Marketing Management

 

Definition of Marketing

Marketing refers to the process of identifying customer needs and wants satisfying them profitably by providing customers worth the right goods and services.

Marketing instance to satisfy human needs and wants by bringing the product to the ultimate customer and in this process both the producer and the customer gain because the producer makes a profit and the customer is able to satisfy his needs or her wants.

 
The importance of marketing
1. A rise in the level of education
Consumers are made conscious about their rights. There is a rise in consumerism and consumers are the king.They decide what to produce and therefore firms help to adapt marketing in order to satisfy customer wants.

2. A rise in the level of competition
There are many firms which are completing for consumers. Supply of goods is greater than demand and there is aggressive competition among firms. Marketing helps firms in attracting and retaining customers.



Difference between Product Oriented and Market Oriented
Product Oriented
Firms which are product oriented assume that consumers will favor those products that are widely available and low in price.These producers produce on a large scale and try to reduce cost of production by benefiting from economies of scale. No market research is conducted and products are imposed on consumers. Producers use aggressive selling techniques like advertising to sell their product. The firms aims at maximizing profit by lowering cost of product.

Market Oriented
Market Oriented firms are customer oriented which aims at customer satisfaction. The firms undertakes marketing research to identify the needs and wants of customers. Marketing strategies are device to satisfy the needs of consumers. The firms aims at profit maximization through customer satisfaction.






                                   Market Research

Marketing Research refers to the systematic gathering, recording and analysis of information related to a particular marketing problem. For example, if a firm is experiencing falling sales, the marketing department may decide to undertake a marketing research. According to the marketing concept management help to produce those goods that are desirable. Therefore marketing research helps in gathering the useful information.

Benefits of Marketing
1. When the firms undertakes a market research, this reduces the risk of failure on the market. The firm obtains relevant information regarding consumers tastes and preferences and this information helps in producing goods and services that consumers want.

2.Marketing research helps firms in obtaining new product ideas from consumers. The market research provides valuable information and these may be used either to develop new product or modifying our existing product.


Primary Research
Primary Research refers to the process of gathering information directly from people.It is also known as ''field research'' whereby fresh or primary data is collected, i.e, the data that has not been collected before. For e.g, transport company may undertake a primary research by asking people questions related to transport problem. The primary data may be obtained from three source, i.e, a survey, observation and experiment.

Advantage of primary research
1. The firms obtain fresh and up to date data which helps in devicing appropriate marketing strategies.
2. The firms obtain information which is specific to the needs of research.This helps in obtaining complete information.
Disadvantages of primary research 
1. Primary research process maybe a long one and by the time the results are obtained, they may not be of use to the firm. The information obtain may not be timely.
2. The firm has to spent a lot while conducting a primary research. For example, the firm has to design questionnaires appoint into viewers etc... which adds to cost of research. Primary research may not be affordable by small firms.

Secondary Research
Secondary Research refers to the process of collecting information from an already existing source. The firm may obtain data from internal and external sources.

Internal sources will refer to data found within the organization. Examples are list of debtors, list of customers, list of workers, trading account, balance sheet and cash flow.
External sources are data found outside the organization. For example, internet, newspaper, publications, statistics and research reports.

Advantages of secondary research
1. The secondary data is quickly obtained and it helps in supporting the primary research.
2. It is less costly, i.e, secondary data is cheap to obtain.

Disadvantages of secondary research
1. The data obtained may not be up to date and therefore this may lead to wrong decisions.
2. The information obtained may not be specific to the needs of marketing problem faced by the organization. The data may not be sufficient or reliable.

Methods of research
Survey  
Survey is a method of collecting primary data and during a survey questions are asked.The firms obtained data which has not existed before and this data is analyzed and marketing decisions are made. There are different types of survey namely personal interview, telephone survey, electronic survey and postal survey.

 Personal interview
Personal interview also known as face to face interview is a method of survey where information is gathered by asking questions. The interviewer will asked the questions listed in a questionnaire to the interviewee. For example: a personal interview may be conducted among children and questions about their consumption about their food maybe asked.

Advantages of personal survey
1. The interviewer can obtain immediate feedback by looking at the facial expression.
2. The interviewer can help the interviewee by explaining the questions to the respondent.

Disadvantages of personal survey
1. It is costly and timely.
2. The presence of the interviewer may lead to answers which are biased.

Telephone survey
Telephone survey is conducted through the phone where interviewer asked questions to the interviewee.

Advantages of telephone survey
1. It saves on time because it reaches more people in less time.
2. It is flexible, that is, questions may be altered according to the respondent.

Disadvantages of telephone survey 
1. It is limited to short and simple questions.
2. It may be costly.

MODULE 1
INTRODUCTION AND DEVELOPMENT OF IDEAS ON HUMAN RESOURCES
 Strategic Human Resource Management deals with how people are treated in organization.
Its main object is to bring people into organization, help them to perform their work, compensate them for their labors and solve their problems which arise in organization. Commitment and motivation are important aspect Strategic Human Resource Management. This helps us to connect  
Strategic Human Resource Management with organizational behavior and management strategy.

The objective of MBA Human Resource Management Subject is to provide fundamental understanding of Human Resource Management value chain. The subject aims at helping students understand, appreciate and analyse workforce at managerial and non- managerial levels. The Subject also intends to ensure that they develop sound knowledge and critical awareness of issues of theoretical and practical relevance.

This course requires an ability to analyse and understand the concepts and a keen eye for observing how Human Resource Management policies and practices affect organisational working.

Human Resource Management contains five Modules - Linking strategy and HRM in an organisational context, Human Resources in the context of organization’s intrinsic systems, Organisational Performance and HRM, Enhancing HR effectiveness through Training and Development, and Relating Industrial relations With HR.

Module 1: Linking strategy and HRM in an organisational context

• Changing Business Environment & strategic role of HRM, 
• HR Strategic Challenges, 
• Changing Profile of HRM,  
• Global HRM Practices, and 
• Strategic Implications of a Dynamic HR Environment.

Module 2: Human Resources in the context of organization’s intrinsic systems

• Human Resource Planning and Job Analysis, 
• Recruitment
•  Employee Testing & Selection, 
• Placement, and Induction, 
• Internal Mobility & Separation, and 
• Establishing HR Information System (HRMIS/HRIS)

Module 3: Organisational Performance and HRM

• Establishing Performance Management & Performance Appraisal System, 
• Managing Careers, Compensation & Reward Management, and 
• Human Resource Accounting and Audits.

Module 4: Enhancing HR Effectiveness through Training and Development

• Training & Development - Concepts and Need, 
• Socialising, Orienting, and Developing Employees, 
• Methods of Effective Training, 
• Participative Management Employee Empowerment, 
• Work life balance, and 
• Building Emotional Bondage.

Module 5: Relating Industrial Relations With HR

• Understanding Industrial and Employees Relation, 
• Industrial Relation & it’s Changing Paradigms, 
• Stake Holders of Employee Relation, 
• Industrial Relation and their Changing Roles, 
• Understanding Collective Bargaining, 
• Conflict/Dispute Resolution, Negotiations, Settlement & Award, 
• Positive Employee Relations, and
• Future Issues & Trends in Industrial & Employee Relation.

                                   
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