Category: Marketing Management

MBA In Marketing Management: Course, Admissions, Fees, Eligibility, Syllabus, College And Career Scope

MBA in marketing management is a full-time 2-year degree program offered by various business schools across the world to students who are interested in developing practical and theoretical knowledge in the branch of marketing so that they can assist the reputed corporations with their marketing activities.

The course structure is designed to educate students in core topics such as sales, developing marketing strategies, leadership, branding, advertising, communication, understanding consumer trends and market research. In recent years, many MBAs in marketing management programs offered by prestigious business schools focus on educating students on areas such as content marketing, social media marketing and digital marketing as social media is on a rise due to which almost every other marketing company has made a switch to online marketing. Therefore, it is essential that as emerging MBA marketing management graduates are successfully skilled as per the current market trends

Eligibility Criteria: The eligibility criteria for MBA in Marketing Management are as follows:

Applicant must secure a minimum grade of 50% from a recognized university

To secure admission in an MBA Marketing Management program applicants must be prepared to give an entrance test so that their aptitude can be assessed by the admission team. Some of the commonly accepted test scores are:

• CAT: Common Admission Test
• MICAT: Mica Admission Test
• MAT: Management Aptitude Test
• MAH – MBA/MMS CET: Maharashtra MBA Common Entrance Test
• XAT: Xavier Aptitude Test
• IBSAT: Indian Business School
• IIFT: Indian Institute of Foreign Trade
• SNAP: Symbiosis National Aptitude Test
• NMAT by GMAC

Applicants are required to sit for examinations based on the admission criteria set by the educational institution of their choice. Although, CAT covers admissions to most colleges, but a few colleges accept other test scores as well. Therefore, candidates are advised to check the accepted test score of the program they are applying for from the official website of the educational institution.

Applicants are required to secure a minimum required score accepted by the college to qualify for group discussions and personal interviews. The candidates will be accepted by the college based on interviews and group discussions

Skills Required:

Excellent written and verbal communication: Excellent written and verbal communication is an important requirement for an MBA professional as you would be interacting with clients and employees. Therefore, students must work on their communication skill while pursuing the program

• Leadership: The candidate should have good leadership skills as they need to create a vision and motivate and coach people to achieve set goals
• Analytical Skills: Thinking logically and strategically is important so that you can achieve your plans efficiently and effectively
• Teamwork: Teamwork helps you to achieve efficiency and productivity as well as is the perfect opportunity to showcase your talent and expertise and helps measure performance
• Time Management: Time management is important so that you can achieve your goals and prioritize your tasks
• Strategic Thinking: It is important that you think strategically and use all the available resources effectively by using your knowledge to put ideas into action
• Organizational Skills: Marketing professionals must practice good organizational skills such as prioritizing tasks, communicating, multi-tasking as well as to adapt to new challenges and ideas
• Active listener: Listening effectively and incorporating the feedback of your team members plays an important role in improving team productivity and goals
• Keep up with the current industry trends: Marketing professionals need to keep up with the current industry trends so that they can prepare marketing strategies and goals that relate to the industry standards.
• Multi-Tasker: You must know how to multi-task the assigned task as you don’t want to lose focus. Therefore, you must prioritize and address tasks based on their importance
• Open to try new things and take risks: As a marketing professional, you need to be creative and open to try to new challenges

Subjects

The course structure of an MBA in marketing management program is divided into four terms.

The MBA programs allow the student to study different subjects from analytics to digital marketing which allows them to decide the subject they are interested in. The wide range of subjects helps students understand which field they would like to work in.

New Trends in MBA in Marketing Management

The marketing industry is evolving at a quick pace with the introduction of the digital world due to which marketing has become one of the most challenging jobs in the industry as marketers need to have a creative and analytic approach towards handling challenges and keep up with the constant change in the marketing landscape.

The emergence of digital marketing has changed the way marketing was done previously. The new approach of marketing suggests that the customer is always the king with the introduction of 4Es – New approach to the customer value proposition, customer engagement, exclusivity, emotion and experience as marketing companies nowadays don’t sell products, rather they sell experience and emotions through experiential marketing tactics to win over customers.

Social media marketing is another trend that has become an important part of creating marketing strategies as social media is an essential tool that helps you connect with the masses in a short time. It helps you gain feedback and provide them with information. It is therefore important that future marketers entering the marketing field must have the necessary skill set to market the company they are working for effectively on social media for great results by focusing on the bigger picture.

Most business schools, require the candidates to appear for entrance exams such as CAT, MAT, SNAP, XAT and GMAT. Every college has a set minimum score which needs to be met by the candidate to apply to a college of their choice. The common entrance test is conducted to assess applicants in areas such as logical reasoning, general awareness, numerical ability, English, data analysis and problem-solving

Once the results are announced, candidates can apply to college for which they are eligible for and start applying. Selected candidates will be invited by the college to appear for a personal interviews or group discussions

Some private business schools provide direct admissions to college, for which you have to fill the admission form and pay the tuition fee

Career Options:

Some of the career options suitable for marketing professionals are:

• Brand Managers: Brand managers build brand strategies for the company. Companies like Nestle, Oppo, Cadbury hire brand managers. The starting salary package of a brand manager is between 6-8 lakh per annum which would increase with experience
• Sales Managers: Sales managers are required to work in a fast-paced work environment by achieving targets, gaining bonuses and incentives. Most startups hire sales managers and they earn between 5-7 lakhs per annum which would increase with experience
• Advertising Professionals: Advertising professionals coordinate and develop campaigns and strategies for existing and new products and services. Advertising agencies such as Group M, J Walter Thompson hire advertising professionals and they earn between 5-7 lakhs per annum which would increase with experience
• Marketing Analysts: Marketing analysts are responsible for gathering all the data that relates to the market trends and understanding the targeted audience. Companies like KPMG, Amazon, Nielson hire marketing analysts from top B-schools. The starting salary package of a marketing analyst is between 6-8 lakh per annum which would increase with experience
• Product Managers: The product manager is responsible for product planning including defining the product and work closely with the marketing and engineering team. Companies like Uber, Amazon, Microsoft hire product managers from top B-schools. The starting salary package of a product manager is between 6-8 lakh per annum which would increase with experience
• Relationship Managers: Relationship managers build relations with customers and clients to solve technical and business challenges. They also draw the attention of the customer by selling them certain products and services. Companies like HDFC, SBI, ICICI Bank hire relationship managers from top B-schools. The starting salary package of a relationship manager is between 6-8 lakh per annum which would increase with experience

An MBA degree can help you boost your career as it will help you secure managerial positions and promotions as most companies prefer applicants who have an MBA degree from a reputed institution.

Marketing management is a diverse and growing field which allows MBA professional to work with big brands such as FMCG, banks, media agencies, consultancy firms and information technology companies. The starting salary for an MBA graduate is between 5,00,000 p.a -8,00,000 p.a. There is no fixed compensation, as the salary structure is different for each company.

Reference List

1. https://study.com/articles/MBA_in_Marketing_Management_Masters_Degree_Program_Overviews.html
2. https://www.indiaeducation.net/management/streams/marketing-management.aspx
3. https://www.jagranjosh.com/careers/marketing-management-1528694183-1
4. https://www.bmu.edu.in/social/marketing-skills-to-learn-mba/
5. https://www.sharda.ac.in/programmes/mba-in-marketing#programme-structure
6. https://brand24.com/blog/the-future-of-marketing/
7. https://www.upgrad.com/blog/mba-salary-india-freshers-experienced/

Developing The Profile Process By Indicating Demographic, Geographic, Psychographic And Behavioural Characteristics

Introduction

This study develops the concept based analysis by focusing on the Mother Care UK relating to the matter of providing service to take care of the babies. Here in, the specification of the target markets is to be analysed by indicating the demographic, geographic and behavioural characteristics as well. In addition, specification of the segment size, potential growth and attractiveness of structure is to be specified by focusing on the matter of developing the company based resources and generating values.

Target market

In accordance to the development of the marketing process, this requires to make specification of the target markets by indicating working mothers and the issue of single mothers.

Working mothers

For the development of the business process, the management of the organisation needs to carry out an effective strategic planning considering the working mothers operation effectively. This can be specified that the working mothers have the obligations to leave their child for the matter of providing them secured place. This can help to match with the mitigation of the demand of the working mothers for the matter of developing the business profitability.

Issue of the single mother

The management of the organisation is connected to the matter of focusing on the issue of developing the business process connecting to the single mother’s issues as well. The management of the organisation ensures the best guarantee for the matter of safety and security of the babies to detain the development of the business process as well.

Content of the target market

Through the process of making specification of the target, this can be possible to develop the business process which through the generation of the revenue can be ascertained. Herein, the specification of the target market can be specified by connecting to the establishment of the business process by developing a certain customer base.

Through the procedure of developing the effective planning regarding the matter of developing the resources, this can be possible to generate effective value which can help to keep the market sustainability.

Demographic characteristics:

In today’s work process and life, this can be identified that the demand of the work related execution can be enhanced which can be mitigated by the process of providing the demographic segmentation regarding the age of the children.

Geographic characteristics:

The geographic specification can be marked connecting to the betterment of the specific communication process regarding the matter of taking home of the babies.

Psychographic characteristics:

The psychographic characteristic can also be related to the matter of determining the matter of staying free regarding the matter of developing the behavioural development as well. This is connected to the matter of making proper counselling which through the psychological issues of the children regarding safety can be sorted out.

Behavioural characteristics:

For the development of the business process, this requires to keep the professional relationship with the customers. This can help to ascertain the development of the matter of providing the assurance to the customers regarding the safety of the children.

Target evaluation

Specification of the segment size and potential growth

Through the procedure of effective segmentation approach, this can be possible to detain the segment size for the process of enhancing the outcome positively. Application of the effective segmentation approach can help to develop the potential growth of the business process by developing the marketing process effectively. In connection to the betterment of the business regarding development, this can be possible to connect the specification of the target market effectively. This is also connected to the matter of developing the organisational infrastructure effectively which through the service based development can be ensured. On the other hand, the utilisation of the effective utilisation can be heightened through the process of detaining the policy by developing the marketing process.

For the matter of developing the business growth, this also requires to keep focus on the potential growth by making development of the franchise to develop the business process effectively. This also requires of developing the process of indicating the matter of developing the professional work culture which can generate effective development of the work procedure.

Segmentation of the attractiveness of the structure

Through the development of the effective development of the structured process, the segmentation process can be applied which can develop the betterment of the structured form to detain the development of the strategic planning regarding development as well. Through the effective application of the marketing approach, this can be possible to develop the effective revenue generation process. This can be possible to operate the application of the traditional and digital marketing procedure for the process of keeping the organisational sustainability.

For the development of the organisational infrastructure, this requires to make application of the effective strategic planning by providing responsibility. In relation to that, the execution of the work process can be applied by the marketing employee, finance employee and the execution employees as well (Brilli, Del Boca, & Pronzato, 2016).

A marketing plan is required to develop by making use of the effective strategy regarding the specification of the service connecting to the matter of developing child care. In addition to that, marketing plan is connected to the matter of determining the betterment of the strategy development of the policy based on the initial development of the proper infrastructure based on the organisational work process of Mother Care U.K. In this concern, this requires to make arrangement of the process regarding the financial implication positively. In relation to that the matter of assessing the competitor’s strategy is mandatory regarding the matter of creating a competitive advantage to get development of the proper outcome.

Specification of the company resources, objectives and values

Through the development of the business process, this can be possible to get conceptual idea based on the market-sensing procedure and also the customer acquisition process as well. The application of the effective concern can be applied for the process of detaining the organisational resources by keeping the coordination with the guardians. This requires to keep the documentation process to generate the betterment of the outcome regarding the holistic marketing approach effectively. In connection to that different perspectives can be applied for the matter of generating the effective values for the betterment of the value exploration, value creation, value delivery process effectively. The management of the organisation needs to speculate the differentiation of the practices connecting to customer focus, core competencies and developing the collaborative networking process effectively.

Conclusion and Recommendation

The study is ended with the conceptual development regarding the development of the marketing process which focuses on taking care of the babies as well. In this connection, the specification of the target market can be specified by speculating the working mothers and the single mothers specifically. The specification of the demographic analysis is also depicted by connecting to the profile based analysis based geographic and behavioural characteristics effectively. In addition, this can be recommended that the management needs to make development of the process of creating a core competency to get the effective outcome of the marketing regarding the business process.

Reference List

1. Felfe, C., & Lalive, R. (2018). Does early child care affect children’s development?. Journal of Public Economics, 159, 33-53.
2. Brilli, Y., Del Boca, D., & Pronzato, C. D. (2016). Does child care availability play a role in maternal employment and children’s development? Evidence from Italy. Review of Economics of the Household, 14(1), 27-51.

Marketing Management: Bec & Bridge

Executive Summary

The organisation chosen for report is Bec & Bridge which is fashion brand and dealing in women segment. This report will discuss about external and internal analysis that has performed to know about situation of market and make plan and strategy accordingly to gain best outcomes. The main purpose of this report is to know about environmental factors along with recommendations which are required for making strategy to be achievable in net five years.

Introduction

Marketing management is defined as the “procedure to plan, organise, implement and control marketing strategies, policies, tactics and programmes for creating as well as satisfying demand of organisation products and services which are offered to consumer for acceptable profit” (Aghazadeh, 2015, p. 125-134). It is very important to make effective strategies for marketing so that goal and objective of business can be attained in an effective and efficient manner. The given report is based on Bec & Bridge brand which was founded in 2004 at Sydney, Australia. The main aim of report is to discuss about environmental marketing analysis and SWOT analysis. It also includes recommendation of marketing strategies for improvement.

Background of Company

Becky Cooper and Bridget Yorston are regarded as chic duo behind Bec & Bridge, which is based at Sydney (Deepak & Jeyakumar, 2019). These both girls have started designing customised jeans for their friends with help of spraying, dyeing and distressing them. This has created benefits for them and caught attention of boutique owners and contacted Yorston and Cooper for placing order. They both were born as denim line before they expand business into women.

In year 2003, both of them were graduted by scoring first class. In 2004, Mercedes Benz Fashion Week Australia has invited both of them for exhibiting their collection where took notice and label was stocked in boutiques across nations. In 2006, David Jones has approached Bec & Bridge to show their collection for winter 2007 and David was key stockist to that day (Bec & Bridge, 2020). After that, both of them were focused on growing business in Australia as well as overseas and won 2010 DHL Express Fashion Export Scholarship for their organisation (Bec & Bridge, 2020). Within a year of operation in America, they possessed 40US stockist (Bec & Bridge, 2020). After that in 2011 October, they started their popup store at Los Angeles, Sunset Boulevard (Bec & Bridge, 2020). They have stock at America, Dubai, Canada and online stores. Now, their brand has boomed toward international level. The celebrity fans of Bec & Bridge are Jennifer Hawkins, Emma Roberts, Kim Kardashian, Vanessa and many more (Bec & Bridge, 2020).

Environmental Marketing Analysis

PESTLE analysis is defined as tool which is used in tracking environment in which operation of business are conducted as well as launching of new products and services (What is PESTLE Analysis? A Tool for Business Analysis, 2020). The environmental marketing analysis is conducted with help of PESTLE framework which are described below:

PESTLE Analysis Impact on Bec & Bridge

Political Factor This factor impact Bec & Bridge in negative manner as there is frequent change in tax rates in different places (PESTLE Analysis of the Fashion Industry, 2020). There is influence of political factors on fashion industry as well as brands. There is frequent change in policies as well as plans that impact respective organisation.

Economic Factor The high income countries people manage way for buying fashionable accessories and products whereas low income countries has unemployment rate in which people cannot afford luxury or high branded value clothes (Wagner & Eggert, 2016). People of low middle category prefer to buy rental jewellery and clothes (Johnsen, 2018). Therefore, respective brand is seasonal and keeps on changing. There is negative impact in fashion brand due to economic condition of people living in society.

Social Factor It is good opportunity for brand to show their talent and stocks for musician, artists and singers as they required unique dressing as well as outfitting to show off (Foroudi & et. al., 2017). Main purpose is to be different from crowd. They are symbol of brand icon associated with particular figure. Respective brand has opportunity to show their talent and design unique and high quality clothes. This can be capitalised by Bec & Bridge through designing new and innovative products and services in best possible manner.

Technological Factor Bec & Bridge is available at online site where consumer who prefers online shopping can check all products and buy it. These online customers do not prefer to visit any malls and select clothes rather than that they select through online and purchase clothes (PESTLE Analysis of the Fashion Industry, 2020). Internet has made easy for online store and assist brand to earn high profit margins (PESTLE Analysis of the Fashion Industry, 2020). With help of technology, brand can get idea and design products as they are different types of tools which are used in designing and getting idea of innovative products accordingly so that they fulfil requirements of consumers.

Legal Factor Fashion industry also has to follow all legal laws and regulations in terms of labour law, import and export restrictions, inflation cost and taxation laws (Icha & Agwu, 2015). In other countries, labour is very expensive as compared to Asian countries (PESTLE Analysis of the Fashion Industry, 2020) so Fashion industry labour from those countries at cheap rate. In case of Bec & Bridge, both design clothes by themselves.

Environmental Factor The product of fashion industry has negative impact on environment in several ways. For manufacturing where chemical is used to treat cotton for preparing jeans, factories emit chemicals fumes into atmosphere (Järvinen & Taiminen, 2016). At time of shipment, vehicles, trucks release gasses which cause air pollution. After it is used by consumers which will turn into form of waste. Use of excessive chemical to print clothes, dyeing wastage is increase by 60% in past 15 years (PESTLE Analysis of the Fashion Industry, 2020). Brand has to consider such factors and use environmental approach to save environment from pollution.

SWOT Summary

SWOT analysis is defined as framework in order to identify as well as analyse internal and external factors that has impact on business and organisation (SWOT analysis (strengths, weaknesses, opportunities and threats analysis), 2020). The SWOT analysis summary of Bec & Bridge is as follows:

SWOT Analysis Summary

Strengths Bec & Bridge is iconic brand which provide highly creative and unique designing of dresses for women at society (Johnsen, 2018). It has covered many markets in short period of time and fulfils requirements of people in terms of fashion in most effective manner.

• Weaknesses The branding strategy of respective brand is very weak due to which many of people are not aware about its availability of brand at marketplace. Price charged by brand is high due to which many consumers cannot afford it and possess limited product line in women segment.
• Opportunities Bec & Bridge has opportunity to change their lifestyle of fashion according to requirements of consumers in an effective manner so
• that goal and objectives can be attained (Kotler & et. al., 2018). They have opportunity to enter into emerging market as people like such brand due to comfortable, high quality use of fabric and many more. They have to expand product line in women category to meet with their demand requirements in best possible manner by providing them with high quality goods and products.
• Threats There are large number of competition at marketplace such as Gucci, Lousi Vuitton, Prada and many more which are threat for Bec & Bridge (Quelch, 2017). Thought those brands are in a different target market. There is frequent change in lifestyle of consumers which is problematic situation for business.

From the SWOT analysis, it has concluded that respective has to use innovative marketing for their products and services so that it can be serve their consumers in most effective and efficient manner. Above organisation has opportunity to enter into emerging market and provide customer with better services.

Recommended Marketing Strategies for next five years

It is recommended to Bec & Bridge to adopt different marketing strategies for next five years which are as follows:

• To adopt diversification strategy for their brand as currently it is dealing in women segment. It has an opportunity to come up in new market with new product line so that maximum profits can be gained. For example, respective brand can deal with male segment too in different market.
• To enhance their brand through use of different marketing channels such as promotional activities, social media, direct marketing and advertisement should be used frequently. This will help to reach large number of consumers and provide benefits to business to fulfils their requirements.
• They have to make plan and strategy by analysing market on regular basis so that they are aware about changing need and demand of consumers in most effective manner for attainment of positive results in given time period.

The value proposition marketing theory should be used in order to make clear in advance about key partners, resources, activities, cost revenue, revenue stream, channels so that requirement of customer can be fulfilled and value proposition can be created in minds of consumers in most effective manner for attainment results.

Conclusion

The report summarised that marketing management is very important to run activities and operations of organisation so that goal and objectives are attained. In context of fashion brand, it is necessary to analyse market and requirement of consumers so that their requirements can be fulfilled. PESTLE and SWOT analysis was conducted to know about opportunities and threat available to business. With analysis of both, recommendations were provided to raise their firm along with sustainability and profitability is possible. Therefore, it is important to analyse each and every situation of business and make plan and strategy to overcome them and attain best outcomes. Marketing theories has been used by business to know about different market and make decisions and plans accordingly.

References

1. Books and Journals Aghazadeh, H. (2015). Strategic marketing management: Achieving superior business performance through intelligent marketing strategy. Procedia-Social and Behavioral Sciences. 207. 125-134.
2. Deepak, R. K. A., & Jeyakumar, S. (2019). Marketing management. Educreation Publishing. Foroudi, P., Gupta, S., Nazarian, A., & Duda, M. (2017). Digital technology and marketing management capability: achieving growth in SMEs. Qualitative Market Research: An International Journal.
3. Icha, O., & Agwu, E. (2015). Effectiveness of social media networks as a strategic tool for organizational marketing management. J Internet Bank Commer, S2.
4. Järvinen, J., & Taiminen, H. (2016). Harnessing marketing automation for B2B content marketing. Industrial Marketing Management. 54. 164-175.
5. Johnsen, T. E. (2018). Purchasing and supply management in an industrial marketing perspective. Industrial Marketing Management. 69. 91-97.
6. Kotler, P., Keller, K. L., Ang, S. H., Tan, C. T., & Leong, S. M. (2018). Marketing management: an Asian perspective. Pearson.
7. Quelch, J. A. (2017). Global marketing management: a casebook.
8. Wagner, S. M., & Eggert, A. (2016). Co-management of purchasing and marketing: Why, when and how?. Industrial Marketing Management. 52. 27-36.
9. Bec & Bridge. 2020. [Online]. Available through: < https://www.vogue.com.au/celebrity/designers/bec-bridge/news-story/bee847fdfc2d2e2e15802df95b789fb9>.
10. PESTLE Analysis of the Fashion Industry. 2020. [Online]. Available through: < https://www.marketingtutor.net/pestle-analysis-of-the-fashion-industry/ >.
11. SWOT analysis (strengths, weaknesses, opportunities and threats analysis). 2020. [Online]. Available through: .
12. What is PESTLE Analysis? A Tool for Business Analysis. 2020. [Online]. Available through: https://www.vogue.com.au/celebrity/designers/bec-bridge/news-story/bee847fdfc2d2e2e15802df95b789fb9
13. https://www.vogue.com.au/celebrity/designers/bec-bridge/news-story/bee847fdfc2d2e2e15802df95b789fb9
14. https://www.marketingtutor.net/pestle-analysis-of-the-fashion-industry/
15. https://www.marketingtutor.net/pestle-analysis-of-the-fashion-industry/
16. https://searchcio.techtarget.com/definition/SWOT-analysis-strengths-weaknesses-opportunities-and-threats-analysis
17. https://searchcio.techtarget.com/definition/SWOT-analysis-strengths-weaknesses-opportunities-and-threats-analysis
18. https://pestleanalysis.com/what-is-pestle-analysis/

Master In Marketing Management

You want to build your career in the management side; you can choose a master in marketing management, 2 years of master degree. The minimum eligibility is a bachelor degree from institutes or colleges. The Master of Marketing will help give you that additional edge to stretch out beyond the limits and make a positive impact on business and society.

The admission to maters is completely depended on your commence performance in entrance exams, and a resulting round of counselling. The average fees charged for a Master in Marketing Management program in India from 10,000Rs to 8 Lacs.

What is a Master in Marketing Management?

How Master in Marketing Management helps you in career: You’ll build an extensive toolbox of strategies and systems, capable, and powerful advertising pioneer. This sort of programs which will help the management perspectives like customer’s conduct, industrial marketing, marketing management.

These kinds of postgraduates are hired as Associate Professor, Consultant, Management Trainee, Business Manager, Assistant Manager, Sales Operations Associate, Marketing Communication Manager, Business Process Analyst, Demand Supply Advisor, and Relationship Manager Etc.

This program helps in taking their career path in a wide range in public sectors and the private sector. They have openings in a wide range like, marketing management, sales, consulting, training etc in many sectors like IT companies, software companies, utility companies, industrials, construction management, manufacturing firms, financial management companies, etc.

How to Apply:

You are eligible only when you finish the bachelor degree. Based on your result of bachelor degree and based on the ranking of the entrance exam. The various entrance exams that are conducted for admission to this course like MAT, CAT, XAT, GMAT, CMAT, SNAP, etc. Based on your rank in the entrance exam and secured good aggregate marks in your graduation, Based on the resulting round of counselling, collages will take your admission.

Course highlights:

• Course Level: Postgraduate
• Duration: 2 years
• Type of exams: Semester
• Eligibility: Graduation from a any university [govt authorized]
• Admission Process: Direct admission to colleges
• Course Fee: INR 1-8 lacs
• Average Starting Salary: INR 6-10 lacs

Top institutes

There are many top institutes in our country. from IIM Ahmadabad, IIM Delhi, IIM Bangalore, Jamnlal Bajaj Institute of Management Studies, ICFAI Business School, Christ University Bangalore, Institute of Management Technology Delhi, Symbiosis Institute of Business Management, etc and many other B-Schools all over the country which are giving best training in Marketing management with the best placements also.

Career prospects

Once you passed out the Masters by any B-schools or university, you have wide job opportunities in the private and government sector as well. These people can do marketing through digital marketing like social media marketing, SEO/SEM, pay-per-click. Once you are done with this course, you may start to earn min of 40,000Rs in India [Number depends on the candidate. It may differ by the mentioned number]. The salary structure depends on the company and job profiles.

Aspects And Functions Of Marketing Management

Realm Marketing & Distribution Company Limited was established in September 2013 had been operating with 29 staff; office was located in Yangon, Myanmar. We had HR Department, Finance Department, and Marketing Department. Company’s founders are U Phone Zayar Win (MD) and Daw Su Yuzar Zaw (Director) .We was doing Products Distribution & Marketing services.

• Marketing Sectors – providing full range of Printing, Creation, Advertising and Marketing services to Manufacturing Sector, Distribution, Food & Beverages Company, Bank and other Industries. With this unending journey, simultaneously we have collected a lot of experience and constantly upgraded our strengths in all areas of event execution and event management.
• Distribution Sectors – importing from Turkey & Malaysia products, this products distributed to market in my country. We are based on distribution channels with general trade, modern trade, whole sale and dealer channel. Our products are Deep Fresh brand (Baby Wet Tissue, Hand Wash) importing from Turkey, Fruitty brand (Vitamin Drink) from Malaysia and My Bizcuit brand (Cookies) from Malaysia.

Our Mission

• To provide results-oriented Creation, Advertising, Printing and Marketing designed to meet our client`s objectives by providing strong marketing concepts with excellent customer service
• To provide results-oriented Promotion, Customer Satisfaction to meet regular customer and royal customer our distribution products.

Core Value

• Trust
• Mutual Respect
• Ethics
• Integrity

Management is the art of getting the requisite work done efficaciously. It includes planning, organizing, staffing, directing, and controlling to ensure proper functioning of an organization. Whereas, marketing refers to ascertaining and transmuting consumer needs into goods and services. Hence, Marketing Management is the process of managing the marketing activities of any firm. Managing various aspects of the market such as branding, labeling, advertising and other promotional activities comes under Marketing Management.

It is the task of the marketing manager to ensure that the marketing activities are managed properly. For this, a manager performs different tasks. There are various functions that are implicated in Marketing Management. The elementary functions are as follows:

1. Setting the objectives of marketing

Every organization has its goals and objectives. Marketing objectives include the goals that a company wishes to achieve through its marketing. These objectives should be in coherence with the overall objectives of the organization. The objectives can be long-term or short-term depending upon the type of marketing. Through proper management of marketing, the marketing objectives of the organization can be achieved easily.

2. Planning

Once the marketing objectives are set, the next step is to formulate a roadmap that would be followed to achieve these objectives. The organization plans the ways and formulates strategies, and devices policies and procedures to achieve the set of goals.

3. Organising

Organizing refers to the process of implementation of the plan. It includes identifying and grouping the activities that contribute to the achievement of the organization’s marketing goal. In marketing management, organizing refers to the way the functions of management are organized so that every function when performed contributes fully to achieve the objective. It includes all the obligations, supremacy and responsibilities of those working in the marketing team.

4. Staffing

Staffing is the process of hiring the required and skilled personnel to pack the positions in the organizations. For managing the market, skilled workers are selected and placed in those positions in which they best fit in. The HR and the market manager together select the personnel and they are then trained so that the company can gain maximum benefit from them.

5. Directing

It is obligatory to supervise as it ensures that the workers are working efficiently towards the achievement of the goals. Hence, through directing the personnel, new markets can be developed and employees are motivated to work with their best efforts.

6. Controlling

The process of comparison of the planned activities of marketing with the results and then rectification is referred as controlling. Hence, for controlling, the standards must be set and the actual performance should be compared to find defects or flaws. Then, the corrective action can be taken.

7. Evaluation

It involves analyzing and evaluating the productivity of marketing campaigns as well as evaluating the performance of the employees.

These were the functions of marketing management. Every company nowadays seeks for marketing managers. Thus, candidates who undergo Marketing management course have a promising career. But, apart from theoretical know-how, a case study based approach and skill-oriented study is also required to excel as a marketing manager. This is provided by MITSDE’s PGDBM in marketing management. This value-added course has the study material prepared by the industries experts so along with the theoretical knowledge; students also get a chance to learn different case studies and know-how.

Differentiated Pricing and Price Pooling in Supermarket and Cinema Pricing Strategies

There are various marketing strategies utilised by businesses working toward creating profit and customer satisfaction. Deciding how much to charge for each of your products or service requires evaluating how much customers value what they are buying. One of the most important aspects of any business marketing strategy is pricing a product successfully.

A pricing tactic is a strategy implemented by the marketing department of a business to help attract more customers and to maximise profits. There are four main pricing tactics used in marketing and they are discount pricing, differentiated/segmented pricing, psychological pricing and price bundling. Each strategy if utilised correctly can help increase sales, profits and market share. However, if strategies are incorrectly used, they can have a negative effect on the business and can cause serious damage. Setting a price too low in whilst trying to utilise discount pricing, can cause the consumer to believe that the non-discounted price is too high and is taking advantage of them

The product category of choice for my report focus will be pricing tactics in supermarkets with price being a measure of value for buyers and sellers. I will focus, through my observations as a customer, as an employee of a national supermarket chain and through academic research on psychological pricing and discount pricing within supermarkets as these two tactics are predominantly and successfully utilised. When comparing both supermarkets and cinemas for pricing strategies/tactics I will focus on differentiated pricing and price bundling.

Observation and Patterns

There’s a psychology behind the odd value tactic. Pricing a product at, for example $19.95, makes the price seem like a great price because the customer will be focused on the first number, so they will believe it is closer to $19 rather than to $20. Companies that wish to be of ‘good value’, or a ‘discount retailer’, price items using this odd pricing tactic, to appeal to consumers and a target audience. Whereas a company wishing to be seen as a more premium company, may sell their products at a whole number such as $150. In seeking to boost sales, supermarkets will manage the presentation of their products in a variety of ways including price presentation strategies. Therefor a price from $7 to $5.99 is presented with the notion that customers often perceive the first number on the left as the most relevant. Therefore, this gives the idea that the discount is $2, from $7 to $5 when the discount is actually only $1.01. This impact can increase sales substantially.

Psychological pricing is where, for this purpose, supermarkets set prices ‘just below the nearest round figure which produces higher than expected demand at that level’ (Gendall, Holdershaw and Garland, 1997).

This lower price strategy from, for example, $5 to $4.99, tends to suggest to consumers that the supermarket has marked the item at their lowest possible price and therefore the product must be on sale or cannot be reduced further. It may also suggest that consumers have become programmed or conditioned to expect from supermarkets odd prices as opposes to rounded prices (Gendall et al 1997).

Schindler and Wiman through research undertaken by a major US supermarket chain, showed that ‘80% of store prices ended in the digit of 9’ and in New Zealand a study identified that approximately 87% of advertised prices used odd endings and not whole dollar values with around 60% of these prices ending with a 9 (Schindler RM and Wiman AR, 1989).

Another strategy that supermarkets use is through positioning themselves by offering and/or promoting their store as either offering everyday low prices across several items or promoting temporary price reductions on particular items. An example may include the everyday low-price discount strategy which will be favoured by supermarkets in low income or racially diverse markets whereas promotional marketing/discounts tend to target the more affluent. It is also noted through observation and experience in Australia, that larger store chains and vertically integrated chains are more likely to adopt the everyday low-price strategy, for example Coles (Ellickson P, Misra S. 2006).

In 2008, Australian supermarkets were involved in a milk price war where pricing tactics were reported by media as an abuse of market power. The report as cited by Richards and Lawrence (2012) suggested that pricing of groceries was beyond the level of inflation referring to the OECD 2009 report demonstrating Australia’s food prices had increased 40% in the period from 2000 which was greater than any other country. Supermarkets continued to place pressure on their suppliers to lower the price of production which in turn increased their own profits. The milk war created great competition amongst supermarkets and their suppliers. The winners at the time were consumers (Richards C, Lawrence C, Loong M, Burch D. 2012).

Comparing Pricing Strategies

Differentiated pricing is very popular in cinema marketing. Offering students, pensioner, children, and seniors’ cheaper tickets to the same movies compared to adult tickets. Event cinemas has all these pricing options available to their customers which adds appeal to potential customers by attracting them to their cinemas instead of their competitors. Event also offers voucher codes, and a rewards program, where customers can earn points for every movie they see and can save up those points to buy a ticket to another movie once they have acquired enough points. By Event having these offers available to the public, it entices the public to choose them and the rewards program encourages them to be loyal and continue to spend money with Event.

Bundling is based on convenience for customers because customers can save time by buying two or more products packed together instead of having to make decisions on buying them separately. To rise to the challenge of meeting customers’ need for greater convenience, retailers must offer products that provide speed and ease (Grunert, 2017).

This price bundling strategy is used by both cinemas and supermarkets. Although they are selling the products together at a lower price compared individually, profits can still be made and even increased because it promotes the product and purchase of more than one item (Priceintelligently.com, 2019).

Cinemas use this strategy frequently, when purchasing tickets online from a cinema such as Event or Greater Union, they let you pick your seat and then you are offered the snack combos. Prices ranged from $14.90 for a medium combo, up to $25 for a small double combo. A combination offer may include such items as a drink and packet of FruChocs or a drink and ice-cream. They have limited edition deals promoting new films, which entice the customer to buy the more expensive combo because it comes with a collector’s cup (Eventcinemas.com.au, 2019).

Supermarkets use of price bundling rages from deodorant packs and health products to washing detergents and air fresheners. Consumers have been rewarded in the past several years with the on-going price war between top supermarket outlets competing for the lowest prices and win the consumers onto their side. According to Yan, Ruiliang & Bandyopadhyay, Subir. (2011), the bundling strategy works best in supermarkets performance when it combines ‘highly complementary products’ and price them at an attractively low price.

Conclusion

Key conclusions for managers of a supermarket store would be to continue pricing products at prices where the consumer believes they are getting the best value for the product, such a pricing them at odd values, for example $3.99 instead of $4, and to continue having price reductions for a limited amount of time on certain products as it can increase sales and profits and potentially increases item popularity and buyer loyalty after the sale has ended.

Selling products in a price bundling strategy can increase sales of products and can increase profits. Consumers like having the choice to buy different or the same product in a bundle and the price being discounted for it. It makes the buyer think they have gained a good deal, but the cinema/supermarket will still be making profit. If you bundle a popular item with an item that doesn’t sell as well, it could boost the sales of the poorer performed item by reaching a wider market share and may change the buyer’s opinion on the item and increase sales.

Wild Wiley’s Nail Salon Marketing Plan

Wild Wiley’s Nail Salon is a small nail salon business in Warrensville Heights, Ohio. This salon is a sole proprietorship which is unincorporated business, but I have several business licenses to be able to operate a nail salon legally. I have been in business for two years and going strong. We conduct business through a store front and offer all nail services a patient might be looking for to make sure their hands and nails always look beautiful and for special occasions. The services that are provided are professional nail care, pedicure spa, lashes, microblading, facial and body waxing. These services are high demand in the area that we operate in and people love to be pampered and feel beautiful.

What we use at Wild Wiley’s Nail Salon that is part of Porter’s generic strategies would be differentiation strategy to make sure customers get exactly what they are looking for when they bring a picture of nail design or microblading they are looking for (Pride & Ferrell, 2017). I know before opening up my business there were several times that I would go to my nail tech and provide her with a picture of what nail designs I would like to have and walk out and they would never be exactly what I wanted them to be. One, because she did not have the product, or the tools needed to create the design I wanted. However, she did give me something similar. Here at Wild Wiley’s we are here to make sure we provide you with the exact design you are looking for, if we are unable to emulate exactly the design you want we would ask if it would be okay to hold off on that design until we are able to get the tools or product needed to make that design for them. If they want us to try our best to get as close as we can with what we have we will try, but if it is something, we do not think we can provide to them we will be upfront with our customers. We keep up with all trends to be able to accommodate what customers want too. Here in the Cleveland area most nail shops are walk ins only, we will accept walk-ins, but we also do appointments to where we can keep our regulars coming back and be able to accommodate their schedules. How we can do this and keep the advantage is we accept walk ins from 9am to 6pm. Then from 8pm to midnight is appointment only. We will do appointments in the morning if we have clients that prefer that time, however walk-ins would have a longer wait times.

However, when it comes to nail product this is mostly going to be targeted towards women, transgender and those that want pedicure and nail services. We do not want to target just women we want to show diversity and inclusion. As times have changed, we forget to add in those targeted markets that would love to use the nail salon that we do not market whatsoever because society only thinks it is for women. We want to use a differentiated market segment, because having beautiful hands, feet, eyebrows and lashes are not just for women, it is for everyone at Wild Wiley’s (Pride & Ferrell, 2017). Using this approach will help increase in services that are provided to our clients and more revenue (Pride & Ferrell, 2017). Then looking into demographic variables to do more marketing around providing services for all people and not just women (Pride & Ferrell, 2017). The targeted market in Cleveland would be the African American women and LGBTQ community. When these communities feel a connection to a business and feel welcomed, they become loyal to the business and they want to see people just like them owning and working in the business that is providing them services.

Customers decision making process for finding a nail salon is sometimes word of mouth and see the artwork on their friends, family or coworkers’ hands, face etc. I remember when I was seeing my nail tech, people at the grocery store, coworkers and others would ask where I get my nails done because they always look so good. They would say did you do them yourself? I said at the time, oh I wished I could do acrylic nails like this. I would just say I have a nail tech, and I still do even though I own my own nail salon. I can do my own nails, but it is not the same as being pampered by your own nail tech. When you create a brand that is so recognizable and everyone wants it, then that speaks for itself. Then the conversations happen about who handles the work, and they start sending more customers your way, now business starts to pick up. Another way to build your brand is to create value in the brand but doing little discount cards for every time someone gets their fill in or a set of nails done you punch their card towards a reward such as $5.00 or $10.00 off. This creates a since of value and the want to come back. I know my clients every fifth visit gets a five-dollar discount and every tenth visit they get ten dollars off their visit. Mediums they will use besides the work they see, brand, family and friends would be the internet and advertisements. There are times as customers we might be looking for a new provider for whatever service it might be, and we google it. Having a good website and an inviting salon helps bring customers in the door too. Customers are also looking for lower cost than what they are paying, sometimes keeping the same cost as your competitor and not lowering but providing with excellent customer services and remembering important information about the customer can go a long way with value. The other piece of it is providing a service no one else does such as those appointments that go late at night when someone might not get off work until 10pm and they can see their nail tech at 10:30pm to fix a broken nail or do a fill in. Those things become of a value and those are things that customers look for through the medium when they are looking for a business to take on their services.

The improvements that needs to be made to Wild Wiley’s Nail Salon is getting a website created to showcase the acrylic nails that are created, we currently use Facebook which works but we want more professional website. This will enhance our brand and bring to light our products and services we provide to our customers of a diverse society and that way those customers will feel welcomed to come into our doors for the services they want, love and can feel beautiful as they are. Our current competitors have websites and commercials that drive their business. Due to us only being in business for two years we have not done the marketing to push our business further and the website will help that advertisement and marketing piece. The most marketing we have done have been through Facebook. Creating the website needs to truly represent the full quality of my salon can cost up to $500.00 as a start up cost. Then monthly it would cost anywhere up to $115.00 monthly (Team, 2020). The other part that has to be continuous for the business to thrive is to constantly keep in tune with all nail trends and listen to customers ideas and wants.

References

1. Pride, W. M., & Ferrell, O. (2017). Foundations of Marketing Seventh Edition. Boston: Cengage Learning.
2. Team, E. (2020, 01 03). How Much Does It REALLY Cost to Build a Website? Retrieved from isitwp: https://www.isitwp.com/how-much-does-it-cost-to-build-a-website-expert-answer/

The Marketing Mix: Critical Essay

In this essay, I aim to discuss the marketing mix, identify issues with its use as a marketing model/concept, and produce recommendations to reinforce my argument.

The marketing mix is a structure for the planned management of customer relations, including product, place, price, and promotion (Jobber, D., Ellis-Chadwick, F., 2020, p.783). Originally it was introduced when James Culliton depicted the marketing manager’s role as to be a ‘mixer’ of marketing concepts, though the concept grew in popularity when Neil Borden produced his article ‘The Concept of the Marketing Mix’ in 1964, and this resulted in the marketing mix receiving increased acclaim. In Borden’s first article, he included many concepts, including packaging, promotions display, and branding. The marketing mix as we now know it was not officially established until E. Jerome McCarthy grouped the concepts into 4 categories – the marketing mix 4P’s.

The marketing mix has many established hallmarks that make it effective, this includes it matching customer needs. This means that in order to make logical decisions to best benefit the organization, the target market should be selected and analyzed. It is most beneficial to understand how and why consumers choose between rivals. Achieving or surmounting the expectations of the customer will lead to the business gaining a competitive advantage. Having a well-blended mix of marketing elements allows the organization to form a recognizable brand, for example, upmarket brands use exclusive outlets to match their intended image. The organization can alter its strategy to match its available funding or the capability of the management. As with all marketing concepts, its aim is to increase the organization’s competitive advantage. The marketing mix creates this by achieving noticeable differences from their competitors to provide a superior product, service, or purchasing experience.

The current American Marketing Association definition of marketing is: “Marketing is 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” (American Marketing Association, 2020). It was approved in 2017. Up until the 1990s, the marketing mix was consistently featured as part of the marketing definition. Now the significant aim of marketing has become about customer value and how it can be maximized. The increased nature of marketing creativity allows for more flexibility for the business using it, including finance, management roles, and goals of the organization.

McCarthy (1960) explains how the marketing mix can no longer be considered a viable approach due to the ideas becoming limiting and restrictive. The marketing mix is recommended for organizations when they need help starting out or if they are going through complications with management or have financial dilemmas. The marketing mix was mainly used last decade and has since become outdated, no longer being the ideal marketing concept.

Another criticism of the marketing mix is that it can often lead to the organization making decisions that do not best support the company’s financial goals, instead making decisions with no regard for profitability. This may lead to displeased shareholders due to the fact they are not receiving an increased share value.

The aim of the marketing mix is one that is often debated. Some believe that it is focused on consumer markets, only concentrated on the consumer buying end of the product cycle, and therefore not optimized for business-to-business markets. Others believe that the marketing mix concept is ideal for product markets and discounts the problems of a service-providing business.

Due to technological advancements, the marketing mix is becoming eclipsed as new and innovative solutions are being introduced that are much more effective. Marketing in recent years has become more digitized, and this results in the marketing mix showing its age and being the more costly and time-consuming marketing option for an organization to select.

In an article for Marketing Week (2017), the chief marketing officer of Britvic, the company behind J20, Tango, and Robinsons, described the marketing mix as having ‘evolved’ and reveals that the organization is still using a version of the marketing mix concept. Having combined price and promotion, added communication and penetration, it exposes how although the old marketing mix is no longer a viable option for business, it is a basic framework that can be built upon to allow for growth.

A great example of a well-established organization using the marketing mix concept would be McDonald’s. Their capability to use the concept and how they interact with their many direct competitors. They operate in one of the most competitive and fast-paced markets, being known worldwide and having over 38,000 stores across 117 different countries (Wikipedia, 2020). Having a strong marketing strategy allows McDonald’s to be a global leader in its market segment and survive its strong competitive nature.

For a new startup organization, using the marketing mix would provide them with the basic, necessary framework they require. However, with such competitive markets and high consumer expectations, the company may promote a more spontaneous and fluid marketing strategy to cope with the fast pace environments.

Summing up, since the introduction of the marketing mix concept, there has been an exponential increase in the options of marketing concepts available to businesses, so the options for them to select one best suited have heightened. I have shown how the marketing mix originated, the benefits and issues of using it, and how companies are now moving forward and adapting to contend in the ever-changing, fast-natured environments they now compete.

Social Justice Vs Market Justice Essay

Introduction

In contemporary societies, the concepts of social justice and market justice play significant roles in shaping economic, political, and social systems. While both ideologies aim to address issues of fairness and equality, they approach these goals from different perspectives. This essay will compare and contrast social justice and market justice, exploring their fundamental principles, implications, and potential outcomes.

Definition and Principles

Social justice is rooted in the belief that all individuals should have equal access to resources, opportunities, and basic human rights. It emphasizes the redistribution of wealth and resources to ensure fairness and alleviate social inequalities. Social justice focuses on the collective welfare of society, striving to create a more equitable and inclusive system.

On the other hand, market justice emphasizes individualism, self-reliance, and personal responsibility. It views fairness as a result of free-market transactions and believes that individuals should be rewarded based on their efforts and contributions. Market justice advocates for limited government intervention and promotes the notion that economic decisions should be determined by market forces rather than social policies.

Distribution of Resources

Social justice advocates for a more egalitarian distribution of resources, seeking to reduce disparities between different social groups. It recognizes the importance of addressing systemic barriers and providing equal opportunities for all individuals, especially marginalized populations. Social justice policies often involve progressive taxation, social welfare programs, and affirmative action to level the playing field and promote inclusivity.

In contrast, market justice relies on market mechanisms to allocate resources. It believes that individuals should be rewarded based on their skills, efforts, and market value. Market justice supports meritocracy and argues that individuals who work harder or possess more valuable skills should be entitled to greater rewards. It emphasizes competition and encourages individual initiative and entrepreneurship.

Role of Government

Social justice places a significant emphasis on the role of government in creating and implementing policies that promote equality and social well-being. It recognizes the need for government intervention to regulate markets, protect vulnerable populations, and ensure access to essential services such as healthcare, education, and housing. Social justice advocates for robust social safety nets and believes that government has a responsibility to address systemic inequalities.

In contrast, market justice advocates for limited government intervention in economic affairs. It supports free-market competition and argues that government interference can hinder efficiency and individual freedoms. Market justice promotes deregulation, privatization, and the belief that market forces, driven by supply and demand, should determine resource allocation.

Implications and Outcomes

Social justice seeks to create a society that is more inclusive, equitable, and focused on the well-being of all its members. By addressing systemic barriers and providing support to marginalized groups, social justice aims to reduce poverty, improve access to education and healthcare, and foster social cohesion. It recognizes the importance of collective action and solidarity in achieving social change.

Market justice, on the other hand, can lead to greater economic efficiency and individual freedom. It promotes innovation, entrepreneurship, and market competition, which can spur economic growth. However, it may also perpetuate inequalities, as those with more resources and market advantages are likely to accumulate greater wealth and power. Market justice places less emphasis on addressing systemic inequalities and may result in unequal access to essential services for marginalized groups.

Conclusion

Social justice and market justice represent two contrasting approaches to addressing issues of fairness and equality in society. While social justice focuses on equalizing opportunities and promoting the collective welfare, market justice emphasizes individualism, self-reliance, and market mechanisms. Both ideologies have their implications and potential outcomes, shaping economic and social systems in distinct ways. The ongoing discourse and balance between social justice and market justice play a crucial role in shaping societies and determining the kind of world we aspire to create.