Post on 30-May-2018
transcript
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AHSAN ALI (M.I.S)C.V GROUP KNIGHTS
LAHORE
MARKETING
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Marketing
MarketingMarketing..
What is thisMARKETING???
?
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What is Marketing?
There are several definitions of Marketing but let usforget all those formal methods to
understand/elaborate things. I always think the same
especially when people talk about Marketing. It isnt
process of promoting products only basicallyMarketing is a science.
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Marketing Science
When ever we talk about Science then our mind clicksabout some well defined methods to work on a
subject. Similarly Marketing Science is a well
defined process which can be divided into different
phases as a char is defining it below;
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SEARCH1. Right Place
2 Right Customer
3. Right Time etc.
Promotion1. Customer liking & disliking2. Advertisement methods etc.
Economic1. Economic Condition
2. Earning methods etc.
Social1. Social structure
2. Social Values
3. Norms & Culture etc.
PSYCHOLOGY1. Understanding People2. Understanding their
demands etc.
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Marketing Methodology
Who are our existing / potential customers?
What are their current / future needs? How can we satisfy these needs?
x Can we offer a product/ service that the customer
would value?
x Can we communicate with our customers?x Can we deliver a competitive product of service?
Why should customers buy from us?
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DIRECT MARKETING
Direct marketing is any unsolicited contact your
business makes with existing or potential customersin order to generate sales or raise awareness.
It is the most cost-effective form of marketing. From
direct mail and leaflet drops to telemarketing andemail marketing, it allows you to target customers
with greater accuracy than any other method.
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WHY USEDIRECT MARKETING?
Direct marketing allows you to generate a specific
response from targeted groups of customers.
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KEY OBJECTIVES OF DIRECTMARKETING
Increasing sales to existing customers
Building customer loyalty
Re-establishing lapsed customer relationships
Generating new business
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INDIRECT MARKETING
Indirect Marketing is the distribution of a particular
product through a channel that includes one or more
resellers.
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ADVANTAGE OF DIRECT MARKETING
Direct marketing has its advantages and can help your business grow,
and here is how it can do just that. With direct marketing you cantarget directly to a certain type of individual or customer that couldbenefit from your business. You can also personalize it to a specific
customer through direct mail. You can optimize to get results andthen you will know how much or little your approach has worked.Another thing is your direct marketing can be flexible and relaymany topics of products or services. You can accumulate all your
data from responses to use for future marketing endeavours.
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DISADVANTAGE OF DIRECTMARKETING
Direct marketing has its disadvantages, as well and this can ultimately hurt
your business and not bring more customers. The cost can be a greatdisadvantage. Having any type of marketing device can be costly. If your
marketing is of poor quality it will hurt your business as well. Your
messages need to be clear, unique, and useful. If you don't take the time to
develop a good marketing campaign, then it will hurt you more than help.
The biggest disadvantage is a poor image, especially when using direct
mail marketing. This is why you need to plan your marketing techniques
and refine them if need be. It will only benefit you in the long run if you do
this now instead of spending money on something less than perfect.
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DISADVANTAGE OF INDIRECTMARKETING
An indirect channel also has limitations. Themanufacturer has to give up control over the
marketing of its product to another firm. The channel
may not be permanent because the intermediary can
easily discontinue handling a manufacturer's productif there is no profit.
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PRODUCTDEFINITION
"Anything that is capable of satisfyingcustomer needs"
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PRODUCT LIFECYCLE
A new product progresses through a sequence of stagesfrom introduction to growth, maturity, and decline.
This sequence is known as the product life cycle and
is associated with changes in the marketing situation,
thus impacting the marketing strategy and themarketing mix.
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The product revenue and profits can be plotted as a function of the life-cycle
stages as shown in the graph below:
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Introduction Stage
In the introduction stage, the firm seeks to build productawareness and develop a market for the product. The impacton the marketing mix is as follows:
Productbranding and quality level is established, andintellectual property protection such as patents and trademarksare obtained.
Pricing may be low penetration pricing to build market sharerapidly, or high skim pricing to recover development costs.
Distribution is selective until consumers show acceptance of
the product. Promotion is aimed at innovators and early adopters.
Marketing communications seeks to build product awarenessand to educate potential consumers about the product.
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Growth Stage
In the growth stage, the firm seeks to build brand
preference and increase market share.
Product quality is maintained and additional featuresand support services may be added.
Pricing is maintained as the firm enjoys increasing
demand with little competition.
Distribution channels are added as demand increasesand customers accept the product.
Promotion is aimed at a broader audience.
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Maturity Stage
At maturity, the strong growth in sales diminishes. Competition
may appear with similar products. The primary objective at this
point is to defend market share while maximizing profit.
Product features may be enhanced to differentiate the product
from that of competitors.
Pricing may be lower because of the new competition.
Distributionbecomes more intensive and incentives may be
offered to encourage preference over competing products.Promotion emphasizes product differentiation.
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Decline Stage
As sales decline, the firm has several options:
Maintain the product, possibly rejuvenating it by adding new
features and finding new uses.
Harvest the product - reduce costs and continue to offer it,
possibly to a loyal niche segment.
Discontinue the product, liquidating remaining inventory or
selling it to another firm that is willing to continue the product.
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PRODUCT STRATEGY
Marketing plan for a product based on thecharacteristics of the target market, market share
objectives, desired product positioning within the
market, and profit objectives. Strategic plans for a
product are based on decisions regarding the four P's(product, place, price, promotion), financial targets
and budgets, and tactical plans.
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KNOW YOURCUSTOMERNEEDS
Who they are ?
What they do ?
Why they buy?
When they buy?
How they buy?
How much money they have ?
What makes the feel good about buying?
What they expect of you?
What they think about you? (Image)
What they think of your competitors?
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CUSTOMERDEMAND
Consumer need and desires can influence product development.
Needs and desires mean sales demand. Many products are
developed to meet some need, such as a vaccine for the swineflu or a hair spray for sensitive scalps. Products created to
meet a need have a better chance for quicker success than a
product whose usefulness and utility must be sold as much as
the product itself.
Product demand is elastic in that products will continue to be
introduced into a category until the benefit ceases to be
realizable in sales growth.
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MARKETRESEARCH
To undertake marketing effectively, businesses
need information. Information about customerwants, market demand, competitors, distribution
channels etc.
This comes from 3 main sources:
Internal company information Marketing Intelligence
Market Research
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USE
OF MARKET
RE
SEARC
HYou can find out the following from market researchInformation about the market
Analysis of the market potential for existing products (e.g.market size, growth, changing sales trends)
Forecasting future demand for existing products Assessing the potential for new products
Study of market trends Analysis of competitor behaviour and performance
Analysis of market sharesInformation about Products
Likely customer acceptance (or rejection) of new products Comparison of existing products in the market (e.g. price,
features, costs, distribution) Forecasting new uses for existing products
Technologies that may threaten existing products New product development
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TYPES OF MARKETRESEARCH
QUANTITATIVE RESEARCH
QUALITATIVE RESEARCH
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Qualitative Research
Qualitative Research is about investigating the
features of a market through in-depth research that
explores the background and context for decision
making.
There are two main qualitative methods - depthinterviews and focus groups. However qualitative
research can also include techniques such as usability
testing, brainstorming sessions and surveys.
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Quantitative Research
Quantitative research is about measuring a market and
quantifying that measurement with data. Most often the
data required relates to market size, market share,
penetration, installed base and market growth rates.
However, quantitative research can also be used to
measure customer attitudes, satisfaction, commitment and
a range of other useful market data that can tracked over
time.
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SUPPLY CHAIN
A supply chain is the system of organizations,
people, technology, activities, information and
resources involved in moving a product or service
from supplier to customer.
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An illustration of a company's supply chain; the arrowsstand for supplier-relationship management, internal SCM
and customer-relationship management
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Representative Must Know
AREAKNOWLEDGE PRODUCT KNOWLEDGE
CUSTOMER IDENTIFICATION CUSTOMER KNOWLEDGE CHEMIST FEED BACK BAG PREPARATION CHAMBER FIGHT
COMPETITOR KNOWLEDGE PREE CALLANALYSIS POST CALLANALYSIS COMMITMENT SALES EVALUATION
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Marketing Personnel Strategy
Specify the target market & Plan
Measures of Market
Achievable Target
RealisticApproach
Time Bound Marketing activities
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Marketing Planning
Systematic futuristic thinking by management Better co-ordination of a companys efforts
Development of performance standards for control
Sharpening of objectives and policies
Better prepare for sudden developments
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THANKYOU!
Yahoo! Now IKNOW ALL
ABOUTMARKETING!!