Marketing Management I PDF

Marketing Management I Few things first Interactive and participative classes Self reading of text book and other materials Interactions during cases and linkages with concepts Adherence to class schedule Marketing Pitch Challenge! Welcome to the "Marketing Pitch Challeng...

Marketing Management I Few things first Interactive and participative classes Self reading of text book and other materials Interactions during cases and linkages with concepts Adherence to class schedule Marketing Pitch Challenge! Welcome to the "Marketing Pitch Challenge"! In this activity, you will work in groups to develop and present a marketing pitch for a unique product. The goal is to apply core marketing concepts such as target market identification, value proposition development, and strategic marketing. Group Formation You will be divided into 9 groups, each with 4-5 members. Each group will receive a different product to work with. Your task is to create a 1-minute marketing pitch for your assigned product. Product Assignment 1. Electric Kettle 2. Packaged Fruit Juice 3. Laundry Detergent 4. Shampoo 5. Microwave Oven 6. Hair Dryer 7. Wristwatch 8. Toothpaste 9. Energy Drink Instruction: Define your target market: Who would buy this product? Identify the value proposition: What makes this product unique? Develop your marketing strategy: How will you promote and sell this product? Marketing Pitch Development Remember to cover: You have 15 minutes to Target Market: Who are you selling to? brainstorm and prepare your Value Proposition: Why is your pitch. product special? Marketing Strategy: How will you promote it? Let’s Watch Some Ads (303) ‘Samajhdaar Jaante Hain Har Paani Ki Bottle Bisleri Nahin’- Hindi 30 Sec - YouTube (303) Introducing Jaquar Lighting- A Premium Lighting Solution For Your Ho me – YouTube Shahrukh Khan Cadbury Celebrations AD TVC (yout ube.com) Marketing - Defined Deals with customers Two fold objectives attract new customers by promising superior value and to keep and grow current customers by delivering value and satisfaction Marketing is practiced by large to small organizations and even by not-for-profit organizations At the basic level, Marketing can be defined as Marketing Marketing is engaging customers and managing profitable customer relationships. The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return Marketing Marketing is all around you but different from selling or advertising It is essentially satisfying customer needs Marketer engages consumers effectively, understands their needs, develops products that provide superior customer value, and prices, distributes, and promotes them well, easily selling these products The Marketing Process Five-step model for creating and capturing customer value In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships In the final step, companies reap the rewards of creating superior customer value By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity  TVS XL 100 ad (303) TVS XL 100 TVC 45 SEC - HINDI - YouTube Understanding the marketplace and customer needs Five core customer and marketplace concepts: (1) needs, wants, and demands; (2) market offerings (products, services, and experiences); (3) value and satisfaction; (4) exchanges and relationships; and (5) markets  (1) needs, wants, and demands NEEDS are basic human requirements. Human needs are states of felt deprivation. People need air, food, water, clothing and shelter to survive Ex:- An Indian in Kolkata needs food but he wants a bowl of rice & fish WANTS are shaped by one’s culture and individual personality and are described in terms of objects that will satisfy needs DEMANDS are wants for specific products backed by an ability to (2) market offerings (products, services, and experiences) Consumers’ needs and Goods wants are fulfilled through Services market offerings—some combination of products, Events & Experiences services, information, or Persons experiences offered to a Places & Properties market to satisfy a need or a want Organizations Information Ideas  (3) Customer value and satisfaction VALUE reflects the sum of the perceived tangible and intangible benefits and costs to customers. Value increases with quality & services and decreases with price Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly Satisfied customers buy again and tell others about their good experiences Dissatisfied customers often switch to competitors and disparage the product to others  (303) Watch Asia Cup & ICC ODI World Cup'23 for Free o n Mobile with Disney+ Hotstar – YouTube (303) Manoranjan Ka Baap DLF Indian Premier League SETMAX - YouTube  Exchange, Relationships & Markets Exchange Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product, service, idea, or other object. Markets are the set of actual and potential buyers of a product or service Types of Needs STATED REAL UNSTATED DELIGHT SECRET  1. Stated Stated Needs are the ones that are specified clearly by the customer or the market. They are also the expected needs for a particular product or service. These needs are at the most basic level, without which the need cannot be qualified. E.g. I need food to eat, and I feel like having a sandwich. 2. Real Real needs are at one level above the stated needs and put a boundary on the above. Real needs define the parameter which is immediate to defining and fulfilling the need. E.g. I need a cheese sandwich at an affordable price. 3. Unstated Unstated needs are which are not obvious but are expected by the customer. These are the needs that can be used to differentiate by the companies while designing the products to fulfill the needs of the customer. E.g., I need basic vegetables to be added as part of my sandwich. It should not be just a single slice of cheese plain sandwich. 4. Delight Delight needs are the needs that provide the ‘wow’ factor. These needs, like unstated needs, can make some products more popular than other if they meet these needs. e.g. The quality of the cheese used to be the best one with special sauce but still the price of the sandwich would be below 2$. 5. Secret These are the needs that a customer might not state or realize but can be one of the main reasons for choosing a particular product to fulfill the basic stated need. e.g., I need this sandwich to quickly eat my food and look cool.  Marketing myopia The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products Does a customer need quarter inch drill bit Customer needs solutions Customer switches if a better product or less expensive product is made available Modern Marketing System  Designing a Customer-Driven Marketing Strategy Marketing management is the art and science of choosing target markets and building profitable relationships with them. The marketing manager’s aim is to find, attract, keep, and grow target customers by creating, delivering, and communicating superior customer value. To design a winning marketing strategy, the marketing manager must answer two important questions: What customers will we serve? (target market) How can we best serve these customers? (value proposition) Selecting Customers to Serve Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it  Choosing a Value Proposition Why should I buy your brand rather than a competitor’s? The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs- how it will differentiate and position itself in the marketplace. Marketing Management Orientations What philosophy should guide these marketing strategies? What weight should be given to the interests of customers, the organization, and society? Product Marketi Product Selling Societal ion ng concept concept concept concept concept Marketing Management Orientations Production concept is the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. It is useful in these situations; low labor costs, high production efficiency, and mass distribution. It can lead to marketing myopia. Marketing Management Orientations Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organizations should therefore devote its energy to making continuous product improvements. Selling concept is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort. The aim often is to sell what the company makes rather than making what the market wants.  Marketing Management Orientations Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do. It starts with a well-defined market, focuses on customer needs, and integrates all the marketing activities that affect customers. The job is not to find the right customers for your product but to find the right products for your customers.  Marketing Management Orientations Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests.  The Changing Marketing Landscape The Digital Age: Online, Mobile, and Social Media Marketing Digital and social media marketing involves using digital marketing tools such as web sites, social media, mobile ads and apps, online videos, e-mail, and blogs that engage consumers anywhere, at any time, via their digital devices.  (303) The Evolution of Taobao Live - YouTube So, What Is Marketing? Pulling It All Together Marketing Strategy and the Marketing Mix kerin.tv/13e/v1-6 Marketing Strategy and the Marketing Mix Customer Value-Driven Marketing Strategy Marketing strategy is the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. Marketing Strategy and the Marketing Mix Customer Value-Driven Marketing Strategy Market segmentation is the division of a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing mixes. Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts. Marketing Strategy and the Marketing Mix Customer Value-Driven Marketing Strategy Market targeting is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter. Market positioning is the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Differentiation begins the positioning process. Marketing Strategy and the Marketing Mix Customer Value-Driven Marketing Strategy Positioning: Southwest’s positioning as “The LUV Airline” is reinforced by the colorful heart in its new logo and plane redesign. Southwest has “always put Heart in everything it does.” From Our Heart, Fore The Children: Southwest Airlines Donates $1 Million To Support Charities Across The Nation PR Newswire June 25, 2020 Marketing Strategy and the Marketing Mix Developing an Integrated Marketing Mix Marketing mix is the set of controllable, tactical marketing tools —product, price, place, and promotion—that the firm blends to produce the response it wants in the target market. Marketing Strategy and the Marketing Mix Managing the Marketing Effort Figure 2.6 Analysis, Planning, Implementation, and Control Managing the Marketing Effort Figure 2.7 Marketing Analysis: SWOT Analysis Chapter Caselet Red Mango – The Frozen Yogurt 1) How does Red Mango create value for the customers? (Implementation of 4Ps) 2) How has Red Mango segmented its market? Describe its primary target market? 3) How can Red Mango ensure that it continues to meet customer’s expectations and needs? List some specific ways.  Managing the Marketing Effort Market Planning—Parts of a Marketing Plan Executive Marketing Threats and summary situation opportunities Objectives Marketing Action and issues strategy programs Budgets Controls Managing the Marketing Effort Marketing Implementation Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives Addresses who, where, when, and how Measuring and Managing Return on Marketing Investment