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Marketing Startegy_B'lore Group.pptx

  1. Role of marketing Marketing is a process by which firms create value for its chosen customers.
  2. Value = Benefits – Cost It is created by meeting customers’ needs. Thus a firm is defined not by the product it sells, but by customer benefit it offers. What is value?
  3. How do you define your firm?
  4. What happens after value creation? Capture value through pricing Create value Any firm must continue to do this, i.e. create value and capture it and the plan by which this is done is called Marketing strategy of the firm.
  5. Marketing strategy has majorly 2 activities - 1- Selecting a target market and determining the desired positioning of product in customer’s mind. 2- Plan for the marketing activities, to achieve desired positioning.
  6. Positioning
  7. Positioning Market Positioning refers to the ability to influence consumer perception regarding a brand or product relative to competitors.
  8. Little more upon positioning Price Quality
  9. Building blocks of any marketing strategy 5 Cs S T P 4 Ps
  10. 5 Cs • Customer Needs- • What problem do we intend to solve for the customer? • What need we fulfil? • Company skills- • What is the competence we have to fulfil the needs? • Competition- • Who competes in meeting those needs? • Collaborators- • Who should collaborate with us to fulfil the needs? • Context- • What cultural, technological and legal factors limit us?
  11. 5 Cs- Practical analysis
  12. Define 5Cs of your company
  13. S T P • What is segmentation? • The process of dividing your customers into groups, based upon some commonality, such as interests, needs, wants and motivations. • Why to segment ? • To offer customised service, save money on marketing campaigns, develop a niche for the firm. • How to segment a market? • Demographic • Age, Gender, Income, Occupation, Education, Marital status, religion, region, nationality etc. • Geographic • Urban, rural, nation, state, city etc • Behavioural • The behaviour in store, online, using an app • Life style • Values, culture, spend, shopping, travel,
  14. Example of segmentation Case- A 20 year old institute has been offering IIT JEE and NEET coaching. This is being done along with the 11th and 12th board studies. Please help in the customer segmentation here? Segmentation – Comes from which C?
  15. Targeting • What is targeting? • The process of selecting the segments to serve and reach out to them. • Why to target ? • Each segment of the customers will have different rules of buying, thus each segment will need different products and the ways of marketing. Hence the core competencies of the company will come into play. Thus targeting is choosing the rules of the game. • What to take care while targeting? • A firms competitive edge. • The goal alignment of the company with the target segment. • Resources needed to approach the segment. • Collaborators to market successfully. • Financial returns expected.
  16. Example of targeting Case- A 20 year old institute has been offering IIT JEE and NEET coaching. This is being done along with the 11th and 12th board studies. The average fees is 150000 per year. The institute plans to offer commerce and design course also. Please help what should be the target customer and why? Target – Comes from which C?
  17. Positioning • What is positioning? • Positioning refers to the place that a brand occupies in the minds of the customers and how it is distinguished from the products of the competitors. • Why to position ? • Positioning is done to make a place for a brand in the minds of the customers to highlight how is the product distinguished from the products of the competitors. Example - inexpensive or premium, utilitarian or luxurious, entry-level or high-end. Lets have a few more examples here • How to build a positioning statement? __________________________ is ____________________________________among all __________________ because ________________________ (Our product/brand) (Most important claim) (Competitive frame) (Most important support/s) * Not necessary in the same order
  18. 1. Lets make a positioning statement for our companies 2. Lets make a positioning statement for ourselves
  19. End of session 1
  20. Marketing Mix or 4Ps (Product, Place, Promotions, Pricing) • Product (Kya market karenge) • How do we define a product? For marketing purpose the product has to be considered the value delivered to the customer, not just the physical product itself. • Place (Kis jagah pe market karenge) – Marketing Channels- The mechanism used to reach out to the customer for demand generation, fulfilment of the demand. • Promotion- (Kya bolenge) :Marketing communication- Appropriate and set ways of in which to communicate with the customer. • Pricing
  21. P1- Product-Definition • Product • What is product vs what is the value that the product offers? Laptop Product - Portable computer - Machine that we can carry - Value - Convenience - Brand - Instrument to compute/design/Communicat ion/Collaboration Product - Course for seniors - Learning - Value - Move up in career -Pride in the brand - Confidence booster/networking/Alumni Status SMP-IIM A
  22. P1- Product-Definition • Make the same analysis for- • Top product of your company • Maruti Car • OTT platforms
  23. P1- Product-Line planning decisions Product Line Breadth • Different product with similar flavour. • Shoe manufacturer deciding to sell chappals too. • Desktop manufacturer making laptops too. • Car manufacturer moving into trucks. • This is made by the companies desired consistency or similarity of the products Product Line Length • How many items in a product line with varying price points. • Standard internet/ECO internet/ Premium • Basic/Plus/New- Additional features etc. • . • . • . Product Line Depth • How many items in a product line with varying features and same price points. • Different of a garment
  24. P1- Product-Line planning decisions- Considerations Q 1 Will this product be profitable? Q2 Will it give required differentiation from the competition? Q3 Will this product cannibalise or complement the existing line of products? Q4 Any impact on the brand equity? Q5 Can any other product be repositioned like this one?
  25. P1- Product-Development process STEP 1 Opportunity identification STEP 2 Design STEP 3 Testing STEP 4 Product introduction STEP 5 Life cycle management Identify the market/price etc The 2 steps of Design and testing are inter-related. You design and test with the customers. Develop further based on the reactions/feedback Identify the customer problem that can be solved Learn, re-iterate, introduce new features
  26. P2- Place: Marketing Channels Set of mechanism to which help the firm to reach to the customers, either for demand generation, product sales, delivery or service. C1 C2 C3 C4 C7 C5 C6 In case of elimination of a channel, someone else needs to perform the function of channel. Cutting the middleman also results in the reduction of the services given by the middle men.
  27. P2- Place: Marketing Channels 2 decisions in a channel are Channel design • Direct distribution- Company employees go and sell the product. Usually high value products, where the total customers are less. High degree of control is required in sales. • Indirect distribution- Third party distribution. The products are not that technical to sell. High demand and the company cannot employ so many people to sell. Company is not selective in the acquisition. Low degree of control needed. High cost of stocking the goods. • The channel structures change over the time. The computers first sold via company directly, now are distributed freely. Once the market is matured, where there is ow need to intense education to the customers, the direct slowly gives way to indirect. However hogh value products such as jet engines etc are still sold by the company reps. Channel Management • Managing the conflict in the channels. • More of a everyday job. • Direct and indirect my oppose each other, the company may not like the channel partners, channel partners have a grudge with the company etc.
  28. P3- Promotion: Marketing Communication • Product knowledge • Awareness of the product • Develop interest in purchasing • Trying the product • Re-purchase • Actual Sales Online Media Outdoors ATL News papers, PR agencies Personal Selling
  29. P3- Promotion:6 M - model of communication • Market- Communicate to which segment of the market. • Mission- What is the objective of the communication. • Message- Specific points to be communicated. • Media- Which vehicle to use for communication. • Money- Expense • Measurement- How to assess the impact of the campaign DMU (Decision Making Unit)- People involved in the decisions making. The communication to cover each/maximum DMUs
  30. P3- Promotion : 2 types Marketing Promotion • These promotions ensure the requisite knowledge is given to the customer. • The awareness is spread. • The longingness to buy is created. • How ever the marketing promotions, although playing a big role, limit themselves and do not complete the sales transaction. Actual sales person/channels involvement is needed to complete the transaction. Sales Promotion Usually applied to get short terms sales up. • Consumer promotion-Manufacturer to consumer. Direct coupons, free trials etc. • Trade promotions- Manufacturers to the trade partners. Discounts on bulk purchases etc. • Retails Promotions- Trade to the end user.
  31. P4- Price • Pricing is a way to derive maximum value from the customer, or the maximum price the customer is willing to pay. • Not always is the pricing a function of costs, sometimes to penetrate the markets, company price the products even lower than the cost. • Skim and Penetration- Selling at higher price to premium customers to skim them and then lowering the price for the masses. Example hardcover of the same book is costlier than soft cover which usually is introduced later. • Price customization- Airlines seats, taxi surge pricing etc examples of the price customizations based upon the time, days, etc when the product is being purchased. • Price leadership- Mostly here the price wars happen.