Marketing Management

Marketing Management –II

-Zakir Zafar Mohammad (2016PGP124)

Pilot: 

The course Marketing Management-2 focused on the key aspects of Marketing Process & Strategy, Product Mix - Product Line, Depth, Cannibalizing, Choosing Customers: Segmentation, Targeting & Positioning, Creating Value: Services, Capturing Value: Pricing Decisions, Pricing Policy, Developing Pricing Strategies, Pricing Tactics, Delivering Values and Communicating Value.

Key Learnings:

There were several key learnings from the course and it is difficult to prioritise which one would clearly take the lead but following would be the most important ones:

1.Pricing Decisions: I think the most important takeaway from the sessions were the Pricing Decisions as one must decide on the eventual goal of the business - that is to sell and how to get customers to choose your product over others. In this context, pricing decisions usually are the key deciders of how much demand your product generates and how much market it takes over.

Pricing might not be as glamorous as promotion, but it is the most important decision a marketer can make. Price is important to marketers because it represents marketers' assessment of the value customers see in the product or service and are willing to pay for a product or service.

2. Product Mix: A product mix is important in business because it maximizes a company's chances of achieving steady, continual success in its operations. A product mix also ensures that a company remains responsible to its customers by living up to its product claims.

Through proper management of products an organization can meet the need of the customer. Usually if a customer is satisfied with the product then they will come and buy from the same organization. Properly tracking the feedback of the customer one can keep the production line run smoothly. As and when the requirement of the customer changes the product lines can be made slow or fast for meeting the deadlines.