MARKETING

MOD 1
1) Concepts of marketing
 The production concept.
 The product concept.
 The selling concept.
 The marketing concept.
 The societal marketing concept.

2) Developing marketing strategies and plan

 Set goals and objectives. Before you create a marketing plan, you must have a
purpose for it.
 Analyse your situation
 Map your messages.
 Live out your mission.
 Outline your tactics.
 Make a timeline.
 Mind your budget.
 Divide and conquer.
 Measure Up
 Stay Current

3) Creating long term loyalty relationships

 Engage them
 Allow them to experience your brand
 Understand their relationship with your brand
 Explore their social media influence
 Provide value
 Make them feel special
 Respond to every concern

4) Analysing consumer markets

MOD 2
 1) Identifying market segments and targets
 Market segments refer to the sub-classes of the market reflecting sub-classes
of wants and the process of conceptually distinguishing segments is known as
the process of market segmentation.
 Market Segmentation Meaning “Market segmentation is the process of
dividing a market into distinct subgroups of consumers with distinct needs,
characteristics, or behaviour, who might require separate products or
marketing mixes”.
In segment marketing companies identify consumer with similar needs and wants. For
example, an airline is looking forward to providing no frills’ connectivity between metro
cities on US east coast compare. This segment is within airline industry but needs of
customer is different. T target audience is low budget travellers. However, customers within
the segment look for different attributes, for example, lunch or beverages as part of travel.
Here companies can offer this by charging the customer.
In niche marketing, companies target limited customer set. A niche market is worth
exploring where customers are willing to pay a premium for product, entry barriers are high
and market has growth potential. In local marketing, customers are local neighbourhood,
trading stores, etc. For example, many banks prefer local marketing for better understanding
of client and provide them right type of service. In individual marketing, companies look
forward to satisfying needs and wants of individual customer. Internet is facilitating the
process of individual marketing, where in customer log on to the site and creates products
from available options. This process is not feasible for high technology products like
automobiles.
The market segmentation task has to follow a scientific process.

 The first task is to group customer according to product and service they want.
 The second task is to analyse customer by summarizing demographic, lifestyle and
usage pattern, which helps in the definition of market segment.
 The third task is due diligence of the market for growth potential, competition and
other factors.
 The fourth task is to profitability of market segment.
 The fifth task is to undertake positioning activity for pricing and marketing programs.
 The sixth task is to explore different positioning and marketing strategies to explore
the market to its full potential.

There are various factors, which affect segmentation in a consumer market. Geographic is
one such factor, where a country is segmented on basis region, city, urban, rural and climate.
Demographically market is segmented on the basis of age, family size, gender, household
income, life stage, occupation, education, religion, race, generation and social class. Further,
segmentation can be done on the basis of lifestyle and personality traits. On an individual
level market can be segmented on the basis of attitude, belief and perception of products,
product awareness and usage pattern.
There are various factors, which affect segmentation in the business market. Demographic is
one such factor, which consists of type of industry, size of company and geographical
location of the company. Operational segmentation is on the technology class, customer
consumption and customer requirements. Purchasing methodology includes segmentation
based on purchase policy, purchase department structure, relation with companies and market
positioning of companies. The order Requirements lets segmentation be based on nature of
requirement and size of order. Personality trait segmentation looks at loyalty and risk profile.

 Companies have to finalize target market in which it wants to operate. After

which segments have to be identified based of various factors as discussed.
Once segments are identified, in-depth evaluation analysis has to be done
come for a conclusion, whether to target one or several segments

2) Creating the brand positioning.

1. Identifying the competitors

A first step is to identify the competition. This step is not as simple as it seems
to be. For example, ‘Pepsi ‘might define its competitors as follows:

(1) Other cola drinks

(2) Non-diet soft drinks

(3) All soft drinks

(4) Non-alcoholic beverages,

(5) All beverages except water

One thing, which should be clear to you, is that there are basically two types
of competitors -Primary competitors i.e., competitors belonging to the same
product class -Secondary competitors, those belonging to other product
category. In the above example other cola drinks are primary competitors and
other drinks and beverages are secondary competitors.

2. Determining the competitors’ positions

The second step is related to determining the product positioning which is

basically done so as to see, when the competitors’ products are purchased by
the customers. It is to see comparative view. An appropriate set of product
attributes should be chosen. The term ‘attributes’ includes not only product
characteristics and consumer benefits but also product associations such as
product use or product users. In any product category, there are usually a host
of attribute possibilities.

3. Determining how the competitors are perceived and evaluated

Our next focus should be to determine how different brands (including our
own brand) are positioned with respect to the relevant attributes selected under
the previous step. At this point we should be clear about what is the image that
the customer has about the various product brands? You have to see how are
they positioned in respect to each other? Which competitors are perceived as
similar and which as different? This judgment can be made subjectively.
However, a research can be taken up for getting the answer of these questions.
 4. Analysing the customer

Now you need to analysis the customers habits and behaviour in a particular
market segment. The following questions need attention while understanding
the customer and the market – (i) how is market segmented? (ii) What role
does the product class pay in the customers life style? What really motivates
the customers? And what habits and behaviour patterns are relevant? The
segmentation question is, of course, critical. There are various approaches to
segmentation but out of all benefit segmentation is relevant here, which
focuses upon the benefits or attributes that a segment believes to be important.
In order to specify that benefit segments, it is useful to highlight the role of
‘ideal object’ as a tool.

5. Making the positioning decision

The above four steps provide you a useful background and are necessary to be
conducted before taking any decision about positioning. The managers can
carry these steps or exercises. After these four exercises, the following
guidelines can be offered to reach a positioning decision:

(i) An economic analysis should guide the decision.

(ii) Positioning usually implies a segmentation commitment.

(iii) If the advertising is working, the advertiser should stick to it

(iv) Do not try to be something, you are not

(v) In making a decision on position strategy, symbols or set of symbols

must be considered.
6. Monitoring the position
n image objective, like an advertising objective should be measurable. It is
necessary to monitor the position overtime, for that you have variety of
techniques that can be employed it can be on the basis of some test and
interviews which will help to monitor any kind of change in the image. Thus,
the first four steps in the process provide a useful background. The fifth one
only is taken to make the position decision. The final step is to evaluate and
measure and follow up.

3) Creating the brand Equity.

 In marketing, brand equity refers to the value of a brand and is determined

by consumers’ perception of the brand. Brand equity can be positive or negative.
If consumers think highly of a brand, it has positive brand equity.

 On the other hand, if the brand consistently under-delivers, fails to live up to

consumer expectations, and generates negative word of mouth, it has negative
brand equity. Simply put, brand equity is the reputation of a brand.
 Step 1 – Identity: Build Awareness.
Begin at the base with brand identity. Build basic awareness of your brand. Make sure
customers recognize your brand and see it in the way you intend.
Step 2 – Meaning: Communicate What Your Brand Means and What It Stands for.
Know what your brand means (“performance”) and what it stands for
(“imagery”). Performance  describes how well your product meets customer
needs. Imagery refers to the social and psychological aspects of this. For example, a
company that is genuinely committed to being environmentally responsible will build
loyalty from customers and attract employees who identify with and support those
values. You can develop greater brand meaning through targeted marketing, word of
mouth and positive direct customer experience.
Step 3 – Response: Reshape How Customers Think and Feel about Your Brand.
Customers respond to your brand through judgments and feelings. Judgments relate to
things like quality, credibility, how relevant your product is to customer needs, and
whether your brand is superior to those of your competitors. Positive feelings could
include warmth, fun, excitement, security, social approval and self-respect.
Step 4 – Relationships: Build a Deeper Bond with Customers.
The most powerful – and difficult to attain – level in the brand equity pyramid is
resonance. This refers to building deeper customer relationships. Achieving this
means that your customers have formed a deep psychological bond with your brand.
They make repeat purchases and they feel an attachment to your brand or product.
They might feel a sense of community with other consumers and company
representatives. And they can be actively engaged as brand ambassadors by taking
part in online chats, attending events or following your brand on social media, such as
Twitter or Facebook. That brand equity connection can be tremendously valuable.

How to measure brand equity

There are three core brand equity drivers that you need to track: financial, strength
and consumer metrics:

1. Financial metrics: The C-suite will always want to see a positive balance sheet to
confirm that the brand is profitable and viable. You should be able to extrapolate from
the data market share, profitability, revenue, price, growth rate, cost to retain
customers, cost to acquire new customers and branding investment. You can use solid
financial metrics data to demonstrate how important your brand is to the business and
secure higher marketing budgets to continue growing.
2. Strength metrics: Strong brands are more likely to survive despite change and deliver
more brand equity, so it’s essential you measure its strength. You’ll need to track
awareness and knowledge of the brand, accessibility, customer loyalty and retention,
licensing potential and brand ‘buzz’. As well as surveys that use open text questions,
social media monitoring will be able to give you a picture of how your brand is
known and loved (or not).
3. Consumer metrics: Companies don’t build brands, customers do, so it’s essential that
you track consumer purchasing behaviour and sentiment towards your brand. Track
and measure brand relevance, emotional connection, value and brand perception
through surveys and social media monitoring. The right text analytics software that
can interpret open text comments is particularly useful here to gather sentiment and
suggestions.

4) Meeting competition and driving growth setting product strategy

 Define Your Target Audience(s) And Need(s)

 Identify the Ideal Customer Journey.
 Track Traits & Behaviours.
 Create a Communication Plan and Measure It.
 Set Up a Feedback Loop and Iterate.
 Bringing it all together.
 Meet the Author.

5) Designing and managing services

A service is any act of performance that one party can offer another that is
essentially intangible and does not result in the ownership of anything; its
production may or may not be tied to a physical product.
Service Sectors
 Government
 Private non profit
 Business
 Retail
 Manufacturing

Service Mix Categories

 Pure tangible goods: no services
 Tangible goods with accompanying services
 Hybrid: equal parts service and goods
 Major service with accompanying the goods and services
 Pure service

Characteristics of services
 Intangibility
 Inseparability
 Variability
 Perishability

6) Introducing new market offerings

1. Idea generation
2. Idea screening
3. Concept development and testing
4. Marketing strategy development
5. Commercialization
6. Test Marketing
7. Product development
8. Business analysis

MOD 3

1) Developing pricing strategies and programs

Price: The amount of money charged for a product or services, or the sum of
the values that customers exchange for the benefits of having or using the
product or services.
Developing pricing strategies
 Consumer psychology and pricing
 Steps in setting price
o Selecting the pricing objective
o Determining demand
o Estimating costs
o Analyse competitors’ cost, prices and offers
o Select pricing method
o Selecting the final price
 Learning what price adaption is all about
o Geographical pricing
o Price discounts & allowances
 Promotional pricing tactics
 Differentiated pricing
 Increasing prices
 Brand leader responses to competitive price cuts

Types of Pricing Strategies

 Cost-plus pricing—simply calculating your costs and adding a mark-up

 Competitive pricing—setting a price based on what the competition charges
 Value-based pricing—setting a price based on how much the customer
believes what you’re selling is worth
 Price skimming—setting a high price and lowering it as the market evolves
 Penetration pricing—setting a low price to enter a competitive market and
raising it later

2) Designing and managing integrated marketing channels

 1. Analyse customer needs and wants
2. Establish channel objectives
3. Identify major channel alternatives
4. Evaluate major channel alternatives

OR

1. Analyse the Consumer.

2. Establish the Channel Objectives.
3. Specify Distribution Tasks.
4. Evaluate and Select Among Channel Alternatives.
5. Evaluating Channel Member Performance.

Managing Integrated marketing channel

 Advertising.
 Online Promotions.
 Direct Marketing.
 Hoardings, Banners.
 PR Activities.
 Internet, Emails

3) Managing Retailing, Wholesaling and Logistics

 Retailing: All the activities involved in selling or services directly to
final consumers for their personal, non-business use.
 Wholesaling: All the activities involved in selling goods and services
to those buying for resale or business use.
 Logistics: Marketing logistics involve planning, delivering and
controlling the flow of physical goods, marketing materials and
information from the producer to the market. The aim is to meet
customer demands while still making a satisfactory profit.

MOD 4

1) Designing and managing integrated marketing communications

Integrated Marketing Communications (IMC) is a concept under which a company
carefully integrates and coordinates its many communications channels to deliver a
clear and consistent message. It aims to ensure the consistency of the message and the
complementary use of media

 The first step towards managing integrated marketing communication is to identify

the target audience. You need to understand who all are the customers who would
actually benefit from your products. Understand their needs and expectations.
 The second step is to know what you intend to communicate. No brand promotion
tools would help unless and until you are really sure of what you want to share with
your potential and existing customers.
 Carefully design your message. Check the content of the message, message structure,
format, spellings and so on.
 The next step is to identify the various channels of communication. You need to be
really careful while selecting the channel of communication so that the right message
goes to the right customer at the right place and right time.
 Allocate right resources for brand promotion. Decide how much can you spend on
various marketing and promotional activities. A marketer needs to wisely assign
budgets for various promotional activities such as advertising, PR activities, banners
and so on.
 The most crucial step is to measure the results of integrated marketing
communication. Find out whether the combination of all marketing tools has actually
helped you reach a wider audience and promote your brands more effectively

OR

 Identifying the target audience

 Determining the communication objectives
 Designing a Message
o Message Content
o Message Structure
o Message Format

 Choosing communication channels and media

o Personal communication channels
 Word of mouth influence
 Buzz marketing

o Nonpersonal communication channels

 Selecting the message source

 Collecting feedback

2) Managing Digital Communications: Online, Social media and Mobile Marketing

Online marketing: Marketing via the internet using the company websites, online ads
and promotions, emails, online video and blogs.
Social Media: Independent and commercial online social networks where people
congregate to socialize and share messages, opinions, pictures, videos and other
content.
Mobile Marketing: Marketing messages, promotions and other content delivered to
on-the-go consumers through their mobile devices.

3) Managing Mass Communications: Advertising, Sales Promotions, Events and

Experiences, and Public Relations
 Advertising: Any paid form of nonpersonal presentation and promotion of ideas,
goods, or services by an identified sponsor.
Sales Promotions: Short term incentives to encourage the purchase or sale of a
product or a service.
Public Relations: Building good relations with the company’s various publics by
obtaining favourable publicity; building up a good corporate image; and handling or
heading off unfavourable rumours, stories and events.

4) Managing Personal Communications: Direct Marketing, Word of Mouth, and

Personal Selling
Direct Marketing: Engaging directly with carefully targeted individual consumers and
customer communities to both obtain an immediate response and build lasting
customer relationships.
Word of Mouth: The impact of the personal words and recommendations of trusted
friends, family, associates, and other customers on buying behaviour.

Personal Selling: Personal presentations by the firm’s sales force for the purpose of
engaging customers, making sales, and building customer relationships.
Steps in sales force management
 Designing sales force strategy and structure
 Recruiting and selecting sales people
 Training salespeople
 Compensating salespeople
 Supervising salespeople
 Evaluating salespeople

MOD 5

1) Fundamental trends shaping marketing – connected consumers, digital

subcultures
2) New frameworks for marketing in the digital economy – customer paths,
marketing productivity metrics, industry arch types, best practices
3) Tactical marketing applications in digital marketing – content marketing, omni
channel marketing, engagement marketing.