  • STP Process:

    • Segmentation: Geographic, demographic, psychographic, behavioral.

    • Targeting: Undifferentiated, differentiated, concentrated, micromarketing.

    • Positioning: Differentiation based on benefits, price, usage, quality.

  • Value Proposition: Why the customer should buy from you.

Unit 6: Products, Services & Branding

  • Product levels: Core, actual, augmented.

  • Types: Consumer vs. industrial.

  • Services: Intangibility, perishability, inseparability, variability.

  • Branding: Equity, positioning, brand sponsorship (private, licensed, co-branding).

Unit 7: New Product Development & Product Life Cycle

  • NPD Process: Idea generation → screening → concept testing → development → test marketing → launch.

  • PLC Stages: Introduction, growth, maturity, decline.

  • Strategies: Vary by stage; emphasize innovation & customer needs.

Unit 8: Pricing – Understanding & Capturing Customer Value

  • Price: The amount charged for a product/service.

  • Strategies: Cost-based, value-based, competition-based.

  • Factors: Internal (costs, objectives) & external (demand, competition, regulations).

Unit 9: Pricing Strategies – Additional Considerations

  • New product pricing: Skimming vs. penetration.

  • Product mix pricing: Optional, captive, bundle, by-product.

  • Adjustment strategies: Discounts, segmentation, psychological, promotional.

Unit 10: Marketing Channels

  • Channel levels: Direct vs. indirect.

  • Functions: Information, promotion, contact, negotiation, financing, risk-taking.

  • Management: Conflict resolution, logistics, supply chain efficiency.

Unit 11: Integrated Marketing Communication (IMC)

  • Promotion mix: Advertising, personal selling, sales promotion, PR, direct marketing.

  • IMC Strategy: Clear, consistent, compelling messages across all channels.

  • Decision steps: Identify target, objectives, design message, media selection, budget.

Unit 12: Direct, Digital & Mobile Marketing

  • Types: Email, SEO, SEM, social media, influencer, mobile apps, SMS.

  • Benefits: Targeting, personalization, cost-effectiveness, engagement.

  • Trends: AI in marketing, data-driven decision-making, omnichannel integration.

Absolutely, here’s a fast-track unit-wise summary of each unit from the Marketing Management NMIMS textbook — easy to revise without reading the book:

✅ UNIT 1: Marketing – Creating Customer Value and Engagement

  • Marketing = Creating, communicating, and delivering value.

  • Focus: Customer needs, wants, and satisfaction.

  • STP = Segmentation, Targeting, Positioning.

  • CRM = Building long-term relationships.

  • Trends: Digital marketing, social responsibility, globalization.

✅ UNIT 2: Analyzing the Marketing Environment

  • Microenvironment: Customers, suppliers, competitors, intermediaries.

  • Macroenvironment: Demographic, economic, natural, technological, political, cultural.

  • Goal: Adapt to external changes (like Netflix did).

  • Tools: SWOT, PESTEL, Market Research, MIS.

✅ UNIT 3: Consumer Markets and Buyer Behavior

  • Influences: Psychological (motivation, perception), personal, social, cultural.

  • Buyer decision process: Need → Search → Evaluate → Purchase → Post-purchase.

  • Types of Buying: Complex, habitual, variety-seeking, dissonance-reducing.

✅ UNIT 4: Business Markets and Buyer Behavior

  • B2B Markets: Fewer buyers, larger orders.

  • Decision process: More formal, logical, multi-person.

  • Segments: Government, institutional, resellers.

  • Trends: E-procurement, online platforms.

✅ UNIT 5: Customer Value–Driven Marketing Strategy

  • Segmentation: Divide market by demographic, geographic, psychographic, behavior.

  • Targeting: Choose the best-fit segments.

  • Positioning: Create a unique value perception in customer’s mind.

  • Goal: Deliver more value than competitors.

✅ UNIT 6: Products, Services, and Brands

  • Product Levels: Core → Actual → Augmented.

  • Services: Intangible, variable, inseparable, perishable.

  • Branding: Identity, equity, loyalty.

  • Decisions: Product line, mix, quality, features.

✅ UNIT 7: Developing New Products & Product Life Cycle

  • New Product Steps: Idea → Screening → Concept → Development → Testing → Launch.

  • Product Life Cycle (PLC): Intro → Growth → Maturity → Decline.

  • Adjust strategy by PLC stage.

  • Focus: Innovation, adaptation, customer feedback.

✅ UNIT 8: Pricing – Understanding and Capturing Value

  • Price = Value perception.

  • Strategies: Cost-based, value-based, competition-based.

  • Factors: Internal (cost, objectives), External (demand, economy, competition).

  • Objective: Maximize value & profit, not just sales.

✅ UNIT 9: Pricing Strategies – Additional Considerations

  • New product pricing: Skimming (high price), Penetration (low price).

  • Product mix pricing: Bundle, optional, captive.

  • Adjustments: Discounts, dynamic pricing, psychological pricing.

  • Goal: Match price with segment & strategy.

✅ UNIT 10: Marketing Channels – Delivering Customer Value

  • Direct vs. Indirect channels.

  • Functions: Distribution, logistics, promotion, relationship.

  • Conflict: Horizontal (same level), Vertical (different levels).

  • Trend: Omnichannel (online + offline synergy).

✅ UNIT 11: Communicating Customer Value – IMC Strategy

  • Promotion mix: Advertising, PR, personal selling, sales promo, direct marketing.

  • IMC: Consistent message across all channels.

  • Steps: Target → Objectives → Message → Media → Budget.

  • Effectiveness = Message clarity + media fit.

✅ UNIT 12: Direct, Online, Social Media, and Mobile Marketing

  • Channels: Email, SEO, social media, mobile apps, SMS.

  • Benefits: Personalized, cost-effective, measurable.

  • Trends: Influencer marketing, automation, AI tools.

  • Goal: Engage directly, build loyalty, fast conversions.

🧠 Quick Exam Tips

  • Focus on STP, 4Ps, consumer behavior, and digital marketing trends.

  • Revise caselets (e.g., Nike, GreenWave, Netflix) to apply theory in real-world context.

  • Know key definitions (Kotler’s, AMA), and differences (consumer vs. business market).

  • Memorize examples (e.g., P&G, Apple, IKEA, Nike for CSR and innovation).

  • Practice HOTS & MCQs for high recall.


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