Marketing opp

MARKETING CHALLENGES AND OPPORTUNITIES

WHAT IS MARKETING CHALLENGES:We face marketing Challenges, which help marketing

teams to meet their talent development goals while achieving breakthrough social value for inspiring causes.

The process of the Challenge is different to traditional training programmes in that there is an immediate opportunity to apply the insights generated by the training in conditions that replicate in a compressed amount of time the conditions that marketing planning is actually carried out in – i.e. conditions of a live real-world brief, among colleagues, in a complex business environment of risk, uncertainty and calculated probabilities.

WHAT IS MARKETING CHALLENGES:The process of working on a live brief

outside of the usual routine can heighten a marketer’s perception of how they can best achieve positive results. Addressing the challenges that are associated with working on a new project against the clock develops an ability to prioritize key insights and push through to achieve demanding objectives. And the process of reflecting on the experience and extracting fresh learning from it is a key enabler for integrating the benefits of the programme into the day-to-day working routine.

MARKETING CHALLENGES:* Bridging the gap between your sales report and your buyer.* The problem when knowledge isn’t shared.* Do you provide a one-size-fits all approach?* What is time worth?* It’s about the quality and not the quantity.* Bad leads or bad lead follow up.* Talk about the problem first and not the solution first.* How the business suffers when the sales and the marketing aren’t on the same page.* Keeping your sales and marketing team accountable.

MARKETING CHALLENGES:* Do you have a repeatable sustainable profile for success?* Do you really know what’s working and what isn’t in your sales, marketing and product areas?* Is your company message on target?* Why your marketing team is failing?* Is your sales team focused on the right target market?* It’s not about the quantity of content you provide off, it’s all about quality.* As head of marketing how do you know what’s working and what isn’t?* Don’t shoot the messenger?

MARKETING CHALLENGES:* Bridging the sales and marketing disconnect is not easy task.* Why there is a sales and marketing chiasm?* Are office politics, silos and turf war killing your sales?* Are you keeping up with your content?

Marketing Opportunity Analysis is a tool to identify and assess the attractiveness of business opportunity.

The opportunity analysis in the market space in the networked economy is unique as compared to the traditional sectors for the following reasons:• Competition occurs across industry boundaries rather

than within industry boundaries.• Competition occurs between alliances of companies

rather than between individual companies. • Competitive developments and responses are

occurring at an unprecedented speed. • Unique ways to bring value to consumers and change

behavior.• Industry Value Chains and Value Systems are rapidly

being reconfigured.

Marketing Opportunity Analysis Framework:

1. Identify Unmet and/or Underserved Customer Needs.

2. Identify the specific customers a company will pursue.

3. Assess advantage relative to competition.

4. Assess the company’s resources to deliver the offering.

5. Assess market readiness of technology.

6. Opportunity attractiveness.

Key Environments and the “Sweet Spot” for Marketing Opportunity:

CUSTOMER COMPANY

TECHNOLOGY COMPETITION

“Sweet Spot”

How to Identify Unmet/Underserved Customers Needs:

• What is the ideal experience the customer wishes to receive both functionally and emotionally? How does it vary step-by-step in the activity?

• How closely does the actual experience compare to the customer’s view of the ideal? What are the key frustration points? What compensating behaviors do we observe (i.e., what actions does the customer engage in to overcome these frustrations)?

• Does the experience customers seek vary according to their environment?

• What are the customer beliefs and associations about carrying out this activity (buying process)? How do they view their relative competence and role? How positively or negatively do they view the current set of company offerings?

• What barriers block some or all participation by potential customers?

• What are the online opportunities to enhance or transform the customers‘ experience?

Consumer Buying Process:

Post

purc

hase

Evaluation

Problem Recognition

Information Gathering

Purchase Decision

Satisfaction

Prep

urch

ase

Purc

has

e

Loyalty

How to Identify Specific Customers:

• Geographic: Divides into different geographical units (Country, city, size, density, etc.)

• Demographic: Divides on the basis of demographic variables (Age, gender, occupation, ethnicity, income, family status, life stage)

• Firmographic: Divides on the basis of company-specifics variables (Product lines company size, departments)

• Behavioral: Divides based on how customers actually buy and use the product (Online & offline shopping, brand loyalty, prior purchases, etc.)

• Occasion: Divides based on the situation that leads to a product need, purchase, or use (Routine occasion, special occasion, time, location, event, trigger, etc.)

• Psychographic: Divides based on lifestyle or personality (Affinity, social class, AIO-Activities/Interests/Opinions, etc.)

• Benefits: Divides based on benefits or qualities sought (Convenience, economy, quality, ease of use, speed, information, selection, etc.)

How to Assess Relative Advantage:

Direct CompetitorsCompetitor mapping to

selected Indirect Competitors:• Substitute Producers• Adjacent Competitors

How to Assess the Company’s Resources to Deliver:

*Company Resources - Men, Materials, Money, Methods.

*Resource systems: *Customer-facing *Internal *Upstream *Partners: *Complementary partners *Capability partners

How to Assess Market Readiness of Technology:

* Technology Vulnerability * Technology Adoption * Impact of technologies

How to Assess Opportunity Attractiveness

Customer and Market Dynamics:

• Unconstrained Opportunity• Segment Interaction• Growth Rate• Market Size• Profitability

THANK YOU FROM K.PRASANNA VENKATESAN