VISIONARY COMMERNCE ACADEMY LLP

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VISIONARY COMMERNCE ACADEMY LLP
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 VISIONARY COMMERNCE ACADEMY LLP
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DEFINITION OF MARKETING
“Marketing management as the art MODULE-1 INTRODUCTION TO MARKETING
and science of choosing target
markets and getting, keeping and FEATURES OF MARKETING
growing customers through 1) Systematic Process IMPORTANCE OF MARKETING
creating, delivering and 2) Ideas, Goods and Services (B3 C4, E3, O2)
communicating superior customer 3) Target Market 1) Brand Image
value.” – Philip Kotler 4) All Pervasive 2) Brand Loyalty
5) Marketing Environment 3) Benefit to stakeholders
FUNCTIONS OF MARKETING 6) Integrated Approach 4) Customer satisfaction
1) Marketing Research 7) Societal Interest 5) Corporate Image
2) Product Design 8) Customer Satisfaction 6) Competitive Advantage
3) Branding 9) Organizational Objectives 7) Economies of Scale
4) Pricing 10) Corporate Image 8) Customer relationship
5) Physical Distribution 11) Expansion of Business 9) Expansion of Business
6) After-Sales-Service • Market penetration 10) Organizational Objectives
7) Advertising • Market development 11) Optimum use of Resources
8) Test Marketing • Product 12) Efficiency
9) Promotion (Advertising, Sales
Promotion, Salesmanship) Traditional Marketing Strategic Marketing
10) Other Function 1. Meaning: TM focused on maximizing SM believes in maximizing profit of the
profit at any cost for the market. marketer by
ELEMENTS OF MARKETS STRATEGY
satisfying customers.
(FOR REFERENCE)
2. Marketing Research: Hardly invest Lot of emphasis
1) Market Selection
3. Product Quality: Hardly emphasis on Lot of emphasis on R&D to improve
2) Product Planning (Product)
R&D to improve product quality product quality
3) Distribution system (Place)
4) Pricing 4. Pricing Methods: Cost oriented Market oriented methods like going-
5) Customer relationship methods like cost-plus, mark-up pricing rate pricing, differential pricing etc.
Management etc.
5. Promotion mix: Few elements like Integrated promotion-mix like publicity,
advertising, sales promotion, advertising, sales promotion,
MARKETING RESEARCH salesmanship salesmanship, public relations etc.
The American Marketing etc.
Association defines “The 6. After-sales-service: Ineffective Effective
systematic gathering, recording 7. Customer Relationship Maintained
and analysing of data about Management (CRM): May not be
problems relating to marketing of maintained
goods and services.” 8. Marketing Information system Undertaken
(MIS): Not undertaken
FEATURES 9. Objectives: Economic Objectives Economic as well as social objectives
1) Systematic Process
2) Specific in Nature
3) Scope MARKETING RESEARCH PROCESS
4) Applied Research (PIFO C2 D4)
5) Continuous in Nature 1) Identify and Define Problem 2) Conduct a preliminary investigation
6) Company Objectives 3) Determine Data needs 4) Determine data Source
7) Cost-Effective 5) Design Sample of Respondents 6) Design Questionnaire
8) Professional Approach 7) Organisation/ Analysis and Interpretation of data 8) Preparation of
Research Report 9) Create Design 10) Follow - up
FEATURES OF MIS
1) Systematic Process MARKETING INFORMATION SYSTEM (MIS)
2) Professional Approach “Marketing information system consists of people, equipment, and procedures to
3) continuous in Nature gather, sort, analyse, evaluate and
4) Decision Making distribute needed, timely and accurate information to marketing decision makers.” -
5) Future Oriented Philip Kotler
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DATA MINING BUYING DECISION PROCESS (FOR REFERENCE)

COMPONENTS
1) Internal Records It refers to the process used to • Needs Identification
2) Marketing Intelligence extract usable data from a • Information Search
3) Marketing Research large set of raw data. It is used • Listing of alternatives
4) Marketing Decision to turn raw data into useful • Evaluation of Alternatives
Support System information. • Purchase Decision
FEATURES • Post – Purchase Behaviour
1) Customer Loyalty
MARKET SEGMENTATION 2) Corporate Image
“Market segmentation is a 3) Competitive Advantage
process of identifying groups 4) Customer Relationship
of buyers with different 5) Introduce Product
desires or requirements.” – 6) Pricing of product BASES OF MARKET SEGMENTATION
Philip Kotler 7) Promotion-Mix 1) Geographic 2) 3) Sociographic
8) Distribution Strategies Segmentation Demographic Segmentation
IMPORTANCE OF MARKET Segmentation
SEGMENTATION ●Locality ●Culture
1) Product Development CUSTOMER RELATIONSHIP ●Urban/Rural ●Age ●Reference
2) Pricing of Products MANAGEMENT (CRM) ●Region ● Gender Groups
3) Promotional-Mix “CRM is concerned with ● Education
4) Distribution Strategies managing detailed 4) 5) Behavioural
5) Market Opportunities information about individual Psychographic Segmentation
6) Media Selection customers and all customer Segmentation
7) Timing of Marketing Efforts “touch points” to maximize ●Usage Rate
8) Better Services to customer customer loyalty. – Philip ●Life Style ● User Status
Kotler & Gary Armstrong ●Personality ●Buying
TECHNIQUES OF CRM Motives
1) Data Warehousing and Data
Mining
2) Loyalty Programmes MARKET TARGETING
3) Priority Customer Market targeting is a process of selecting the target market from the entire market area.
Programmes 1) Single Segment Concentration
4) One-to-one Marketing 2) Selective Specialization
5) After-Sales Service 3) Product Specialization
6) Customer Service Agents 4) Market Specialization
7) Satisfaction Survey 5) Full Market Coverage
8) Suggestion Scheme

MODULE-2 MARKETING DECISIONS-I

MARKETING MIX COMPONENTS / ELEMENTS PRODUCT DECISION AREA
“The basis of marketing operations is OF MARKETING MIX (P4) 1) Product Quality
the co- ordination of four key 1) Product 2) Product Name (Brand)
variables, namely: product, price, 2) Price 3) Product Shape
place and promotion.” – E. Jerome 3) Promotion 4) Product Size
McCarthy 4) Place 5) Product Colour
6) Number of Products
FEATURES OF MARKETING MIX: (FOR 7) Product Warranty
REFERENCE) PRODUCT LIFE CYCLE –
8) Allied Services
1) All Pervasive CONCEPT & STAGES
9) Product Pricing
2) 2) Dynamic in Nature 1. Introduction
10) Product Labelling
3) Focus on the Customer 2. Growth 11) Product Packaging
4) Goals of the Organisation 3. Maturity 12) Product Positioning
5) Product Life Cycle 4. Decline
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BRANDING COMPONENTS
1) Brand Association 2) Brand Benefits 3) Brand Equity
4) Brand Features 5) Brand Functions 6) Brand Image
7) Brand Logo 8) Brand Name 9) Brand
Personality 10) Brand Packaging
Revenue
1 2 3 4 BRAND EQUITY
Brand equity means the value of brand in the market. It is the value
Stages and strength of the brand that decides its worth. It is a qualitative
measure of the brand’s positive recognition or goodwill in the minds
Product life cycle concept & stages of the consumers.

BRAND EQUITY – FACTORS ESSENTIALS OF A GOOD PRODUCT POSITIONING PRICING OBJECTIVES

INFLUENCING PACKAGE STRATEGY 1) Survival
1) Brand Name Awareness 1) Attractive 1) Benefits of Product 2) Sales Objectives
2) Brand Association 2) Buyer’s Specification 2) Corporate Image 3) Profit Objectives
3) Brand Ambassadors 3) Convenience to Customers 3) Competitors 4) Customer Satisfaction
4) Brand Ambassadors 4) Convenience to Dealers 4) Features of Product 5) Social Responsibility
5) After-Sales-Service 5) Conform to Standards 5) Features of Product 6) Competitive-Effect
6) Economy 6) Dependable 6) Highlighting Social 7) Image Differentiation
7) Re – Use value 7) Ease in Identification Issues 8) Early Cash Recovery
8) Brand Patent 8) Economy 7) Use of Product 9) Market Entry Barrier
9) Handiness 9) Ease in Displaying 8) Price and Quality
10) Re-Use Value

MANAGEMENT OF PRODUCT LIFE CYCLE STAGES

I- AT THE II-AT THE III-AT THE IV-AT THE
INTRODUCTION GROWTH STAGE MATURITY STAGE DECLINE STAGE
STAGE
Sales Low Increase rapidly Slowdown growth •

Profits Low or at times Higher profits Drops •

negative

Product Strategy Firm Concentrate on Product Improvement Product Modification Withdrawal of

Single product and and Introduction of in features, quality, Weaker Brand,
invest more in R & D New products design etc. Introduction of
New Product and
Wait & Watch
Strategy
Pricing Strategy Skimming or Reduce the price due Penetration Pricing Maintain same price
Penetration Pricing to economies of scale

Promotion Strategy High Promotional Push & Pull Push & Pull Reduce promotional
Promotion
expenses Promotion expenditures

Distribution Concentrated or Mass New Market Focus on Profitable Focus on Profitable

Distribution strategy
Strategy Segmentation and Segments and Segments and

Increase in important channel of important channel of

Distribution distribution distribution

Coverage
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PRICING – FACTORS INFLUENCING PRICING STRATEGIES
INTERNAL FACTORS EXTERNAL FACTORS 1) Skimming Pricing 2) Penetration Pricing
3) Probe Pricing 4) Trial Pricing
• Costs • Competition 5) Differential Pricing for Different Markets
• Corporate • Consumer 6) Flexible Price 7) Standard Pricing
Image • Demand 8) Transfer Pricing 9) Differential Trade Margins Pricing
• Objective of • Channels 10) Follow the Leader Pricing
Firm • Economic
• Product Conditions
• Product Line • Financial
• Product Life Incentives
MODULE-3 MARKETING DECISIONS-II
Cycle

PROMOTION ELEMENTS OF Integrated Marketing Communication (IMC)

“as the element in an PROMOTION- MIX “As the element in an organization’s marketing mix
organization’s marketing mix 1) Advertising that is used to inform, persuade and remind the
that is used to inform, 2) Publicity market regarding the organization and/or its
persuade and remind the 3) Sales Promotion products.”– William Stanton
market regarding the /Personal Selling
organization and/or its 4) Salesmanship
products.” – William Stanton 5) Sponsorship Elements/Components
6) Packaging of IMC
IMPORTANCE OF PROMOTION 7) Public Relations 1) Process SCOPE OF IMC
1) Awareness 8) Direct Marketing 2) Main Objectives 1)Publicity or media
2) Attitude 9) Trade Fairs & Exhibitions 3) Continuous in releases
3) Brand Loyalty Nature 2) Personal Selling
4) Brand Image 4) Elements of IMC 3) Sales promotion
IMPORTANCE OF IMC
5) Corporate Image 5) Creativity 4) Packaging
(B2 or C2 GOAT PR)
6) Counter Competitor’s Claims 6) Art and Science 5) Social Media
1)Brand at Lower cost
7) Educating the Customers 7) Target Audience Responses by the firm
2) Brand Awareness
8) Expansion of Markets 8) Influences Diverse 6) Direct Marketing
3) Competitive Advantage
9) Persuasion Groups 7) Trade Fair and
4) Communications
10) Provides Information Exhibitions
5) Greater Impact
6) Other Factors
7) Audience Trust
SALES MANAGEMENT
8) Time Saving
Sales management refers to the EMERGING TRENDS IN SELLING
management of a firm’s sales 1) Technology savvy sales people 2) Social selling
operations. The ultimate goal of COMPONENTS OF SM
3) Team selling approach
sales management is to attain 1) Sales Planning
4) Managing multi- channels
sales objectives of a company. 2) Sales Team Structure
5) Sales Force Diversity
3) Recruitment & Selection
6) Sales robots and artificial Intelligence
4) Training of Sales people
7) Outsourcing Sales Function
PERSONAL SELLING 5) Placement of
8) Video Prospecting
Personal selling is also known Employefrffes
as face-to-face selling in which 6) Motivating Sales people
a salesperson convinces the 7) Evaluating sales operations
buying in a product. 8) Control
Process of PS
1) Prospecting SKILLS FOR EFFECTIVE SELLING
2) Qualifying a Prospect 1) Communication 2) Interpersonal 3) Mental Qualities
3) Pre-Approach 4) Knowledge of product and company
4) Approach 5) Physical Qualities 6) Patience 7) Determination 8) Hardworking
5) Presentation &
Demonstration PHYSICAL DISTRIBUTION
6) Overcoming Objections 7) It is a process of effectively delivering the product to the customers in proper condition
Closing the Sales 8) Follow-up and on time.
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FACTORS INFLUENCING
PHYSICAL DISTRIBUTION CONTEMPORARY DISTRIBUTION CHANNELS
1) Customer Characteristics 1) Horizontal Marketing Channel (HMS) 2) Vertical Marketing Channel (VMS)
2) Product Characteristics 3) Third Party Delivery Channel 4) Multi-Channel Marketing
3) Company Profile 5) Multi-level Marketing
4) Competitors’ Strategy
5) Area Coverage
6) Economic Conditions
7) Technological Factors
MODULE-4 KEY MARKETING DECISIONS
8) Size of order
9) Channel objectives MARKETING STRATEGIES FOR
GENERAL ROLES OF CONSUMER
ORGANIZATION MARKET LEADER
1) Creating Consumer Awareness 1) Expanding Market share Strategy
UNETHICAL PRACTICES IN 2) Expand Total Market Strategy
2) Quality tests
MARKETING 3) Defending Market share Strategy
3) Legal Assistance
1) Targeting Children
4) Organizing protests ✓ Position Defence
2) Unhealthy Products
5) Recommendations to Govt. ✓ Flank Defence
3) Unethical pricing
6) Resolve Customer Complaints ✓ Pre-Emptive/Preventive
4) Unethical Promotion Defence
7) Publishing Information
5) Celebrity Endorsement
8) Assisting Educational Institutions ✓ Counter Offensive Defence
6) Artificial Shortage ✓ Mobile Defence
7) Product counterfeiting ✓ Contraction Defence
8) Privacy concern
9) Degrade rival products

MARKETING STRATEGIES FOR MARKETING STRATEGIES FOR NICHE

MARKETING STRATEGIES FOR MARKETER
MARKET CHALLENGER MARKET FOLLOWER
1) Counterfeiter or Fraudster 1) Less Investment
1) Frontal Attack 2) Consumer Satisfaction
2) Flank Attack 2) Cloner or Emulator
3) Imitator 3) Less Risks
3) Encircled Attach 4) Higher Profit
4) Bypass Attack 4) Adaptor
5) Corporate Image
5) Guerrilla Warfare 6) Brand Loyalty
7) Competitive Advantage

FEATURES OF INDIAN RURAL STRATEGIES FOR EFFECTIVE RURAL

MARKET TRENDS IN DIGITAL MARKETING
MARKETING
1) Huge and Scattered Market 1) Social Media Marketing
1) Product Strategy
2) Size of Rural Demand 2) Search Engine Optimization
2) Packaging Strategy
3) Consumer behaviour in Rural Areas 3) Storytelling
3) Pricing Strategy
4) Lifestyles 4) Affiliated Marketing
4) Promotion Strategy
5) Awareness 5) Mobile Marketing
5) Distribution Strategy
6) Rural Income 6) Artificial Intelligence (AI)
6) Sales-force Management
7) Mode of Payment 7) Chat Boxes
8) Literacy Rate 8) Live Video

SKILL SETS REQUIRED FOR EFFECTIVE FACTORS CONTRIBUTING TO THE

MARKETING SUCCESS OF BRANDS IN INDIA WITH REASONS FOR FAILURE OF BRANDS
1) Communication EXAMPLES IN INDIA
2) Creativity 1) Quality 1) Poor Product
3) Stress Management 2) Wide range of products 2) High Price
4) IT skills 3) Innovation 3) Increase in competition
5) Interpersonal skills 4) Reasonable Price 4) Irrelevancy
6) Problem solving skills 5) Effective advertising campaigns 5) Imitation brands
7) Decision making 6) Uniqueness 6) Management issues
7) First mover advantage 7) Wrong Target Audience
8) Consistency 8) Lack of customer response