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Marketing refers to any actions a company takes to attract an audience to the company's product or
services through high-quality messaging. Marketing aims to deliver standalone value for prospects
and consumers through content, with the long-term goal of demonstrating product value,
strengthening brand loyalty, and ultimately increasing sales.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering,
and exchanging offerings that have value for customers, clients, partners, and society at large.
The importance of marketing for your business is that it makes the customers aware of your
products or services, engages them, and helps them make the buying decision. Furthermore, a
marketing plan, a part of your business plan helps in creating and maintaining demand, relevance,
reputation, competition, etc
Types of Marketing-
Finance ,Operation, Accounting and other business functions won’t really matter without
sufficient demand for product and services so the firm can make profit .
Financial success depends on marketing ability
Scope of Marketing –
What is to be marketed ?
Goods
Services
Events
Experiences
Persons
Places
Properties
Organizations
Meta Markets –
“Two or more distinct markets that are associated in same way to product or service “
To understand the marketing function, we need to understand the following core set of concepts –
Needs
Wants
Demands
Segmentation
Target Markets
Positioning
Consumer Satisfaction-
Consumer Delight-
Product –
Product Classification –
1} Goods
2} Services
1} Goods
-Tangible
-Define Form
2} Services
-Intangible
- Felt/Experience
Product Levels –
Development
Introduction
Growth
Maturity
Decline
Product Levels
Core Product
Generic Product
Expected Product
Augmented Product
Potential Product
Product Mix –
“A product mix is the total number of product lines and individual products or services
offered by a company.”
“Product Mix, another name as Product Assortment, refers to several products that a
company offers to its customers. “
Width-Width or breadth, that refers to the number of product lines which is offered by a
company to its customers.
Length-The length refers to the total number of products in a firm’s product mix strategy.
Depth-Depth refers to the number of variations that exist in a product line.
Consistency-This refers to how closely the products in a product line are related to each
other.
Idea Generation
Idea Screening
Concept Development
Marketing Strategy
Business Analysis
Product Development
Test Marketing
Commercialization
Marketing Strategy –
1.Distribution Strategy
Distribution Strategy –
1.Production Approach
2.Product Approach
3.Selling Approach
4.Marketing Approach
5.Holistic Marketing Approach
Segmentation =
Segmentation means to divide the marketplace into parts, or segments, which are definable,
accessible, actionable, and profitable and have a growth potential. In other words, a company would
find it impossible to target the entire market, because of time, cost and effort restrictions.
Market segmentation refers to aggregating prospective buyers into groups with common needs and
who respond similarly to a marketing action. Market segmentation is a marketing strategy in which
select groups of consumers are identified so that certain products or product lines can be presented
to them in a way that appeals to their interests.
Why Segmentation –
Marketing Mix =
The term "marketing mix" is a foundation model for businesses, historically centered around
product, price, place, and promotion. The marketing mix has been defined as the "set of
marketing tools that the firm uses to pursue its marketing objectives in the target market".
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its
brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product,
Promotion and Place. The marketing mix refers to the set of actions, or tactics, that a
company uses to promote its brand or product in the market.
Initially 4, these elements were Product, Price, Place and Promotion, which were later expanded by
including People, Packaging and Process. These are now considered to be the “7 P's” mix elements.
People refers to anyone who comes in contact with your customer, even indirectly, so make sure
you're recruiting the best talent at all levels—not just in customer service and sales force.
People -
Here’s what you can do to ensure your people are making the right impact on your customers:
Develop your marketers’ skills so they can carry out your marketing mix strategy
Focus on customer relationship management, or CRM, which creates genuine connections and
inspires loyalty on a personal level.
6. Packaging
A company's packaging catches the attention of new buyers in a crowded marketplace and
reinforces value to returning customers. Here are some ways to make your packaging work harder
for you:
Design for differentiation. A good design helps people recognize your brand at a glance, and can also
highlight particular features of your product. For example, if you’re a shampoo company, you can
use different colors on the packaging to label different hair types.
Provide valuable information. Your packaging is the perfect place for product education or brand
reinforcement. Include clear instructions, or an unexpected element to surprise and delight your
customers.
Add more value. Exceed expectations for your customers and give them well-designed, branded
extras they can use, like a free toothbrush from their dentist, a free estimate from a roofer, or a free
styling guide from their hairdresser.
7. Process
Prioritize processes that overlap with the customer experience. The more specific and seamless your
processes are, the more smoothly your staff can carry them out. If your staff isn't focused on
navigating procedures, they have more attention available for customers—translating directly to
personal and exceptional customer experiences.
If you get more than one customer complaint about any process, pinpoint what's going wrong and
figure out how to fix it
Marketing Environment –
Market environment and business environment are marketing terms that refer to factors and forces
that affect a firm's ability to build and maintain successful customer relationships.
A marketing environment encompasses all the internal and external factors that drive and influence
an organization's marketing activities. Marketing managers must stay aware of the marketing
environment to maintain success and tackle any threats or opportunities that may affect their work.
Understanding the marketing environment is vital for a company's marketing team and stakeholders
as it will dictate the needs of a demographic environment and how marketing operations and
advertising agencies can rise to meet those needs, build their brand, and expand into new markets.
Helps to evaluate how your strategy fits into the broader environment and encourages strategic
thinking
Assists planning, marketing, organizational change initiatives, business and product development,
project management
Identify the political factors. Conduct internal research to identify what types of laws or policies
affect you.
Identify the economic factors. Determine which economic factors will affect your business.
Macro Environment –
PEST Study===
Political
Economical
Social
Technological
Marketing Planning –
Marketing planning is the process of defining activities that will support business goals and
establishing a timeline for when that work will be completed. “
“A marketing plan is an operational document that shows how an organization is planning to
use advertising and outreach to target a specific market.”
Consumer behavior is the study of individuals, groups, or organizations and all the activities
associated with the purchase, use and disposal of goods and services. Consumer behaviour consists
of how the consumer's emotions, attitudes, and preferences affect buying behaviour.
Consumer behaviour in marketing refers to the actions and decisions that people make when they
are purchasing or using products. Consumer behaviour towards a product includes everything from
the initial decision to buy it, to how they use it and whether or not they continue to purchase it in
the future.
Buying Role –
Initiator
Influencer
Decision maker
Buyer
User
Marketing Campaigns
Economic Condition
Purchasing Power
Personal Preferences
Group Influence
Buying Behavior –
Cultural Factors
Social factors
Personal Factors
Psychological