8/14/2019 The Creative Side of Marketing - Vikram Jethwani

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MarketingAn insight

Some call it a science, some say it is an art.

So, what actually it is! Let's take an insight…

Vikram JethwaniIndian Institute of Foreign Trade

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For a buyer 

• Marketing is

 – a channel creating brand awareness

 – means of creating pre-buying perception

 – process facilitating judgement about product/ service quality andpossible levels of satisfaction

• A marketing campaign may focus on customer or a product/ service/ branditself…!

• It is a social process

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Why does one buy?

Physiological Needs

Safety Needs

Social Needs

Esteem Needs

Self Actualization

security

acceptance,love

food,water 

Success mantra: "a product must satiate at least one of these needs" 

status inthe

society

development

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Main challenges in marketing

• Demographic diversity – culture, ethnicity, religious beliefs and sensitivity

 – barriers of language – composure, tone, meaning

 –  judge about product/ service quality and possible level of satisfaction

•Market dynamics – consumption pattern differs

 – market identification and segmentation

 – macro and micro economy: per capita income, inflation, availability of loans, employment, taxation, etc.

• Political stability – it takes peace to do business, isn't it?

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Strategic planning

• No one stops a man (or a company) who knows where he isgoing….

 – define your mission and vision

 – communicate clearly

 – monitor implementation

• Set realistic goals with roadmap in hand• Keep up motivation high – of your employees, your channel 

associates and your customer as well 

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Market ResearchKnow your markets in-depth

"R&D is the key"

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Develop your strategy Analyze the facts

•Target customer groups with market segmentation – interpret and set your answers in place:

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Market positioningMake growth – the way of life

• Differentiate your brand, your offerings – figure out Points of Parity (PoP) and Points of Differentiation (PoD)

• Make a long-lasting impact with best of Marketing Mix – 4Ps: People, Place, Product, Price

• Does your brand create value for customers – more than that of your competitors?

 – If yes, you are on the right track

 – Needs introspection in the other case

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Ensure implementation

• Set goals and scale to measure performance

• Audit your marketing function and appraise performance

 – Marketing strategy

 – Marketing mix

 – Marketing environment

 – Marketing organisation

 – Marketing systems

 – Marketing productivity and profitability

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Philosophies of Marketing Management

Production Product Selling Marketing Societal

Consumersbuy

productsthat are

produced

andavailable inthe markets

Professesthat

consumersfocus onproduct's

quality,value and

utility

Infers thatconsumers

buyproducts

that aremeant to be

sold

Focuses ontarget

segmentsand

optimizing

satisfactionbetter thancompetingproducts

Discussescustomer need andthe valueadded to

consumer'slife, by aproduct

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Quality is the soul

• Good marketing can drive people to buy your product but itis the exquisite combination of quality, price and utility thatmakes them buy it again and again

• Only a qualitative product can survive in the long run

• Brands supported by intrinsic quality can even performduring economic slowdown/ recession

 –  What makes Apple grow when others falling flat?

 – Walmart is known for low-pricing but it is also the quality of their services and operations that sets them apart from their competition…

 – Six Sigma, Toyota Production System (TPS), Lean ProjectManagement are the strategies that placed companies in thefirst slot…

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New age marketing concepts

Personalisedmarketing

Pay Per Click (PPC) Pay Per View (PPV) Social networking 

Pioneered by Google, Yahoo and MSN

Direct to Home (DTH)television

 The Facebook,

Linkedin, Orkut

revolution

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Consumer behaviour 

"The consumer understands a product, which understands the consumer" 

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Brand equity

• If a Tata company separates itself from brand umbrella,how do markets react? Your answer describes the criticalvalue of brand equity…

• Brand equity is difficult to measure, but some models

profess that it is at least half the value of the total worth of acompany. – let's say that a $2 billion PepsiCo becomes $1 billion on

shedding its brand.

 – people love brands and that's why you can find die-hard

Maruti buyers, Nokia loyals, Wrangler fans, so on and so

forth

 

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Brand building process

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Product decisions

"The more you dedicate time on these aspects, the less it will take to succeed"

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Make people's company

"Keep your employees happy, and they will keep your customers happy"

Companies like Google, Sahara, Infosys, Tata focus on people – it becomescritical especially in a knowledge-driven economy

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Complacency is sin

• Will Sony, P&G, Apple remain a great brand if they stopinnovating?

• Why Pepsi and Coca Cola keep

on launching new marketing

campaigns every quarter or the other?

• The market mandate –

Survival of the fittest  

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Virtue of marketing

• So, is marketing virtuous?

 – It is mostly due to marketing initiatives, the economic cycleof companies and entire markets keep moving…

 – It is beneficial to both consumers and companies

 – It makes and breaks businesses…!

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Is it a science or an art?

• It is a scientific art…

 – Under this, professionals express their creativity,conceptual knowledge, experience and beliefs

 – At the same time, it depends on systematic research with

regard to economic fundamentals

 – It is for the common good

Sincere thanks and regards!