Course Name:- Executive Post Graduate Diploma in Name:- Waseeq Ahmed

Management Registration Number:- 210101618051

Sub:- Marketing Management Ref:- EPG43/AUGUST21/1076
43rd Batch Email:-awaseeqepgdms21@bus.alliance.edu.in

Q.Suppose you are National-Head of marketing in Priya

kitchen chimney company, Formulate the new marketing
strategies to improve market share of Priya kitchen
chimney in India.

Answer: - Marketing play’s an important role in profitability of the company.

Even if finance & accounts, operations and other business functions will not really
matter without sufficient demand for product and services so the firm can make
profit.
The financial success of a company often depends on marketing ability. Successful
marketing also allows firms to engage more in social responsible activities.
Being national head of Priya Kitchen Chimney Company, below main activities
can be adopted to improve the market share of the company.

 STP strategies of company product.

 Marketing Mix strategies
 Product development and branding strategies.
 Distribution Channel strategy.
  STP strategies of company product:-
STP marketing is an acronym for Segmentation,
Targeting, and Positioning, a three-step model that examines company products or
services as well as the way company communicates their benefits to specific
customer segment.
Briefly, the STP marketing model means segment your market, target select
customer segments with marketing campaigns tailored to their preferences, and
adjust your positioning according to their desires and expectations.

STP marketing is effective because it focuses on breaking your customer base into
smaller groups, allowing you to develop very specific marketing strategies to reach
and engage each target audience.

Segmentation: -
The first step of the STP marketing model is the segmentation stage. The main goal
here is to create various customer segments based on specific criteria and traits that
you choose. The four main types of audience segmentation include:

a. Geographic segmentation: - Diving your audience based on country, region,

state, province, etc.
b. Demographic segmentation: - Dividing your audience based on age, gender,
education level, occupation, gender, etc.
 c. Behavioral segmentation: - Dividing your audience based on how they interact
with your business: What they buy, how often they buy, what they browse,
etc.
d. Psychographic segmentation: - Dividing your audience based on “who” your
potential customer is: Lifestyle, hobbies, activities, opinions, etc.

Targeting: -
The second step of STP marketing model is targeting. Main goal here is to look at
the segments you have created before and determine which of those segments are
most likely to generate desired conversions (depending on your marketing
campaign, those can range from product sales to micro conversions like email
signups).

Ideal segment is one that is actively growing, has high profitability, and has a low
cost of acquisition:

a. Size: - Consider how large segment is as well as its future growth potential.
b. Profitability: - Consider which of segments are willing to spend the most
money on company product or service. Determine the lifetime value of
customers in each segment and compare.
c. Reachability: - Consider how easy or difficult it will be for company to reach
each segment with company marketing efforts. Consider customer
acquisition costs (CACs) for each segment. Higher CAC means lower
profitability. 
There are limitless factors to consider when selecting an audience to target – so be
sure that everything company consider fits with your target customer and their
needs.

Positioning: -
The third step in this framework is positioning, which allows company to set
product or services apart from the competition in the minds of company target
audience. Many businesses do something similar to company, so company need to
find what it is that makes you stand out. 

All the different factors that you considered in the first two steps should have made
it easy for you to identify your niche. Three positioning factors can help company
gain a competitive edge:
 a. Symbolic positioning: - Enhance the self-image, belongingness, or even ego of
your customers. The luxury car industry is a great example of this – they
serve the same purpose as any other car but they also boost their customer’s
self-esteem and image.
b. Functional positioning: - Solve your customer’s problem and provide them
with genuine benefits.
c. Experiential positioning: - Focus on the emotional connection that your
customers have with your product, service, or brand.  

Benefits of STP marketing

Few benefits of STP marketing are listed below.

Because STP focuses on creating a precise target audience and positioning

company products/services in a way that is most likely to appeal to that audience,
company marketing becomes hyper-personalized. With personalization:

 Company brand messaging becomes more personal and empathetic because

you have your customer personas and know exactly whom you’re talking to;
 Company marketing mix becomes more crystalized and yields higher return
on investment because you’re no longer wasting budget on channels that
your audience simply ignores;
 Company market research and product innovation become more effective
because you know exactly whom to ask for advice and feedback in the
development phase.

 Marketing Mix strategies: -

The marketing mix is the set of controllable, tactical marketing tools that
a company uses to produce a desired response from its target market. It consists of
everything that a company can do to influence demand for its product.
The marketing mix can be divided in to four groups of variables commonly known
as the four “Ps”

 Products: - The goods and/or services offered by a company to its customers.

 Price: - The amount of money paid by customers to purchase the product.
 Promotion: - The activities that communicate the product’s features and
benefits and persuade customers to purchase the product.
 Place (Distribution): - The activities that make the product available to
consumers.

Marketing tools

Each of the four Ps has its own tools to contribute to the marketing mix:

 Product: Variety, quality, design, features, brand name, packaging,

services
 Price: List price, discounts, allowance, payment period, credit terms
  Place: Channels, coverage, assortments, locations, inventory,
transportation, logistics
 Promotion: Advertising, personal selling, sales promotion, public
relations.

Service Marketing Mix Strategy:

The service marketing mix is also known as an extended marketing mix and is an

integral part of a service blueprint design. The service marketing mix consists of 7
P’s as compared to the 4 P’s of a product marketing mix. Simply said, the service
marketing mix assumes the service as a product itself. However, it adds 3 more
P’s, which are required for optimum service delivery.

Product: - The product in service marketing mix is intangible in nature. Like physical products
such as a soap or a detergent, service products cannot be measured. Tourism industry or the
education industry can be an excellent example. At the same time service products are
heterogeneous, perishable and cannot be owned. The service product thus has to be designed
with care. Generally, service blue printing is done to define the service product.
Place: - Place in case of services determine where the service product is going to be located. The
best place to open up a petrol pump is on the highway or in the city. A place where there is
minimum traffic is a wrong location to start a petrol pump. Similarly, a software company will be
better placed in a business hub with many companies nearby rather than being placed in a town
or rural area
 Promotions: - Promotions have become a critical factor in the service marketing mix. Services
are easy to be duplicated and hence it is generally the brand, which sets a service apart from its
counterpart.
Pricing: - Pricing in case of services is rather more difficult than in case of products. If you were a
restaurant owner, you can price people only for the food you are serving. Then who will pay for
the nice ambiance you have built up for your customers.
People: - People is one of the elements of service marketing mix. People define a service. If you
have an IT company, your software engineers define you. If you have a restaurant, your chef and
service staff defines you. If you are into banking, employees in your branch and their behavior
towards customers defines you. In case of service marketing, people can make or break an
organization.
Process: - On top of it, the demand of these services is such that they have to deliver optimally
without a loss in quality. Thus, the process of a service company in delivering its product is of
utmost importance. It is also a critical component in the service blueprint, wherein before
establishing the service, the company defines exactly what should be the process of the service
product reaching the end customer.
Physical Evidence:- The last element in the service marketing mix is a very important element.
As said before, services are intangible in nature. However, to create a better customer
experience tangible elements are also delivered with the service

Weaknesses of the marketing mix

The four Ps of the marketing mix have a number of weaknesses in that it omit or
underemphasize some important marketing activities. For example, services are not
explicitly mentioned, although they can be categorized as products (that is, service
products). As well, other important marketing activities (such as packaging) are not
specifically addressed but are placed within one of the four P groups.

Another key problem is that the four Ps focus on the seller’s view of the market.
The buyer’s view should be marketing’s main concern.

The four Ps of the marketing mix can be re-interpreted as the four Cs. They
put the customer’s interests (the buyer) ahead of the marketer’s interests (the
seller).

 Customer solutions, not products: Customers want to buy value or a

solution to their problems.
  Customer cost, not price: Customers want to know the total cost of
acquiring, using and disposing of a product.
 Convenience, not place: Customers want products and services to be as
convenient to purchase as possible.
 Communication, not promotion: Customers want two-way communication
with the companies that make the product.

 Product development and branding strategies: -

First, we need to understand “what is product development and strategy involved

in product development” and why it is important.
Product development strategy: - Refers to the methods and actions used to bring
new products to a market or modify existing products to create new business.
Developing a product has several steps, from producing an idea of distributing
products to customers. Each stage requires a strategy to be successful and generate
revenue for a business.
Why is product development strategy important?
Product development strategy is important because it uses market research to
develop a plan for success in selling products. Company overall strategy should
include the methods and techniques you will use during each stage of product
development. This can help you overcome obstacles and focus on the most
successful strategies. Making plans for how to develop various products can also
enable you to adjust existing products and grow your business.
There are seven stages of product development which are listed below,

1. Idea development: Idea development involves brainstorming for new

products and ways to make existing products more relevant.
2. Editing and selection: During the selection process, the product
development team determines which ideas have the most potential to
do well in the market.
3. Prototype creation: Once an idea has been selected, the company
must create a prototype or draft version of its proposed product. This
 prototype can be used to determine if the product functions as
intended and appeals to your target audience.
4. Analysis: At the analysis stage of product development, the company
studies market research and evaluates the possible problems with the
product.
5. Product creation: After incorporating notes from the analysis into the
prototype, the finished product can be created.
6. Market testing: Before releasing the product to a wider audience,
products are often released to a smaller market or focus group. The
market testing phase includes evaluating customer feedback and the
effectiveness of the product's marketing.
7. Commercialization: The final stage of product development occurs
when adjustments are made based on market testing and the product is
released to the full market.

Benefits of product development strategy

Having a strong product development strategy can support your business' ability to
turn an idea into a profitable product and then modify it to remain competitive
within the market. Your product development strategy can reveal areas for
improvement as well as which methods are most successful. To receive the most
benefits from your product development strategy, consider how various techniques
would work for each step and make adjustments based on your past experiences.
Product development strategies:-
Modify an existing product: - Creating a new version of an existing product with
slight changes can provide your market with the motivation to purchase an
upgrade. Modifying one of your existing products and focusing on the updates in
your marketing influences customers to try the newer version of the product. This
strategy focuses on determining which features consumers would like to see
improved and making those changes.
Increase product value: - Engage customers by including additional value with
the purchase of a product. You can increase value by including a larger quantity of
products, adding customer support or offering premium features. New customers
may be drawn to your product because of the added benefits, while existing
customers may purchase your products again to receive a better deal.
Offer a trial: - Offering a free or less expensive sample version of company
product can convince customers to try your product who might not have otherwise
purchased the full version. This method relies on the quality of the product by
assuming that many of the customers who experience the free trial will purchase
the full version. Offering a trial can show customers how they can benefit from the
rest of your products.
Specialize and customize: - Many products can be specialized to target a specific
customer group or customized to create a unique and personal gift. Allowing
customers to personalize your product to fit their needs and lifestyle can encourage
them to choose that product over a competitor who only offers a generic version.
Create package deals: - Company can encourage customers to purchase more of
your product by creating package deals. This strategy exposes customers to a
variety of your products through sample packs or assortments that could solve
different problems for the customer. Package deals can also introduce customers to
a product they may not have otherwise purchased and encourage them to buy it in
the future.
Create new products: - Another way to develop a product line is to create a new
product that relates to your market. When creating new products, be mindful of
what customers are looking for without discouraging them from buying your other
products. Any new products should supplement what your existing product does
for the customer instead of replacing the original, encouraging customers to buy
multiple products from your business.
Change ideas: - One strategy for developing a product can be to change your
product idea. If a market is not responding to innovation, the company may
consider devoting their resources to researching what that market wants. Not all
ideas will result in a successful product, so a willingness to change ideas when
needed can be an effective strategy.
Find new markets: - Many products can be successfully sold in multiple markets.
One product development strategy is to consider marketing an existing product to a
different market or demographic. This could include targeting businesses instead of
individual consumers, marketing toward a different age group or expanding your
product geographically.

What Is Branding? -
Branding is a marketing practice that helps individuals to differentiate our business
products or service from others. Branding often involves creating elements such as
a logo, mission statement, and design that is consistent throughout each marketing
communication type.
There are several types of branding that may add value to the company depending
on our target audience, industry, budget, and marketing campaigns. Here are seven
types of branding strategies that have the potential to build brand equity for our
business.
a. Personal Branding: - Personal branding describes branding that is
used for an individual person, instead of branding for a whole
business. This type of branding is often used to establish a person’s
character, personality, or work as a brand. Celebrities, politicians,
thought leaders, and athletes often use this form of branding to present
the best version of themselves to the public
b. Product Branding: - This is one of the most popular branding types.
Product branding focuses on making a single product distinct and
recognizable. Symbols or designs are an essential part of product
branding to help your customers identify your product easily.
c. Corporate Branding: - Corporate branding is a core value of
business and a philosophy that a business develops to present itself to
the world and its own employees. Effective corporate brands often
seek to display the company’s mission, personality, and core values in
each point of contact it has with prospective customers, current
customers, and past customers.
d. Service Branding: - Service branding leverages the needs of the
customer. Companies that use service branding seek to provide their
customers with world-class service. They aim to use excellent
customer service as a way to provide value to their customers.
e. Co-Branding: - It isa form of branding that connects companies
together. Essentially, co-branding is a marketing partnership between
two or more businesses. This helps brands impact each other
positively, and it may result in one growing its business, spreading
brand awareness, and breaking into new markets
f. Online Branding: - It is, also known as internet branding, helps
businesses to position themselves as a part of the online marketplace.
This type of branding includes a company’s website, social media
platforms, blogs, and other online content.
g. No-Brand Branding: - This type of branding is also known as
minimalist branding. These brands are often generic brands that seek
to let their products speak for themselves without all the extras many
others provide their consumers with.
  Distribution Channel strategy.

A well-planned distribution channel strategy is specifically designed to increase

the sales of company products or services as they enter the market. At the end of
the day, the fundamental problem most businesses face is not how to develop the
product or service, but how to market and sell it to the public.
It may seem easy in the age of e-commerce and social media, but without a defined
distribution channel strategy, you stand less of a chance of reaching consumers or
making an impact with your target audiences
There are two basic types of distribution channels:-
Direct: Consumers buy the product or service directly from your business, whether
through a physical storefront or an e-commerce website.
Indirect: Consumers buy the product or service through an intermediary, like a
big-box retailer you have distribution agreements with or a broker agent you
partner with.
Channels can also be defined as short or long. A short channel involves the fewest
steps possible between producer and customer, like with direct marketing. A long
channel includes other intermediaries like wholesalers and retailers.
How to Develop a Distribution Channel Strategy:-
a. How Do Our Potential Customers Find Us and Our Products and/or
Services?

The channels your potential customers use to find you will naturally point
toward the channels to target in your distribution strategy. Company need a
gauge for demand, so analyze how social media, search engines, direct
marketing, partner sales, industry recommendations and other channels
perform in generating customers. Customers of a millennial beauty products
company will have a much different purchasing path than a B2B buyer of
network infrastructure. Identifying your main channels is a bit like looking
at the channels with your highest level of brand awareness, and then fitting
your strategy to maximize performance in those channels.
b. What Is Our Scale and Size?
One reason why long channels exist is that not every business has the
relationships or expertise to handle logistics. An energy drink company
might develop a new formula that tests great with consumers but lacks the
means to ship the product to nutrition stores nationally. That’s where
relationships with distributors, wholesalers and retailers become a
competitive advantage, and sometimes a necessity. Distributors can fulfill
orders for whole pallets of energy drinks, while wholesalers can find retail
buyers to get the product in stores. Established businesses that benefit from
enterprise-scale are often able to condense channels or acquire or integrate
horizontal business units to take care of logistics and other distribution needs
c. What Future Business Goals Do We Have?
Always be prepared for new channels. If company aim is to expand into a
new market or territory, determining company channel strategy is an integral
part of defining your over go-to-market strategy. If company have no
 relationships with a regional retailer, company product launch may suffer
when trying to grow in that locality. Channel partners, however, can be
leveraged to efficiently scale up and expand.
Distribution Channel Types: -
A. Retail: - Need a way to reach more consumers? Placement in a
retail store is your best bet for broadening your customer base.
But company can’t just walk up to the nearest supermarket or
Target and ask for them to feature your product on their
shelves. Retailers buy from distributors and wholesalers,
meaning you’ll need to pursue longer channels. However,
regional or local chains may be more willing to negotiate on a
personal basis — i.e., buying inventory straight from company
or manufacturer. Retail is clearly best for companies that sell
physical goods, but just be aware that competition will be high.
If company go with a big-box chain, you might be going up
against the biggest brand names in the industry. Retailers won’t
work repeatedly with businesses that don’t perform.
B. Direct Marketing: - Want to cut out the intermediaries and
reach out to consumers directly? A direct marketing campaign
can help connect you with potential customers, as well as
provide them the means to make a purchase directly. Such
channel strategies often manifest as product catalogs, marketing
calls, emails or face-to-face sales. While direct channels mean
greater engagement and profit, they also require more resources
and effort from the brand to manage direct marketing.
C. Dealer Network: - In case company Does not have an especially
large or skilled sales force? Company can essentially outsource
those functions to a network of dealers, brokers and agents who
do the selling for company. This arrangement is particularly
advantageous if company have a specialized product or lack
deep industry connections.
D. Website Store: - The advent of the internet age has opened up a
whole new channel for B2C and B2B brands alike, as well as
large and small companies. Startups without channel
relationships can sell directly to consumers through inbound
marketing, cultivating brand loyalty and lowering their go-to-
market cost. Meanwhile, established companies can open up
new revenue streams with a website store that long-time brand
evangelists can use. Highlighting your website store through
 messaging, content and social media can help supercharge your
marketing
E. Wholesale Distribution: - Long channels of distribution are not
innately bad. In fact, they can deliver tangible competitive
advantages when working with the right wholesale or
distribution partners. The distributors are wholesalers that offer
a greater scope of services. Wholesalers will purchase and resell
your goods in bulk, fulfilling orders to retailers — distributors
do all that and more as an effective sales agent of the company
F. E-Commerce Site: - Online markets like Flipkart, & Amazon
have become go-to channels for sellers of physical goods.
Merchants can leverage the established base of online
customers as well as marketplace tools, allowing them to reach
end users with high intent. E-commerce sites operate in a
different way than direct online stores, so company will ensure
that company ads and product pages are branded in a way that
fosters a consistent customer experience.