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Topics Introduction to Marketing concept, Evolution of Marketing and Customer orientation Marketing Environment and Evaluation of Market opportunities Market Research & Marketing Information Systems Demand forecasting and Market Potential analysis Consumer buying process & Organizational buying behavior Pillars of Marketing- Target market positioning & Differentiation Marketing Mix Product Decisions- PLC New product development process Distribution decisions- Logistics & channel decisions Promotion Decisions-IMC concept, communication tools Personal selling & sales Management Pricing decisions
Marketing Concept :
Marketing Concept The Marketing concept arises out of the awareness that a business should start with the determination of consumer wants and end with the satisfaction of those wants. The concept puts the consumer at both the beginning and end of the business cycle. The marketing concept has 4 major distinguishing features: Consumer orientation: Emphasizes on the consumer and his need being the 1st distinguishing feature of the marketing concept Integrated management, with Marketing as the fulcrum: Integrated management means that all the different functions of the business must be tightly integrated with one another, keeping marketing as the pivot Consumer satisfaction: Realization of all organizational goals including profits
Selling ad Marketing :
Selling ad Marketing Selling Selling starts with seller & is preoccupied all the time with the needs of the seller Emphasizes on saleable surplus available with the company Seeks to convert products in to cash Views business as goods producing process Selling views the customer as the last link in the business Marketing Marketing starts with the buyer and focuses constantly on the needs of the buyer Emphasizes on identification of market opportunity Seeks to convert customer needs in to products Views business as a customer satisfying process Marketing views the customer as the very purpose of business
Market environment :
Market environment Besides the marketing mix variables, one has to tackle another set of variables that lie outside the control of the firm. These relate to the environment. Environmental variables are referred to as the non controllable variables of marketing while the marketing mix are referred to as the controllable variables of marketing. Factors covered under Environment analysis:(Macro environment) a)Demographic envt b) Socio cultural envt c)Economic envt d)Political envt e)Natural envt f)Technology envt g)Legal envt h) Govt policies Environment that is specific to the business: The market/ the demand/ the consumer/ the industry/ the competition/ govt policies specific to the business concerned
Marketing Research :
Marketing Research Marketing research is the systematic, objective and exhaustive search for the study of the facts relating to any problem in the field of marketing. It is the research on the manifold problems of marketing. Its purpose is to aid decision making in marketing. It is the systematic gathering and analysis of information. Marketing research jobs can be classified in different ways such as: Routine problem analysis and research on routine problems Research on short term and long term problems Classification based on the actual subject of the research
Subjects of Research :
Subjects of Research Research on consumer Research on Market and demand Research on product or brand Research on competition Research on distribution Research on price Research on advertising and promotion Research on sales methods
STP :
STP Benefits of segmentation to the marketer: Facilitates proper choice of target market Facilitates tapping of the market, adapting the product offer to the target Makes the marketing effort more efficient and economic Helps to identify less satisfied segments and concentrate on them Benefits the customer as well
Marketing Mix :
Marketing Mix 4 Ps of marketing: extension of the same Environmental variables are referred to as the non controllable variables of marketing while the marketing mix variables are referred to as the controllable variables of marketing
PLC :
PLC Stages of PLC Introduction or pioneering stage Growth stage Maturity stage Decline stage
Product Decisions :
Product Decisions New products are classified in to two groups: New products arising out of technological innovations New products arising out of market oriented modifications
Channel Level :
Channel Level Decisions that a firm must take regarding the number of channel levels appropriate to serve a given market From zero-directly from the manufacturer to the customer- to as high as 4 to 5 levels involved in distribution. Zero level in industrial product marketing, project marketing
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Firm adopts a one channel level when: a) Number of customers is high b) Customers in specific geographical area c) Order lot size not uniform d) Firm sells goods to wholesaler or a large dealer 2, 3 or even 4 levels in case of: a) Consumer products b) Customers spread across the country c) Market is large
Sales Promotion :
Sales Promotion Importance of sales promotion to a marketer is attributed to the following reasons: Fast growing market Increasing competition among brands The maturing and standardization of products
are minimized; (iii) Provides opportunities to manufacturers to reach out to market segments with differing price sensitivity; (iv) Adds excitement to the in-store merchandizing of consumer goods; (v) Motivates trade to keep more and push more of those brands that are on promotion
Role of Salesperson :
Role of Salesperson Diagnostic-salesperson finds cause of a problem Analyst-analyze customer needs and market trends Information provider-Role of an intelligence agent Strategist- Evolve a strategy to emerge as a market leader Tactician-Evolves tactics to win over the customer or enhance dealer satisfaction Change agent-Introduces new product ideas and influences the life styles and consumption patterns
Selling Theories :
Selling Theories Stimulus Response Theory: some of the stimuli the salesperson has control over are: Self-physical appearance, mannerism, voice modulation, interpersonal skills Price concessions Announcement of price changes Preferential treatment to important buyers
Relationship Intensifier :
Relationship Intensifier Initiate contact with the customer Know his business and background Listen empathetically Show appreciation Involve customer in presentation Understand customers objection respond immediately to service requests Follow up on customers service needs with other concerned individuals and departments in your company Avoid throwing weight and jargons in your presentation Accept responsibility for failure Plan for future
incentive or reward for trial or usage Brands can be linked to other People Places Events Brands Experiences Feelings Things
Pricing decisions :
Pricing decisions Factors influencing pricing: (Internal factors) Corporate and marketing objectives of the firm The image sought by the firm thru pricing The characteristics of the product Price elasticity of demand of the product The stage of the product in the PLC Use pattern and turnaround rate of the product Costs of manufacturing and marketing Extent of distinctiveness of the product and extent of differentiation practiced Composition of the product line of the firm
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External factors: Market characteristics( demand, customer and competition) Buyer behavior in respect of the product Bargaining power of major customers Bargaining power of major suppliers Competitors pricing policy Govt controls and regulations on pricing Other relevant legal aspects