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Transcript of Marketing
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MARKETING
Prof. Jogendra NayakDepartment of Management Studies
IIT Roorkee
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CHANGES IN LIFESTYLE
Earlier • Tap water• Newspaper• Sports• Telephone• Typewriter• Ticket booking• Kirana stores
Present • Mineral water• Virtual paper• Video games• Mobile• Computer• Online booking• Shopping centres
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Marketing
• Definition• Needs, wants and demands• Markets, market place, virtual and meta
markets• Company orientations(production, product,
selling, marketing)
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What is marketed?
• Goods• Services• Events• Experiences• Persons• Places• Properties• Organizations• Information• Ideas
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Challenges in Indian market
• High volatility in market• Diversity • Disparity in income• Accessibility• Concern for ecology• Role of social channels• Fast change in lifestyle (DINK’s)
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The customer
• Customer life cycle– Prospect– First time buyer– Repeat buyer– Core buyer– defector
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Barriers to entry and exit
• Government policy• Costs• Presence of strong brands• Technology• Customer preferences
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Competition
• Innovative solutions to existing problems• Price war• Switching channels of distribution• Service based competition• Experience based competition
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Market opportunity
• Demand analysis• Segment analysis• Industry analysis• Competitor analysis
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Marketing planning
• PIMS approach• Portfolio methods – BCG Approach– GE Approach
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Segmentation
• Definition• Need for segmentation• Mass marketing• Niche marketing• Local marketing• Individual marketing
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Segmenting consumer markets
• Geographic • Demographic• Psychographic• Behavioural• VALS Framework
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Segmenting business markets
• Demographic• Operating variables• Purchasing approaches• Situational factors• Personal characteristics
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Positioning
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Product strategy
• Levels of a product – Core– Basic– Expected– Augmented– potential
• Product classifications– Durability and tangibility(durable, nondurable, services)– Consumer goods classification(convenience, shopping, specialty,
unsought)– Industrial goods classification(materials and parts, capital items,
supplies and business services)
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Product mix
• Product mix – Length– Width– Depth– Consistency
• Line stretching• Line filling• Line pruning• Co branding
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Setting the price
• Setting the pricing objective• Determining demand• Estimating costs• Analyzing competitor’s costs, prices and offers• Selecting a pricing method• Selecting the final price
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Pricing objectives
• Survival• Maximize profit• Maximize market share• Maximum market skimming• Product quality leadership
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Pricing
• Product line pricing• Optional feature pricing• Captive product pricing• Two part pricing• By-product pricing• Product bundling pricing
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Pricing method
• Markup pricing• Target return pricing• Perceived value pricing• Value pricing• Going rate pricing
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Marketing channels
• Role of channels• Levels of channel• Channel design decisions – Lot size– Waiting and delivery time– Variety– Service backup
• Channel conflict