lecture notes on strategic marketing management. and what is marketing management and strategy. how to explain marketing management pdf free download
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LECTURE NOTES
ON
MARKETING MANAGEMENT
MBA I YEAR I SEMESTER
(JNTUA-R14)
Ms.P.REVATHI
ASSOC. PROFESSOR
DEPARTMENT OF MANAGEMENT STUDIES
CHADALAWADA RAMANAMMA ENGINEERING COLLEGE
CHADALAWADA NAGAR, RENIGUNTA ROAD, TIRUPATI (A.P) - 517506
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 1JAWAHARLAL NEHRU TECHNOLOGIAL UNIVERSITY ANANTAPUR
MBA Semester – I Th C
4 4
(14E00103) MARKETING MANAGEMENT
The objective of the course is to have the basic concepts of Marketing which is one of the
important areas of functional management. This is a pre-requisite for taking up any elective
rd th
paper in 3 and 4 semester in the stream of Marketing.
1. Understanding Marketing Management: Concepts of marketing, Role of Marketing,
Marketing Process, Marketing Environment, consumer behavior, business buying
behavior, analyzing competitors, qualities of Marketing manager.
2. Market segmentations and Marketing Strategies:- Market Segmentation, Target
Market, differentiating and positioning, New Product Development, Product Life Cycle.
3. Planning Marketing Programs:- Levels of product, product lines, product mix, brand
and packing, managing services, managing marketing channels, managing direct and on-
line marketing.
4. Pricing strategies and promotions:- pricing decisions, methods of pricing, selecting the
final price, price discounts, advertising and sales promotions, managing the sales force.
5. Managing the marketing efforts:- organizing, implementing, evaluating and controlling
marketing activities, Social responsible marketing, retailing, trends in retailing, Rural
Marketing.
References:
∑ Marketing Management, Phillip Kotler, Pearson.
∑ MKTG, A South Asian Prospective, Lamb, Hair, Sharma, Mcdaniel, Cengage .
∑ Marketing Asian Edition Paul Baines Chris Fill Kelly page, Oxford.
∑ Marketing Management 22e, Arun Kuar, Menakshi, Vikas publishing .
∑ Marketing in India, Text and Cases, S.Neelamegham, Vikas .
∑ Marketing Management, Rajan Saxena, TMH.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 2∑ Marketing – The Core, Kerin, Hartley and Rudelius, McGraw Hill, Irwin.
∑ Case Studies in Marketing, The Indian Context, Srinivasan,PHI.
∑ Marketing Management, V.S. Ramaswamy and S. Namakumari, McMillan.
∑ Marketing – concepts and Cases, Etzel, Walker, Stanton, Pandit, TMH.
∑ Introduction to Marketing theory and practice, Adrian Palmer , Oxford University Press .
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 3UNIT -I
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 4UNIT-1
Understanding Marketing Management:
1. Concepts of marketing,
2. Role of Marketing,
3. Marketing Process,
4. Marketing Environment,
5. Consumer behavior,
6. Business buying behavior,
7. Analyzing competitors,
8. Qualities of Marketing manager.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 51. Concepts of marketing,
Introduction: Marketing, as indicated in the term, denotes a process that is continuous in
nature. The market should be continuously involved in initiating, conducting and
finalizing transactions and exchange. This is an unending process and would continue
till production and consumption cease to exist in the world.
Meaning: The term ‘marketing’ can be defined analytically or operationally. The analytic
way of explaining the terms to show how marketing differs from various other activities
of a firm, marketing deals with identifying and meeting human and social needs. One of
the shortest definitions of marketing is “meeting needs profitably”.
Definitions: According to kotler: “Marketing is the science and art of exploring, creating,
and delivering value to satisfy the needs of a target market at a profit. Marketing
identifies unfulfilled needs and desires”
According to American management association: “Marketing is the process of planning
and executing the conception, pricing, promotion and distribution of ideas, goods and
services to create exchanges that satisfy individual and organizational objectives”.
Thus marketing may be defined as those as those business functions which are most
directly and primarily concerned with three activities
∑ The recognition of the demand,
∑ The stimulation of demand
∑ The satisfaction of demand
Communication
Goods /services
Market
Industry
Collection of buyers
Collection of
Money/value
Order
1.1 Core concepts of marketing:
Marketing Management is a social and managerial process by which individuals or firms
obtain what they need or want through creating, offering, exchanging products of value
with each other. the total marketing can be fulfilled the core concepts of business.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 6ÿ NEED/ WANT/ DEMAND:
Need: It is state of deprivation of some basic satisfaction. eg.- food, clothing, safety,
shelter.Want: Desire for specific satisfier of need. eg.- Indians needs food – wants
paneer tikka/ tandoori chicken. Americans needs food- wants hamburger/ French
fries.Demand: Want for a specific product backed up by ability and willingness to buy.
eg.- Need – transportation. Want – Car (say, Mercedes)……but able to buy only
Maruti. Therefore, Demand is for Maruti.
ÿ PRODUCTS- GOODS/ SERVICES/ PLACE.
Product is anything that can satisfy need/ want.Product components are Physical Good.,
Service,Idea.eg. Fast food- burger/ pizza.Physical Good – material eaten.Service –
purchase of raw material/ cooking,Idea – speed of computer/ processing power.
ÿ VALUE/ COST/ SATISFACTION:
o Decision for purchase made based on value/ cost satisfaction delivered by
product/ offering..Product fulfills/ satisfies Need/ Want. Value is products
capacity to satisfy needs/ wants as per consumer’s perception or
estimation.Each product would have a cost/ price elements attached
o Satisfaction – Estimated in terms of time lead & travel comfort.
o VALUE– Products capacity to satisfy.
o COST– Price of each products.
ÿ EXCHANGE/ TRANSACTION:
EXCHANGE: – The act/ process of obtaining a desired product from someone by offering
something in return. For exchange potential to exist, the following conditions must be
fulfilled.
There must be at least two parties.
Each party has something of value for other party.
Each party is capable of communication & delivery
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 7Each party is free to accept/ reject the exchange offer.
Each party believes it is appropriate to deal with the other party.
ÿ TRANSACTION: – Event that happens at the end of an exchange. Exchange is a
process towards an agreement. When agreement is reached, we say a transaction
has taken place.
Barter transaction.
Monetary Transaction.
At least two things of value.
Condition agreed upon.
Time of agreement.
Place of agreement.
May have legal system for compliance.
ÿ RELATIONSHIP/ NETWORKING:
Relationship marketing:- It’s a pattern of building long term satisfying relationship with
customers, suppliers, distributors in order to retain their long term performances and
business. Achieved through promise and delivery of ,high quality, good service, fair
pricing, over a period of time.
ÿ MARKETING NETWORK: It is made up of the company and its customers,
employees, suppliers, distributors, advertisement agencies, retailers, research &
development with whom it has built mutually profitable business relationship.
Competition is between whole network for market share and NOT between companies
alone.
ÿ MARKET:
A market consists of all potential customers sharing particular need/ want who may be
willing and able to engage in exchange to satisfy need/ want.
Market Size = fn (Number of people who have need/ want; have resources that interest
others, willing or able to offer these resources in exchange for what they want.
ÿ MARKETERS/ PROSPECTS: Working with markets to actualize potential exchanges
for the purpose of satisfying needs and wants. One party seeks the exchange more
actively, called as “ Marketer”, and the other party is called “Prospect”. Prospect is
someone whom marketer identifies as potentially willing and able to engage in
exchange. Marketer may be seller or buyer. Most of time, marketer is seller.
A marketer is a company serving a market in the face of competition.
Marketing Management takes place when at least one party to a potential exchange thinks
about the means of achieving desired responses from other parties.
1.2 Main concepts of marketing: Studies reveal that different organizations have
different perception of marketing and these different perception have led to the
formation of different concept of marketing studies also reveal that at least five distinct
concept of marketing have guided and still guiding business firms.
1. Production Concept
2. Product Concept
3. Selling Concept
4. Marketing Concept
5. Societal Marketing Concept
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 81.Production Concept: Those companies who believe in this philosophy think that if
the goods/services are cheap and they can be made available at many places, there
cannot be any problem regarding sale.
Keeping in mind the same philosophy these companies put in all their marketing efforts
in reducing the cost of production and strengthening their distribution system. In order
to reduce the cost of production and to bring it down to the minimum level, these
companies indulge in large scale production.
2.Product Concept:Those companies who believe in this philosophy are of the opinion
that if the quality of goods or services is of good standard, the customers can be easily
attracted. The basis of this thinking is that the customers get attracted towards the
products of good quality. On the basis of this philosophy or idea these companies direct
their marketing efforts to increasing the quality of their product.
3.Selling Concept: Those companies who believe in this concept think that leaving
alone the customers will not help. Instead there is a need to attract the customers
towards them. They think that goods are not bought but they have to be sold.
4.Marketing Concept: Those companies who believe in this concept are of the opinion
that success can be achieved only through consumer satisfaction. The basis of this
thinking is that only those goods/service should be made available which the
consumers want or desire and not the things which you can do.
Differences between selling and marketing:
SELLING MARKETING
Selling starts with seller Marketing starts with buyer
Selling based on existing activities Marketing based on all activities
Selling refers goods and services Marketing refers customer satisfaction
What is offered? is enough What should be offered? will think
Packing is enough for product protection Packing is for convenient to customers
Cost determines price Consumer determines price
Customer is last Customer is first
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 95.Societal Marketing Concept: This concept stresses not only the customer satisfaction
but also gives importance to Consumer Welfare/Societal Welfare. This concept is almost a
step further than the marketing concept. Under this concept, it is believed that mere
satisfaction of the consumers would not help and the welfare of the whole society has to be
kept in mind.
1.2 Role of Marketing,
Introduction: Marketing is perhaps the most important activity in a business because it has
a direct effect on profitability and sales. Larger businesses will dedicate specific staff and
departments for the purpose of marketing. It is important to realise that marketing cannot
be carried out in isolation from the rest of the business.
For example:The marketing section of a business needs to work closely with operations,
research and development, finance and human resources to check their plans are possible.
Operations will need to use sales forecasts produced by the marketing department to plan
their production schedules.
Sales forecasts will also be an important part of the budgets produced by the finance
department, as well as the deployment of labour for the human resources department.
A research and development department will need to work very closely with the marketing
department to understand the needs of the customers and to test outputs of the R&D
section.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 101. 3.Marketing Process,
Introduction: The activities of marketers both reflect and shape the world we live in.
Every year new products and services are launched and some of them succeeds on an
unprecedented scale. As in the case of Apple's iPod, iPhone, and also iPad. They all are
great inventions and highly successful in market.
Meaning of Marketing Process
The Marketing Process of a company typically involves identifying the viable and potential
marketing opportunities in the environment, developing strategies to effective utilise
the opportunities, evolving suitable marketing strategies, and supervising the
implementation of these marketing efforts.
Marketing process involves ways that value can be created for the customers to satisfy
their needs. Marketing process is a continual series of actions and reactions between
the customers and the organisations which are making attempt to create value for and
satisfy needs of customers. In marketing process the situation is analysed to identify
opportunities, the strategy is formulated for a value proposition, tactical decisions are
taken, plan is implemented, and results are monitored.
Steps in Marketing Process
Following are the steps involved in the Marketing Process :-
∑ Situation Analysis
∑ Marketing Strategy
∑ Marketing Mix Decision
∑ Implementation and Control
∑
1. Situation Analysis:Analysis of situation in which the organisation finds itself serves as
the basis for identifying opportunities to satisfy unfulfilled customer needs. Situational
and environmental analysis is done to identify the marketing opportunities, to
understand firms own capabilities, and to understand the environment in which the
firm is operating.
2. Marketing Strategy :After identifying the marketing opportunities a strategic plan is
developed to pursue the identified opportunities.
3. Marketing Mix Decisions: At this step detailed tactical decisions are made for the
controllable parameters of the marketing mix. It includes - product development
decisions, product pricing decisions, product distribution decisions, and product
promotional decisions.
4. Implementation and Control: Finally, the marketing plan is implemented and the
results of marketing efforts are monitored to adjust the marketing mix according to the
market changes.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 111.4. Marketing Environment,
Introduction: Environmental analysis is a strategic tool. It is a process to identify all the
external and internal elements, which can affect the organization’s performance. The
analysis entails assessing the level of threat or opportunity the factors might present. These
evaluations are later translated into the decision-making process. The analysis helps align
strategies with the firm’s environment.
Our market is facing changes every day. Many new things develop over time and the whole
scenario can alter in only a few seconds. There are some factors that are beyond your
control. But, you can control a lot of these things.
Businesses are greatly influenced by their environment. All the situational factors which
determine day to day circumstances impact firms. So, businesses must constantly analyze
the trade environment and the market.
There are many strategic analysis tools that a firm can use, but some are more common.
The most used detailed analysis of the environment is the PESTLE analysis. This is a bird’s
eye view of the business conduct. Managers and strategy builders use this analysis to find
where their market currently. It also helps foresee where the organization will be in the
future.
∑ Political factors
∑ Economic factors
∑ Social factors
∑ Technological factors
∑ Legal factors
∑ Environmental factor
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 12P for Political factors: The political factors take the country’s current political situation. It
also reads the global political condition’s effect on the country and business. When
conducting this step, ask questions like “What kind of government leadership is impacting
decisions of the firm?” Some political factors that you can study are:
∑ Government policies
∑ Taxes laws and tariff
∑ Stability of government
∑ Entry mode regulations
E for Economic factors: Economic factors involve all the determinants of the economy and
its state. These are factors that can conclude the direction in which the economy might
move. So, businesses analyze this factor based on the environment. It helps to set up
strategies in line with changes. Here listed some determinants you can assess to know how
economic factors are affecting your business below:
∑ The inflation rate
∑ The interest rate
∑ Disposable income of buyers
∑ Credit accessibility
∑ Unemployment rates
∑ The monetary or fiscal policies
∑ The foreign exchange rate
S for Social factors: Countries vary from each other. Every country has a distinctive
mindset. These attitudes have an impact on the businesses. The social factors might
ultimately affect the sales of products and services. Some of the social factors you should
study are:
∑ The cultural implications
∑ The gender and connected demographics
∑ The social lifestyles
∑ The domestic structures
∑ Educational levels
∑ Distribution of Wealth
T for Technological factors: Technology is advancing continuously. The advancement is
greatly influencing businesses. Performing environmental analysis on these factors will
help you stay up to date with the changes. Technology alters every minute. This is why
companies must stay connected all the time. Firms should integrate when needed.
Technological factors will help you know how the consumers react to various trends. Firms
can use these factors for their benefit:
∑ New discoveries
∑ Rate of technological obsolescence
∑ Rate of technological advances
∑ Innovative technological platforms
L for Legal factors: Legislative changes take place from time to time. Many of these
changes affect the business environment. If a regulatory body sets up a regulation for
industries, for example, that law would impact industries and business in that economy. So,
businesses should also analyze the legal developments in respective environments. Here
mentioned some legal factors you need to be aware of:
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 13∑ Product regulations
∑ Employment regulations
∑ Competitive regulations
∑ Patent infringements
∑ Health and safety regulations
E for Environmental factors: The location influences business trades. Changes in climatic
changes can affect the trade. The consumer reactions to particular offering can also be an
issue. This most often affects agri-businesses. Some environmental factors you can study
are:
∑ Geographical location
∑ The climate and weather
∑ Waste disposal laws
∑ Energy consumption regulation
∑ People’s attitude towards the environment
There are many external factors other than the ones mentioned above. None of these
factors are independent. They rely on each other.
If you are wondering how you can conduct environmental analysis, here are 5 simple steps
you could follow:
1. Understand all the environmental factors before moving to the next step.
2. Collect all the relevant information.
3. Identify the opportunities for your organization.
4. Recognize the threats your company faces.
5. The final step is to take action.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 141.5.Consumer behavior.
Introduction: The modern marketing management tries to solve the basic problems of
consumers in the area of consumption. To survive in the market, a firm has to be
constantly innovating and understand the latest consumer needs and tastes. It will be
extremely useful in exploiting marketing opportunities and in meeting the challenges
that the Indian market offers. It is important for the marketers to understand the
buyer behaviour due to the following reasons.
The study of consumer behaviour for any product is of vital importance to marketers in
shaping the fortunes of their organisations.
ÿ It is significant for regulating consumption of goods and thereby maintaining
economic stability.
ÿ It is useful in developing ways for the more efficient utilisation of resources of
marketing. It also helps in solving marketing management problems in more
effective manner.
ÿ Today consumers give more importance on environment friendly products.
They are concerned about health, hygiene and fitness. They prefer natural
products. Hence detailed study on upcoming groups of consumers is essential
for any firm.
ÿ The growth of consumer protection movement has created an urgent need to
understand how consumers make their consumption and buying decision.
ÿ Consumers’ tastes and preferences are ever changing. Study of consumer
behaviour gives information regarding colour, design, size etc. which
consumers want. In short, consumer behaviour helps in formulating of
production policy.
ÿ For effective market segmentation and target marketing, it is essential to have
an understanding of consumers and their behaviour.
Consumer behavior Models : Many models have been developed describing the buying
process. These models called as consumer behavior models treat a consumer as a
decision maker who comes to a market place to buy the products brand for his
satisfaction of needs. The buying process has been discussed below through the
consumer behaviors models. The important models of buyer behaviors are as follows:
1. Economic model
2. Sociological model
3. Howard-sheath model
Economic model: - This model says as “purchasing decision are the result of largely
rational and conscious economic calculations. The individual buyer seeks to spend his
income on goods that will deliver the must utility (satisfaction) to his tastes and the
relative price.
Social model.: - The S.M. has been explained by sociologists studying the behaviors of a
group of individuals and the manner in which it influences the behaviors of an
individual. The models says that the individual is always influenced by a group as he
lives in a society where in many group exist like family, reference group etc.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 15Another classification of consumers :
ÿ Harvard sheath model - The H-S model assumes problem-solving approach in
buying and assumes input output approach in buying behavior, this model is a
comprehensive model and largely approved.
ÿ Another way of classification of buyer behavior:
ÿ Complex buying behavior: This type of consumers have involvement in purchasing
a brand with high difference among goods with brands.
ÿ Dissonance reducing buying behavior: This type of consumers have low
difference in branding preference with high involvement of purchasing
ÿ Variety seeking buying behavior: This type of customers are switching brands
often. But they have low involvement of purchasing.
ÿ Habitual buying behavior: This type of customers are regularly buy goods in
habitual manner. So they have less involvement in purchasing and changing brands.
High involvement low involvement
High difference
Complex buyer Variety seeking
Behavior buyer Behavior
Dissonance reducing Habitual buying
Low difference
Buying Behavior Behavior
General classification of consumers
1. Personal Consumers
2. Organizational Consumers
3. Impulse Consumers
4. Need-based Consumers
5. Discount Driven Consumers
6. Habitual Consumers
ÿ Personal Consumers: This type of consumer is an individual consumer who buy
products or services for own use, or for family, or for household use. Finished
products are purchased by personal consumer and the purchases are done in small
quantities.
ÿ Organisational Consumers: This type of consumer can be a business, government,
profit or non-profit organisation, or agency who purchases goods or services for
organisation to function or for resale purpose. Purchases are done in the form of
raw-materials that are processed to finished goods and offered for sale to other
consumers.
ÿ Impulse Consumers:his type of consumer do unplanned purchases. Purchasing a
particular product was not a priority, but when the consumer encounter that
buying decision. Impulse consumer purchase what seems
product, he makes swift
good at the time.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 16ÿ Need Based Consumer: This type of consumer has a specific intention to purchase
a particular type of product. Need-based Consumer is driven by a specific need. He
makes buying decision when he actually need that product and not any other time.
ÿ Discount Driven Consumers: This type of consumers do purchases when they get
some lucrative offer or discount. Their buying decision is highly based on offers or
discounts.
ÿ Habitual Consumers: Person who is habitual to the usage or consumption of a kind
of product is called habitual consumer. For example - person who smoke.
Consumer Decision Making Process
1. Problem or Need Recognition: Consumer decision making process begins with an
unsatisfied need or problem. Everyday we face multiple problems which individuals
resolve by consuming products or services. Consumer problem can be routine or
unplanned. For example – run out of milk or cooking oil, car indicating low level of fuel,
are some of the routine problems that individuals face. Such problems are quickly
recognised, defined, and resolved. Recognition of unplanned problem may take much
longer time as it may evolve slowly over time. For example - need of a new refrigerator
as existing one is not working properly.
2. Information Search :Information search is done to know about product or service,
price, place and so on. In the process of decision making, the consumer engages in both
internal and external information search. Internal information search involves the
buyer identifying alternatives from his memory. Internal information search is
sufficient for low involvement products or services. For high involvement product or
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 17service, buyers are more likely to do external information search. The amount of efforts
a buyer put in information search depends on various factors like market, competition,
difference in brands, product characteristics, product importance, and so on.
3. Alternatives Evaluation :At this step the buyer identifies and evaluates different
alternatives to choose from. It is not possible to examine all the available alternatives.
So, buyer develops evaluative criteria to narrow down the choices. Evaluative criteria
are certain characteristics that are important to buyer such as price of the product, size,
colour, features, durability, etc. Some of these characteristics are more important than
others. To narrow down the choices the buyer considers only the most important
characteristics.
4. Purchase Decision :The earlier mentioned evaluation step helps the consumer in
arriving at a purchase intention. In the decision evaluation stage, the consumer forms
preferences among the brands in the choice set. The consumer may also form a
purchase intention and lean towards buying the most preferred brand. However factors
can intervene between the purchase intention and the purchase decision. A buyer who
decides to execute a purchase intention will be making up to five purchase decisions
brand decision, vendor decision, quantity decision, timing decision and payment-
method decision.
5. Post-purchase Use and Evaluation : Once the buyer makes a decision to purchase a
product or service there can be several types of additional behaviour associated with
that decision such as decisions on product uses and decision on services related to the
product purchased. The level of satisfaction experienced by the buyer after his purchase
will depend on the relationship between his expectations about the product and
performance of the product. If the buyer is satisfied then he will exhibit a higher
probability of repeat purchase of the product or service. The satisfied buyer will also
tend to say good words about the product or service. Whereas a highly dissatisfied
buyer will not buy the product or service again and spread negative words about
service and company.
3. Business buying behavior, :
Introduction: The business market is comprised of organizations that, in some form, are
involved in the manufacture, distribution or support of products or services sold or
otherwise provided to other organizations. The amount of purchasing undertaken in
the business market easily dwarfs the total spending by consumers. Because the
business market is so large it draws the interest of millions of companies worldwide
that market exclusively to business customers. For these marketers understanding how
businesses make purchase decisions is critical to their organizations’ marketing efforts.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 18Consumer decision making process:
Marketin Buyers
External Buyers decision Buyers purchase
g characteri
stimuli process decisions
stics
stimuli
Product Economic Cultural Problem recognition Product choice
al
Price Social Information search Brand choice
Technical
Evaluation of Dealer choice
alternatives
Place Personal
Political Purchase timing
Purchasing behavior
Purchase
Promotio Psychological amount
n Cultural
Post-purchase
behavior
1.6. Analyzing competitors.
Introduction: Process of Analyzing Competitors: Analyzing competitors calls for
considering a lot of aspects. A company needs to know everything about its
competitors. Note that analyzing competitors is not incidental task, a manager must
know about his competitors on a continuous basis. So, it must develop a system to
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 19facilitate the task on regular basis. A detailed and systematic process of analyzing
competitors, as described by Philip Kotler, consists of eight steps, see Figure 1.
P.Revathi, Assoc.. Prof., Dept. of MBA, CREC Page 20
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