Untitled Quiz

Marketing Compendium

• This compendium is a comprehensive guide for summer/final placement activities.
• It covers commonly assessed conceptual and case-based materials.
• The compendium provides insightful analysis of recent and relevant topics in the realms of marketing and corporate strategy.
• It aims to provide a fresh perspective on business by linking concepts to corporate actions.
• It aims to grow the network of B-School students and aspirants with access to premium marketing content.
• There are over 35+ contributors working in reputed organizations, either currently in top B-schools or alumni.

Fundamental of Marketing

• Marketing is meeting consumer demands profitably.
• It starts by identifying a gap in the market.
• Marketing works to build a product or service to satisfy those needs and wants.
• It covers broad areas ranging from finding the right Target Group (TG) to pricing and communication strategies.
• A successful marketing execution brings prospects to a business (pull strategy).

Selling

• Selling is a process of convincing a prospect on buying a product or service (push strategy).
• This can involve salespeople, shopkeepers, or digital ecommerce websites.
• Well-marketed products are easier to sell than poorly marketed ones.
• In industries with minimal product differentiation, revenues are driven by pushing products to consumers.

Marketing vs Selling

• Marketing focuses on increasing revenue by optimizing processes (long-term).
• Selling focuses on increasing revenue by increasing sales volume (short-term).
• Marketing is customer-centric, while selling is product-centric.

Marketing Mix (4Ps & 7Ps)

• The Marketing Mix is about putting the right product in the right place, at the right time, for the right price.
• 4Ps: Product, Price, Place, Promotion
• 7Ps: Product, Price, Place, Promotion, People, Process, Physical Evidence.
• A product can be tangible or intangible and must be relevant and adaptable to changing consumer needs.
• Pricing strategies include: Premium, Penetration, Predatory, Geographical, Skimming, Psychological, Dynamic, Bundle Pricing.

Place

• Place in the marketing mix is the channels of distribution a company chooses to increase the product's reach.
• Various distribution channels include direct sales, indirect marketing channels, and ecommerce

Promotions

• Promotions create awareness about products to generate leads.
• Promotion strategies are diverse and include advertising (ATL/BTL/TTL).
• Promotions often involve engaging activities to attract consumers.
• Two types of promotions are Sales Promotion and Marketing Promotions

Segmentation, Targeting & Positioning (STP)

• Segmentation: Identifying and profiling distinct groups of buyers with different needs and wants.
• Key criteria for useful market segments include: Measurable, Substantial, Accessible, Differentiable, Actionable.
• Targeting: Identifying segments that fit the firm's objectives and which can be served. Firms can sell one product to several segments or concentrate on serving many needs of a specific customer segment.
• Positioning: Creating a favorable image for a product in the consumer's mind. Optimal Points-of-parity (POPs) and Points-of-difference (PODs) are required.

Points-of-Difference (POD) and Points-of-Parity (POP)

• PODs are unique brand attributes that are strongly held and favorably evaluated by customers.
• POPs are attributes that are not unique to the brand but are shared with other brands in similar categories.
• POPs can be categorized as Category (necessary but not sufficient condition for brand choice), Correlational (possibly negative attributes arising from positive associations), Competitive (designed to overcome competitor weaknesses).

Product Mix

• A product mix is the complete set of all product lines and items that a particular seller offers for sale.
• Measures can include product line length (number of products in a line) and product mix width (number of product lines).

BCG Matrix

• A 2x2 matrix that helps analyze a company's product portfolio (existing or new).
• Categories include: Stars, Question Marks, Cash Cows, Dogs.

Ansoff Matrix

• A tool to help businesses plan and analyze growth by putting their product portfolio into different categories.
• Categories include: Market Penetration, Market Development, Product Development, Diversification.

Pricing Strategies

• Includes various approaches like Premium Pricing, Penetration Pricing, Predatory Pricing, Geographical Pricing, Skimming Pricing, Psychological Pricing, Dynamic Pricing, and Bundle Pricing.

B2C (Business-to-Customer) and B2B (Business-to-Business)

• B2C selling products to individual customers. driven by promotions and panache, short-term relationships.
• B2B selling products to businesses. driven by efficiency and cost-effectiveness, long-term relationships.

Sales & Distribution Management

• Involves all the steps from manufacturing a good to getting it to a customer.
• Departments considered include Warehouse, Logistics, CRM, the Sales force, Business Development team.

E-commerce

• Electronic commerce includes buying and selling goods/services using the Internet, including transfer of money and data.
• E-commerce sales are predicted to grow substantially.
• Models include Consumer-to-Consumer (C2C), Business-to-Business (B2B), Business-to-Customer (B2C), and Consumer-to-Administration (C2A).

SWOT Analysis

• Strengths, Weaknesses, Opportunities, Threats
• Used to identify internal and external factors that can affect a business.

Service Marketing

• Relationship and Value - based customer needs.
• It refers to application of a set of strategies to predict customer needs for an intangible product, and from that meet requirements.

Campaigns, Examples, etc.

• Numerous case studies and examples of various marketing strategies used in different industries.
• Specific examples of companies, like Coca-Cola, Heinz, iPhone, Starbucks, Horlicks, etc., and their varied marketing approaches.

Brand

• Brand: A perception of a product or service held by customers. Usually it's an emotional and psychological bond between the customers and the company.
• Different aspects in building a brand include brand name, logo, theme, graphics, colour, and sound.

Brand Identity Prism

• A hexagonal framework to understand how the aspects of a brand relate to each other.

Rural Marketing

• The process of planning, executing conception, pricing, promotion, and distribution of ideas, goods, and services designed for rural segments to reach individual and organizational objectives.
• Availability, Acceptability, Affordability, and Awareness are key considerations for rural customers.

Cause Marketing

• Businesses donate a portion of their sales to a nonprofit or cause.

Surrogate Marketing

• Using advertising for products that are banned or restricted.
• Includes various methods like brand extension, use of media, and celebrity endorsements.

Meme Marketing

• A marketing effort utilizing trending social media content (viral images, jokes that spread via word-of-mouth).
• Important that memes are relatable and engaging.

Emotional Marketing

• A marketing strategy that uses basic emotions, such as happiness, sadness, or fear to elicit a customer’s response.
• First impressions are significant in terms of success, thus emotional marketing can be effective.

AIDA Model

• Attention, Interest, Desire, Action
• A model describing customer journey to purchase a product or service.