Marketing Gyaan

Needs= Needs
Basic
Social Acceptance Social Acceptance
Social Envy
Need ---------> Want ---------> Desire
Product Product
A thi th t b ff d t k t t Anything that can be offered to a market to
satisfy a want or need.
Product classifications
Based on durability and tangibility
Non durable
Durable Durable
Services
Definition
Marketing = Meeting needs profitably
Marketing is the management process that Marketing is the management process that
identifies, anticipates and satisfies customer
requirements profitably (Kotler) q p f y ( )
Marketing focuses on the satisfaction of customer
needs, wants and desires
Marketing management is the art and science of
choosing target markets and getting, keeping, and
growing customers through creating, delivering,
and communicating superior customer value.
Marketing Product
.
Brand
Service Service
Emotional Product
Functional Product
T h i l P d t Technical Product
Marketing Vs Advertising
Advertising is a tool in entire marketing plan
Sales & Distribution
Factory
Carrying
or
Forwarding
A t/
Stockiest
(District)
Wholesaler
(Town)
Retailer
(Every
street)
Agent/
State Go down
street)
Distribution=Availability Distribution Availability
Sales =activities involved in providing products or services in
return for money
Off take When customer buys from Retail
Product Planning: The Nature and g
Contents of a Marketing Plan
Contentsof theMarketingPlan Contents of the Marketing Plan
Executive Summary
C M k i Si i Current Marketing Situation
Opportunity and issue analysis
Objectives
Marketing strategy
Action programs
Financial projections
Implementation controls
TheMarketing The Marketing
Research Process
MarketingMix=4Ps Marketing Mix 4P s
4 Ps
Product, which includes- packaging design,
branding, trademarks, warranties, guarantees, product g g p
life cycles and new product development
Price, which is setting profitable and justifiable
prices
Place, which covers the physical distribution of
goods
Promotion, which encompasses personal selling,
d i i d l i advertising and sales promotion
7 Ps, to include for services - people, physical
id (I t ti k ti ) d evidence (Interactive marketing) and process
Four Ps Four Cs
Product Customer solution Product Customer solution
Price Customer cost
Pl C i Place Convenience
Promotion Communication
-McCarthy - Robert Lauterborn McCarthy Robert Lauterborn
h
Packaging: The 5
th
P
All the activities of designing and producing
th t i f d t the container for a product.
Service
Any act of performance that one
party can offer another that is party can offer another that is
essentially intangible and does not
result in the ownership of anything;
its production may or may not
be tied to a physical product.
7 Ps, for services - people, physical evidence
(Interactive marketing) andprocess (Interactive marketing) and process
Physical Evidence and Presentation
Place Place
People p
Equipment
Communication material
Symbols
Price
Distinctive Characteristics of Services
Intangibility
Inseparability
Variabilityy
Perishability Perishability
Determinants of Service Quality
Reliability Reliability
Responsiveness p
Assurance
Empathy
Tangibles
CompanyOrientationsToward Company Orientations Toward
the Marketplace
Target Market
Customer Needs
Stated needs
Real needs
Unstated needs
li h d Delight needs
Secret needs
BCG Growth-Share Matrix:
Quadrant Characteristics
St Q ti M k 30% Star
Earnings: high stable, growing
Cash flow: neutral
Strategy: holdor invest for
Question Mark
Earnings: low, unstable, growing
Cash flow: negative
Strategy: increasemarket share
30%
Strategy: hold or invest for
growth
Strategy: increase market share
or harvest/divest
Market
Growth
Dog
Earnings: low, unstable
Cash flow: neutral or negative
S h /di
Cash Cow
Earnings: high stable
Cash flow: high stable
S h ld dd k
Growth
Strategy: harvest/divest Strategy: hold or add market
share
-10%
Relative Market Share
.1 10 1.0
Plotting Your SBUs
( i b i i ) (strategic business units)
St Q ti M k 30% Star Question Mark 30%
B
C
C
Market
Growth
A
B
Dog Cash Cow
Growth
A
B
-10%
B
Relative Market Share
.1 10 1.0
Conventional strategic thinking suggests there are four g g gg
possible strategies for each SBU:
(1) Build Share: here the company can invest to ( ) p y
increase market share (for example turning a
"question mark" into a star)
(2) Hold: herethecompanyinvestsjust enoughto (2) Hold: here the company invests just enough to
keep the SBU in its present position
(3) Harvest: here the company reduces the amount of
i t t i d t i i th h t t h investment in order to maximize the short-term cash
flows and profits from the SBU. This may have the
effect of turning Stars into Cash Cows.
(4) Divest: the company can divest the SBU by
phasing it out or selling it - in order to use the
resourceselsewhere(eg investinginthemore resources elsewhere (e.g. investing in the more
promising "question marks").
P bl ith th B t M t i Problems with the Boston Matrix
There is an assumption that higher rates of
profit aredirectlyrelatedtohighratesof profit are directly related to high rates of
market share.
Themodel isbuilt ontheprincipleof The model is built on the principle of
economies of scale (experience curve). This
maynot alwaysbethecase Newtechnologies may not always be the case. New technologies
may provide better profitability.
GE/ Mc Kinsey Matrix y
Marketing Objective
All objectives should be SMART i.e. Specific,
Measurable Achievable Realistic andTimed Measurable, Achievable, Realistic, and Timed
Specific - Be precise about what you are going to
achieve achieve
Measurable - Quantify you objectives
Achievable - Areyouattemptingtoomuch? Achievable Are you attempting too much?
Realistic - Do you have the resource to make the
objective happen (men, money, machines,
materials, minutes)?
Timed - State when you will achieve the objective
(withinamonth?ByFebruary2010?) (within a month? By February 2010?)
Marketing Opportunity Analysis
(MOA)
Can the benefits be articulated to a target market?
Can the target market be reached with cost-effective
di d d h l ? media and trade channels?
Does the company have the critical capabilities to
deliver thecustomer benefits? deliver the customer benefits?
Can the company deliver these benefits better than
any actual or potential competitors?
Will the rate of return meet the required threshold of
investment?
M k ti E i t Marketing Environment
Themarketingenvironment consistsof The marketing environment consists of
external forces that directly and/or indirectly
impact theorganization impact the organization.
Changes in the environment create
opportunitiesandthreatsfor theorganizations opportunities and threats for the organizations
SWOT Analysis
Strengthsandweaknessesareinternal Strengths and weaknesses are internal
factors.
Opportunitiesandthreatsareexternal Opportunities and threats are external
factors, one dont have much control over
them them
Opportunity and Threat Matrices
Environmental Analysis
Parameter Variables Th/opp Implication S/ W
Product High
Capacity
Threat Strength
Technology Opp Strength gy pp g
Functioning Fuel Threat Strength
Operators Threat Strength p g
Utility Labour Threat
Other brands Threat
Demand Recession Threat
Seasonal Threat
Acceptance Unions Opp p pp
Political Opp
Micro Image Threat
The Buying Decision Process
Buying Roles
Initiator
Influencer
Decider
Buyer
User
Buying behavior
Table 7.3: Four Types of Buying Behavior
High Involvement Low Involvement
Significant Differences
between Brands
Complex buying
behavior
Variety-seeking
buying behavior
Few Differences between Dissonance-reducing Habitual buying
Brands buying behavior behavior
The Buying Decision Process
Complex Buying Behavior
Dissonance-Reducing Buyer Behavior g y
Habitual Buying Behavior
Variety-Seeking Buying Behavior y g y g
Loyalty Status
Hard-core
Shifting loyals
Split loyals
Switchers
Shifting loyals
Switchers
Buying Behaviour
Preplannedpurchase/Unplanned Pre-planned purchase/Unplanned
Picking: involves a random choice, buyer picks a brand from the
available brands, and is indifferent to the brand he buys.
C l B i Casual Buying
Variety seeking: low consumer involvement, requires significant
differences between the brands
Impulse buying:
Legalistic behaviour: requiresapproval from external sources.
Habitual: Habit generally forms when the consumers are satisfied g y f
with earlier purchases; characterised by absence of information search
and evaluation of alternate brands; occurs both under low and high
involvement purchases.
Sub contracted decision makingis one where the buyers obtain a
recommendation from a personal or non personal source with the
intention of purchasing the brand without acquiring attribute-value
information information.
Thumb rules: Buyers employ simple thumb rules or heuristics when
making repeat decisions.
StagestotheConsumer Buying Stages to the Consumer Buying
Decision Process
Problem recognition (Awareness)
Considerationset Consideration set
Information search
Evaluation
P rchase Purchase
Post purchase evaluation
Successive Sets Involved in Customer Decision
M ki Making
Purchase Utilities
place utility place utility
- The increased usefulness created by marketing through
making a product available at the place consumers want. g p p
possession utility
- The increased usefulness created by marketing through
making it possible for a consumer to own, use, and consume a
product. It is also called ownership utility.
time utility time utility
- making products available at the time consumers want them
formutility form utility
- sachet, tetra pack etc
Marketing- Changing the Behaviour
LIPS t HIPS LIPS to HIPS
(Low Involvement Purchases to High Involvement Purchases )



Picking Legalistic Variety seeking




Subcontracted (if consumer is not
knowledgeable)
Problemsolving (if consumer is
knowledgeable)



knowledgeable) knowledgeable)
Heuristics



Habit



Influencing Buyer Behavior
MaslowsTheory Maslows Theory
Basic Concepts in Marketing
Segmenting Targeting Positioning Segmenting Targeting Positioning
Segmenting - Dividing the market of g g g
potential consumers into homogenous
subgroups assuming similar buying
behavior in each subgroup.
Targeting- Choosingsegmentstoaddress Targeting Choosing segments to address
based on matching the firm's strengths to
thesegmentsthat will placethegreatest the segments that will place the greatest
value on these strengths and yield the
greatest success. g eatest success.
core competency
It provides customer benefits
It ishardfor competitorstoimitate It is hard for competitors to imitate
It can be leveraged widely to many products
andmarkets and markets.
Concept given by - Hamel and Prahalad
(1990):
Broad Socio Economic Classification - Urban
SEC By Education By Occupation
A1 Grad & Post Grads B/I/SEP/Officer &Execs
(General & Professional) (Sr & Mdl)
A2 Grad & Post Grads Shop ownrs, Sup Level,
(Professional) Ofiicers & Execs (J r Lvl)
B1B2 SSC+<Grad Skld wrkrs, Petty Trdrs,
Clerk,Salesmen
C Schooling 5-9 yrs Skld wrkrs, Petty Trdrs,
Clerk,Salesmen
D Schooling upto 4 yrs Skld/Unskld, Petty Trdrs,
Clerks,Salesmen
E Illiterate Skld/Unskld Pett Trdrs E Illiterate Skld/Unskld, Petty Trdrs,
Broad SEC Classification Grid - Rural
SEC B Ed i B T f H SEC By Education By Type of House
R1 Some College but not Grad., Pucca
Grads & Post Grads
R2 SSC/HSC Semi Pucca R2 SSC/HSC Semi Pucca
R3 No formal school, Semi Pucca
S h li t 9thStd Schooling upto 9th Std
R4 Illiterate Kuchha
Step 3: Evaluate Segment
Attractiveness Attractiveness
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Segmentation Strategy
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LevelsandPatternsof Market Levels and Patterns of Market
Segmentation
Patterns for Market Segmentation
Preferencesegments Preference segments
Homogeneous preferences
Diffused preferences
Clustered preferences
Natural market segments
C t t d k ti Concentrated marketing
Flexible Marketing Offerings
Naked solution Discretionary options
Product and service
elements that all
t b
y p
Some segment
members value
segment members
value
Options may carry
additional charges
Basic Market Preference Patterns
Patternsof Target Market Selection Patterns of Target Market Selection
Target Marketing Target Marketing
Target marketing requires marketers to take
three major steps:
Identify and profile distinct groups of buyers
h diff i th i d d f who differ in their needs and preferences
(market segmentation).
Select oneor moremarket segmentstoenter Select one or more market segments to enter
(market targeting).
For each target segment, establish and g g ,
communicate the key distinctive benefit(s) of
the companys market offering (market
positioning) positioning).
Porter Model - Competitive Analysis
Entry Barrier
.
Technology
Production Related
Capital
Entry Barrier
Govt. Related
Channel
Marketing Related
Brand
Channel
Competitive Rivalry Competitive Rivalry
(intra industry rivalry)
This is most likely to be high where entry is
likely; there is the threat of substitute
products, and suppliers and buyers in the
market attempt to control. This is why it is
l i th t f th di always seen in the center of the diagram
This will determine the:
Market structure
Market conduct
M k t f Market performance
Market structure
Characteristics of the market
No. of players No. of players
Demand
Degreeof seller andbuyer concentration Degree of seller and buyer concentration
What influences competition
E t diti Entry condition
Product differentiation
Flow of information
Market conduct
Pattern of behaviour in adapting to markets
Methodsemployedtodetermineprices Methods employed to determine prices
Sales promotion
P d l i i di d Predatory or exclusionary tactics directed
against established rivals and new entrants
Market performance
Results
Profitability Profitability
Positioning
Act of designing the companys
offering and image to occupy g g py
a distinctive place in the mind of
the target market. g
Positioning
Positioning is all about 'perception.
Theterm'positioning' referstotheconsumer's The term positioning refers to the consumers
perception of a product or service in relation to its
competitors. p
Products or services are 'mapped' together on a
'positioning map'. This allows them to be p g p
compared and contrasted in relation to each other.
Marketers decide upon a competitive position p p p
which enables them to distinguish their own
products from the offerings of their competition
(h h ' i i i ') (hence the term 'positioning strategy').
PositioningMatrix Positioning Matrix
Premi m
Value for
money
Premium
money
Cheapp
Types of positioning
Generic positioning New product.
Differentiateonneeds Differentiate on needs
Attribute positioning Growth market
Differentiateonattributes Differentiate on attributes
Emotional positioning Mature market
iff i i ibl ib / b d Differentiate on intangible attributes/ brand
image
Buyingbehaviour toPositioning Buying behaviour to Positioning
Low uncertainty
of untriedbrands
High uncertainty of
untriedbrands of untried brands untried brands
Low
differences
Eg: salt, cement
Buyingbeh:
Eg: Textiles
Buyingbeh:
between
brands
Buying beh:
Picking
Buying beh:
Habit
High
differences
b
Eg: Soaps
Buying beh:
Eg:Pharmaceuticals
Buying beh:
between
brands
Variety seeking Problem solving
Repositioning Repositioning
Sweet
Gift It
Sweet
Gift Item
Kid
Snack
Kid
Adult/Youth
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Defining Associations
Points-of-difference
(PODs)
Points-of-parity
(POPs)
Attributes or benefits
consumers strongly
( )
Associations that are
not necessarily unique
associate with a brand,
positively evaluate, and
b li th ld t
to the brand but may
be shared with other
b d
believe they could not
find to the same extent
withacompetitive
brands
with a competitive
brand
Differentiation Strategies
Product Personnel
Channel Image
Designing Competitive Designing Competitive
Strategies
Designing Competitive Strategies
Market-Leader Strategies
ExpandingtheTotal Market Expanding the Total Market
New Users
Market-penetration strategy
New-market segment strategy
Geographical-expansion strategy
NewUses New Uses
More Usage
Defending Market Share g S
Designing Competitive Strategies
Defense Strategies
P iti D f
Designing Competitive Strategies
Position Defense
Flank Defense
Preemptive Defense ee pt ve ee se
Counteroffensive Defense
Mobile Defense
k b d i Market broadening
Principle of the objective
Principle of mass
Market diversification
Contraction Defense
Planned contraction
(Strategic withdrawal)
Designing Competitive Strategies
Brand-extension strategy
Multibrand strategy
H d i i d Heavy advertising and
media pioneer
Aggressivesalesforce Aggressive sales force
Effective sales promotion
Competitive toughness
Manufacturing efficiency
and cost cutting
B d t t Brand-management system
Designing Competitive Strategies
Market-Challenger Strategies
DefiningtheStrategicObjectiveand Defining the Strategic Objective and
Opponent(s)
It can attack the market leader
It can attack firms of its own size that are not
doing the job and are underfinanced
It tt k ll l l d i l fi It can attack small local and regional firms
Choosing a General Attack Strategy
Attack Strategies
Designing Competitive Strategies
ChoosingaSpecificAttack Choosing a Specific Attack
Strategy
Price-discount
Lower price goods
Prestige goods
P d lif i Product proliferation
Product innovation
Improvedservices Improved services
Distribution innovation
Manufacturing cost reduction
Intensive advertising promotion
Designing Competitive Strategies
ChoosingaSpecificAttack Choosing a Specific Attack
Strategy
Price-discount
Lower price goods
Prestige goods
P d lif i Product proliferation
Product innovation
Improvedservices Improved services
Distribution innovation
Manufacturing cost reduction
Intensive advertising promotion
Designing Competitive Strategies
Market-Follower Strategies
Innovative imitation
(Product imitation)
Product innovation
d i Four Broad Strategies:
Counterfeiter
Cloner
Imitator
Adapter
Designing Competitive Strategies
Market-Nicher Strategies
High margin versus high
volume volume
Nicher Specialist Roles
End-user specialist Product Product--feature feature
Value-added reseller
Vertical-level specialist
Customer-sizespecialist
specialist specialist
Job Job--shop specialist shop specialist
Quality Quality- -price specialist price specialist
Customer size specialist
Specific-customer specialist
Geographic specialist
Product or product-line
Service specialist Service specialist
Channel specialist Channel specialist
Product or product line
specialist
BalancingCustomer andCompetitor Balancing Customer and Competitor
Orientations
Competitor-centered company
Customer-centeredcompany Customer centered company
What is a New Product?
Really Really Significantly Significantly Really Really
innovative innovative
Significantly Significantly
different different
Imitative Imitative
N P d t I t d ti New Product Introductions
Pioneersor breakthroughs Pioneers or breakthroughs
First movers
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Diffusion of Innovation
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C t T ti Concept Testing
Concept is a brief
written description of
th d t the product
Customers reactions
d t i h th determine whether or
not it goes forward
Triggersthemarketing Triggers the marketing
research process
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Timing of Market Entry
First entry First entry
Parallel entry
Late entry
Product Life Cycle Product Life Cycle
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PLC term
tipping pointthe transition between
introduction and growth when the product g p
either gains market acceptance or must exit
the market. The majority of new products j y f p
fail at this point.
Different Levels of Benefits
(Laddering)
Potential Product
or Service
(True insights)
Augmented
or Enhanced
Products
Expected product
or Service
(S i fi )
Generic or Core
Product or Service
(True insights)
or Services
(Delights)
(Satisfiers)
(Must)
Th Ri M d l f P d t/S i Att ib t (L itt) The Rings Model of Product/Service Attributes (Levitt)
Product Mix and Product Line Product Mix and Product Line
The product mix product mixis the set of all products offered for sale
bby a company.
A product mix has two dimensions:
Breadth the number of product lines carried Breadth - the number of product lines carried.
Depth - the variety of sizes, colors, and models
offered within each product line.
A product line product lineis a broad group of products, intended for
similar uses and having similar characteristics.
What Makes a Brand? What Makes a Brand?
Brand
URLs
Branding
name
Logos and
Branding
symbols
J ingles
Slogans
J ingles
Characters
2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin
g
Brand Equity
The differential effect that brand
knowledge has on consumer g
response to the
marketing of that brand. g
Brand Equity
CRM
Programs:
Are they able
to create
Brand
Associations
2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin
Measuring Brand Equity
Brand Audits: Consumer Focused exercise
BrandTracking Brand Tracking
Brand Valuation
Brand Roles in a Brand Portfolio
Fl k C h C Flankers Cash Cows
Low-end High-end
Entry-level
g
Prestige
Brand Portfolio roles
Strategic brands - TCS is a strategic brand of
TATA TATA
Linchpin brands - Park Avenue, linchpin brand
for Raymond; becauseit hasextendedthe for Raymond; because it has extended the
Raymonds credibility in different businesses
from ready -to- wear trousers to mens toiletries
Silver bullet: A silver bullet is a brand or sub-
brand that positively influence the image of
another brand; ex: when IBM ThinkPad was
launched
Cash cow brand:
Packaging g g
P i k Primary package
Secondary package
E l f P k i th t h h l d th b d
2007 McGraw-Hill Companies, Inc., McGraw-Hill/Irwin
Example: of Packaging that has helped the brand
successful
Pricing - Price Cues
Left to right pricing ($299 versus $300)
Oddnumber discount perceptions Odd number discount perceptions
Even number value perceptions
E di i i h0 5 Ending prices with 0 or 5
Sale written next to price
Inelastic and Elastic Demand
BrandLeader Responsesto Brand Leader Responses to
Competitive Price Cuts
Maintain price
M i i i d dd l Maintain price and add value
Reduce price
Increase price and improve quality
Launchalow-pricefighter line Launch a lowprice fighter line
Pricing Objective
a) Survival a) Survival
b) Maximize current profit: assumes firm has
knowledge of demand and cost functions firm may g y
sacrifice long-term performance
c) Maximize current revenue: requires estimating only ) q g y
the demand function
d) Maximum Sales growth: low pricing to penetrate
market; market-penetration pricing.
e) Maximum market skimming: charge high initially
and then lower prices, market-skimming pricing.
Pricing Method g
a) Mark-up pricing: adding a standard markup to the product's
cost
b) Target-Return pricing: Price that will yield the cos ROI.
c) Perceived-value pricing: pricing on the basis of buyers
perceptionsof value not theseller'scost asthekeytopricing perceptions of value, not the seller's cost, as the key to pricing.
d) Value pricing: Charging a fairly low price for a high-quality
offering.
e) Going-rate pricing: the firm bases its prices largely on
competitor's prices.
f) Sealed-bidpricing: thefirmbasesitspriceonexpectationsof f) Sealed bid pricing: the firm bases its price on expectations of
how competitors will price rather than a relation to the firms costs
or demand.
Adapting a price
Geographical pricing
Price discounts and allowances Price discounts and allowances
Promotional pricing: to stimulate early
purchase purchase
price discrimination
Product-mix pricing
Product-mix pricing: Six Types
Product-line pricing: Pricing is done after considering the products in
the product line.
Optional-feature pricing: a basic stripped down product with optional
featuresmadeavailableseparately features made available separately.
Captive-product pricing: pricing razor cheap and blades costly. Camera
and film.
Two-part pricing: Fixed fee +variable usage fee. E.g cellular fees.
Amusement parks.
Byproduct pricing: pricing by-products to recover some of the costs in
production of the main products.
Product-bundlingpricing: Productsofferedasabundleat a Product-bundling pricing: Products offered as a bundle at a
consolidated price. Normally, the sum of individual prices is much
higher that that of the bundled product.
Marketing Channels
Sets of interdependent organizations
involved in the process of making a
product or service available for use
or consumption.
Channelsand Channels and
Marketing Decisions
B d D i i S D i i Brand Decision =
Pull
Store Decision =
Push
Strategy Strategy
Consumer Marketing Channels
Channel Integration and Systems
Vertical marketing
systems
Corporate VMS
Administered VMS
Contractual VMS
Horizontal marketing g
systems
Multichannel systems
Types of Advertising: Types of Advertising:
ATL Above the Line: Deals with ads
controlled centrally. Includes organized
mass media and including internet
advertisement. ATL is usually handled by
the designated ad agency.
BTL Below the Line: Controlled locally, but
designs creations etc. come from central g
authority. Locals have power to influence
display scheme and decide where to place p y p
what.
The Five Ms of Advertising
Advertising Objectives
Informative
advertising
Persuasive
advertising g
Reminder Reinforcement
g
Reminder
advertising
Reinforcement
advertising
Factors to Consider in Setting an
Ad i i B d Advertising Budget
Stage in the product life cycle Stage in the product life cycle
Market share and consumer base a e s a e a d co su e base
Competition and clutter
Advertising frequency
Product substitutability
Major Media Types
Newspapers
Television
Outdoor
Yellow pages
Direct mail
Radio
p g
Newsletters
Brochures
Magazines Telephone
Internet Internet
Place Advertising
Billboards
Publicspaces Public spaces
Product placement
Point-of-purchase
International Product and International Product and
Communication Strategies
FiveModesof EntryintoForeign Five Modes of Entry into Foreign
Markets
Indirect Direct J oint Direct Indirect
exporting
Direct
exporting
Licensing
J oint
ventures
Direct
investment
Commitment, Risk, Control, Profit Potential
Buzz Word
Marketing Myopia - Theodore Levitt
Concept of lookinginwardsandimproving Concept of looking inwards and improving
your own product with the mindset
that customers would buy it. It does not
consider the customers needas the decisive
factor before launching a product.
Metamarket - Mohan Sawhney
A cluster of complementaryproductsand A cluster of complementary products and
services that are closely related in the minds of
consumers but are spread across a diverse set of p
industries.