Marketing webinar - 2016

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BASIC CONCEPTS OF MARKETING IIM ROHTAK A WEBINAR FOR PREPARATION OF WAT-PI PROCESS ADMISSIONS 2016 PRERIT JAIN

Transcript of Marketing webinar - 2016

Page 1: Marketing webinar - 2016

BASIC CONCEPTS OF

MARKETING

I I MR O H TA K

A WEBINAR FOR PREPARATION OFWAT-PI PROCESS ADMISSIONS 2016

PRERIT JAIN

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WHAT IS MARKETING AND MARKETING MANAGEMENT?

BASIC CONCEPTS OF MARKETING – WEBINAR BY IIM ROHTAK2

Marketing is the management process responsible foridentifying, anticipating and satisfying customer requirementsprofitably.

Marketing Management is the art and science of choosing targetmarkets and building profitable relationships with them.

• Requires that consumers and the marketplace be fullyunderstood.

• Aim is to find, attract, keep and grow customers by creating,delivering, and communicating superior value.

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EVOLUTION OF MARKETING

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NEEDS, WANTS AND DEMANDS

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Need: State of felt deprivation including physical, social, and individual needs.

• Physical needs: Food, clothing, shelter, safety• Social needs: Belonging, affection• Individual needs: Learning, knowledge, self-expression

Want: Form that a human need takes, as shaped by culture and individual personality.

Wants + Buying Power = Demand

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WHAT ALL IS MARKETED?

BASIC CONCEPTS OF MARKETING – WEBINAR BY IIM ROHTAK

GOODS AND

SERVICES

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EVENTS &EXPERIENCES

PERSONSAND

PLACES

PROPERTIESORGANISATIONS

INFORMATIONAND IDEAS

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DIFFERENCE BETWEEN SALES AND MARKETING

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DIFFERENCE BETWEEN SALES AND MARKETING

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GOALS OF MARKETING SYSTEMS

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MARKETING STRATEGY PLANNING PROCESS

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• Starts with gauging the external environment and an assessment of the company’s capabilities.

• Followed by selecting the appropriate target market and molding the offering to extract maximum benefit.

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7 Ps OF MARKETING

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• Also known as Marketing Mix.• 7Ps define how the company

places its offering in the market.• 4Ps for product: Product, Price,

Place and Promotion.• Example: Coca-Cola• 7Ps for services: People, Processes

and Physical Evidence are added tocater to the specific needs ofservices.

• Example: Hotels (hospitality)

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PRODUCT

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The set of attributes or characteristics that buyers normally expect. Eg. A clean bed, fresh towels, working lamps, relative quietness etc.

The product containing only characteristics absolutely necessary for it to function. Eg. Basic room with a bed, bathroom, towels, closet etc.

The fundamental need or want that the consumers satisfy by consuming the product. Eg. Hotel guest buying rest & sleep.

Additional features that serve to differentiate the product from its competitors. Eg. Premium customer service, valet parking, specialty dishes.

All the augmentations and transformations that a product might undergo in the future.

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PRICING STRATEGIES

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PLACE

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• Dell laptops

• Most branded outlets

• Most FMCG companies

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PROMOTION

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A promotional mix specifies how much attention to pay to each of the elements and how much money to budget for each.

A promotional plan can have one or more of the following objectives: • sales increases• new product acceptance• creation of brand equity• Positioning etc.

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ELEMENTS OF PROMOTION MIX

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Personal presentations by a firm’s sales force. Mostly B2C.

Building good relations with public by obtaining favourable unpaid publicity.

Promotional activities or events to spread awareness and gather customer attention.

Addressing the customer while taking into account his/her unique choices. Eg. YouTube recommendations

Short term incentives to encourage sales. Eg. Discounts etc.

Any paid form of a non personal presentation by an identified sponsor

Direct communication with the individual to obtain an immediate response. Mostly B2B.

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STP (SEGMENTATION, TARGETING AND POSITIONING)

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The process of dividing amarket into distinct groups ofbuyers with different needs,characteristics, or behavior whomight require separate productsof marketing programs.

Involves evaluating each marketsegment’s attractiveness andselecting one or more segmentsto enter based on which looksmore sustainable and accessible.

Arranging for a product tooccupy a clear, distinctive,and desirable place relativeto competing products in theminds of target consumers.

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PRODUCT LIFE CYCLE (PLC)

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The PLC is a model thatillustrates the differentstages (six in total) that aproduct or service willpass through. Each stagehas its own attributes andwill vary in length (time)with different productsand services. The timethat it takes for yourproduct/service to movethrough the PLC willlargely be determined byhow effective yourmarketing plan is.

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STAGES OF PRODUCT LIFE CYCLE

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Stage 1: Development - As soon as you put pen to paper, this iswhere the PLC of the product/service begins. This is the timewhere you will design and develop your product/service with allthe direct costs that may be incurred such as wages, materials forprototypes, research, etc.

Stage 2: Introduction - This is the time when the product/serviceis new in the market and a high degree of marketing will beneeded such as promotions and advertising to increasecommercial awareness.

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STAGES OF PRODUCT LIFE CYCLE CONTD.

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Stage 3: Growth - Once your product/service has become established in the market,you can expect the number of sales to increase rapidly and marketing expendituremay now be used for brand building. This is the stage where you will benefit fromhigh profits but this is also the stage where your profits will peak.

Stage 4: Maturity - The stage of maturity begins when the product/service salespeak and become stable mainly due to the introduction of competitors during theend of the growth stage (influencing the move into the maturity stage).

Stage 5: Decline - The product/service moves into the decline stage when salesstart to drop continuously and will be a result of the issues that moved the productthrough maturity and saturation

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BRAND AND BRAND-EQUITY

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Brand• Any name, sign, symbol,

design to identify goods orservices and differentiatefrom competitors

• CCD, McDonalds

Brand Equity• It is the value of your brand• Reflected in the prices,

market share and profitabilitythe brand commands

• Key indicator: Brand loyalty

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QUESTIONS?

I I MR O H TA K