Marketing –

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

Why Marketing is important

 Effective Consumer Engagement

 Building and maintaining Reputation
 Building Relationships between customer and businesses
 Staying Relevant

Types of Marketing-

 B2B Marketing ( Business to Business )

 B2C Marketing ( Business to Customer )
 C2C Marketing ( Customer to Customer )
 C2B Marketing ( Customer to Business )

The Value 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 –

 Setting Marketing Goals

 Selecting Target Market
 Formulating Suitable Marketing Organization
 Maintaining Healthy relations with other Departments
 Establishing and maintaining profitable relations with outside parties
 Marketing Research Activities
 Sales Management

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 “

 All services under one umbrella

 Personalized attention to one project
 Clients from all around the globe
 Multiple interactions done with no question asked

Core Marketing Concept-

To understand the marketing function, we need to understand the following core set of concepts –

 Needs
 Wants
 Demands
 Segmentation
 Target Markets
 Positioning

Need- Felt deprivation of something

Want – Strong feeling of possessing something

Demand – Strong request of order

Desire – Ambition /Aspiration of person

Consumer Satisfaction-

 Perceived product quality

 Perceived product value
 Convenience
 Communication
 Complaint Handling

Consumer Delight-

“Higher degree of consumer satisfaction”

“ Word of mouth publicity “

 Always try to do better

 Deliver beyond consumer satisfaction
 Be consistent across channels.

Product –

Anything that is capable of satisfying consumer need

Product Classification –
1} Goods

2} Services

1} Goods

-Tangible

-Define Form

Ex.- TV., Motor Car ,Clothes ,Medicine , Food

2} Services

-Intangible

- Felt/Experience

Ex .- Transport , Hospitality , Cooking ,Nursing etc .

Product Levels –

Product Life Cycle

 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.

Process of New product development –

 Idea Generation
 Idea Screening
 Concept Development
 Marketing Strategy
 Business Analysis
 Product Development
 Test Marketing
 Commercialization

Marketing Strategy –

1.Distribution Strategy

2.Strategy for Pricing in Competitive Market

Distribution Strategy –

 1.Exclusively Distribution Strategy

 2.Selective Distribution Strategy
 3.Extensive Distribution/Mass Marketing Strategy

Strategy for Pricing in competitive Market –

 1.Market Penetration Pricing

 2.Premium pricing Strategy
 3.Follow the leader pricing
Approaches to Marketing

 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 –

 To Create stronger marketing massage

 Helps to determine market opportunities
 Niche market opportunities
 Identify most effective marketing tactics
 Product Development and Design
 Focused Communication
Targeting –
Positioning –

Different Positioning Strategies –

1.Unique Selling Proposition
2.Positioning statement
3 Determining a Positioning Strategy
1. Positioning based on product characteristics
2 Positioning based on price
3.Positioning based on quality or luxury
4.Positioning based on product use or application
5. Positioning based on competition

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

Think about company culture and brand personality.

Hire professionals to design and develop your products or services.

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.

Some processes to consider:

Are the logistics in your main distribution channel cost-efficient?

How are your scheduling and delivery logistics?

Will your third-party retailers run out of product at critical times?

Do you have enough staff to cover busy times?

Do items ship reliably from your website?

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.

Why PEST Analysis –

Helps to evaluate how your strategy fits into the broader environment and encourages strategic
thinking

Provides an overview of all the crucial external influences on the organization

Supports more decisive and knowledgeable decision making

Assists planning, marketing, organizational change initiatives, business and product development,
project management

How to conduct PEST Analysis

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.

Identify the social factors.

Identify the technological factors.

Macro Environment –

PEST Study===

Political

Economical

Social

Technological

Micro Environment Factor=

 Particular Industry Study

 Major Competitors Study
 Study of Local Conditions

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.”

Steps in Marketing Planning –

 Do Swot analysis of the organization

 Decide product category
 Scan the environment ( Macro and Micro )
 Decide the product
 Decide the price
 Decide the Place Marketing Policy /Marketing system
 Decide the promotional Plans
 Select the people
 Decide the physical evidence of your service
 Commercialize the product
Consumer Behavior –

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

What affects Consumer Behavior=

 Marketing Campaigns
 Economic Condition
 Purchasing Power
 Personal Preferences
 Group Influence

Buying Behavior –

 Complex Buying Behaviour

 Dissonance Reducing Buying Behaviour
 Habitual Buying Behaviour
 Variety Seeking Buying Behaviour
 Impulse Buying Behavior

Factors Affecting Consumer Buying Behaviour –

 Cultural Factors
 Social factors
 Personal Factors
 Psychological

Consumer Decision Making Process –