SELF - Introduction to Marketing

 

• Introduction To Marketing

1.  Customer Engagement by segmenting them as per there requirement need 
2. Stay ahead of its competitors in terms of  product |price |place and promotions.
3. Sales Revenue Profitability 
4. Increasing customer retention by make sure valuable customer requirement over the time.
5. Keep customers informed about new promotions, schemes and sales using (advertisement |digital marketing)

• Era of Marketing

1. Simple Era - Traditionally Mouth Marketing trade 
2. Production Era - Product are made in bulk amount and place over storage sell in low price
3. Sales Marketing  Era  - Stored Products need to be sell to generate revenue
4. Customer Relationship Marketing Era - Existing customer requirement and needs over the time kind of retaining the customers. 
5. Digital Marketing -  Marketing (email |sms | whats app | YouTube using reviews and rating of product).

• Segmentation Targeting Positioning ( STP Framework)

Segmentation

Separating  or choosing  approaching  group of  Customer as per there product requirement. 

• Bases of Segmentation: 

GEOGRAPHIC	DEMOGRAPHIC	PSYCHOGRAPHIC	BEHAVORIAL	BENEFITS BASED
Nations	Age	lifestyle	Usage	schemes |discount
State	Gender	Personality	Occasions	Sales
Region	Family		Usage Rate	GIFTS coupon
Cities	Income		Loyalty status	vouchers
Locality	Occupations		Buyer Readiness	loyalty points
Neighbor	Education		Attitude
	Religion		non users
	Ethnicity		Ex users
			Potential users
			First time
			Regular

• Challenges of Benefits based segmentation

1. Identifying  the right customers
2. Identifying the un desirable needs of customers

• Segmentation Strategy MAADS Framework

M- Measurable

A- Accessible

A- Actionable

D- Differentiable

S - Substantial

• Factors of Segment Targeting ( who | What |Why buy)

1. Segment attractiveness
2. Ability to influence consumers
3. Company objectives and resources

• Target Segmentation Strategies

Mass Marketing strategies - Ford cars

• Segmentation Marketing Stretegies 

different Multiple segments

• Nieche Marketing Straegies

Specific approach of product for multiple segments

• Positioning
• Unique Selling proposition
• points of difference
• points of parity
• Perceptual map

Shaping brand values providing unique facility (accessibly Availability reliable , speed of booking)

kind of customer retention  Solving customers issues customer care after products

Perceptual Map

            strong

Budget          Premium 

 

            Light

SELF - Marketing Mix

                                          ( Marketing Mix 4 P's)

1. Product
2. Price 
3. Place 
4. Promotions

Level of Product

• core product

1. Product bought
2. Tangible in nature

• Actual Product

1. Product- Internal features | brand name |packaging features
2. Brand differentiation

• Augmented product

1. Additional benefits
2. Services

• (Product Strategy - Decision Area)

1. Product attribute (same features | same amount of quantity quality)
2. Packaging  (eg- kinder..)
3. Labelling and logos ( Identifier)
4. Support services (eg -AWS customer centric )

(Product Life Cycle)

1. Introduction stage  (time consuming | focus : product Awareness )
2. Growth Stage (High sales rate | growth and revenue )
3. Maturity Stage ( Flattened sales | Reposition | Rebranding )
4. Decline Stage ( a. Differ for products | b. Focus : Replace or kill brand )

                              Price Definition

• Customer point of view  (overall package )  
• Marketer point of view (cost |of product |revenue brand positioning

[Price Ceiling ]

Product Perceived value 

Product cost to company

[Price Floor ]

PRICING STRATEGIES 

1. Customer value -based pricing ( Based on value of product in consumer mind)
2. Cost based pricing (determined by cost of product and distribution)
3. Competition based pricing (based on same category product competition)

eg.

Soap (Manufacturing) + Distribution + Retailer + Logistic + Brand building (advertisement)

PLACE 

Logo | Packaging | Color |Schemes | Labelling 

SUITABLE PLACE

• Distributers  - Contract | Supply bulk order  region | Industry specefic
• Whole seller - Bulk purchase good distribute to smaller and larger shop
• Retailer - Supply good to consumer
• Stockists - Keep storage of product 

PROMOTIONS

Elements of promotion Strategy 

1. Advertising
2. Sales
3. Direct and Digital Marketing
4. Public Relation
5. Personal Selling

Product Life Cycle

• Introduction - Informative + increase product awareness  

                              - Strengthen Product messaging

• Growth Stage -  Increase base of loyal customers

                                 -  Increase product revenue 

• Maturity Stage - Elaborate the lifecycle of product

                                   - Price change sales and promotions increases

• Decline Stage - Reposition of promotional messages

                                 -  Repackaging of brand's and communication

SELF LEARNING

 S.M.A.R.T

Introduction to Marketing

Marketing Mix - 4P's