CII Affirmative Action Gateway Session 4- Marketing Certificate Program on Entrepreneurial Skill Development
What Is Marketing? Marketing is the activity, set of instructions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Bird View of Marketing: Marketing Concepts & Functions Market Research Research Segmenting Targeting Positioning Strategy Product Price Place Promotion Marketing Mix Penetration Increase promotions Increase reach Increase usage
The 7 functions of Marketing: Marketing Information Management Selling Financing Distribution Pricing Product Service Management Promotion
Marketing Production Concept: Consumers want products that are easily accessible and inexpensive. 1. Can we produce the product? 2. Can we produce enough of it? Process Time Cost Numbers
Marketing Product Concept : The product concept is the customers desire products that have better features, performance and quality than the products that are already on the market. The product concept is a company's driving force to create cutting-edge products that are superior to other similar products. & Technology Innovative Need Satisfaction 3. Selling Concept, 4. Marketing Concept
Core Concept of Marketing: Need: The necessity of something is need. Physical needs (food, shelter, and clothes) Security needs (Data, Home, Child) Need ego (respected post, honour, praise) Marketers did not create these needs but they find these needs. :Convenience goods Want: Expectation of the things for meeting the need is called want. :Shopping goods Demands: The want with willingness and ability to pay price of things is called demand. :Specialty goods
Core Concept of Marketing: Value: The capacity of the goods to satisfy the want of customers as expected is called value. Satisfaction: The customer feels satisfied from the value of the goods what he/she expects to get from - Satisfied customer becomes brand loyal Markets: Process of buying and selling of goods or services Place concept, product concept, area concept, demand concept and exchange concept
Core Concept of Marketing: Exchange and Transection: The task of giving and taking things to fulfil mutual interest is called exchange. Each side should have some value Each side should agree to exchange Each side should be free to accept or reject Each side should be able to communicate and handover. Relationship: A marketer should establish good and long lasting relationship with customers, distributors, dealers and suppliers.
Market Research: Current Trend? Demand? Who is our Competitor? Past-Present-Future State? Choose Base Market - Define method and size of survey Conduct - Analyze the data
Market Research Method: Questionnaires (Forms, Online) Interview Usability Test Knowingly & Unknowingly Marker study Past Present Future
Market Strategy - Segmentation : WHY? S-T-P Customers have different Wants, Needs, Cost and Tastes Consisting of existing and potential customers into subgroups of consumers known as segments
Market Strategy Targeting: WHY? HOW? Example Customers have different Wants, Needs, Cost and Tastes Gender, Age, Income, Household size, Geographic area and even various ethnic groups kids segmentation: new born, infants, toddlers and so on.
Market Strategy - Positioning: Segmentation Segmentation Positioning Identify the target market Identify expectations of Target Audience Create Subgroups Targeting & Review Select and Develop the marketing program
Market Segmentation - Soaps: Soaps with medicinal properties (To fight germs and infections) Individuals working in hospitals, nursing homes and research centres Individuals working in unhygienic conditions Soaps with a strong and lasting fragrance (Against body odour) Marketing professionals Sales Representatives People exposed to sun for a longer duration Individuals travelling by public transport
Market Segmentation - Soaps: Soaps which improve the skin tone (For a whiter skin) Teenagers College students Soaps which help get rid of wrinkles and fine lines of ageing Individuals between age group 30 50 years
Market Segmentation - Gender Marketing:
Marketing Mix: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market For understanding: Food Making Painting
Marketing Mix: Product - Consumer Place - Convenience Price - Cost Promotion - Communication Design Technology Usefulness Convenience Value Quality Packing Accessories Warranties Wholesaler Own Store Direct Sales Online Sales Party Plans Mail Order Penetration pricing Skimming pricing Competitor Break-Even Point Advertisement TV, Magazine, News Paper Campaign Direct Marketing etc
Marketing Mix Product/Consumer: Vicks and Colgate, etc.
Marketing Mix Place/Convenience: Wholesaler Own Store Direct Sales Online Sales Party Plans How and where do customers prefer to buy the product Stock Capability Speed to Reach Channel Accessibility
Marketing Mix Price/Cost: HUL P & G
Marketing Mix Promotion/Communication: Educate people to use more frequently Viral Marketing Event Marketing ( fairs, and sporting events) Digital Marketing Ambient Marketing Guerilla Marketing
Market Penetration: The activity or fact of increasing the market share of an existing product, or promoting a new product. Attract competition customers and dealers Increase promotions Increase reach Increase usage Non users to start the product Example: By period morning, evening Various place college, party, home By day - Add by daily usage Usage Method 24
Behavioral Economics & Neuro-marketing:
Behavioral Economics & Neuro-marketing: Mind/Psychological Behavior/Emotional Society Time Ability Information
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