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Marketing (What is marketing (Market driven management (Shared value &…

- - - - Generate a reason to buy, based on attractive product features
    - - Generate a reason to buy, based on low price, justified by low cost
    - - Both parameters must be met
- - - - The characteristics of individual customers are understood
    - - Customers are grouped into segments on the basis of having similar characteristics
    - - One segment is judged to be most attractive and a marketing mix strategy is designed for that target market
  - - - Targeting
      - Tailored marketing mix
  - - - Benefits sought
      - Purchase occasion
      - Purchase behavior
      - Usage
      - Perceptions & beliefs
    - - Lifestyle
      - Personality
    - - Demographic
      - Socio-economic
      - Geographic
  - - - Marketing mix -> Whole market
      - example: post office
    - - Marketing mix 1 -> segment 1
        Marketing mix 2 -> segment 2
        Marketing mix 3 -> segment 3
      - example: Levi is for utilitarian customer, trendy, price shopper, mainstream, traditionalist
    - - The identification of several segments does not imply that a company should serve all of them; some may be unattractive
      - When a company develop a single marketing mix aimed at one target market (niche) it is practicing focused marketing
      - example: cement manufacturer -> builder merchants (not go to independent DIY shop or national DIY chain )
    - - Marketing mix 1 -> customer 1
        Marketing mix 2 -> customer 2
        Marketing mix 3 -> customer 3
      - example: industrial electronic system supplier -> individual mixes (some names) -> individual customers (some names)
  - - - functional
- - - - Higher sales & profit
      - The ability to charge price premiums
      - Achieve distribution more easily
    - - Key function of brand is quality certification
      - They know what they get
  - - - Product quality improvements are driven by
        
        Consumer pull (changing expectation)
        
        manufacturer push (improved technical potential)
        
        competition
      - Vital - a major reason of brand failure is the inability to get the basics right
    - - To create a unique position in the minds of the targeted consumers, require
        
        advertising
        
        other promotional activities
      - Awareness need to be built, positive attitudes need to be created and reinforced
    - - Being first gives the opportunity to create a clear position in the minds of the target audience
      - No means success guaranteed
      - It requires sustained product improvement, marketing effort & the strength to withstand competitor attacks
    - - Brand building is a long term activity
      - Generating awareness, communicating brand values & building customer loyalty takes many years
- - - - Technology
      - Globalization
    - - Competitive pressures
- - - - 1,2,3,4: marketing planning at business level
      - 5,6,7,8: marketing planning at product level
  - - - Why the company exists
    - - The commercial rationale
    - - What senior management believes in
    - - The policies & behavior patterns that guide how the company operates
- - - - Samsung Galaxy S8
      - Auto-drive car
    - - IPhone
      - IPad
      - MacBook
  - - - Build sale/market share
        Invest to maintain leadership position
    - - Hold sale/market share
        Defend position
    - - Build selectively
        Focus on defendable niche
        Harvest/Divest the rest
    - - Harvest/Divest
        Focus on defendable niche