principles of marketing - summary
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PRINCIPLES OF MARKETING
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What is marketing ?
Key customer markets◦ Business Markets◦ Consumer Markets
Needs , Wants & Demand
FOUNDATION
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VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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VALUE BASICSImage valueImage value
Personnel valuePersonnel value
Services valueServices value
Product valueProduct value
Totalcustomer
value
Totalcustomer
value
Monetary costMonetary cost
Time costTime cost
Energy costEnergy cost
Psychic costPsychic cost
Totalcustomer
cost
Totalcustomer
cost
Customerdelivered
value
Customerdelivered
value
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Customer Satisfaction
Customer Touchpoints◦ Touch points for hotel ◦ Touch points for an airline
Growth as an objective◦ Strategic planning gap
VALUE BASICS
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VALUE BASICS
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EFFECTIVE MARKETING MANAGEMENT
VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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The Buying Decision Process
Why are we reviewing this simple “buying decision process” ??
Types of buying decision behaviour
CONSUMER BEHAVIOUR
Problem Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Post Purchase Behaviour
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CONSUMER BEHAVIOUR
TYPES OF BUYING DECISION BEHAVIOUR
High Involvement Low Involvement
Significant Differences between Brands
Complex buying behavior
Variety-seeking buying behavior
Few Differences between Brands
Dissonance-reducing buying behavior
Habitual buying behavior
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EFFECTIVE MARKETING MANAGEMENT
VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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Market Segmentation
◦ Geographic Segmentation
◦ Demographic Segmentation
◦ Psychographic Segmentation Life Style Personality Characteristics
◦ Multiple Segmentation
STRATEGIC MARKETING
Market Segmentation
Market Targeting
Market Positioning
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Effective Segmentation
◦ Measurable
◦ Substantial
◦ Accessible
◦ Differentiable
◦ Actionable
STRATEGIC MARKETING
Market Segmentation
Market Targeting
Market Positioning
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Market Targeting
◦ Undifferentiated Marketing
◦ Differentiated Marketing
◦ Niche Marketing
◦ Micro Marketing
◦ Socially responsible target marketing
STRATEGIC MARKETING
Market Segmentation
Market Targeting
Market Positioning
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Market Positioning
◦ Identifying possible competitive advantages Differentiating on the basis
of ………
◦ Choosing the right competitive advantages One difference or more
◦ Positioning the company calls for concrete actions
STRATEGIC MARKETING
Market Segmentation
Market Targeting
Market Positioning
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EFFECTIVE MARKETING MANAGEMENT
VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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What is a product ?
Product Levels◦ Core ◦ Actual ◦ Augmented
PRODUCT
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Building Brands
◦ Brand Sponsorship
Manufacturer’s brands versus private brand
Licensing
Co Branding
◦ Brand Development
PRODUCT
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Brand Development
PRODUCT
Brand Name
Product Category
Existing New
ExistingLine Extension Brand Extension
NewMulti Brands New Brands
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Product Life Cycle
◦ Limited Life
◦ Each stage pose a different challenge
◦ Profits rise and fall at different stages
PRODUCT
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W
PRODUCT
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TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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Price is the amount of money charged for a product or service ?
General Pricing Approaches◦ Cost Based◦ Value Based◦ Competitor Based
PRICE
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Price adjustment strategies
◦ Discount & Allowance Pricing
◦ Segment Pricing
◦ Psychological Pricing
◦ Promotional Pricing
◦ Geographical Pricing
PRICE
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Initiating and responding to price changes◦ Initiating price cuts◦ Initiating price increases
Is it possible to increase price invisibly ?
PRICE
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TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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Firm’s success does not depend on how well it performs …
Channel Levels ◦ Zero level ◦ One level ◦ Two level ◦ Three level
PLACE
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Channel Conflicts
◦ Horizontal Conflicts Among Distributors
◦ Vertical Conflicts When using multiple channels
Vertical Marketing System
Multi distribution System
PLACE
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TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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Communication is important in building and maintaining any kind of relationship
A view of the communication process can help us in effectively promoting our product
PROMOTIONS
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Communication Process
PROMOTIONS
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Communication alone can not create positive feelings and purchase
An outstanding marketing communication can actually speed the demise of a poor product
PROMOTIONS
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Communication Appeals◦ Rational Appeal
Audience Self interest
◦ Emotional Appeal To stir up negative or
positive emotions Love , Joy, Pride, Humour Fear, Guilt, Shame
◦ Moral Appeals
PROMOTIONS
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PROMOTIONSADVERTISING SALES
PROMOTIONPUBLIC
RELATIONSPERSONAL
SELLING DIRECT
MARKETINGPrint and broadcast
adsContests, games
sweepstakes, lotteriesPress kits Sales presentations Catalogs
Packaging outer Premiums and gifts Speeches Sales meetings Mailings
Packaging inserts Sampling Seminars Incentive programs Telemarketing
Brochures and booklets
Fairs and trade shows Annual reports Samples Electronic shopping
Posters and leaflets exhibits Charitable donations Fairs and trade shows TV shopping
Directories Demonstrations Sponsorships Fax mail
Reprint of ads Coupons Publications E-mailBillboards Rebates Community relations Voice mail
Display signs Low-interest financing
Company magazine
Point of purchase displays
Entertainment Events
Audiovisual material Trade-in allowance
Symbols and logos Community programs
Videotapes
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Push Strategy◦ Using sales force and trade
promotions to push the product through channels
Pull Strategy ◦ Spending a lot on
advertising and consumer promotions to build up consumer demands
PROMOTIONS
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