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Marketing Strategies and Marketing Management Styles

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Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UK Essays.

Published: Wed, 07 Feb 2018

INTRODUCTION:

MEANING OF MARKETING AND MARAKETING MANAGEMENT:

Marketing as a business function will change with the movement of products and service from the producer to the user. Ability to sell at a profit is the critical test.

The marketing system that delivers out high standards of living consists of many large and small companies seeking success. Many factors contribute to making a company successful great strategy, dedicated employees, good information system and excellent implementation.

Many people’s minds are stereotyped fixed that large companies operating in highly developed economies use marketing involves with inside & outside the Organization Swat Analysis. Any large & small scale organization can build in.

MARKETING:

Marketing has often been described as “the as of selling products”. But people are surprised when they hear that the most important part of marketing is not selling! Selling is only the tip of the marketing iceberg. Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.

Marketing is a “social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.” It is an integrated process through which companies create value for customers and build strong customer relationships in order to capture value fro customers in return.

Marketing is used to create the customer, to keep the customer and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. The evolution of marketing was caused due to mature markets and overcapacities in the last decades. Companies then shifted the focus from production more to the customer in order to stay profitable.

The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions.[It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors.

MARKETING MANAGEMENT:

Marketing is the process of planning and executing the conception, pricing promotion, and distribution on ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

Marketing management is a business discipline which is focused on the practical application of marketing techniques and the management of a firm’s marketing resources and activities. Marketing managers are often responsible for influencing the level, timing, and composition of customer demand accepted definition of the term. In part, this is because the role of a marketing manager can vary significantly based on a business’ size, corporate culture, and industry context. For example, in a large consumer products company, the marketing manager may act as the overall general manager of his or her assigned product.

From this prospect it consists of 5 steps, beginning with the market & environment research. After fixing the targets and setting the strategies, they will be realized by the marketing mix in step 4. The last step in the process is the marketing controlling. Marketing management design effective, cost-efficient implementation programs, firms must possess a detailed, objective understanding of their own business and the market in which they operate. In analyzing these issues, the discipline of marketing management often overlaps with the related discipline of strategic planning.

Definitions:

Market:

“A market consists of all the potential customers sharing a particular need or want to might be willing and able to engage in exchange to satisfy that need or want”.

Marketing:

The term Marketing has been defined in various ways by different marketing management experts. These definitions can be group in two major categories namely classical or old definitions and modern definitions.

“Marketing is the performance of business activities that directs the flow of goods and services from produces to consumers or users”.

AMERICAN MARKETING ASSOCIATION

“Marketing is social and managerial process by which individuals and group obtain what they need and what through creating, offering and exchanging the products of value with orders”.

Marketing is defined by the American Marketing Association as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” The term developed from the original meaning which referred literally to going to a market to buy or sell goods or services. Seen from a systems point of view, sales process engineering views marketing as “a set of processes that are interconnected and interdependent with other functions, whose methods can be improved using a variety of relatively new Approaches

Marketing Management

“Marketing management is the process of planning and executing the conception, pricing, promotion and distribution of ideal goods and services to create exchanges that satisfy individual and organizational objectives”.

What is marketing channel and its work:-

Most producers do not sell their products directly to the final users between them stands a set of intermediaries performing a variety of functions. These intermediaries constitute a marketing channel (also called a Trade channel and Distribution channel).

Marketing channel are sets interdependent organizations involved in the process of making a product or service available for use or consumption. Marketing channel decisions are among the most critical decisions. The company’s prices depend on whether it uses mass merchandisers or high quality boutiques. The firm’s sales force and advertising decisions dependent on how much training and motivation dealers need.

Marketing. Several definitions have been proposed for the term marketing. Each tends to emphasize different issues. Memorizing a definition is unlikely to be useful; ultimately, it makes more sense to thinking of ways to benefit from creating customer value in the most effective way, subject to ethical and other constraints that one may have. The 2006 and 2007 definitions offered by the American Marketing Association are relatively similar, with the 2007 appearing a bit more concise. Note that the definitions make several points:

  • A main objective of marketing is to create customer value.
  • Marketing usually involves an exchange between buyers and sellers or between other parties.
  • Marketing has an impact on the firm, its suppliers, its customers, and others affected by the firm’s choices.
  • Marketing frequently involves enduring relationships between buyers, sellers, and other parties.

Processes involved include “creating, communicating, delivering, and exchanging offerings.”

Delivering customer value:

The central idea behind marketing is the idea that a firm or other entity will create something of value to one or more customers who, in turn, are willing to pay enough (or contribute other forms of value) to make the venture worthwhile considering opportunity costs. Value can be created in a number of different ways. Some firms manufacture basic products (e.g., bricks) but provide relatively little value above that. Other firms make products whose tangible value is supplemented by services (e.g., a computer manufacturer provides a computer loaded with software and provides a warranty, technical support, and software updates).

It is not necessary for a firm to physically handle a product to add value-e.g., online airline reservation systems add value by compiling information about available flight connections and fares, allowing the customer to buy a ticket, forwarding billing information to the airline, and forwarding reservation information to the customer.

It should be noted that value must be examined from the point of view of the customer. Some customer segments value certain product attributes more than others. A very expensive product-relative to others in the category-may, in fact, represent great value to a particular customer segment because the benefits received are seen as even greater than the sacrifice made (usually in terms of money). Some segments have very unique and specific desires, and may value what-to some individuals-may seem a “lower quality” item-very highly.

Some forms of customer value. The marketing process involves ways that value can be created for the customer. Form utility involves the idea that the product is made available to the consumer in some form that is more useful than any commodities that are used to create it. A customer buys a chair, for example, rather than the wood and other components used to create the chair. Thus, the customer benefits from the specialization that allows the manufacturer to more efficiently create a chair than the customer could do him or herself.

Place utility refers to the idea that a product made available to the customer at a preferred location is worth more than one at the place of manufacture. It is much more convenient for the customer to be able to buy food items in a supermarket in his or her neighborhood than it is to pick up these from the farmer. Time utility involves the idea of having the product made available when needed by the customer.

The customer may buy a turkey a few days before Thanksgiving without having to plan to have it available. Intermediaries take care of the logistics to have the turkeys-which are easily perishable and bulky to store in a freezer-available when customers demand them. Possession utility involves the idea that the consumer can go to one store and obtain a large assortment of goods from different manufacturers during one shopping occasion. Supermarkets combine food and other household items from a number of different suppliers in one place. Certain “superstores” such as the European hypermarkets and the Wal-Mart “super centers” combine even more items into one setting.

Marketing Strategy:

Once the company has obtained an adequate understanding of the customer base and its own competitive position in the industry, marketing managers are able to make key strategic decisions and develop a marketing strategy designed to maximize the revenues and profits of the firm. The selected strategy may aim for any of a variety of specific objectives, including optimizing short-term unit margins, revenue growth, market share, long-term profitability, or other goals.

To achieve the desired objectives, marketers typically identify one or more target customer segments which they intend to pursue. Customer segments are often selected as targets because they score highly on two dimensions: The segment is attractive to serve because it is large, growing, makes frequent purchases, is not price sensitive (i.e. is willing to pay high prices), or other factors; and The company has the resources and capabilities to compete for the segment’s business, can meet their needs better than the competition, and can do so profitably. In fact, a commonly cited definition of marketing is simply “meeting needs profitably.”

Marketing environment:

The term marketing environment relates to all of the factors (whether internal, external, direct or indirect) that affects a firm’s marketing decision-making or planning and is subject of the marketing research. A firm’s marketing environment consists of two main areas, which are:

Macro environment:

On the macro environment a firm holds only little control. It consists of a variety of external factors that manifest on a large (or macro) scale. These are typically economic, social, political or technological phenomena. A common method of assessing a firm’s macro-environment is via a PESTLE (Political, Economic, Social, Technological, Legal, and Ecological) analysis. Within a PESTLE analysis, a firm would analyze national political issues, culture and climate, key macroeconomic conditions, health and indicators (such as economic growth, inflation, unemployment, etc.), social trends/attitudes, and the nature of technology’s impact on its society and the business processes within the society.

Micro environment:

A firm holds a greater amount (though not necessarily total) control of the micro environment. It comprises factors pertinent to the firm itself, or stakeholders closely connected with the firm or company. A firm’s micro environment typically spans:

Customers/consumers, Employees, Suppliers, The Media. By contrast to the macro environment, an organization holds a greater degree of control over these factors.

Elements of the environment:

The marketing environment involves factors that, for the most part, are beyond the control of the company. Thus, the company must adapt to these factors. It is important to observe how the environment changes so that a firm can adapt its strategies appropriately. Consider these environmental forces:

Competition:

Competitors often “creep” in and threaten to take away markets from firms. For example, Japanese auto manufacturers became a serious threat to American car makers in the late 1970s and early 1980s. Similarly, the Lotus Corporation, maker of one of the first commercially successful spreadsheets, soon faced competition from other software firms. Note that while competition may be frustrating for the firm, it is good for consumers. (In fact, we will come back to this point when we consider the legal environment).Note that competition today is increasingly global in scope.

It is important to recognize that competition can happen at different “levels.” At the brand level, two firms compete in providing a very similar product or service. Coca Cola and Pepsi, for example, compete for the cola drink market, and United and American Airlines compete for the passenger air transportation market. Firms also face less direct-but frequently very serious-competition at the product level.

For example, cola drinks compete against bottled water. Products or services can serve as substitutes for each other even though they are very different in form. Teleconferencing facilities, for example, are very different from airline passenger transportation, but both can “bring together” people for a “meeting.” At the budget level, different products or services provide very different benefits, but buyers have to make choices as to what they will buy when they cannot afford-or are unwilling to spend on-both. For example, a family may decide between buying a new car or a high definition television set.

The family may also have to choose between going on a foreign vacation or remodeling its kitchen. Firms, too, may have to make choices. The firm has the cash flow either to remodel its offices or install a more energy efficient climate control system; or the firm can choose either to invest in new product development or in a promotional campaign to increase awareness of its brand among consumers.

Marketing mix:

In the early 1960s, Professor Neil Borden at Harvard Business School identified a number of company performance actions that can influence the consumer decision to purchase goods or services. Borden suggested that all those actions of the company represented a “Marketing Mix”. Professor E. Jerome McCarthy, at the Michigan State University in the early 1960s, suggested that the Marketing Mix contained 4 elements

Product, price, place and promotion.

Product:

The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user’s needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support.

Pricing:

This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention. Methods of setting prices optimally are in the domain of pricing science. A number of modes of pricing techniques exist, which span:

Elasticities (whether Price Elasticity of Demand, Cross Elasticity of Demand, or Income Elasticity of Demand)

Market skimming pricing

Market penetration pricing

Placement:

This refers to how the product gets to the customer; for example, point-of-sale placement or retailing. This third P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales.

Promotion:

This includes advertising, sales promotion, including promotional education, publicity, and personal selling. Branding refers to the various methods of promoting the product, brand, or company.

These four elements are often referred to as the marketing mix, which a marketer can use to craft a marketing plan. The four Ps model is most useful when marketing low value consumer products. Industrial products, services, high value consumer products require adjustments to this model. Services marketing must account for the unique nature of services.

Definition of Feasibility Studies:

A feasibility study looks at the viability of an idea with an emphasis on identifying potential problems and attempts to answer one main question: Will the idea work and should you proceed with it?

Before you begin writing your business plan you need to identify how, where, and to whom you intend to sell a service or product. You also need to assess your competition and figure out how much money you need to start your business and keep it running until it is established. Feasibility studies address things like where and how the business will operate. They provide in-depth details about the business to determine if and how it can succeed, and serve as a valuable tool for developing a winning business plan.

Important of the feasibility:

  • The information you gather and present in your feasibility study will help you;
  • List in detail all the things you need to make the business work;
  • Identify logistical and other business-related problems and solutions;
  • Develop marketing strategies to convince a bank or investor that your business is worth considering as an investment;
  • Serve as a solid foundation for developing your business plan.

Even if you have a great business idea you still have to find a cost-effective way to market and sell your products and services. This is especially important for store-front retail businesses where location could make or break your business.

For example, most commercial space leases place restrictions on businesses that can have a dramatic impact on income. A lease may limit business hours/days, parking spaces, restrict the product or service you can offer, and in some cases, even limit the number of customers a business can receive each day.

Description of the Business:

The product or services to be offered and how they will be delivered.

Market Feasibility:

Includes a description of the industry, current market, anticipated future market potential, competition, sales projections, potential buyers, etc.

Technical Feasibility:

Details how you will deliver a product or service (i.e., materials, labor, transportation, where your business will be located, technology needed, etc.).

Financial Feasibility:

Projects how much start-up capital is needed, sources of capital, returns on investment, etc.

Organizational Feasibility:

Defines the legal and corporate structure of the business (may also include professional background information about the founders and what skills they can contribute to the business)

Market Feasibility:

Includes a description of the industry, current market, anticipated future market potential, competition, sales projections, potential buyers, etc.

Discusses how the business can succeed. Be honest in your assessment because investors won’t just look at your conclusions they will also look at the data and will question your conclusions if they are unrealistic. Feasibility studies contain comprehensive, detailed information about your business structure, your products and services, the market, logistics of how you will actually deliver a product or service, the resources you need to make the business run efficiently, as well as other information about the business.

Marketing Feasibility Study:

The purpose of the Marketing Feasibility Study is to determine the suitability of this property for profitable development, and to define optimal products and amenities in accordance with projected market demand, and to project sales absorption and annual revenues from development of this property.

Things to Include in a market feasibility study include:

  • Description of the Industry
  • Current Market Analysis
  • Competition
  • Anticipated Future Market Potential
  • Potential Buyers and Sources of Revenues
  • Sales Projections

NEED FOR THE STUDY:

  • To know about marketing feasibility.
  • To know what are elements covered in marketing feasibility of SUZLON INFRASTRUCTURE SERVICES LIMITED.
  • To identify how marketing feasibility impacts on the success of company.
  • The basic need for the study is to known the consumer demand, through customer competition in the market and other environment factor, to observe the market relative to infrastructure service allowance terms of credit distribution mechanism system.
  • the base needs for the study is to know the company position, company profile and customer satisfaction towards suzlon infrastructure service limited.

SCOPE OF THE STUDY:

  • The study is mainly concentrates on wind turbine generators only.
  • The present study has been taken to understand marketing feasibility towards wind turbine generators.
  • The sample size was 50 customers only
  • The study was undertaken only in Andhra Pradesh branches its scope of limited.
  • The present study has been taken to understand the customer satisfaction towards suzlon infrastructure service limited in major places in Andhra Pradesh.

OBJECTIVES OF THE STUDY:

  • To know whether the companies have knowledge on renewable energy, are they knowing the benefits of wind turbine generator and to find there willingness to buy the product.
  • To know the marketing feasibility of SUZLON INFRASTRUCTURE SERVICES LIMITED
  • To know the feasibility of selling wind turbine generator.
  • To identify how the buyers response towards turbine generators in SUZLON INFRASTRUCTURE SERVICES LIMITED.
  • To observe the advertising methods whether those are suitable to SUZLON INFRASTRUCTURE SERVICES LIMITED or not.
  • To offer suggestions to the SUZLON INFRASTRUCTURE SERVICES LIMITED related to improve the marketing feasibility.

METHODOLOGY:

RESEARCH DESIGN:

The research design is mainly exploratory in nature as it involves researching the demand potential for the existing product.

METHOD OF DATA COLLECTION:

PRIMARY DATA:

The method for data collection was primarily by way of survey conducted in industries and big organization using an appropriate questionnaire.

SECONDARY DATA:

No secondary data is interpreted, since the survey it’s self enough to find the market potential. Since the product is not in the survey region and other region data will not suitable for a wind generator.

SAMPLING METHODS:

Sample size was required to be a size of 50 respondents in and around Hyderabad, Other districts of A.P.

As the consumers were mainly industries and big organization consumers, method of convenient sampling was chosen.

LIMITATIONS OF THE STUDY:

  1. The survey was conducted in and around of Hyderabad city and other states of A.P.
  2. Convenience sampling was used, which is non-probability sampling method
  3. Respondents were apprehensive and expressed reservation in giving information on the communication infrastructure and also on the future needs.
  4. Research was restricted to time limit.
  5. Time is the major constraints, which reduces the sample size.

INDUSTRY PROFILE

A wind turbine is a machine for converting the kinetic energy in wind into mechanical energy. It the mechanical energy is used directly by machinery, such as a pump or grinding stones, the machine is usually called a windmill. If the mechanical energy is then converted to electricity, the machine is called a wind generator.

Wind machines were used for grinding grain in Persia as early as 200 B.C. This type of machine spread throughout the Islamic world and were introduced by Crusaders into Europe in the 13th century. By the 14th century Dutch windmills were in use to drain areas of the Rhine River delta. In Denmark by 1900 there were about 2500 windmills for mechanical loads such as pumps and mills, producing an estimated combined peak power of about 30 MW. The first windmill for electricity production was built in Denmark in 1890. and in 1908 there were 72 wind-driven electric generators from 5 kW. The largest machines were on 24 m towers with four-bladed 23m diameter rotors.

By the 1930s windmills were mainly used to generate electricity on farms, mostly in the United States where distribution systems had not yet been installed. In this period, high tensile steel was cheap, and windmills were placed atop pre-fabricated open steel lattice towers. A forerunner of modern horizontal-axis wind generators was in service at Yalta, USSR in 1931. This was a 100 kW generator on a 30 m tower, connected to the local 6.3 kV distribution system. It was reported to have an annual load factor of 32 percent, not much different from current wind machines.

In 1941 the world’s first megawatt-size wind turbine was connected to the local electrical distribution system on Grandpa’s Knob in Castleton, Vermont, USA. This 1.25 MW Smith-Putnam turbine operated for 1100 hours before a blade failed at a known weak point, which had not been reinforced due to war-time material shortages. In the 1940, the U.S. had a rural electrification project that killed the natural market for wind-generated power, since network power distribution provided a farm with more dependable usable energy for a given amount of capital investment.

In the 1970s many people began to desire a self-style. Solar cells were too expensive for small-scale electrical generation, so practical people turned to windmills. At first they built ad-hoc designs using wood and automobile parts. Most people discovered that a reliable wind generator is a moderately complex engineering project, well beyond the ability of most romantics. Practical people began to search for and rebuild farm wind-generators from the 1930s. Jacobs wind generators were especially sought after.

Later, in the 1980s, California provided tax rebates for ecologically harmless power. These rebates funded the first major use of wind power for utility electricity. These machines, gathered in large wind parks such as at Altamont pass would be considered small and un-economic by modern wind power development standard.

In the 1990s, as aesthetics and durability became more important, turbines were placed a top steel or reinforced concrete towers. Small generators are connected to the tower on the ground, and then the tower is raised into position. Larger generators are hoisted into position atop the tower and there is a ladder or staircase inside the tower to allow technicians to reach and maintain the generator.

Originally wind generators were built right next to where their power was needed. With the availability of long distance electric power transmission, wind generators are now often on wind farms in windy locations and huge ones are being built offshore, sometimes transmitting power back to land using high voltage submarine cable. Since wind turbines are a renewable means of generating electricity, they are being widely deployed, but their cost is often subsidized by taxpayers, either directly or through renewable energy credits. Much depends on the cost of alternative sources of electricity. Wind generator cost per unit.

Power generation from wind has emerged as one of the most successful programmes in the renewable energy sector, and has started making meaningful contributions to the overall power requirements of some States.

Energy is a major input for overall socio-economic development. Use of fossil fuels is expected to fuel the economic development process of a majority of the world population during the next two decades. However, at some time during the period 2020-2050, fossil fuels are likely to reach their maximum potential, and their price will become higher than other renewable energy options on account of increasingly constrained production and availability. Therefore, renewable are expected to play a key role in accelerating development and sustainable growth in the second half of the next century, accounting then to 50 to 60% of the total global energy supply.

After the creation of a separate Ministry in 1992, special emphasis was given in the Eighth Plan to generation of grid quality power from renewable. The total installed capacity of power from renewables today stands at nearly 1350 MW with contribution from wind power of nearly 1000 MW.

Wind power installations worldwide have crossed 8500 MW producing about 14 billion KWh of energy annually. A total capacity of about 5500 MW has been installed in Europe, 1700 MW in USA, and 992 MW in India. India is now the fourth largest wind power generator in the world after Germany, USA and Denmark.

The State of the World 1998, a world-watch Institute Report on progress toward a sustainable society, released earlier this year, has noted that renewable energy production in the world is expanding rapidly. Wind generation is the fastest growing energy source in this decade and is expanding at 25% per year. The Report recognizes India as a new “Wind Superpower”. With declining trend of cost and increase in the scale of wind turbine manufacturing, wind promises to become a major power source globally in the first few decades of the new millennium.

MNES (Ministry of Non-conventional Energy Sources) are implementing the world’s largest wind resource assessment programme, which forms the backbone of their wind exploitation efforts. Preliminary estimates indicate a potential of about 20,000 MW. Scientific surveys are being intensified to identify specific viable and potential sites. A recent study undertaken to re-assess the potential, places it at about 45,000 MW. Assuming a grid penetration of 20%, a technical potential of about 9,000 MW is already available for exploitation in the potential States. 160 sites have so far been identified in 13 States. Survey work is in progress in 24 States / UTs. The States of Rajasthan and West Bengal have also shown wind potential recently.

Today, we have a wind power installed capacity of 992 MW in the country, out of which about 940 MW is accounted fo


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