CII Affirmative Action Gateway Session 4- Marketing AA GATEWAY Certificate Program on Entrepreneurial Skill Development CII Affirmative Action Gateway Session 4- Marketing

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Certificate Program on Entrepreneurial Skill Development

CII Affirmative Action Gateway

Session 4- Marketing

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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.

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• Market Research

Research

• Segmenting

• Targeting

• Positioning

Strategy • Product

• Price

• Place

• Promotion

Marketing Mix

• Increase promotions

• Increase reach

• Increase usage

Penetration

Bird View of Marketing:

Marketing Concepts & Functions

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The 7 functions of Marketing:

Selling

Distribution

Product Service

Management

Promotion

Pricing

Financing

Marketing Information

Management

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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

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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 &

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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. Want: Expectation of the things for meeting the need is called want. Demands: The want with willingness and ability to pay price of things is called demand.

:Specialty goods

:Convenience goods

:Shopping goods

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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

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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.

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Market Research:

Choose Base Market - Define method and size of survey – Conduct - Analyze the data

• Current Trend?

• Demand?

• Who is our Competitor?

• Past-Present-Future State?

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Market Research Method:

• Questionnaires (Forms, Online)

• Interview

• Usability Test – Knowingly & Unknowingly

• Marker study – Past – Present – Future

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Market Strategy - Segmentation :

WHY?

Customers have different Wants, Needs, Cost and

Tastes

Consisting of existing and potential customers into sub-groups of consumers known as segments

S-T-P

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Market Strategy – Targeting:

WHY?

Customers have different Wants, Needs, Cost and

Tastes

HOW?

Gender, Age, Income, Household size, Geographic

area and even various ethnic groups

kids segmentation: new born, infants, toddlers and so on.

Example

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Market Strategy - Positioning:

Segmentation

Targeting &

Positioning

Segmentation

Identify the target market

Identify expectations of Target Audience

Create Subgroups

Review

Select and Develop the marketing program

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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

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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

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Market Segmentation - Gender Marketing:

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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

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Marketing Mix:

Product - Consumer

• Design

• Technology

• Usefulness

• Convenience

• Value

• Quality

• Packing

• Accessories

• Warranties

Place - Convenience

• Wholesaler

• Own Store

• Direct Sales

• Online Sales

• Party Plans

• Mail Order

Price - Cost

• Penetration pricing

• Skimming pricing

• Competitor

• Break-Even Point

Promotion - Communication

• Advertisement – TV, Magazine, News Paper

• Campaign

• Direct Marketing …etc

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Marketing Mix – Product/Consumer:

Vicks and Colgate, etc.

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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

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Marketing Mix – Price/Cost:

HUL P & G

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Marketing Mix – Promotion/Communication:

Educate people to use more frequently

• Viral Marketing

• Event Marketing ( fairs, and sporting events)

• Digital Marketing

• Ambient Marketing

• Guerilla Marketing

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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

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Behavioral Economics & Neuro-marketing:

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Behavioral Economics & Neuro-marketing:

Mind/Psychological

Society

Behavior/Emotional

Time

Information

Ability

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