INNOVATIONS IN MARKETING

KRISHNA RAJ N SMBA ABM

KERALA AGRICULTURAL UNIVERSITY

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“ Companies must pay attention to the fact that customers are getting more educated and have better tools to buy with more discrimination. Customer is the king ”

- Philip Kotler

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WHAT IS MARKETING ?According to Philip Kotler (Marketing Expert)

Marketing is the art and science of exploring , creating and delivering value to satisfy the needs of a target market at a profit

Marketing identifies unfulfilled needs and desires and then treat them with appropriate solutions

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WHAT IS INNOVATION ?

Turning an idea into a solution that adds value from a customer’s perspective

-Nick Skillicorn (Innovation expert)

Introduction of new products and services that add value to the organization

-Kevin McFarthing (Innovation consultant)

5INNOVATIONS IN FIELD OF MARKETING

DEMARKETING META MARKETING

MASS MARKETING

MEGA MARKETING

VIRAL MARKETING

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WORD OF MOUTH

MARKETINGGUERILLA

MARKETINGMORPH

MARKETING

EVENT MARKETING

RECIPROCAL MARKETING

INNOVATIONS IN FIELD OF MARKETING (Cntd. )

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OPPOSITE OF MARKETING = DEMARKETING

DEMARKETING (REVERSE MARKETING)

Demarketing is a situation which may come about as a result of temporary shortages occasioned by short term excess demand for a company's products

-Kotler and Levy

It concerned with finding ways to reduce the demand temporarily or permanently

8EXAMPLES

TATA NANO : When demand of Nano exceeded supply, TATA started marketing their other products and completely stopped promotion of NANO cars

9EXAMPLESAd Campaigns against smoking / Water Spoilage

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META MARKETINGTerm coined by E.J.Kelly (Mediator with Hopkins & Huebner)

“Synthesis of all managerial, traditional , scientific, social and historical foundations of marketing”

Meta Marketing brings all buyers and sellers in one place for one purpose

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EXAMPLES

Purchase of some products necessitates other purchases

New automobile market, where buying a new car, calls for the purchase of insurance, getting a loan from the bank

Other e.g.

• Wedding• Buying a home

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MASS MARKETING

A marketing strategy in which a firm decided to ignore market segment differences and appeal the whole market with one offer or one strategy

Producing the same product for all the customers (Opposite to differentiated/ segmented marketing)

OPPOSITE OF SEGMENTED MARKETING = MASS MARKETING

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•A nationwide advertisement in TV

•Advertisements of FMCG products

EXAMPLES

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A marketing strategy required when it is necessary to manage the firms external environment (Govt. , Media, Pressure Groups etc.)

It requires public relations an power

MEGA MARKETING

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PEPSI’s entry to Indian market

First they faced a lot of objections (From Govt. & other sources)

But they helped the country in many ways (rural development, contribution to agricultural research etc.) that facilitated its Indian market entry.

EXAMPLES

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It occurs usually between companies

When companies agree to market each other’s products or services

Or

when a company does something free for customers and a percentage of these customers reciprocate by buying from that company

RECIPROCAL MARKETING

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Showing ads while watching free videos in YouTube

Giving free trials of products to promote buying them

EXAMPLES

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The process of developing a themed exhibit , display or presentation to promote a product, service, cause or organization leveraging in-person engagement.

Objective : Convert any event that has mass appeal into a marketing tool

EVENT MARKETING( AMBUSH MARKETING)

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• PUSHKAR MELA –RAJASTHAN

• THRISSUR POORAM EXHIBITION

• SPONSORING A WORLD CUP TOURNAMENT ( e.g. VIVO IPL )

EXAMPLES

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A strategy in which marketer provides a product with an envelope of service

Objective: Increase value to the product for winning customers loyalty

E.g. Aqua guard provides a water purifying machine with service

every 6 months.

Customer service facility ( 24X7 helplines)

MORPH MARKETING

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An advertisement strategy that promotes products or services in an unconventional way with a little budget to spend

The activities are done exclusory on the streets or other public places, with maximum people access so as to attract bigger audience at low cost

GUERRILLA MARKETING

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• FLASH MOBS

• PUBLICITY STUNTS

• TREASURE HUNTS

EXAMPLES

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Oral or written recommendation / discouragement by a satisfied/ dissatisfied customer to the prospective customer of a product / service

WORD OF MOUTH MARKETING (WOMM)

Most valuable form of marketing

Cheapest form of marketingLong term effect

Trust based

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A method of marketing whereby consumers are encouraged to share information about a company's products or services over internet

It utilizes social media, text media and other e-services like email to spread information abut a product or service

VIRAL MARKETINGInternet version of WOMM

25THANK YOU FOR YOUR

ATTENTION