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1. marketing is a societal process by which individuals and groups obtain what they needand want through creating, offering, and exchanging products and services of value freely

with others.

2. Marketing (management) is the process of planning and executing the conception,pricing, promotion, and distribution of ideas, goods, and services to create exchanges that

satisfy individual and organizational goals.

3. marketing management as the art and science of applying core marketing concepts tochoose target markets and get, keep, and grow customers through creating, delivering,

and communicating superior customer value.

4. market was a physical place where buyers and sellers gathered to exchange goods.Now marketers view the sellers as the industry and the buyers as the market(see Figure

1-1). The sellers send goods and services and communications (ads, direct mail, e-mail

messages) to the market; in return they receive money and information (attitudes, sales

data).

5. A

brandis an offering from a known source.

Abrand name such as McDonalds carries

many associations in the minds of people: hamburgers, fun, children, fast food, golden

arches. These associations make up the brand image.All companies strive to build a

strong, favorable brand image.

6. Marketing mix is the set of marketing tools that the firm uses to pursue its marketingobjectives in the target market.As shown in the four Ps of marketing: product, price,

place, and promotion.

7. Amarketing information system (MIS) consists of people, equipment, and procedures togather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to

marketing decision makers. To carry out their analysis, planning, implementation, and

control responsibilities, marketing managers need information about developments in themarketing environment. The role of the MIS is to assess the managers information

needs, develop the needed information, and distribute that information in a timely

fashion. The information is developed through internal company records, marketing

intelligence activities, marketing research, and marketing decision support analysis.

8. Amarketing intelligence system is a set of procedures and sources used by managers toobtain everyday information about developments in the marketing environment.

9. Marketing managers collect marketing intelligence by reading books, newspapers, andtrade publications; talking to customers, suppliers, and distributors; and meeting with

other company managers.A company can take several steps to improve the quality of its

marketing intelligence.

10. Marketing research is the systematic design, collection, analysis, and reporting of dataand findings relevant to a specific marketing situation facing the company.

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New product development-Product development is the process of designing, building, operating, and maintaining a good or

service1

1. Idea Generation is often called the "fuzzy front end" of the NPD process Ideas for new products can be obtained from basic research using a SWOT

analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer

trends, company's R&Ddepartment, competitors, focus groups, employees,

salespeople, corporate spies, trade shows, or Ethnographic discovery methods

(searching for user patterns and habits) may also be used to get an insight into

new product lines or product features.

Idea Generation or Brainstorming of new product, service, or store concepts - ideageneration techniques can begin when you have done your OPPORTUNITY

ANALYSIS to support your ideas in the Idea Screening Phase (shown in the

next development step).

2. Idea Screening The object is to eliminate unsound concepts prior to devoting resources to them. The screeners should ask several questions:

Will the customer in the target market benefit from the product? What is the size and growth forecasts of the market segment/target

market? What is the current or expected competitive pressure for the product idea? What are the industry sales and market trends the product idea is based

on?

Is it technically feasible to manufacture the product? Will the product be profitable when manufactured and delivered to the

customer at the target price?

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3. Concept Development and Testing Develop the marketing and engineering details

Investigate intellectual property issues and search patent data bases Who is the target market and who is the decision maker in the purchasing

process?

What product features must the product incorporate? What benefits will the product provide? How will consumers react to the product? How will the product be produced most cost effectively? Prove feasibility through virtual computer aided rendering, and rapid

prototyping

What will it cost to produce it? Testing the Concept by asking a sample of prospective customers what they think

of the idea. Usually via Choice Modelling.

4. Bu

siness Analysis Estimate likely selling price based upon competition and customer feedback Estimate sales volume based upon size of market and such tools as the Fourt-

Woodlock equation

Estimate profitability and break-even point5. Product Development

5. Beta Testing andMarket Testing Produce a physical prototype or mock-up Test the product (and its packaging) in typical usage situations Conduct focus group customer interviews or introduce at trade show Make adjustments where necessary Produce an initial run of the product and sell it in a test market area to determine

customer acceptance

6. Commercialization (often considered post-NPD) Launch the product Produce and place advertisements and other promotions Fill the distribution pipeline with product Critical path analysis is most useful at this stage.

1. Sales management-sales management includes management of all the marketingactivities including advertising, sales promotion, marketing research, distribution,

procing, and product merchandising.

A. Product management is an organizational lifecycle function within a company dealingwith the planning or forecasting or marketing of a product or products at all stages of

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the product lifecycle. Product management (inbound focused) and product marketing

(outbound focused) are different yet complementary efforts with the objective of

maximizing sales revenues, market share, and profit margins. The role of product

management spans many activities from strategic to tactical and varies based on the

organizational structure of the company. Product management can be a function separate

on its own and a member of marketing or engineering.

While involved with the entire product lifecycle, product management's main focus is on

driving new product development. According to the Product Development and Management

Association (PDMA), superior and differentiated new products ones that deliver unique

benefits and superior value to the customer is the number one driver of success and product

profitability.

A. Brand management includes managing the tangible and intangible characteristics ofbrand. In case of product brands, the tangibles include the product itself, price, packaging, etc. While in case of service brands, the tangibles include the customersexperience. The intangibles include emotional connections with the product / service.

Branding is assembling of various marketing mix medium into a whole so as to give youan identity. It is nothing but capturing your customers mind with your brand name. It

gives an image of an experienced, huge and reliable business.B. Brand management is the application of marketing techniques to a

specific product, product line, or brand. Brand Management is the process taken to createperceived value for the purpose of a monetary or authority gain. The American Marketing

Association (AMA), sums it up as Branding is what differentiates you, your name, yourcompany, a symbol, logo, design or term from that of the competition.

C.VIR

ALMA

RKETING-Marketing phenomenon that facilitates and encourages people topass along a marketing message.Viral marketing depends on a high pass-along rate from

person to person.D. Viral marketing and viral advertising are buzzwords referring to marketing techniques

that use pre-existing social networks to increase the brand awareness or to achieve othermarketing objectives (such as product sales) through self-replicating viral processes,

analogous to the spread of virus or computer viruses. It can be word-of-mouth deliveredor enhanced by the network effects of the Internet.

[1]Viral promotions may take the form

of video clips, interactive Flash games, advergames, ebooks, brandable software, images,or even text messages.

E. Multi-level marketing (MLM) is a marketing strategy in which the sales force iscompensated not only for sales they personally generate, but also for the sales of othersthey recruit, creating a downline of distributors and a hierarchy of multiple levels ofcompensation. Other terms for MLM include Network Marketing,Direct Selling,

and Referral Marketing. Independent, unsalaried salespeople of multi-level marketing,referred to as distributors (or associates, independent business owners, dealers, franchise

owners, sales consultants, consultants, independent agents, etc.), represent the companythat produces the products or provides the services they sell. They are awarded a

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commission based upon the volume of product sold through their own sales efforts aswell as that of their downline organization.

F. Independent distributors develop their organizations by either building an active customer base, who buy direct from the company, or by recruiting adownline of independent

distributors who also build a customer base, thereby expanding the overall organization .A

dditionally, distributors can also earn a profit by retailing products they purchased fromthe company at wholesale price.G.