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Transcript of Marketing plam a new business
Marketing Management
Prepared by sabujDepartment of Business Administration
Daffodil International University
1
A Must Know…
1) What is Market?2) What is Marketing?3) What is Marketing Strategy?4) What is Marketing Mix?
2
What Can Be Marketed..???
• Goods
• Services
• Experiences
• Ideas/Causes
• Information
• People
• Place
• Organization
• Properties
• Events
3
Demand States
• Negative Demand• No Demand• Latent Demand• Declining Demand• Irregular Demand• Full Demand• Overfull Demand• Unwholesome Demand
4
5
Principles of Marketing: A Review
• Need, Want, Demand• Products, Services, Experiences• Customer Satisfaction• Value Proposition• Marketing Orientations
1. Production Concept2. Product Concept3. Selling Concept4. Marketing Concept5. Societal Marketing Concept
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Holistic Marketing Concept
• Integrated Marketing• Internal Marketing• Performance Marketing• Relationship Marketing– Customer Relationship Management (CRM)– Partner Relationship Management (PRM)
7
Evolving Company Orientations
8
Principles of Marketing: A Review
• Customer Lifetime Value• Customer Equity• Customer Loyalty and Retention• Product-oriented Mission vs Market-oriented
Mission• Strategic Business Unit (SBU)• Stock Keeping Unit (SKU)
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Market-Oriented Business DefinitionCompany Product-Oriented Definition Market-Oriented Definition
Amazon.com We sell books, videos, toys, electronics and other products online.
We make the internet buying experience fast, easy and enjoyable----we’re the place where you can find and discover anything you want to buy online.
Google We provide the world’s best online search engine.
We help you organize the world’s information and make it universally accessible and useful.
Nike We sell athletic shoes and apparel. We bring inspiration and innovation to every athlete* in the world. (* If you have a body, you are an athlete)
Revlon We make cosmetics. We sell lifestyle and self-expression; success and status; memories, hopes and dreams.
Wal-Mart We run discounts stores. We deliver low prices everyday and give ordinary folks the chance to buy the same things as rich people. “Save Money, Live Better”
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Marketing’s Impact on Individual Consumers
High prices– High costs of distribution– High advertising & promotion costs– Excessive markups
Deceptive practicesHigh-pressure sellingShoddy, harmful or unsafe productsPlanned obsolescencePoor service to disadvantaged consumers
11
Marketing’s Impact on Society as a Whole
False wants & too much materialismToo few social goodsCultural polution
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Value Chain Analysis
13
BCG Matrix
• Boston Consulting Group (BCG)• Growth-Share Matrix
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Ansoff Model
• Product-Market Expansion Grid
15
Growth Opportunities• Intensive Growth– Ansoff Model (Product Market Expansion Grid)
• Integrative Growth– Backward Integration– Forward Integration– Horizontal Integration
• Diversification Growth– Concentric Diversification– Horizontal Diversification– Conglomerate Diversification• Divesting and Downsizing
16
Marketing Mix
• Controllable Marketing Tools
17
Marketing Environment
• Internal Environment– Customers, Competitors, Investors, Employees,
Suppliers, Distributors, etc.
18
Porter’s Generic Strategies
• Cost Leadership
• Differentiation
• Focus
19
Strategic Alliances
• Product or Service Alliance
• Promotional Alliance
• Logistics Alliance
• Pricing Collaborations
20
Marketing Environment
• External Environment
21
Demographic Environment
• World Population Growth
• Population is Getting Older
• Economic Power of Women
• Formation of Household is Changing
• Ethnic Diversity Continues
• Concentration of Wealth
22
Principles of Marketing: A Review
23
Characteristics Affecting Consumer Behavior
24
Types of Buying Decision Behavior
25
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Buying Decision Process
27
New Product Development Process
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Test Marketing
• Standard Test Market
• Controlled Test Market
• Simulated Test Market
29
Business Market vs Consumer Market
30
Principles of Marketing: A Review
31
Cross Sellingvs.
Up Sellingvs.
System (Solution) Selling
32
Marketing Strategy
• Segmentation– Demographic Segmentation– Geographic Segmentation– Psychographic Segmentation– Behavioral Segmentation
• Targeting– Undifferentiated (Mass) Targeting– Differentiated Targeting– Niche Targeting– Micro Targeting (Local and Individual)
• Positioning– More for More– More for Less– More for Same– Same for Same– Same for Less 33
Customer Preference
• Homogeneous Preference = No Segments
• Diffused Preference = Few Segments
• Clustered Preference = Several Segments
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35
Market Targetingvs.
Target Marketing
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37
VALS Network
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Criteria for Effective Segmentation
• Measurable• Accessible• Substantial• Differentiable• Actionable
39
Positioning Map
40
Porter’s Five Forces of Competition
41
Share of Marketvs
Share of Mindvs
Share of Heart42
Strategic Sweet Spot versus Competitors
Competitive Environment
43
Competitor Classification
• Strong vs. Weak
• Close vs. Distant
• Good vs. Bad
44
Competitor Levels
• Market Leader
• Market Challenger
• Market Follower
• Market Nicher
45
Market Leader Strategies
• Position Defense (superior incomparable brand power)
• Flank Defense (protecting weak areas)
• Preemptive Defense (attacking before enemy does)
• Counteroffensive Defense (attacking the attacker)
• Mobile Defense (business expansion)
• Contraction Defense (leaving weaker territories)
46
Market Challenger Strategies
• Frontal Attack (copy-cat with leader)
• Flank Attack (attacking leader’s weak areas)
• Encirclement Attack (binding consumers to use)
• Bypass Attack (being in safe zone)
• Guerrilla Warfare (presence in every single area)47
Market Follower Strategies
• Counterfeiter (black market or piracy)
• Cloner (slight variation in brand elements)
• Imitator (copies leader with own strategy)
• Adapter (improves leader products, future challenger)
48
Niche Specialist Roles• End-User Specialist• Vertical-level specialist• Customer-size specialist• Specific-Customer specialist• Geographic specialist• Product or product-line specialist• Product-feature specialist• Job-shop specialist• Quality-price specialist• Service specialist• Channel specialist
49
Brand vs
Branding
50
Brand Elements
• Brand Name• Logo• Symbol• Jingle• Color• Font• Character• Slogan• Motto• Tagline• Voice
51
Brand Element Selection Criteria
• Memorable
• Likeable
• Protectible
• Meaningful
• Transferable
• Adaptable
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Brand Development Strategies
53
Branding Decisions
• Individual Names
• Blanket Family Names
• Separate Family Names for all Products
• Corporate Names combined with Individual
Product Names
54
Brand Portfolios
• Flankers
• Cash Cows
• Low-End Entry Level
• High-End Prestige
55
Points-of-Parity (POP)vs
Points-of-Differences (POD)
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Point-of-Sale (POS)vs
Point-of-Purchase (POP) Display
[Impulse Buying]
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59
60
Brand Association
• Primary Association
– Quality
– Price
– Attribute
– Feature
• Secondary Association61
Secondary Brand Associations
62
Product Classification
• Nature basis
– Goods
– Services
– Experiences
• Durability basis
– Durable Products
– Non-Durable Products
• User basis
– Consumer Products
– Business Products
• Purchase Behavior basis
– Convenience Products
– Shopping Products
– Specialty Products
– Unsought Products 63
64
Product Levels
65
Product Hierarchy• Need Family
• Product Category
• Product Class
• Product Type
• Brand
66
Product Differentiation
• Form• Size• Shape• Flavor• Feature• Customization• Design
• Performance Quality• Conformance Quality• Durability• Reliability• Repairability• Style
67
Attributesvs
Features
68
Product Linevs
Product Mix
69
70
Product Life Cycle
• Fad
• Fashion
• Style
• Trend
• Mega trend
71
PLC and Marketing Strategies
72
Packaging Levels
• Primary
• Secondary
• Tertiary
• Boundary
73
Packaging as Marketing Tool
• Self-Service
• Consumer Affluence
• Company and Brand Image
• Innovation Opportunity
74
Labeling Components
---------
---------
--------- 75
Customizationvs
Customerization
76
One to One Marketingvs
Permission Marketingvs
Experiential Marketing
77
Sets in Consumer Decision Making
• Total Set• Awareness Set• Evoked Set• Consideration Set• Inept Set• Inert Set• Choice Set• Decision
78
Consumer Perceived Risk
• Functional Risk
• Physical Risk
• Financial Risk
• Social Risk
• Psychological Risk
• Time Risk
79
Service Characteristics
• Intangibility
• Perishability
• Simultaneity
• Variability
80
Categories of Service Mix
• Pure Tangible Goods
• Tangible Goods with accompanying Services
• Hybrid
• Major Service with accompanying Goods
• Pure Services
81
Service Marketing Triangle
82
Service Marketing Mix
83
Service Differentiation
• Ordering Ease• Delivery• Installation• Customer Training• Customer Consulting• Maintenance and Repair• Returns• Warranty and Guarantee
84
Service-Quality Model
85
Service Quality Dimensions
• Reliability• Responsiveness• Assurance• Empathy• tangibles
86
Pricevs
Pricing
87
Changing Pricing Environment
• Buyers can – – Price comparison– Quote own price– Free products
• Sellers can – – Tailor price offer with consumer behavior– Special price of specific customer
• Both can – – Negotiate price online and auction
88
Reference Pricing
• Fair Price• Typical Price• Last Price Paid• Upper-bound price• Lower-bound price• Competitor price• Expected future price• Usual discounted price
89
Steps of Price Setting• Selecting Pricing Objective
– Survival, growth, share, profit, leadership, etc.
• Determining Demand
– Sensitivity, elasticity, etc.
• Estimating Costs
– VC, FC, AC, MC, TC, etc.
• Analyzing Competitors Cost, Price, and Offers
• Selecting Pricing Method
• Selecting the Final Price
90
Pricing Strategy
• Skimming Strategy
• Premium Pricing
• Penetration Strategy
91
Pricing Types
• Cost based pricing
• Value based pricing
• Perceived value pricing
• Break even pricing
• Promotional pricing
• Psychological pricing
92
Pricing Options
• Captive Product Pricing
• By-Product Pricing
• Optional Product Pricing
• Bundle Product Pricing
• Product Line Pricing93
Additional Pricing Considerations
• Auction type pricing
• Geographical Pricing
• High-Low pricing
• Time based pricing
• Two-Part Pricing
94
Promotional Pricing
• Loss-Leader pricing• Special-event pricing• Cash rebates• Low-interest financing• Longer payment terms• Warranties and service contracts• Psychological discounting
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Differentiated Pricing
• Customer-segment pricing• Product-form pricing• Image pricing• Channel pricing• Location pricing• Time pricing
96
Price-Adjustment StrategiesStrategy
Discount and allowance pricing
Reducing prices to reward customer responses such as paying early or promoting the product.
Segmented pricing Adjusting prices to allow for differences in customers, products or locations.
Psychological pricing Setting prices for psychological effect.
Promotional pricing Temporarily pricing products below the list price to increase short-run sales.
Geographical pricing Setting price for customers located in different parts of the country or world.
Dynamic pricing Adjusting prices continually to meet the characteristics and needs of individual customers situations.
International pricing Setting the prices for international markets.97
Initiating Price Cut
• Low Quality Trap
• Fragile Market Share Trap
• Shallow Packet Trap
• Price War Trap
98
Initiating Price Increase
• Delayed Quotation Pricing
• Escalator Clauses
• Unbundling
• Reduction of Discounts
99
100
Consumer Marketing Channels
101
Industrial Marketing Channels
102
Push Strategy vs
Pull Strategy
103
Channel Integrations and Systems
• Conventional Marketing System
• Vertical Marketing System (VMS)
– Corporate VMS
– Administered VMS
– Contractual VMS
• Horizontal Marketing System (HMS)
104
Distribution Types
• Intensive Distribution
• Selective Distribution
• Exclusive Distribution
105
Channel Conflicts and Resolution
• -• -• -• -• -• -• -• -
106
Brick-and-Mortarvs
Click-and-Mortar
107
Faculty of Business Studies
University of Dhaka
IMCIntegrated Marketing Communications
108
FocusUSP
Consumer BehaviorMedia Behavior
IMC Budget
Target Market
109
ATLAbove the Line
BTLBelow the Line
110
The LINE
111
112
Slot Buying113
114
Philosophy 1: Single MessagePhilosophy 2: Every Medium
115
IMC Budget
116
IMC Tools 117
ADVERTISEMENTSBroadcast Media
Print Media
Out-of-Home Media
118
Thinking about TVCs???
Celebrity or Expert or MascotStereotyped Cases
Rational or Emotional or Morale Appeal
119
The Five Ms of Advertising
120
Then WHAT about….
RDCs
Billboards
121
Consumer Promotion
Trade Promotion
Philosophy 1: Single Message Philosophy 2: Every Medium
122
Major Consumer Promotion Tools• Samples• Coupons• Cash Refund Offers (rebates)• Price Packs (cents-off deals)• Premiums (gifts)• Prizes (contests, sweepstakes, games)• Patronage Awards• Free Trials• Product Warranties• Tie-in Promotions• Cross- Promotions• Point-of-Purchase
123
Is it really NecessaryWho to send..
Door-to-Door Selling..!!!
Philosophy 1: Single Message Philosophy 2: Every Medium
Sales PresentationCanned Presentation
124
EnvironmentPeople
Any other way…???Community
Philosophy 1: Single Message Philosophy 2: Every Medium
125
Philosophy 1: Single Message Philosophy 2: Every Medium
126
Philosophy 1: Single Message Philosophy 2: Every Medium
127
Forms of Direct Marketing
128
Global Product and Communications Strategies
129
Format of MARKETING PLAN
• Executive Summary• Situation Analysis
– Internal Environment– External Environment– Competitive Environment
• Market Environment• Marketing Strategy• Marketing Mix• Budget• Return on Investment (ROI)• Contingency Plan• Takeaway
130