Marketing management notes unit 1 2

Scope of marketing is wide and includes goods, services and even ideas. Any three areas with examples are:

1. Marketing of goods: tangible products like smartphones, FMCG items, clothing.
2. Marketing of services: banking, insurance, hospitals, education, telecom.
3. Social/idea marketing: campaigns like polio vaccination, road safety, anti-smoking.

It also includes experience marketing (tourism/events) and marketing of people/places (celebrity branding, city branding).

Psychological factors (any three):

1. Motivation: internal drive to satisfy needs (e.g., safety, esteem).
2. Perception: how consumers interpret information; the same ad may be perceived differently.
3. Learning: behaviour changes through experience; positive experience builds repeat purchase and loyalty.
4. Attitudes/beliefs: relatively stable likes/dislikes that influence brand choice.

These factors shape how consumers think, feel and act during purchase.

Product planning is the process of developing and maintaining products and product lines to satisfy customer needs and achieve company goals. It includes decisions on product features, improvements, new products, and managing product lines/mix.

Product mix decisions involve managing the product portfolio using these dimensions:

1. Width (number of product lines)

• Example: A company sells soaps, shampoos and detergents → width = 3 lines.
• Adding a new line like toothpaste increases width.

2. Length (total number of items across lines)

• Example: If soap line has 4 variants and shampoo line has 5 variants, total items = 9. Adding more items increases length.

3. Depth (variants within a product)

• Example: a shampoo available in 50ml, 100ml, 200ml and multiple types (anti-dandruff, herbal) increases depth.

4. Consistency (relatedness among product lines)

• If product lines share similar technology or channels, consistency is high (e.g., all personal care products).

Why these decisions matter:

• They help balance risk and profit, serve different segments, and respond to competition and changing customer needs.

Thus, product planning and mix management help the firm build a strong product portfolio.