Principles of Marketing - Summary
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Transcript of Principles of Marketing - Summary
![Page 1: Principles of Marketing - Summary](https://reader034.fdocuments.net/reader034/viewer/2022050807/5440d04ab1af9f72118b45fc/html5/thumbnails/1.jpg)
PRINCIPLES OF MARKETING
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2PRINCIPLES OF MARKETING– NAVEED ILYAS
What is marketing ?
Key customer markets◦ Business Markets◦ Consumer Markets
Needs , Wants & Demand
FOUNDATION
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3PRINCIPLES OF MARKETING– NAVEED ILYAS
VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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4PRINCIPLES OF MARKETING– NAVEED ILYAS
VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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5PRINCIPLES OF MARKETING– NAVEED ILYAS
VALUE BASICSImage valueImage value
Personnel valuePersonnel value
Services valueServices value
Product valueProduct value
Totalcustomer
value
Totalcustomer
value
Monetary costMonetary cost
Time costTime cost
Energy costEnergy cost
Psychic costPsychic cost
Totalcustomer
cost
Totalcustomer
cost
Customerdelivered
value
Customerdelivered
value
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6PRINCIPLES OF MARKETING– NAVEED ILYAS
Customer Satisfaction
Customer Touchpoints◦ Touch points for hotel ◦ Touch points for an airline
Growth as an objective◦ Strategic planning gap
VALUE BASICS
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7PRINCIPLES OF MARKETING– NAVEED ILYAS
VALUE BASICS
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8PRINCIPLES OF MARKETING– NAVEED ILYAS
EFFECTIVE MARKETING MANAGEMENT
VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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9PRINCIPLES OF MARKETING– NAVEED ILYAS
The Buying Decision Process
Why are we reviewing this simple “buying decision process” ??
Types of buying decision behaviour
CONSUMER BEHAVIOUR
Problem Recognition
Information Search
Evaluation of Alternatives
Purchase Decision
Post Purchase Behaviour
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10PRINCIPLES OF MARKETING– NAVEED ILYAS
CONSUMER BEHAVIOUR
TYPES OF BUYING DECISION BEHAVIOUR
High Involvement Low Involvement
Significant Differences between Brands
Complex buying behavior
Variety-seeking buying behavior
Few Differences between Brands
Dissonance-reducing buying behavior
Habitual buying behavior
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11PRINCIPLES OF MARKETING– NAVEED ILYAS
EFFECTIVE MARKETING MANAGEMENT
VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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12PRINCIPLES OF MARKETING– NAVEED ILYAS
Market Segmentation
◦ Geographic Segmentation
◦ Demographic Segmentation
◦ Psychographic Segmentation Life Style Personality Characteristics
◦ Multiple Segmentation
STRATEGIC MARKETING
Market Segmentation
Market Targeting
Market Positioning
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13PRINCIPLES OF MARKETING– NAVEED ILYAS
Effective Segmentation
◦ Measurable
◦ Substantial
◦ Accessible
◦ Differentiable
◦ Actionable
STRATEGIC MARKETING
Market Segmentation
Market Targeting
Market Positioning
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14PRINCIPLES OF MARKETING– NAVEED ILYAS
Market Targeting
◦ Undifferentiated Marketing
◦ Differentiated Marketing
◦ Niche Marketing
◦ Micro Marketing
◦ Socially responsible target marketing
STRATEGIC MARKETING
Market Segmentation
Market Targeting
Market Positioning
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15PRINCIPLES OF MARKETING– NAVEED ILYAS
Market Positioning
◦ Identifying possible competitive advantages Differentiating on the basis
of ………
◦ Choosing the right competitive advantages One difference or more
◦ Positioning the company calls for concrete actions
STRATEGIC MARKETING
Market Segmentation
Market Targeting
Market Positioning
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16PRINCIPLES OF MARKETING– NAVEED ILYAS
EFFECTIVE MARKETING MANAGEMENT
VALUE BASICS
CONSUMER BEHAVIOUR
STRATEGIC MARKETING
TACTICAL MARKETING
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17PRINCIPLES OF MARKETING– NAVEED ILYAS
TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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18PRINCIPLES OF MARKETING– NAVEED ILYAS
TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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19PRINCIPLES OF MARKETING– NAVEED ILYAS
What is a product ?
Product Levels◦ Core ◦ Actual ◦ Augmented
PRODUCT
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20PRINCIPLES OF MARKETING– NAVEED ILYAS
Building Brands
◦ Brand Sponsorship
Manufacturer’s brands versus private brand
Licensing
Co Branding
◦ Brand Development
PRODUCT
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21PRINCIPLES OF MARKETING– NAVEED ILYAS
Brand Development
PRODUCT
Brand Name
Product Category
Existing New
ExistingLine Extension Brand Extension
NewMulti Brands New Brands
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22PRINCIPLES OF MARKETING– NAVEED ILYAS
Product Life Cycle
◦ Limited Life
◦ Each stage pose a different challenge
◦ Profits rise and fall at different stages
PRODUCT
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23EFFECTIVE MARKETING MANAGEMENT– NAVEED ILYAS
W
PRODUCT
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24PRINCIPLES OF MARKETING– NAVEED ILYAS
TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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25PRINCIPLES OF MARKETING– NAVEED ILYAS
Price is the amount of money charged for a product or service ?
General Pricing Approaches◦ Cost Based◦ Value Based◦ Competitor Based
PRICE
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26PRINCIPLES OF MARKETING– NAVEED ILYAS
Price adjustment strategies
◦ Discount & Allowance Pricing
◦ Segment Pricing
◦ Psychological Pricing
◦ Promotional Pricing
◦ Geographical Pricing
PRICE
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27PRINCIPLES OF MARKETING– NAVEED ILYAS
Initiating and responding to price changes◦ Initiating price cuts◦ Initiating price increases
Is it possible to increase price invisibly ?
PRICE
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28PRINCIPLES OF MARKETING– NAVEED ILYAS
TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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29PRINCIPLES OF MARKETING– NAVEED ILYAS
Firm’s success does not depend on how well it performs …
Channel Levels ◦ Zero level ◦ One level ◦ Two level ◦ Three level
PLACE
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30PRINCIPLES OF MARKETING– NAVEED ILYAS
Channel Conflicts
◦ Horizontal Conflicts Among Distributors
◦ Vertical Conflicts When using multiple channels
Vertical Marketing System
Multi distribution System
PLACE
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31PRINCIPLES OF MARKETING– NAVEED ILYAS
TACTICAL MARKETING TOOLS
PRODUCT
PRICE
PLACE
PROMOTIONS
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32PRINCIPLES OF MARKETING– NAVEED ILYAS
Communication is important in building and maintaining any kind of relationship
A view of the communication process can help us in effectively promoting our product
PROMOTIONS
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33PRINCIPLES OF MARKETING– NAVEED ILYAS
Communication Process
PROMOTIONS
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34PRINCIPLES OF MARKETING– NAVEED ILYAS
Communication alone can not create positive feelings and purchase
An outstanding marketing communication can actually speed the demise of a poor product
PROMOTIONS
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35PRINCIPLES OF MARKETING– NAVEED ILYAS
Communication Appeals◦ Rational Appeal
Audience Self interest
◦ Emotional Appeal To stir up negative or
positive emotions Love , Joy, Pride, Humour Fear, Guilt, Shame
◦ Moral Appeals
PROMOTIONS
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36PRINCIPLES OF MARKETING– NAVEED ILYAS
PROMOTIONSADVERTISING SALES
PROMOTIONPUBLIC
RELATIONSPERSONAL
SELLING DIRECT
MARKETINGPrint and broadcast
adsContests, games
sweepstakes, lotteriesPress kits Sales presentations Catalogs
Packaging outer Premiums and gifts Speeches Sales meetings Mailings
Packaging inserts Sampling Seminars Incentive programs Telemarketing
Brochures and booklets
Fairs and trade shows Annual reports Samples Electronic shopping
Posters and leaflets exhibits Charitable donations Fairs and trade shows TV shopping
Directories Demonstrations Sponsorships Fax mail
Reprint of ads Coupons Publications E-mailBillboards Rebates Community relations Voice mail
Display signs Low-interest financing
Company magazine
Point of purchase displays
Entertainment Events
Audiovisual material Trade-in allowance
Symbols and logos Community programs
Videotapes
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37PRINCIPLES OF MARKETING– NAVEED ILYAS
Push Strategy◦ Using sales force and trade
promotions to push the product through channels
Pull Strategy ◦ Spending a lot on
advertising and consumer promotions to build up consumer demands
PROMOTIONS
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38PRINCIPLES OF MARKETING– NAVEED ILYAS