The Strategic Management and Marketing concepts PDF Notes or eBook for NTA UGC NET, Commerce, BBA, MBA, B.COM & M.COM detailed information with theoretical aspects followed by MCQs at the end of the book is provided.
Marketing Concepts PDF Notes eBook – UGC NET, MBA, BBA, Commerce, M.COM, B.COM
Strategic Management PDF Notes – An Introduction
Strategic Management PDF Notes eBook is all about the identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. An organization is said to have a competitive advantage if its profitability is higher than the average profitability for all companies in its industry.
Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to take the right decisions.
The managers should conduct a SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) in order to – make the best possible utilization of strengths, minimize organizational weaknesses, make use of arising opportunities from the business environment and shouldn’t ignore the threats.
Strategic management is nothing but planning for both predictable as well as unfeasible contingencies. It is applicable to both small as well as large organizations as even the smallest organizations face competition and, by formulating and implementing appropriate strategies, they can attain sustainable competitive advantage.
It is a way in which strategists set objectives and proceed about attaining them. It deals with making and implementing decisions about the future direction of an organization. It helps us to identify the direction in which an organization is moving.
Strategic management is a continuous process that evaluates and controls the business and the industries in which an organization is involved; evaluates its competitors and sets goals and strategies to meet all existing and potential competitors; and then reevaluates strategies on a regular basis to determine how it has been implemented and whether it was successful or does it needs replacement.
What are Marketing Concepts?
The marketing concepts PDF Notes eBook is a set of strategies that the firms adopt where they analyze the needs of their customers and implement strategies to fulfill those needs which will result in an increase in sales, profit maximization, and also beat the existing competition. ebook and Notes
The marketing concept has been widely used by companies all over the world in the present age, but the situation was not the same earlier. As per this concept, it is said that for an organization to satisfy its objectives of the organization, the needs and wants of the customer should be satisfied. This theory was first mentioned in Adam Smith’s book “The Wealth of Nations” in 1776 but came into widespread use only 200 years later.
Therefore, marketing can be said as a process of acquiring customers and maintaining relations with them and at the same time matching needs and wants with the services or products offered by the organization, which ensures that the organization will become profitable.
What are Needs, Wants, and Demand
Strategic Management and Marketing concepts PDF Notes or eBook for NTA UGC NET, Commerce, BBA, MBA, B.COM & M.COM. The marketing concepts PDF Notes eBook focuses on the needs, wants, and demands of customers. Let us understand them in brief.
1. Needs:
Needs are basic requirements that enable a healthy and active life. If needs are not fulfilled, it will result in dysfunction of the system, which can result in disability or death. It can be objective as well as physical as in need of food, water, and shelter.
2. Wants:
Wants are something that is desired by the person. These are not required for day-to-day functioning. Wants are not necessary for basic survival and are mostly molded by cultural influence.
3. Demands:
When the needs and wants are supported by an ability to pay, it becomes a demand.
Types of Marketing Concepts PDF Notes
Five types of marketing concepts are as follows:
1. Production Concepts
2. Product Concept
3. Selling concept
4. Marketing concept
5. Societal marketing concept
CONTENTS
- Strategic Management,
- Strategic Analysis,
- Internal Analysis,
- Strategy Formulation,
- Retrenchment,
- Integration and Diversification,
- Business Portfolio Analysis,
- Strategy Implementation,
- Marketing, Market Segmentation,
- Positioning and Targeting,
- Product and Pricing Decision,
- Development, Pricing,
- Place and Promotion Decision
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