_10_ Marketing _ Consumer Behavior by usmanjee123


									   MARKETING &

•   What is Marketing?

“Delivering customer satisfaction at a profit”

   What is Marketing?

   It is a process of planning and executing the
    product, pricing, promotion and distribution of
    ideas, goods and services to create exchanges
    that satisfy individual needs and organizational
 The process by which companies create
 value for customers and build strong
 customer relationships in order to capture
 value from customers in return.
The Four Utilities
    Utility: It is the power of a good or service to satisfy a human
     need or want.
    Need: It is the difference between a human‟s actual state and his
     ideal state.
    Want: Things that are desirable for a human in light of his
     experience, culture and personality.

1)   Form Utility: Consumer value created when a product is made
     more satisfying.
2)   Time Utility: Consumer value added by making that product
     available at the convenient time.
3)   Place Utility: Consumer value added by making that product
     available at convenient location.
4)   Possession Utility: Consumer value created when someone takes
     ownership of the product.
Competitive Marketing & Customer Satisfaction
   Competitive Advantage: It is the quality that makes the
    product more desirable than similar products offered by the

   Product Differentiation: These are features that distinguish
    one company‟s product from another company's product.

   Quality : It is the degree to which a product meets the
    expectations of the customer.

   Customer Service: These are the efforts a company makes to
    satisfy its customers by helping them achieve the best value of
    the product they are purchasing.
Strategic Marketing Planning
    Marketing without planning would never give desired
    Strategic Marketing Planning is a three step process.

1)   Review Your Current Performance

2)   Assess Your Opportunities

3)   Develop the Marketing Strategy
Step 1: Review Your Current Performance
    SWOT Analysis / Self & Competitor
1.   Strengths
2.   Weaknesses
3.   Opportunities
4.   Threats

    Sell more of same product in current market.
    Creating new product for current market.
    Selling same product in new market.
    Creating new product for new market.
Step 2: Analyzing the External Environment
   Political: Government Rules & Regulations.

   Economic Forces

   Social Trends

   Technology
Step 3: Develop the Marketing Strategy
   Market: It is a place where there are
    people with money to buy products to
    satisfy needs and wants.

   Market Share: It is the share of a firm in
    total sales of a market.

   Marketing Strategy: It is the overall plan
    for marketing a product.
Marketing Strategy
   It is the overall plan for marketing a
    product. It consists of three elements.

   Target Market

   Positioning.

   Marketing Mix
Target Market
   These would be the people to whom you would sell or
    people who would buy from you.
   To understand „Target Market‟ we should know about

   Market Segmentation: It is division of market in groups
    in which people have common characteristics.
   Demography & Demographics: To study and divide
    population in statistical characteristics. Like age, gender,
    Buying power, geography, education and nationality.

   * We base our strategy according to our target
Target Market
   Undifferentiated Marketing: A marketing program that has one
    single standard product for all consumers. It is also known as ‘mass
    marketing’. FMCG Industry

   Concentrated Marketing: A marketing program that is aimed at a
    single market segment. (Niche)

   Differentiated Marketing: A marketing program aimed at several
    market segments and each receives equal importance. Automobile

   Customized Marketing: A marketing program in which each
    individual customer is treated as a separate segment. Builders.
Market Positioning & Marketing Mix
    A place in the mind of a consumer for a specific
     product in comparison to its competitors.

    Marketing Mix

1)   Product
2)   Price
3)   Placement
4)   Promotion
Buying Behavior
   It is about knowing why a consumer selects
    or rejects a certain product.

   Consumer Buying Behavior: It is the
    behavior pattern a customer follows when
    buying various products.

   Choice: Want + Ability to buy + Attitude
    towards product
The Buyers Decision Process
   It‟s a step by step process.

   Step 1: Buyer recognizes a need.

   Step 2: Searches for a Solution.

   Step 3: Gathers information.

   Step 4: Makes a Decision.

   Step 5: Evaluates Decision.
Factors Influencing Buyers Behavior
   Culture

   Social Class

   Reference Groups

   Self Image

   Situational Factors
Marketing Research
    It is the process of gathering information about marketing
     problems and opportunities.

    There are three main kinds of researches that can be

1)   Exploratory: This research can be conducted to know
     the trends of the market.
2)   Descriptive: This is a research for the purpose of
     describing a market and its segments.
3)   Causal: It is used to know the factors that cause a
     particular effect in a market. Example: if you reduce
     price what would be the affect in the market.
The Research Process
    The process is divided into four steps.

1)   Define the Problem

2)   Design The Research

3)   Collect the Data.

4)   Analyze the Data
Assignment 3
   Your company is about to launch a new juice drink. You being the
    marketing manager of the company need to develop a complete
    marketing plan for the product. What is going to be your
    „Marketing Plan‟ strategies?
   You should cover the following.

   Name the Product.

   Target Market

   Positioning.

   Marketing Mix

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