Podcast
Questions and Answers
Which element of the 4 P's of Marketing refers to the actual item being sold and its features?
Which element of the 4 P's of Marketing refers to the actual item being sold and its features?
What is the primary focus of the 'Growth' stage in the Product Life Cycle?
What is the primary focus of the 'Growth' stage in the Product Life Cycle?
Which category of goods requires extensive searching and is often purchased infrequently?
Which category of goods requires extensive searching and is often purchased infrequently?
Which pricing strategy involves setting a high price to reflect a good product/service exchange?
Which pricing strategy involves setting a high price to reflect a good product/service exchange?
Signup and view all the answers
Which of the following is NOT a consideration in the 'Place' element of the 4 P's of Marketing?
Which of the following is NOT a consideration in the 'Place' element of the 4 P's of Marketing?
Signup and view all the answers
At what stage of the Product Life Cycle do sales begin to decline?
At what stage of the Product Life Cycle do sales begin to decline?
Signup and view all the answers
Which type of pricing strategy typically involves a low initial price to attract market share?
Which type of pricing strategy typically involves a low initial price to attract market share?
Signup and view all the answers
Which aspect of promotion focuses on creating awareness and interest in a product's appropriate pricing?
Which aspect of promotion focuses on creating awareness and interest in a product's appropriate pricing?
Signup and view all the answers
What is the primary role of wholesalers in the distribution channel?
What is the primary role of wholesalers in the distribution channel?
Signup and view all the answers
Which promotional objective aims to inform customers about a new feature or benefit of a product?
Which promotional objective aims to inform customers about a new feature or benefit of a product?
Signup and view all the answers
What is a key characteristic of retailers compared to other intermediaries?
What is a key characteristic of retailers compared to other intermediaries?
Signup and view all the answers
How does the Internet serve as a channel intermediary?
How does the Internet serve as a channel intermediary?
Signup and view all the answers
In the context of the Product Life Cycle (PLC), what must be understood during selection consideration?
In the context of the Product Life Cycle (PLC), what must be understood during selection consideration?
Signup and view all the answers
Which of the following is NOT considered a part of the promotions mix?
Which of the following is NOT considered a part of the promotions mix?
Signup and view all the answers
What is the main focus of promotional techniques?
What is the main focus of promotional techniques?
Signup and view all the answers
In terms of pricing strategies, what does the phrase 'the right product, for the right market, at the right time, and at the right price' emphasize?
In terms of pricing strategies, what does the phrase 'the right product, for the right market, at the right time, and at the right price' emphasize?
Signup and view all the answers
What does the marketing management process primarily aim to achieve?
What does the marketing management process primarily aim to achieve?
Signup and view all the answers
Which of the following is NOT one of the 4 P's of Marketing?
Which of the following is NOT one of the 4 P's of Marketing?
Signup and view all the answers
What is the primary focus of the product life cycle?
What is the primary focus of the product life cycle?
Signup and view all the answers
Which pricing strategy is aimed at maximizing market penetration?
Which pricing strategy is aimed at maximizing market penetration?
Signup and view all the answers
Which of the following best describes promotion techniques?
Which of the following best describes promotion techniques?
Signup and view all the answers
What aspect of marketing focuses on the ability to position your offering effectively?
What aspect of marketing focuses on the ability to position your offering effectively?
Signup and view all the answers
Which type of skill is vital for understanding and visualizing the organization as a whole?
Which type of skill is vital for understanding and visualizing the organization as a whole?
Signup and view all the answers
What is the goal of effective sales performance management?
What is the goal of effective sales performance management?
Signup and view all the answers
Study Notes
EMGT 103 Sales and Marketing Management
- Course offered at Mapúa Malayan Colleges, Laguna
- Course dates: Week 9-10, October 17-24, 2024
Organizational Chart
- Hierarchical structure showing reporting relationships within a company.
- CEO at the top
- Departments including Sales, Marketing, Operations, Finance, Engineering, IT, and HR.
- Sales and Marketing departments grouped together.
Business Information Flow
- Diagram illustrating the flow of information within a business.
- Marketing gathers information on customer demands, feedback and new product needs.
- Operations Management uses information to determine operating capabilities, inventory levels, and output rates.
- Other departments use information for planning, investments, financial measures, and more.
What is Sales
- Trying to get the customer to like the company's products.
Sales Management
- Effectively achieving sales goals.
- Includes leading and controlling organizational resources.
Sales Performance Management
- Effective management of sales forces, efficient in manner.
- Practice of monitoring and guiding salespeople.
Sales Management Process
- Includes elements such as Training, Staffing, Planning, Controlling, and Leading.
- Training aims to satisfy customer and educate employees.
- Staffing is about hiring the proper people to excel in sales.
- Planning is about building customer-centric sales teams.
- Controlling is about evaluating past performance to guide future strategies.
- Leading is about guiding staff to perform above-average levels.
Sales Levels
- Hierarchical structure of sales positions in an organization starting from a Trainee.
- Includes positions such as CEO, Vice President of Marketing, National Sales Leader, Regional Sales Leader, etc
Sales Management Skills
- 3 Key Skills
- Conceptual and Decision Skills - refers to understanding the organization as a whole and how different parts relate.
- People Skills - the ability to work effectively with other employees
- Technical Skills - the ability to perform specialized tasks
What is Marketing
- Trying to get a company to produce products customers want.
Definitions of Marketing
- Identification, anticipation, and satisfying customer needs profitably.
- Process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.
Marketing Management
- Choosing target markets and growing customers through value creation, delivery, and communication.
The Marketing Concept
- Choosing and targeting appropriate customers.
- Positioning offerings to match customers' goals.
- Interacting effectively with customers.
- Controlling marketing efforts.
- Maintaining a consistent performance track.
Implications of Marketing
- Identifying current and potential customers.
- Understanding customer needs.
- Satisfying customer needs through effective products/services.
- Communicating effectively with customers.
- Delivering competitive products/services.
Objective of Sales and Marketing
- Offering the right product to the right market at the right time and price.
4 P's of Marketing
- Product, Price, Place, Promotion.
- 4 sub-elements in Marketing Mix, which are:
- Product - The solutions, features, attributes to differentiate offerings from competitors.
- Price - How much customers are willing to pay.
- Place - The consideration of where the product should be available.
- Promotion - Communication to consumers that they need the product.
4 P's of Marketing: Product
- Actual item being sold.
- Features and attributes differentiating the product.
4 P's of Marketing: Price
- Amount consumers are willing to pay.
4 P's of Marketing: Place
- Consideration of product availability (in stores and online.)
- How the product is displayed.
4 P's of Marketing: Promotion
- Communicating to consumers about the product.
- Includes, advertising, public relations, and media strategy.
Products Decisions
- Product and service classification systems, and product life cycle stages.
- Growth/share & Product market.
Five Stages of the PLC (Product Life Cycle)
- Introduction, Growth, Maturity, Decline, Withdrawal.
Five stages of the PLC
- Product Development – zero sales, high investment costs.
- Introduction – no profit, high production expense.
- Growth – Rapid market acceptance, increasing profits.
- Maturity – Slowdown in sales growth, profits level off– increase outlay to compete.
- Decline – Sales fall off and profits decline.
Product and Service Classification System
- Convenience goods – little effort, inexpensive.
- Shopping goods – e.g., white goods, DIY equipment, somewhat expensive.
- Specialty goods – extensive search, e.g. jewelry, gourmet food.
- Unsought goods – not actively sought, needed sometimes (e.g., insurance.)
Pricing Decisions
- Pricing strategies, Pricing exercise.
- Ten ways to 'increase' prices without increasing price.
Pricing Strategies
- Premium pricing – high price, good product/service exchange (e.g., luxury brands).
- Penetration pricing – low price to gain market share, then increase it (e.g., new technology offerings.)
- Economy pricing – no frills, low price (e.g., economy brands).
Pricing Strategies
- Price skimming – high prices during introduction, reduced price later.
- Psychological pricing – pricing to elicit emotional responses rather than rational decisions from customers.
- Product line pricing – pricing in line with the whole product range.
Pricing Strategies
- Pricing variations – 'off-peak' pricing, early booking discounts.
- Optional-product pricing – pricing products that enhance the main product.
- Captive-product pricing – Pricing products that work in conjunction with other products.
- Product-bundle pricing - Combine several products into a bundle at a set price.
Ten ways to ‘increase’ prices without increasing the price (Winkler)
- Revise discount structure.
- Change minimum order size.
- Charge for delivery/special services.
- Invoice for repairs/service.
- Charge for engineering/installation.
- Charge for overtime on rushed orders.
- Produce less of lower-margin models in the lines
- Write penalty clauses into contracts.
- Change the physical characteristics of the product.
Channels and Distribution Tactics
- A set of institutions that transfer products from production to consumption.
Six Basic Channel Decisions
- Direct vs. indirect channels.
- Single vs. multiple channels.
- Channel length.
- Types of intermediaries.
- Number of intermediaries per level.
- Selection of the proper intermediaries to avoid intra-channel conflict.
Channel Intermediaries (Agents)
- Primarily used in international markets.
- Commission agents – do not take title of the goods.
- Secure orders for goods.
- Stockist agents – hold goods (consignment stock.)
- Control is difficult due to cultural differences.
Channel Intermediaries – Wholesalers
- Break down bulk orders.
- Sell in smaller quantities to retailers.
- Provide storage facilities.
- Reduce contact costs.
- Take on some marketing responsibilities. (e.g., sales force, promotions.)
Channel Intermediaries – Retailers
- Strong personal relationship with customers.
- Hold a variety of products.
- Offer credit to consumers.
- Promote merchandise products.
- Price final products to build retailer brand.
Channel Intermediaries – Internet
- Sell to a geographically dispersed market.
- Target and focus on specific customer segments.
- Relatively low set-up costs for online business.
- Use of e-commerce technology.
- Significant paradigm shift in commerce and consumption.
Selection Considerations
- Know your target market for your segment (customers).
- Understand how different channels work at different stages of a product life cycle.
- Match your policies with the strategies and image of your distributors.
- Assess the qualifications of distributors by looking at their experience and track record.
Promotions Decisions
- Elements of the communication process.
- Promotional mix.
- Promotional message.
- Execution style.
- Media choices.
- Promotional objectives.
Promotions Mix
- Personal selling.
- Telemarketing.
- Direct mail.
- Trade fairs and exhibitions.
- Commercial television.
- Newspaper and magazines.
- Radio.
- Cinema.
- Point of sale displays.
- Packaging.
Promotional Objectives
- Support sales increases.
- Encourage trial.
- Build awareness.
- Inform about product features/benefits.
- Remind customers.
- Reassure customers.
- Create a specific brand image.
- Modify attitudes of customers.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz covers key concepts in Sales and Marketing Management as presented in EMGT 103 at Mapúa Malayan Colleges. It includes organizational structures, information flow within businesses, and effective sales strategies. Test your understanding of how sales and marketing operate within a corporate environment.
