MBA 1st Year

Topic-Marketing Management Fundamental

Unit- I- Marketing Concept
 Topics Covered
• What is Marketing?
• Meaning and Definition
• Marketing Management
• Introduction to marketing
• Needs, Wants, Demands and Exchange process
• Evaluation of Marketing Philosophies
• Marketing Mix
• Consumer Buying vs Organizational Buying
What is Marketing?
• Marketing is about identifying and meeting human and social needs.
• Traditionally, a market was a physical place where buyers and sellers
gathered to exchange the goods.
• Marketers view sellers as an Industry and buyers as the marketer:
the sellers send goods and services and communications(ads, direct
mail, e-mail messages) to the market; in return, they receive money ad
information( attitudes, sales data).
• According to Peter Drucker says that” the aim of marketing is to
make selling superfluous. The aim of marketing is to know and
understand so well that the product or service fits him and sells itself,
ideally, marketing should result in a customer who is ready to buy.”
Definition
• According to the American Marketing Association offers the
following definition: Marketing is an organizational function and a
set of processes for creating, communicating and delivering value to
customers and for managing customer relationships in ways that
benefit the organization and its stakeholders.
• Marketing management takes place when at least one party to a
potential exchange thinks about the means of achieving desired
responses from other parties.
• Marketing is a societal process by which individuals and groups
obtain what they need and want through creating, offering and freely
exchanging products and services of value with others.
Marketing Management
• Marketing Management as the art and science of choosing target
markets and getting, keeping and growing customers through creating,
delivering and communicating superior customer value.
• It is centered on creating, planning, and implementing strategies that
will help achieve wider business objectives. These business objectives
can involve increasing brand awareness, boosting profits, or entering
previously untapped markets.
• Marketing Management offers a standard marketing management
definition as “the development, design, and implementation of
marketing programs, processes, and activities that recognize the
breadth and interdependencies of the business environment.” By
Philip Kotler and Kevin Lane Keller
Why is marketing management important?
• Marketing management is important because reaching and engaging
with potential customers is a vital component of a business strategy.
• Introducing new products
• At the outset, marketing management ensures you understand what
your customer desires, down to colourways and packaging. Without it,
you might find your product doesn’t even appeal to customers.
• Effective Marketing Techniques
• After spending considerable time preparing your product or service to
be released, the right marketing management processes ensure it
reaches the ideal potential customer base via the right channels at the
right time.
Conti..
• It allows taking the right branding decisions
• A company’s success is dependent on how customers perceive the
brand.
• Branding decisions made wrong by a marketing manager can
negatively affect the brand’s reputation, thereby affecting sales and
revenue.
• It generates a new business Idea
• Successful marketing campaigns of renowned brands like Nike, Coca
Cola and Rolex. All companies have marketing management teams
who are capable and able to think outside the box. When it comes to
engaging with their customers.
Conti..
• A capable marketing management team to compete with other
industry
• Marketing management is important, especially for small business
entities to compete with other big business players.
• Thorough customer research, creative campaigns and marketing
strategies and positive branding can go a long way in providing a
brand with an edge over its competition.
• Learning effective marketing management strategies can allow you to
remove the guesswork from your companies.
Types of Marketing Management
• There are nine types of marketing management
• Affiliate Marketing- Affiliate marketing helps promote the product of a
brand on whatever online channel they see fit.
• It is an effective method as the publisher will do everything possible to
market a brand’s products to consumers for the commission they stand to get.
• Social Media Marketing-Businesses employ this method to reach potential
customers who already spend a great deal of their time on social media
platforms. Great marketing on social media can help bring success to a
business.
• Word of Mouth Marketing(WOMM)- It is also called unpaid market
management. WOMM is arguably one of the most trusted forms of
marketing.
Conti..
• Content Marketing- It refers to any form of marketing that involves
the creation, publication, and distribution of free content online.
• Basically, content marketing uses videos, infographics, blogs,
podcasts, social media posts, and persuasive copy to attract and
convert prospects into customers.
• Search Engine Optimization- also called SEO marketing- the
digital marketing method is the process of optimizing a website for
visibility on search engines.
• The main goal of this method is to create awareness and get potential
customers to find and visit one’s website
E-mail Marketing
• Email marketing- one of the most direct and effective ways a
business can connect with leads, nurture them, and eventually convert
them into customers.
• It is a digital marketing method where companies send emails to
prospects and customers.
• Most occasions, the emails sent out aim at persuading potential
customers to take actions that favour the brand.
• Influencer Marketing- Influencer marketing is yet another effective
marketing strategy. It will promote its products or services and reach
out to the influencer in its industry. For instance, friends, niches, and
community are mutually beneficial ways to promote their offerings
and will influence a vast audience.
Conti..
• Re-targeting- Retargeting is the practice of serving display ads to
individuals who have engaged with one’s website or brand in the past.
• As previous studies have shown that 92% of people who visit a site for
the first time aren’t looking to make a purchase.
• It becomes necessary for a brand to retarget these one-time visitors.
Brand Marketing - Brand marketing is a marketing move by brands to
shape their public perception and connect with their target audience.
Brand marketing uses inspiration, storytelling, humour, and creativity to
establish an emotional connection with existing and potential customers.
Process of Marketing Management
• Market and customer analysis: This marketing management process is all about
understanding your organization’s current market position and analyzing
consumer behaviour.
• Development of strategy, goals, and objectives: Where does a business want to
go? How does it plan to get there? Aftermarket and customer analysis, the
strategy will map the way forward.
• Product development: Marketing managers play a crucial role in product
development. When it comes to articulating the benefits of a product, these
professionals help craft poignant, on-brand messaging.
• Marketing program implementation: Once promising programs and campaigns
have been identified, it’s time to deploy the right resources to launch them.
• Monitoring and control: Analyzing the success of marketing programs and
activities is a crucial process. It informs how future activities will be planned and
implemented.
What is marketed? (7)
They are ten main items;
 Goods-Physical goods constitute the bulk of most countries.
Production and marketing efforts. For example, the USA.
Services- As the economy advance, a growing proportion of its
activities focuses on the production of services. Hostels, Hospitals,
restaurants, cafés, bankers, lawyers, engineers, doctors, and barbers.
Events- Markets promote time-based events, such as major trade
shows, artistic performances and company anniversaries.
Experiences by orchestrating several services and goods, a firm can
create, stage and market experience. For example, theme restaurants
that create the ambience of a village in Rajasthan and Gujarat
Conti…
Persons- Celebrity marketing a significant business, artists, musicians, CEOs,
high-profile physical lawyers.
Places-Cities states, regions and whole nations compete actively to attract
tourists, factories, company headquarters and new residents.
Properties- Properties are the intangible right of ownership of either real
property (real estate) or financial property (stocks and bonds).
Organizations- Organizations actively work to build a strong, favourable and
unique image in the minds of their target public. For example, in Philips
company’s tag line “sense and simplicity” campaign, Dr Reddy labs “Good
health Can’t wait.”
 Information- information is important for what books, schools, and
universities produce, market, and distribute at a price to parents, students and
communities.
Idea-Every market offering includes a basic idea. Ideas and benefits social
marketers are busy promoting such ideas by creating awareness about AIDS,
encouraging family planning and discouraging smoking which falls in the realm
of social marketing.
Who Markets ?
• Marketers and Perspective- A market is someone who seeks a
response-attention, a purchase, a vote, a donation-from another party,
called the prospect. If two parties are seeking to sell something to each
other, we call them both marketers.

• Market is indeed skilled at stimulating for their company’s products,

but that’s too limited a view of the tasks they perform.

• Marketing managers seek to influence the level, timing and

composition of demand to meet the organization’s objectives.
Eight demand states are possible
• Negative demand-Consumers dislike the products and may even pay
a price to avoid it.
• Non-existing demands-consumers may be unaware of or uninterred
in the product.
• Latent demand-Consumers may share a strong need that cannot be
satisfied by an existing product.
• Declining demand-Consumers begin to buy the product less
frequently or not at all.
• Irregular demand-Consumers purchases vary on a seasonal, monthly,
weekly, daily or every hourly basis.
Conti..
• Full demand-Consumers are adequately buying all products put into
the markets.

• Overall demand-More consumers would like to buy the product than

can be satisfied.

• Unwholesome demand-Consumers may be attracted to product that

have undesirable social consequences.
A Simple Marketing System
Communication

Goods/Services
Industry Market
(A collection of (A collection of
sellers) buyers)
Money

Information

Source-Philip Kotler book 13th Edition A South Perspective

Core Marketing Concept
• To understand the marketing function, we need to understand the
following core set of concepts.
• Needs-Needs are basic requirements. People need air, food, water,
clothing and shelter to survive.
• People also have strong needs for recreation, education and
entertainment.
• These needs become wants when they are directed to specific objects
that might satisfy the need.
Demands
• Demands are wants for specific products backed by an ability to pay.
For example- many people want a Mercedes; only a few are willing
and able to buy one.
• Companies must measure not only how many people want their
product but also how many would actually be willing and able to buy
it.
• These distinctions shed light on the frequent criticism that “Marketers
do not create needs” or “Marketers get people to buy things they don’t
want.”
• Marketers do not create needs: Needs preexist marketers. Marketers,
along with other societal factors, influence wants
• Marketers might promote the idea that a Mercedes would satisfy a
person’s need for social status. They do not, however, create the need for
social status.
• Five types of needs
• Stated needs-(The customers want an inexpensive car)
• Real needs-(The Customer wants a car whose operating cost, not its
initial price, is low).
• Unstated needs- ( The customers expects good service from the dealers)
• Delight needs-(The customers would like the dealers to include an
onboard navigation system)
• Secret needs-(The customer wants friends to see him as a savvy
consumer)
Evolution of Marketing Philosophies
Two types of marketing Evolution
• Old Market Concept
• New Market Concept
The assumptions of this concept are:
Anything that can be produced can be sold.
Old Market Concept and New Marketing Concept (6)

• The Productions Concept

• The Product Concept
• The Selling Concept
New Market Concept
• Marketing Concept
• Societal Concept
• Holistic Marketing Concept
Production Orientation Philosophy
• The Production concept assumes that consumers will favour products that are
available and highly affordable, so they should focus on improving production
and distribution efficiency.
• Slogan (“We can Sell”)
The Product Concept-(1820-1930) “We make what we can sell”
• The product concept assumes that consumers will favour products that have
good quality, performance and features, so the organization should focus on
product development.
• Till the 1930s, there prevailed a strong feeling that whenever a firm has a good
product, it results in automatic consumer response and that needed little or no
promotional efforts.
The Selling Concept “we make what we can sell”
• The Selling Product: the idea that achieving organizational goals
depends on knowing the needs and wants of targets and delivering the
desired satisfactions.
• The Marketing Concept (1950-1970)
• The marketing concept believes that achieving organizational goals
depends on knowing the needs and wants of targets and delivering the
desired satisfactions better than competitors do.
• The marketing concept takes an outside-in view the focuses on
satisfying customers’ needs as a path to profits.
The Societal Marketing Concept(1970-2000) “ we are not free from society”

• The Societal Marketing Concept believes that a company should make

marketing decisions.
• By considering consumers’ wants, the company’s requirements and
society’s long-term interests. It emphasizes social consciousness as
part of an overall marketing plan.
• The Holistic Marketing Concept(2000-21 st Century)” Develop
Corporate Culture.”
• Holistic marketing concept believes in on the development, design and
implementation of marketing programs, processes and activities that
recognize the breadth and interdependencies.
Marketing Mix (5)
• What is the marketing mix?
• Marketing is the set of marketing tools that the firm uses to pursue its
marketing objectives in the target market.
• People, in the marketing mix, refers to anyone directly or indirectly
involved in the business side of the enterprise.
• According to McCarthy classified various marketing activities into
marketing mix tools of four broad kinds.
• PRODUCT,PRICE, PLACE AND PROMOTION
The Marketing Mix

Source-courses.lumenlearning.com
Marketing Mix
• Product- Product variety quality Design Feature Brand Name
Packaging Services Warranties Returns.
• Price-List price discount allowances Payment period credit terms
• Promotion-Sales promotion advertising sales forces public relations
direct marketing
• Place-Channels Covers Assortments Locations inventory transport
Understanding the 4 As of Marketing
• Acceptability-Acceptability is the extent to which a firm’s total
product offering exceeds customer expectations.
• The authors assert that acceptability is the dominant component in the
framework and that design, in turn, is at the root of acceptability.
• Functional Acceptability is “objective” in nature. Free from the
subjective nature, it talks about things like facts, features, and
performance.
• For instance, the latest flagship product of One Plus 8 includes the
latest features aimed at catching the user’s attention. These aspects can
be improved through increased core benefits and reliability.
• Affordability -Affordability is the extent to which customers in the
target market are able and willing to pay the product's price.
• It has two dimensions: economic ability to pay and psychological
willingness to pay.
• Acceptability combined with affordability determines the product’s
value proposition.
• Accessibility- the extent to which customers are able to readily
acquire the product has two dimensions: availability and convenience.
• Successful companies develop an innovative way to deliver both, such
as online shoe retailer Zapoes does with excellent customer service
and return policies and its tracking of up-to-the minute information
about stock, brands and styles.
• Awareness-It focuses on both potential and existing customers of a
particular product or service.
• It keeps in mind that all customers are informed enough about the
benefits and features a product has to offer, persuade potential
customers, and keep the trust of existing buyers.
• It is a crucial factor for brands since creating a positive perception in
the customers’ minds is necessary for them to buy their product.
Difference between Consumer Buying Behavior
and Organizational Buying Behavior(4)
• Consumer Buying Behavior-The individual consumers buy goods and
services for ultimate use or to satisfy their needs.
• The buying purpose of such consumers is not to earn profit by
reselling the goods and services.
• Organizational Buying Behavior-The organizations buy goods and
services for their business needs.
• The buying purpose of them is to earn profit by using and reselling
the goods and services.
Quantity
• Consumer perspective-Although consumers buy various kinds of
goods, but the quantity of goods remains small. They buy only the
necessary quantity of goods, which they need for regular use.
• Organizational perspective- Organizational buying is done in large
quantities. There are several reasons why organizations must buy the
goods they need in bulk.
• In the first place, they use large quantities of each item and must
maintain inventories at a level high enough that they will not run out
of stock.
• Secondly, it is cheaper and more efficient to make large-volume
purchases.
Purchase Decision
• Consumer buying takes decisions by consumers themselves.
Sometimes they can consult with family members and friends. They
need not fulfil any formality like organizational buying.
• Organizational purchasing is a rational process because the
purchasing behavior of organizations is guided by objective factors
having to do with production and distribution.
• It takes a long time than consumer buying.
 Market Knowledge

• Most of the consumers may not have adequate knowledge and

information about the market situation, available goods and services,
etc. The educated customers may be aware and have knowledge about
the market and goods.
• Organizational purchase criteria are specifically defined.
Organizational buyers usually have fewer brands to choose from than
do individuals, and their purchases must be evaluated on the basis of
criteria that are specific to the overall needs of the organization.
• The organizational buyers have full knowledge of the market and
suppliers
Types of Goods
• Consumers buy many goods to use to satisfy personal or family needs.
• Organizational buyers buy limited goods to use to conduct business.
• Effect
• Consumer buying behaviour is affected by age, occupation, income
level, education, gender etc. of consumers.
• Many individuals are involved in the buying process. Within large
organizations, rarely is one individual solely responsible for
the purchase of products or services.
• Instead, many individuals and departments may be involved, and
departments may be involved in the buying process.
Buying Process
• The consumer buying process is very simple. No need to fulfil any
formality. There is also no need to maintain extensive contact with
sellers. Buyers and sellers in the organizational market must maintain
extensive contact.
Organizational buying process

Source-www.dynamicstudyhub.com (3)
Need Recognition

• Organizational buying process starts from need recognition. In an

organization, a certain person recognizes the need of certain goods,
and after buying the needed goods, the need is fulfilled.
• Needs in the organization can be recognized in two ways. They are
external stimuli and internal stimuli. If a company decides to produce
new goods, it is internal stimuli.
• Need Description
• After the need is recognized, the buyers should describe the need. This
task is completed in the second stage of the organizational buying
process. While describing the need, features of needed goods and
needed quantity should be described.
Product Specification
• The task of preparing a specific description of goods is the third stage of the
organizational buying process.
• In this stage, a description performance of goods is prepared to solve the
problems. A technician’s help should be taken for this task. In this stage, the
value of goods is analyzed.
• Supplier Search
• At this stage of the organizational buying process, the buyer searches for
proper suppliers or sellers. The buyer prepares a list of suppliers to select
good and proper suppliers.
• This list is prepared by looking at the trade directory, searching on the
Internet, asking other companies for suggestions etc. If the goods to be bought
are new, complicated and costly, it needs a long time to search for suppliers.
Proposal Solicitation
• Proposal solicitation is the fifth stage of the organizational buying process. At
this stage, the buyer calls the best suppliers to submit a proposal.
• As a reaction, some send catalogs or sellers to the organization.
• If the product is costly and complicated, the buyer demands a detailed
proposal, and if the product is technical, the business organization calls for
presenting the product itself.
• Supplier Selection
• At the sixth stage of the organizational buying process, buyers assess the
proposal and select one or more suppliers.
• For selecting the suppliers, a list is prepared and a rating is made on the
basis of their attributes and importance. Then the best supplier is
selected. Analysis of the suppliers is done in the following ways.
Supplier Selection
Rating

Supplier attribute Very poor Poor Fair Good Excellent

(1) (2) (3) (4) (5)

Price competitiveness x
Product quality, reliability x
Service and repair capabilities x

On-time delivery x

Quality of sales representatives x

Overall responsiveness to x
customer needs
Overall reputation Average x
Score = 4.29
Order Routine Specification
• After the best suppliers have been selected, the buyer prepares final
order. In this order, all the matters such as attribute of goods, quantity,
specification, time for supply, warranty, method of payment, service after
sale etc. should be clearly mentioned.
• Performance Review
• This is the last process of organizational buying. At this stage, the buyer
reviews suppliers’ performance. This type of review helps to take a
decision on whether to continue the relationship with the supplier or
change or end the relationship.
• If the performance of the supplier is satisfactory, the relationship can be
continued; if it is somewhat defective if partial correction is made and
the relationship is maintained.
Performance Review
Buying situations
Stages of the buying process New Modified Straight
task rebuy rebuy

1. Problem recognition Yes May be No

2. General need description Yes May be No

3. Product specification Yes Yes Yes
4. Supplier search Yes May be No

5. Proposal solicitation Yes May be No

6. Supplier selection Yes May be No

7. Order-routine specification Yes May be No

8. Performance review Yes Yes Yes
Segmentation, Targeting and Position(STP) Model
Develop market mix for each target segment
Develop positioning for each target segment Market Position
Select the target segment
Develop Measures of segment attractiveness Market Targeting
Develop profile of resulting segments
Identify bases for segmenting for marketing
Market
Segmentation
Definition of Market Position
• According to the Kotler market position, “the act of designing the
company's offering and image to occupy a distinctive place in the
mind of the target market”.by Philip Kotler
• Creating a unique and distinctive image for a brand relative to the
competition
Steps in Positioning
• Identify competitors
• Determine the most important attributes consumers use in choosing a
brand
• Determine consumer’s perception of competitors
• Determine perceptions of customers’ brand
• What is the ideal brand for your market segments
• Assess the best positioning strategy
• Track the image of the brand over time
 Market Segmentation
• What is segmentation?
• Segmentation is the process of dividing a company's target market
into groups of potential customers with similar needs and
behaviours.
• Segmentation means to divide the marketplace into parts, or segments,
which are definable, accessible, actionable, and profitable and have
growth potential.
• In other words, a company would find it impossible to target the entire
market because of time, cost and effort restrictions. (The Times of
India 05 October 2022)
Four Types of the Market Segmentation
• Geographical segmentation
• It is divided into different geographical locations
• East Region, South Region North East
• Small cities, metro Politian cities, and town
• Climate – Humidity, hot and cold
• Density- Rural Urban and semi-urban
• Demographic segmentation
• The market is divided into different segments based on variables such as age, gender,
family size, family life cycle, income, occupation, education, religion, race, generation
and nationality age and life cycle.
• Segmentation divided a market based into segments based on different age and life cycle
group.
Cont..
• Psychographic Segmentation- dividing a market into different
segments based on social class, lifestyle or personality characteristics.
• Often the most difficult market segmentation approach,
psychographic segmentation strives to classify consumers based on
their lifestyle, personality, opinions, and interests
• Behavioral Segmentation –dividing a market into segments based on
consumer knowledge, attitude uses or responses to a product.
• This can be done via occasion segmentation dividing the market
according to occasions when buyers get the idea to buy, actually make
their purchases or use the purchased items.
• Market often uses multiple segmentation bases to identify a well-
defined target group.
• For segmentation to be effective, market segmentation must be
measurable, accessible, substantial, differentiable and actionable
• Business market can be with the same variables but also with
additional ones, such as customer operating characteristics, purchasing
approach and situational factors. The international market can be
segmented using a combination of variables.
• Intermarket segmentation- cross-market segmentation: forming
segments of consumers who have similar needs and buying behaviour
even though they are located in different countries.
What is a Brand?
• An identifier
• A promise
• An asset
• A set of perceptions
• A “mind share”
Tangible and Intangible Elements
Brands are a combination of tangible and intangible elements

Tangible Intangible

Visual design elements - logo, color, images,

tagline, packaging, etc. Customers’ experience with a product or
company - reputation, customer experience
Distinctive product features - quality, design
sensibility, personality, etc.
Brands Convey Meaning

• Attributes: specific product features

• Benefits: attributes translate into
functional and emotional benefits
• Values: company values and operational
principles
• Culture: cultural elements of the company
and brand
• Personality: strong brands often project a
distinctive personality
• User: brands may suggest the
types of consumers who buy
and use the product
Brands Create Value for Consumers

Brands help simplify consumer

choices
Brands help create trust, so that
a person knows what to expect
from a branded company,
product, or service
This builds customer loyalty,
which is valuable to businesses
Types of Brands
Different types of brands include
• Individual products
• Product ranges
• Services
• Organizations
• Individual persons
• Groups
• Events
• Geographic places
• Private label brands
• Media
• e-brands
Brand Equity

• Brand equity refers to the value of

a well-known brand that conjures
positive (or negative) mental and
emotional associations.
How to Measure Brand Equity

• Price premium • Market share

• Customer satisfaction/loyalty • Market price and distribution
• Perceived quality coverage
• Leadership/popularity
• Value
• Brand personality
• Organizational associations
• Brand awareness
Brand Asset Valuator
• Differentiation: the defining characteristics of the brand and its
distinctiveness relative to competitors
• Relevance: the appropriateness and connection of the brand to a
given consumer
• Esteem: consumers’ respect for and attraction to the brand
• Knowledge: consumers’ awareness of the brand and understanding of
what it represents
Power Grid
• New/Fading Brands have low brand stature and low brand strength. They can be sorted
into two categories:
• Neu has medium differentiation, less relevance, less esteem, and low knowledge.
• Unfocused has low-medium differentiation, low relevance, low esteem, and high-
medium knowledge.
• Aspiring Brands have low brand stature and high brand strength. They have high
differentiation, medium relevance, slightly less esteem, and slightly less knowledge.
• Power Brands have high brand stature and high brand strength. They can be sorted into
two categories:
• Leadership has high differentiation, high relevance, high esteem, and high knowledge.
• Decline has low differentiation and high relevance, high esteem, and high knowledge.
• Eroding Brands have low brand stature and high brand strength. They have low
differentiation, slightly higher relevance, slightly higher esteem, and medium knowledge.
Other Methods to Measure
Brand Equity
• As a financial asset
• As a price differential
• As consumer favorability and preference
• As consumer perceptions
Brand Loyalty
• Brand loyalty is a consumer’s
commitment to repurchase or
otherwise continue using a
particular brand by repeatedly
buying a product or service.
Perceived value, satisfaction,
and brand trust are also elements
of brand loyalty.
Types of Customers

1. Hard-core Loyals
2. Split Loyals
3. Shifting Loyals
4. Switchers
Why Create Loyalty Programs?
• The benefits of brand loyalty are longer tenure, or staying a customer
for longer, and lower sensitivity to price.
• By creating promotions and loyalty programs that encourage the
consumer to take some sort of action, companies are building brand
loyalty by offering more than just an advertisement.
Brand Platform

• Mission statement
• Value proposition
• Brand promise: the singular experience your brand promises to
provide to your customers
• Core values: guiding principles for how an organization does business
• Brand voice or personality
• Brand-positioning statement
Brand Voice or Personality

• A useful template for defining brand

voice and personality is the “is/is
never” template
• Together, the brand voice and
personality set the linguistic and
visual tone for all brand-related
communications
Brand Positioning Statement
To [target audience], Brand X is the only [category or frame of
reference] that [points of differentiation/benefits delivered] because
[reasons to believe].

Note that the target audience for the brand-positioning statement

should include all the audiences for the brand, not just the specific,
narrowly defined target segment you’d expect in a product- or service-
positioning statement
Example: LEGO
Brand, Messaging, and Marketing Alignment
Selecting a Brand Name
Selecting a brand name is one of the most important product decisions
a seller makes
Steps of Naming a Brand
1. Define what you’re naming
2. Check the landscape
3. Brainstorm ideas
4. Screen and knock out problematic names
• Perceptual screening
• Legal screening
• Linguistic screening
5. Check domain name and social media availability
• Look at variations of your chosen name(s)
• Check out your internet “neighbors”
• Reserve domains in geographies where you plan to do business
6. Customer-test your final short-listed names
7. Make your final selection
8. Take steps to get trademark protection for your new brand
Packaging
• Quality
• Safety
• Instruction
• Legal compliance
• Distinction
• Affordability
• Convenience and Utility
• Aesthetic beauty
• Sustainability
Packaging Matters
Packaging should fit the product and the customer and promote brand
loyalty
Branding Strategies
• Branded house: Apple, BMW
• House of brands: Tang, Kool Aid
• Private label or store branding: Safeway Organics
• “No brand” branding
• Personal and organizational
• Place branding: Las Vegas
• Co-branding: Liz Lange at Target
• Licensing – Campbell’s + Star Wars
• Brand extension and line extension: Diet Coke, Jell-
O pudding pops
Practice Questions
What are the advantages and disadvantages of licensing for a brand?
References
1. https://www.gisma.com/blog/why-is-marketing-management
2. https://www.shopify.com/blog/types-marketing
3. https://www.dynamicstudyhub.com/2021/07/organizational-buying-behaviour.html
4. https://analysisproject.blogspot.com/2015/04/difference-between-consumer-buying.html
5. https://courses.lumenlearning.com/suny-hccc
6. https://www.basic-concept.com/c/basic-concepts-of-marketing-management
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8. https://economictimes.indiatimes.com/definition/segmentation