marketing
DESCRIPTION
BUSSINESS MANAGEMENTTRANSCRIPT
MARKETING
Prof. Jogendra NayakDepartment of Management Studies
IIT Roorkee
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
Marketing
• Definition• Needs, wants and demands• Markets, market place, virtual and meta
markets• Company orientations(production, product,
selling, marketing)
What is marketed?
• Goods• Services• Events• Experiences• Persons• Places• Properties• Organizations• Information• Ideas
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)
The customer
• Customer life cycle– Prospect– First time buyer– Repeat buyer– Core buyer– defector
Barriers to entry and exit
• Government policy• Costs• Presence of strong brands• Technology• Customer preferences
Competition
• Innovative solutions to existing problems• Price war• Switching channels of distribution• Service based competition• Experience based competition
Market opportunity
• Demand analysis• Segment analysis• Industry analysis• Competitor analysis
Marketing planning
• PIMS approach• Portfolio methods – BCG Approach– GE Approach
Segmentation
• Definition• Need for segmentation• Mass marketing• Niche marketing• Local marketing• Individual marketing
Segmenting consumer markets
• Geographic • Demographic• Psychographic• Behavioural• VALS Framework
Segmenting business markets
• Demographic• Operating variables• Purchasing approaches• Situational factors• Personal characteristics
Positioning
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)
Product mix
• Product mix – Length– Width– Depth– Consistency
• Line stretching• Line filling• Line pruning• Co branding
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
Pricing objectives
• Survival• Maximize profit• Maximize market share• Maximum market skimming• Product quality leadership
Pricing
• Product line pricing• Optional feature pricing• Captive product pricing• Two part pricing• By-product pricing• Product bundling pricing
Pricing method
• Markup pricing• Target return pricing• Perceived value pricing• Value pricing• Going rate pricing
Marketing channels
• Role of channels• Levels of channel• Channel design decisions – Lot size– Waiting and delivery time– Variety– Service backup
• Channel conflict