marketing plam a new business
TRANSCRIPT
![Page 1: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/1.jpg)
Marketing Management
Prepared by sabujDepartment of Business Administration
Daffodil International University
1
![Page 2: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/2.jpg)
A Must Know…
1) What is Market?2) What is Marketing?3) What is Marketing Strategy?4) What is Marketing Mix?
2
![Page 3: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/3.jpg)
What Can Be Marketed..???
• Goods
• Services
• Experiences
• Ideas/Causes
• Information
• People
• Place
• Organization
• Properties
• Events
3
![Page 4: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/4.jpg)
Demand States
• Negative Demand• No Demand• Latent Demand• Declining Demand• Irregular Demand• Full Demand• Overfull Demand• Unwholesome Demand
4
![Page 5: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/5.jpg)
5
![Page 6: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/6.jpg)
Principles of Marketing: A Review
• Need, Want, Demand• Products, Services, Experiences• Customer Satisfaction• Value Proposition• Marketing Orientations
1. Production Concept2. Product Concept3. Selling Concept4. Marketing Concept5. Societal Marketing Concept
6
![Page 7: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/7.jpg)
Holistic Marketing Concept
• Integrated Marketing• Internal Marketing• Performance Marketing• Relationship Marketing– Customer Relationship Management (CRM)– Partner Relationship Management (PRM)
7
![Page 8: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/8.jpg)
Evolving Company Orientations
8
![Page 9: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/9.jpg)
Principles of Marketing: A Review
• Customer Lifetime Value• Customer Equity• Customer Loyalty and Retention• Product-oriented Mission vs Market-oriented
Mission• Strategic Business Unit (SBU)• Stock Keeping Unit (SKU)
9
![Page 10: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/10.jpg)
Market-Oriented Business DefinitionCompany Product-Oriented Definition Market-Oriented Definition
Amazon.com We sell books, videos, toys, electronics and other products online.
We make the internet buying experience fast, easy and enjoyable----we’re the place where you can find and discover anything you want to buy online.
Google We provide the world’s best online search engine.
We help you organize the world’s information and make it universally accessible and useful.
Nike We sell athletic shoes and apparel. We bring inspiration and innovation to every athlete* in the world. (* If you have a body, you are an athlete)
Revlon We make cosmetics. We sell lifestyle and self-expression; success and status; memories, hopes and dreams.
Wal-Mart We run discounts stores. We deliver low prices everyday and give ordinary folks the chance to buy the same things as rich people. “Save Money, Live Better”
10
![Page 11: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/11.jpg)
Marketing’s Impact on Individual Consumers
High prices– High costs of distribution– High advertising & promotion costs– Excessive markups
Deceptive practicesHigh-pressure sellingShoddy, harmful or unsafe productsPlanned obsolescencePoor service to disadvantaged consumers
11
![Page 12: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/12.jpg)
Marketing’s Impact on Society as a Whole
False wants & too much materialismToo few social goodsCultural polution
12
![Page 13: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/13.jpg)
Value Chain Analysis
13
![Page 14: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/14.jpg)
BCG Matrix
• Boston Consulting Group (BCG)• Growth-Share Matrix
14
![Page 15: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/15.jpg)
Ansoff Model
• Product-Market Expansion Grid
15
![Page 16: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/16.jpg)
Growth Opportunities• Intensive Growth– Ansoff Model (Product Market Expansion Grid)
• Integrative Growth– Backward Integration– Forward Integration– Horizontal Integration
• Diversification Growth– Concentric Diversification– Horizontal Diversification– Conglomerate Diversification• Divesting and Downsizing
16
![Page 17: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/17.jpg)
Marketing Mix
• Controllable Marketing Tools
17
![Page 18: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/18.jpg)
Marketing Environment
• Internal Environment– Customers, Competitors, Investors, Employees,
Suppliers, Distributors, etc.
18
![Page 19: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/19.jpg)
Porter’s Generic Strategies
• Cost Leadership
• Differentiation
• Focus
19
![Page 20: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/20.jpg)
Strategic Alliances
• Product or Service Alliance
• Promotional Alliance
• Logistics Alliance
• Pricing Collaborations
20
![Page 21: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/21.jpg)
Marketing Environment
• External Environment
21
![Page 22: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/22.jpg)
Demographic Environment
• World Population Growth
• Population is Getting Older
• Economic Power of Women
• Formation of Household is Changing
• Ethnic Diversity Continues
• Concentration of Wealth
22
![Page 23: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/23.jpg)
Principles of Marketing: A Review
23
![Page 24: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/24.jpg)
Characteristics Affecting Consumer Behavior
24
![Page 25: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/25.jpg)
Types of Buying Decision Behavior
25
![Page 26: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/26.jpg)
26
![Page 27: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/27.jpg)
Buying Decision Process
27
![Page 28: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/28.jpg)
New Product Development Process
28
![Page 29: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/29.jpg)
Test Marketing
• Standard Test Market
• Controlled Test Market
• Simulated Test Market
29
![Page 30: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/30.jpg)
Business Market vs Consumer Market
30
![Page 31: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/31.jpg)
Principles of Marketing: A Review
31
![Page 32: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/32.jpg)
Cross Sellingvs.
Up Sellingvs.
System (Solution) Selling
32
![Page 33: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/33.jpg)
Marketing Strategy
• Segmentation– Demographic Segmentation– Geographic Segmentation– Psychographic Segmentation– Behavioral Segmentation
• Targeting– Undifferentiated (Mass) Targeting– Differentiated Targeting– Niche Targeting– Micro Targeting (Local and Individual)
• Positioning– More for More– More for Less– More for Same– Same for Same– Same for Less 33
![Page 34: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/34.jpg)
Customer Preference
• Homogeneous Preference = No Segments
• Diffused Preference = Few Segments
• Clustered Preference = Several Segments
34
![Page 35: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/35.jpg)
35
![Page 36: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/36.jpg)
Market Targetingvs.
Target Marketing
36
![Page 37: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/37.jpg)
37
![Page 38: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/38.jpg)
VALS Network
38
![Page 39: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/39.jpg)
Criteria for Effective Segmentation
• Measurable• Accessible• Substantial• Differentiable• Actionable
39
![Page 40: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/40.jpg)
Positioning Map
40
![Page 41: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/41.jpg)
Porter’s Five Forces of Competition
41
![Page 42: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/42.jpg)
Share of Marketvs
Share of Mindvs
Share of Heart42
![Page 43: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/43.jpg)
Strategic Sweet Spot versus Competitors
Competitive Environment
43
![Page 44: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/44.jpg)
Competitor Classification
• Strong vs. Weak
• Close vs. Distant
• Good vs. Bad
44
![Page 45: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/45.jpg)
Competitor Levels
• Market Leader
• Market Challenger
• Market Follower
• Market Nicher
45
![Page 46: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/46.jpg)
Market Leader Strategies
• Position Defense (superior incomparable brand power)
• Flank Defense (protecting weak areas)
• Preemptive Defense (attacking before enemy does)
• Counteroffensive Defense (attacking the attacker)
• Mobile Defense (business expansion)
• Contraction Defense (leaving weaker territories)
46
![Page 47: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/47.jpg)
Market Challenger Strategies
• Frontal Attack (copy-cat with leader)
• Flank Attack (attacking leader’s weak areas)
• Encirclement Attack (binding consumers to use)
• Bypass Attack (being in safe zone)
• Guerrilla Warfare (presence in every single area)47
![Page 48: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/48.jpg)
Market Follower Strategies
• Counterfeiter (black market or piracy)
• Cloner (slight variation in brand elements)
• Imitator (copies leader with own strategy)
• Adapter (improves leader products, future challenger)
48
![Page 49: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/49.jpg)
Niche Specialist Roles• End-User Specialist• Vertical-level specialist• Customer-size specialist• Specific-Customer specialist• Geographic specialist• Product or product-line specialist• Product-feature specialist• Job-shop specialist• Quality-price specialist• Service specialist• Channel specialist
49
![Page 50: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/50.jpg)
Brand vs
Branding
50
![Page 51: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/51.jpg)
Brand Elements
• Brand Name• Logo• Symbol• Jingle• Color• Font• Character• Slogan• Motto• Tagline• Voice
51
![Page 52: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/52.jpg)
Brand Element Selection Criteria
• Memorable
• Likeable
• Protectible
• Meaningful
• Transferable
• Adaptable
52
![Page 53: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/53.jpg)
Brand Development Strategies
53
![Page 54: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/54.jpg)
Branding Decisions
• Individual Names
• Blanket Family Names
• Separate Family Names for all Products
• Corporate Names combined with Individual
Product Names
54
![Page 55: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/55.jpg)
Brand Portfolios
• Flankers
• Cash Cows
• Low-End Entry Level
• High-End Prestige
55
![Page 56: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/56.jpg)
Points-of-Parity (POP)vs
Points-of-Differences (POD)
56
![Page 57: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/57.jpg)
Point-of-Sale (POS)vs
Point-of-Purchase (POP) Display
[Impulse Buying]
57
![Page 58: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/58.jpg)
58
![Page 59: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/59.jpg)
59
![Page 60: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/60.jpg)
60
![Page 61: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/61.jpg)
Brand Association
• Primary Association
– Quality
– Price
– Attribute
– Feature
• Secondary Association61
![Page 62: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/62.jpg)
Secondary Brand Associations
62
![Page 63: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/63.jpg)
Product Classification
• Nature basis
– Goods
– Services
– Experiences
• Durability basis
– Durable Products
– Non-Durable Products
• User basis
– Consumer Products
– Business Products
• Purchase Behavior basis
– Convenience Products
– Shopping Products
– Specialty Products
– Unsought Products 63
![Page 64: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/64.jpg)
64
![Page 65: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/65.jpg)
Product Levels
65
![Page 66: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/66.jpg)
Product Hierarchy• Need Family
• Product Category
• Product Class
• Product Type
• Brand
66
![Page 67: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/67.jpg)
Product Differentiation
• Form• Size• Shape• Flavor• Feature• Customization• Design
• Performance Quality• Conformance Quality• Durability• Reliability• Repairability• Style
67
![Page 68: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/68.jpg)
Attributesvs
Features
68
![Page 69: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/69.jpg)
Product Linevs
Product Mix
69
![Page 70: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/70.jpg)
70
![Page 71: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/71.jpg)
Product Life Cycle
• Fad
• Fashion
• Style
• Trend
• Mega trend
71
![Page 72: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/72.jpg)
PLC and Marketing Strategies
72
![Page 73: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/73.jpg)
Packaging Levels
• Primary
• Secondary
• Tertiary
• Boundary
73
![Page 74: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/74.jpg)
Packaging as Marketing Tool
• Self-Service
• Consumer Affluence
• Company and Brand Image
• Innovation Opportunity
74
![Page 75: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/75.jpg)
Labeling Components
---------
---------
--------- 75
![Page 76: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/76.jpg)
Customizationvs
Customerization
76
![Page 77: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/77.jpg)
One to One Marketingvs
Permission Marketingvs
Experiential Marketing
77
![Page 78: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/78.jpg)
Sets in Consumer Decision Making
• Total Set• Awareness Set• Evoked Set• Consideration Set• Inept Set• Inert Set• Choice Set• Decision
78
![Page 79: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/79.jpg)
Consumer Perceived Risk
• Functional Risk
• Physical Risk
• Financial Risk
• Social Risk
• Psychological Risk
• Time Risk
79
![Page 80: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/80.jpg)
Service Characteristics
• Intangibility
• Perishability
• Simultaneity
• Variability
80
![Page 81: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/81.jpg)
Categories of Service Mix
• Pure Tangible Goods
• Tangible Goods with accompanying Services
• Hybrid
• Major Service with accompanying Goods
• Pure Services
81
![Page 82: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/82.jpg)
Service Marketing Triangle
82
![Page 83: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/83.jpg)
Service Marketing Mix
83
![Page 84: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/84.jpg)
Service Differentiation
• Ordering Ease• Delivery• Installation• Customer Training• Customer Consulting• Maintenance and Repair• Returns• Warranty and Guarantee
84
![Page 85: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/85.jpg)
Service-Quality Model
85
![Page 86: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/86.jpg)
Service Quality Dimensions
• Reliability• Responsiveness• Assurance• Empathy• tangibles
86
![Page 87: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/87.jpg)
Pricevs
Pricing
87
![Page 88: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/88.jpg)
Changing Pricing Environment
• Buyers can – – Price comparison– Quote own price– Free products
• Sellers can – – Tailor price offer with consumer behavior– Special price of specific customer
• Both can – – Negotiate price online and auction
88
![Page 89: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/89.jpg)
Reference Pricing
• Fair Price• Typical Price• Last Price Paid• Upper-bound price• Lower-bound price• Competitor price• Expected future price• Usual discounted price
89
![Page 90: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/90.jpg)
Steps of Price Setting• Selecting Pricing Objective
– Survival, growth, share, profit, leadership, etc.
• Determining Demand
– Sensitivity, elasticity, etc.
• Estimating Costs
– VC, FC, AC, MC, TC, etc.
• Analyzing Competitors Cost, Price, and Offers
• Selecting Pricing Method
• Selecting the Final Price
90
![Page 91: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/91.jpg)
Pricing Strategy
• Skimming Strategy
• Premium Pricing
• Penetration Strategy
91
![Page 92: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/92.jpg)
Pricing Types
• Cost based pricing
• Value based pricing
• Perceived value pricing
• Break even pricing
• Promotional pricing
• Psychological pricing
92
![Page 93: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/93.jpg)
Pricing Options
• Captive Product Pricing
• By-Product Pricing
• Optional Product Pricing
• Bundle Product Pricing
• Product Line Pricing93
![Page 94: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/94.jpg)
Additional Pricing Considerations
• Auction type pricing
• Geographical Pricing
• High-Low pricing
• Time based pricing
• Two-Part Pricing
94
![Page 95: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/95.jpg)
Promotional Pricing
• Loss-Leader pricing• Special-event pricing• Cash rebates• Low-interest financing• Longer payment terms• Warranties and service contracts• Psychological discounting
95
![Page 96: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/96.jpg)
Differentiated Pricing
• Customer-segment pricing• Product-form pricing• Image pricing• Channel pricing• Location pricing• Time pricing
96
![Page 97: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/97.jpg)
Price-Adjustment StrategiesStrategy
Discount and allowance pricing
Reducing prices to reward customer responses such as paying early or promoting the product.
Segmented pricing Adjusting prices to allow for differences in customers, products or locations.
Psychological pricing Setting prices for psychological effect.
Promotional pricing Temporarily pricing products below the list price to increase short-run sales.
Geographical pricing Setting price for customers located in different parts of the country or world.
Dynamic pricing Adjusting prices continually to meet the characteristics and needs of individual customers situations.
International pricing Setting the prices for international markets.97
![Page 98: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/98.jpg)
Initiating Price Cut
• Low Quality Trap
• Fragile Market Share Trap
• Shallow Packet Trap
• Price War Trap
98
![Page 99: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/99.jpg)
Initiating Price Increase
• Delayed Quotation Pricing
• Escalator Clauses
• Unbundling
• Reduction of Discounts
99
![Page 100: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/100.jpg)
100
![Page 101: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/101.jpg)
Consumer Marketing Channels
101
![Page 102: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/102.jpg)
Industrial Marketing Channels
102
![Page 103: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/103.jpg)
Push Strategy vs
Pull Strategy
103
![Page 104: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/104.jpg)
Channel Integrations and Systems
• Conventional Marketing System
• Vertical Marketing System (VMS)
– Corporate VMS
– Administered VMS
– Contractual VMS
• Horizontal Marketing System (HMS)
104
![Page 105: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/105.jpg)
Distribution Types
• Intensive Distribution
• Selective Distribution
• Exclusive Distribution
105
![Page 106: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/106.jpg)
Channel Conflicts and Resolution
• -• -• -• -• -• -• -• -
106
![Page 107: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/107.jpg)
Brick-and-Mortarvs
Click-and-Mortar
107
![Page 108: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/108.jpg)
Faculty of Business Studies
University of Dhaka
IMCIntegrated Marketing Communications
108
![Page 109: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/109.jpg)
FocusUSP
Consumer BehaviorMedia Behavior
IMC Budget
Target Market
109
![Page 110: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/110.jpg)
ATLAbove the Line
BTLBelow the Line
110
![Page 111: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/111.jpg)
The LINE
111
![Page 112: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/112.jpg)
112
![Page 113: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/113.jpg)
Slot Buying113
![Page 114: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/114.jpg)
114
![Page 115: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/115.jpg)
Philosophy 1: Single MessagePhilosophy 2: Every Medium
115
![Page 116: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/116.jpg)
IMC Budget
116
![Page 117: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/117.jpg)
IMC Tools 117
![Page 118: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/118.jpg)
ADVERTISEMENTSBroadcast Media
Print Media
Out-of-Home Media
118
![Page 119: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/119.jpg)
Thinking about TVCs???
Celebrity or Expert or MascotStereotyped Cases
Rational or Emotional or Morale Appeal
119
![Page 120: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/120.jpg)
The Five Ms of Advertising
120
![Page 121: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/121.jpg)
Then WHAT about….
RDCs
Billboards
121
![Page 122: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/122.jpg)
Consumer Promotion
Trade Promotion
Philosophy 1: Single Message Philosophy 2: Every Medium
122
![Page 123: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/123.jpg)
Major Consumer Promotion Tools• Samples• Coupons• Cash Refund Offers (rebates)• Price Packs (cents-off deals)• Premiums (gifts)• Prizes (contests, sweepstakes, games)• Patronage Awards• Free Trials• Product Warranties• Tie-in Promotions• Cross- Promotions• Point-of-Purchase
123
![Page 124: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/124.jpg)
Is it really NecessaryWho to send..
Door-to-Door Selling..!!!
Philosophy 1: Single Message Philosophy 2: Every Medium
Sales PresentationCanned Presentation
124
![Page 125: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/125.jpg)
EnvironmentPeople
Any other way…???Community
Philosophy 1: Single Message Philosophy 2: Every Medium
125
![Page 126: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/126.jpg)
Philosophy 1: Single Message Philosophy 2: Every Medium
126
![Page 127: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/127.jpg)
Philosophy 1: Single Message Philosophy 2: Every Medium
127
![Page 128: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/128.jpg)
Forms of Direct Marketing
128
![Page 129: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/129.jpg)
Global Product and Communications Strategies
129
![Page 130: Marketing plam a new business](https://reader031.vdocument.in/reader031/viewer/2022013013/58f9a859760da3da068b6340/html5/thumbnails/130.jpg)
Format of MARKETING PLAN
• Executive Summary• Situation Analysis
– Internal Environment– External Environment– Competitive Environment
• Market Environment• Marketing Strategy• Marketing Mix• Budget• Return on Investment (ROI)• Contingency Plan• Takeaway
130