marketing malpractices
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MARKETING MALPRACTICES
Lovepreet singh 15030241171Div: D
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Broken paradigm of marketing
• Approx 30,000 new products are launched in Market every day.
• But over 90% of them fail—and that’s after marketing professionals have spent massive amounts of money trying to understand what their customers want.
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Products failure in market• Is it that market researchers aren’t smart
enough?
• That advertising agencies aren’t creative enough?
• That consumers have become too difficult to understand?
• We don’t think so.
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Products failure in marketThen why product fails
Main reason is some of the fundamental paradigms of marketing such as
• SEGMENT MARKETS
• BUILD CUSTOMERS
• UDERSTANDING CUSTOMERS
are MALFUNCTIONING.
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Problems with segmentation of Market according customer type.
• Segmentation of market by type of customer is no better.
• The problem is that customers don’t conform their desires to match those of the average consumer in their demographic segment.
• Demographic segmentation gives us average customer needs , hence company on the basis of this average needs can’t determine need of individual customers therefore this method fails.
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A better way to think about market segmentation
• The structure of a market, seen from the customers’ point of view, is very simple: They just need to get things done.
• The marketer’s task is therefore to understand what jobs periodically arise in customers lives for which they might hire products the company could make.
• For example company who provides IT products & services uses best Security Software to secure their data, so they could deliver their products and services in uninterrupted manner
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Designing Products That Do the JobEvery Job which People wants to do has a :
• Social
• Functional
• emotional dimension.
If marketers understand each of these dimensions, then they can design a product that’s precisely targeted to the job
In other words, the job, not the customer, is the fundamental unit of analysis for a marketer who hopes to develop products that customers will buy.
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BEST EXAMPLES OF COMPANY WHO FOCUS ON PRODUCTS THAT DO JOB.
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PURPOSE BRANDSometimes, the discovery that one needs to get a job done is conscious, rational, and explicit.
At other times, the job is so much a part of a routine that customers aren’t really consciously aware of it.
Either way, if consumers are lucky, when they discover the job they need to do, a branded product will exist that is perfectly and unambiguously suited to do it.
We call the brand of a product that is tightly associated with the job for which it is meant to be hired a purpose brand.
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Example of Purpose Brand
PURPOSE OF BRAND FED-EXI-need-to-send-this-from-here-to-there-with-perfect-certainty-as-fast-as-possible job.
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Role of Advertising• Much advertising is wasted in the mistaken
belief that it alone can build brands.
• Advertising cannot build brands, but it can tell people about an existing branded product’s ability to do a job well.
• Thus Advertise Product after building it according to jobs of customer.
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Role of Advertising
The fact is that most great brands were built before their owners started advertising. Think of Disney, Harley-Davidson, eBay, and Google.
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Extending—Or Destroying—Brand Equity
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THANK YOU !!!