10 core concepts of marketing
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Need , wants , demand
Segmentation, targeting, positioning
Offerings and brands
Marketing channels
o Communication channels (helps in sell, ad, promotion)
o Distribution channels (helps to display, sell or deliver physical product or services )
o Service channels (targeting potential buyers)
Paid /owned/earned media
Impression and engagement (talking with respect to communication)
o Social media pr ads dekhna impression
o Or ads ki link pr jakr us product ki or detail lena engagement hota hai
Values and satisfaction
o Quality/service/price
Supply chain management
Competition
Marketing environment
o demographic environment
o economic environment
o political environment
o natural environment
o technological environment
o socio-cultural environment
MARKETING MIX
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Marketing mix and its approad was developed by james culliton but prof Neil h
borden has promoted this approach
Combination of four p
o Product
o Price
o Place
o Promotion
IMPORTANCE OF MARKETING MIX
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INCREASE IN CUSTOMER SATISFACTION
TO PROVIDE PRODUCT ACCORDING TO THE WILLINGNESS
INCREASE IN SALES
PROFIT COST ANALYSIS
TO ESTABLISH BALANCE
INCREASE IN EFFICIENCY
SEGMENTATION TARGET POSITIONING
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LEVELS AND PATTERNS OF MARKET SEGMENTATION
o LEVELS
 Mass marketing
 Micro marketing
Market segmentation
o Geographic
o Demographic
o Behvioral
o Physcographic
Steps in segmentation process
o Need based segmentation
o Segment identification
o Segment attractiveness
o Segment profitability
o Segment positioning
Effective segmentation should be
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Market segmentation
o Single Segment Concentration
o Selective Segment Specialisation
o Market Specialisation
o Product Specialisation
o Full Coveragw
How to target market. Strategies
o Customized marketing
o Concentrated marketing
o Differentiated marketing
o Undifferentiated marketing
Positioning strategies
o Product attributes and benefits: Associating your brand/product with certain
characteristics or with certain beneficial value
o Product price: Associating your brand/product with competitive pricing
o Product quality: Associating your brand/product with high quality
o Product use and application: Associating your brand/product with a specific use
o Competitors: Making consumers think that your brand/product is better than that
of your competitors
Types of product differentiation
o Vertical- jisme hum ranking dete hai best se worst ki
o Horizonatal – jisme hum subjective preference dekhte hai jese flavours of icecream
o Mixed – vertical+horizontal
Difference between product and service
Product classification
o Tangible and durability
o Use(industrial/ consumer)
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Augmented Product- vo products jisme or benefits or service include hoti hai jese
air conditioner me installation service , warranty , car me maintenance ya repair
service
Steps for creating product strategy
o 1. Identify your target audience
o 2. Understand the problem
o 3. Define your product vision
o 4. Define the current state and target condition
o 5. State product design principles
o 6. Stay in sync with other teams
o 7. Stay focused
Product life cycle
o Beginning
o Growth
o Maturity
o Decline
Packaging
Labelling
o Brand Label ( brand name , co. name )
o Descriptive Label ( ingredients , flavour , model no. price , expiry date etc.)
o Grade Label ( quality mark , other standardization marks)
Difference between warranties and guarantees
Branding strategy
o Purpose
o Consitenecy
o Emotion
o Flexibility
o Employee involment
o Loyalty
o Competitive awareness
Developing pricing strategy
o Once price method
o Pricing in a digital world
o Setting price objective
o Determie demand
o Cost analysis
o Competitive analysis and implementation
5 levels of strategic pricing are
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1. Cost-based pricing: This is where you set your prices based on the cost of
producing your product or service.
2. Competition-based pricing: This is where you set your prices based on
what your competitors are charging for similar products or services.
3. Customer-based pricing: This is where you set your prices based on what
your customers are willing to pay for your product or service.
4. Value-based pricing: This is where you set your prices based on the
perceived value of your product or service.
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5. Profit-based pricing: This is where you set your prices based on how
much profit you want to make.
Marketing channels
o Process
 Recognizing or identifying the requirement for marketing channel
design decisions.
 Setting and coordinating distribution objectives.
 Specifying distribution activities.
 Developing alternatives.
 Evaluating relevant alternatives.
 Selecting the best or ideal channel structure.
 Selecting channel members.
Marketing channel strategy
o A push strategy uses the manufacturer’s sales force and trade promotion to
encourage intermediaries to carry, promote, and sell the product to
customers
o In a pull strategy, the manufacturer uses advertising and promotion to
influence customers to ask intermediaries for the product, thus inducing the
intermediaries to order it
Some of the main elements of an effective distribution channel management are:
o 1. Route: The most preferred route has to be selected depending on
geography, locations, cost etc.
o 2. Flow: The flow of goods & services has to be addressed in a structured,
systematic & sequential manner, for a smooth execution.
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3. Logistics: The selection of the type of logistics medium like rail, road,
airways, waterways, pipeline etc.
o 4. Levels: The different levels or intermediaries have to be finalized like
wholesalers, retailers, agents etc
7 P OF MARKETING
o PRICE
o PLACE
o PROMOTION
o PRODUCT
o PEOPLE
o PROCESS
o PHYSICAL EVIDENCE
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PROMOTION MIX
o OBUJECTIVVE
 TO PROVIDE INFO
 TO STIMULATE DEMAND
 TO REMIND CUSTOMER
 TO DIFFERENTITATE PRODUCT
 TO BUILD IMAGE
o METHODS
 PERSONAL SELLING
 NON PERSONAL SELLING
o ADVERTISING
o SALES PROMOTION
o EVENTS AND EXPERIENCES
o PUUBLIC RELATIONS AND PUBLICITY
o DIRECT MARKETING
o WOM MARKETINNG
o PERRSONAL SELLING