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SBI Associates PO - Marketing Notes IV

SBI Associates PO - Marketing Notes IV

What is product life cycle management?
This management is a process of managing a product throughout its lifecycle. It starts from its introduction, growth, maturity and disposal. 
This management integrates people, data, processes and business systems. It works in the following areas:
(a) Product system engineering
(b) Product and portfolio management
(c) Product design
(d) Manufacturing process management
(e) Product data management

This management process basically involves:
(a) Conceive – Imagine, specify, plan, innovate
(b) Design – Describe, define, develop, test, validate
(c) Realize – Make, procure, produce, deliver, launch
(d) Service – Maintain, support, sustain
(e) Dispose – Recycle, disposal, retire

What is product life cycle?
In the same fashion of our life cycle i.e. birth, growth, maturity and finally death, a product also goes through a life cycle which consists of following stages:
(a) Product introduction/market development – this is the stage when a new product is first brought to market. It can be on the basis of demand or innovation of a company. In this stage sales are low and slow. However, thanks to our communication channels and modern management techniques that at this stage also sales goes up.

(b) Market growth – at this stage the demand begins to accelerate and it takes off.

(c) Maturity

(d) Disposal

What is marketing management?
It is a business discipline which applies different type of marketing techniques, resources, and trends. The application of this discipline can vary significantly based on business’s size, culture and environment.

Marketing management employs various tools like SWOT analysis, product positioning, product differentiation, value chain analysis, strategic group analysis, statistical surveys, ethnographic observations, competitive intelligence, environment scanning etc.

So, this discipline is very broad one and to create an effective marketing management, it is very necessary for a company to have its elaborated and objective understanding of its own business model and markets.

What is marketing environment?
It is an umbrella term used for forces and variables inside as well outside the organization which influence the decision of marketing managers.

Marketing environment comprises trends that appear and disappear and determine the success of the organization marketing efforts. For better marketing and formulation of a marketing strategy, it is necessary to scan internal and external marketing environment variables.

Marketing environment can be classified into three groups:
(a) Micro (internal) Objective of the company Finance Resources like man power, raw material, capital etc.
(b)Macro (external) Technology Economic Social Physical National/international
(c) Market (just outside) Competitors Intermediaries Suppliers Threats Opportunities

What is marketing mix?
Marketing mix is a tool in the hand of marketer, which is a mixture of several ideas and plans, to promote a particular product. Different models of marketing mix:

Four P model--
This is also known as producer oriented model. It was proposed by EJ McCarthy in 1960.

(a) Product – The thing which is offered
(b) Price – High/low, stable/fluctuating
(c) Promotion – Brand recognition and positioning
(d) Place – Convenient for consumers

Seven P model
It was proposed by Booms and Bitner in 1981.

(a) Physical evidence – Interior
(b) People – Human resources
(c) Process – Quality

Four C model
It is a consumer oriented model. It was proposed by Lauterborn in 1993.

(a) Product – Consumer
(b) Price – Cost
(c) Promotion – Communication
(d) Place – Convenience/channel for consumers

Seven C model Elements:
(a) Consumers
(b) Cost
(c) Communication
(d) Convenience/channel
(e) Corporation
(f) Commodity
(g) Circumstances

Compass model Elements:
(a) N – National and international
(b) W – Weather
(c) S – Social
(d) E – Economic

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