Basics of marketing
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Transcript of Basics of marketing
MURLI MOHAN RAO
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Sales
BrandingMarketing
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Task 1 – Identifying The Drilling Spot
Task 2 – Drilling The Hole
Marketing
Sales
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The Act Of Selling
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Creating A Market
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Meet customers
Source business
Negotiate deals
Keep customers happy
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Build brands
Design strategies
Identify markets
Develop communication
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Research budgets controlled by the marketing team
Research drives most marketing strategies
Marketing team uses and better understands marketing lingo
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Marketing language
Marketing principles & theories
Marketing applications
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6 P’s
Product
Price
Place
Promotion
Packaging
Personnel
Which product works?
What price works
How should it be promoted?
Where should it be sold?What kind of
packaging works?
What kind of people face customers?
• Key questions• What does the customer need from a product?• What features does it have to meet these needs? • How and where will the customer use it?• What does it look like? How will customers
experience it?• What size(s), color(s), and so on, should it be?• What is it to be called?• How is it branded?• How is it differentiated versus your competitors?
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• Key questions• What is the value of the product to the buyer?• What are the prevailing prices in the market?• What is a competitive price for the features
offered by the product?• What kind of customers or markets are being
targeted?• Is the customer price sensitive?• How will the pricing mechanism change by
distribution channel?
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• Key questions• Where do buyers look for the product or service?• Is it a pan-distribution channel product or is it
available only in certain distribution channels only?
• What is the right distribution channel?• What do you competitors do, and how can you
learn from that and/or differentiate?• How much emphasis should be laid on the online
channel?• How should pricing vary by distribution channel?
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• Key questions• Where and when can you get across your
marketing messages to your target market?• When is the best time to promote? Is there
seasonality in the market? • How do your competitors do their promotions?
And how does that influence your choice of promotional activity?
• How do promotions influence purchase decisions in the category?
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• Key questions• How important is packaging with respect to
purchase decisions?• What kind of pack sizes are needed for the
market?• How can packaging be differentiated with
respect to competition?• What should be the colour codes on packaging?
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• Key questions• What kind of people need to be engaged at the
retail end?• How satisfied are end consumers with retail
outlets and staff?• What kind of customer service standards does
the industry use?• What kind of training is needed for customer
service and sales staff?
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What kind of awareness does the brand enjoy vis-à-vis competition?
What are the quality associations with the product?
How is the brand identified & distinguished in the consumers mind? (visual, logo, colours etc.
How loyal are consumers to the brand?
What is the overall impression of a brand like in the consumers mind?
• However, important thing to note & understand
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BRAND EQUITY
Is always with reference to
COMPETITION
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Brand Positioning
• Domain• Brands target market,
where it competes in the market place
• Heritage• Background of the brand
and its culture
• Assets• Elements that differentiate
from competition e.g. visuals, logos, colours
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Positioning
Domain
Values
Reflection
Personality
Assets
Heritage
• Personality• Character of the brand and
which can be related to personality, people or objects
• Reflection• How the customer
perceives self as a result of using the product
• Values• Core values &
characteristics of the brand
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Positioning
Domain
Values
Reflection
Personality
Assets
Heritage
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TERM EXPLANATIONABOVE THE LINE ACTIVITIES (ATL)
Activities where mass media is used to promote brands and reach out to the target consumers.
BELOW THE LINE ACTIVITIES (BTL)
Activities that are one to one, and usually involve direct methods like distribution of pamphlets, handbills, stickers, promotions, brochures placed at point of sale etc.
ADVERTISING COPY The verbal or written component of advertising messages.ADVERTISINGEFFECTIVENESS
An evaluation of the extent to which a specific advertisement or advertising campaign meets the objectives specified by the client
SEGMENTATION The process of subdividing a market into distinct subsets of customers that behave in the same way or have similar needs.
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TERM EXPLANATIONMARKET SHARE Market share is the percentage of a market (defined in terms of either
units or revenue) accounted for by a specific entityMARKETING PLAN A document composed of an analysis of the current marketing
situation, opportunities and threats analysis, marketing objectives, marketing strategy, action programs, and projected or pro-forma income (and other financial) statements
MEDIA VEHICLE A specific newspaper, magazine, radio station, television program, outdoor advertising location, edition of Yellow Pages, etc., that can be employed to carry advertisements or commercials
MEDIA WEIGHT A measure of the amount of advertising media used in an advertising campaign. It can be expressed in terms of dollar amounts, gross rating points, circulation data, or other means
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TERM EXPLANATIONMONOPOLY The complete control of an economic good for which there is usually
no substituteMORES The cultural norms that specify behavior of vital importance to
society and embody its basic moral valuesMOTIVATION The positive or negative needs, goals, desires, and forces that impel
an individual toward or away from certain actions, activities, objects, or conditions.
RELATIONSHIP MARKETING
Marketing with the conscious aim to develop and manage long-term and/or trusting relationships with customers, distributors, suppliers, or other parties in the marketing environment.
FLANKING An indirect strategy aimed at capturing market segments whose needs are not being served by competitors
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TERM EXPLANATIONBACKWARDINTEGRATION
Company acquires one or more of its suppliers or develops its own supply capability in order to gain more profit and/or control
FORWARDINTEGRATION
Company acquires one or more of its buyers (e.g., wholesalers or retailers when the buyer is not the "ultimate buyer")
HORIZONTALINTEGRATION
Company acquires one of its competitors
INTELLECTUALPROPERTY
Abstract forms of "property" such as patents, copyrights, and trademarks, as distinct from the concrete form of real property.
ENTREPRENEUR A person who sets up a business or businesses, taking on financial risks in the hope of profit.
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