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Key – 1 The need to understand the complexity of marketing!
2 questions come to the fore-front <ul><li>What is marketing? </li></ul><ul><li>How is it different from selling? </li></ul>
What is marketing?  <ul><li>Marketing is not selling </li></ul><ul><li>Marketing is strategy </li></ul><ul><li>Marketing h...
Difference between marketing & sales…. <ul><li>Selling focuses on  the need of the seller. </li></ul><ul><li>Its focus is ...
Hence… <ul><li>the…  </li></ul><ul><li>PRODUCT… </li></ul><ul><li>PRICE… </li></ul><ul><li>PROMOTION… & </li></ul><ul><li>...
Process of marketing & marketing strategy are integrated & hence complex. It essentially involves 2 distinct components - ...
Pre requisite for an effective marketing strategy. <ul><li>Developing a marketing mix that fits into the needs & wants of ...
Key – 2 ( Positioning ) Why is it important to develop the marketing strategy? <ul><li>The act of designing the company’s ...
USP (Unique selling proposition) <ul><li>USP  is a unique product attribute that a company uses to set its (brand) product...
USP ??? <ul><li>Emphasizing a single attribute as the tactic to position your brand can be beneficial, as it allows us to ...
Challenges in using USP for positioning  -  <ul><li>1 st  the competition can downplay the importance of the attribute tha...
Conveying USP through a slogan… (1 sentence that says it all) <ul><li>Consistency is the key when it comes to the slogans....
Key – 3   ( Why the job of a marketing manager  is a key to the success of the firm?) <ul><li>Q – What does the marketing ...
Q – What does the marketing manager do? <ul><li>Positioning the product to the appropriate target market is essential, fai...
Key – 4   (Understanding why the knowledge of market environment contributes to the company’s success.) <ul><li>Market env...
Types of market environments <ul><li>Social and Cultural Environment </li></ul><ul><li>Economic Environment </li></ul><ul>...
Key – 5 Managing demand states <ul><li>Q - Wouldn't it be wonderful if the demand for your product was equal to what you w...
5 different demand states in which imbalance between demand & supply is evident . <ul><li>5 different demand states & all ...
No demand situation <ul><li>Symptom  – All or most of target segment customers of the potential market are indifferent or ...
Negative demand situation <ul><li>Symptom  – All or most of the potential market segments dislike the product or service, ...
Faltering demand situation <ul><li>Symptom  – Demand for a product or service is less than its former level. (Common Occur...
Irregular demand situation <ul><li>Symptom  – The timing pattern of demand for product or service is marked/influenced by ...
Latent demand situation <ul><li>Symptom – A specific set of people who share interest in a product or service that does no...
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25 Keys To Sales & Marketing

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This is the visual representation of the pocket MBA from New York Times. This power point presentation carries the mention & description of first 5 keys for marketing. Though small, but these slides contain a meticulous flow of information and provides extensive knowledge in the field.

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Transcript of "25 Keys To Sales & Marketing"

  1. 1. Key – 1 The need to understand the complexity of marketing!
  2. 2. 2 questions come to the fore-front <ul><li>What is marketing? </li></ul><ul><li>How is it different from selling? </li></ul>
  3. 3. What is marketing? <ul><li>Marketing is not selling </li></ul><ul><li>Marketing is strategy </li></ul><ul><li>Marketing has been defined by American Marketing Association as the process of planning and executing the conception, pricing, promotion & distribution of ideas, goods & services to create exchanges that satisfy individual and organizational objectives. </li></ul>
  4. 4. Difference between marketing & sales…. <ul><li>Selling focuses on the need of the seller. </li></ul><ul><li>Its focus is on the manufacturer, whose need is to convert the product into cash. </li></ul><ul><li>Marketing focuses on the need of the buyer. </li></ul><ul><li>Focus of marketing, ultimately is consumer satisfaction, which is derived from the in-depth knowledge of wants and needs of the customer, as well as a clearly thought of marketing strategy. </li></ul>
  5. 5. Hence… <ul><li>the… </li></ul><ul><li>PRODUCT… </li></ul><ul><li>PRICE… </li></ul><ul><li>PROMOTION… & </li></ul><ul><li>DISTRIBUTION … </li></ul><ul><li>…has to be properly considered for meeting the needs of the customer & creating a marketing strategy. </li></ul>
  6. 6. Process of marketing & marketing strategy are integrated & hence complex. It essentially involves 2 distinct components - <ul><li>Marketing mix – Marketing manager is a mix of ingredients inclusive of product, price, promotion & distribution . </li></ul><ul><li>The firm/marketing manager can strategically adapt these components in the construction of the final product. </li></ul><ul><li>Target Market – Defining the target market. </li></ul><ul><li>It should be obvious that marketing mix cannot work independent of the target audience. No matter how much creative marketing mix is, it cannot stand alone. </li></ul>
  7. 7. Pre requisite for an effective marketing strategy. <ul><li>Developing a marketing mix that fits into the needs & wants of target audience. </li></ul><ul><li>A mismatch between the two will cause the product to fail. </li></ul>
  8. 8. Key – 2 ( Positioning ) Why is it important to develop the marketing strategy? <ul><li>The act of designing the company’s offer & image so that it occupies a distinct and valuable place in the target customer’s mind. </li></ul><ul><li>It is the place that a product occupies in the consumer’s mind. </li></ul>
  9. 9. USP (Unique selling proposition) <ul><li>USP is a unique product attribute that a company uses to set its (brand) product apart from the competition. </li></ul><ul><li>e.g. </li></ul><ul><li>Volvo is a safe vehicle </li></ul><ul><li>Big Bazaar is the low priced supermarket. </li></ul>
  10. 10. USP ??? <ul><li>Emphasizing a single attribute as the tactic to position your brand can be beneficial, as it allows us to focus all the marketing input towards one single attribute. </li></ul><ul><li>Can also be dangerous as the attribute should be such, which is identified as valuable by the target consumer. In addition , since you are hanging your hat on one attribute to position your brand, the competitor may have easy time attacking you. </li></ul>
  11. 11. Challenges in using USP for positioning - <ul><li>1 st the competition can downplay the importance of the attribute that u are emphasizing. </li></ul><ul><li>2 nd the competition can introduce a new attribute, that makes your attribute look obsolete. </li></ul>
  12. 12. Conveying USP through a slogan… (1 sentence that says it all) <ul><li>Consistency is the key when it comes to the slogans. </li></ul><ul><li>Slogan should be consistent with the intended positioning of the brand. </li></ul><ul><li>In general, should be consistent overtime. </li></ul><ul><li>When the market environment changes the positioning of a brand, the slogan should also change. </li></ul>
  13. 13. Key – 3 ( Why the job of a marketing manager is a key to the success of the firm?) <ul><li>Q – What does the marketing manager do? </li></ul><ul><li>Work of a marketing manager is to monitor & attempt to regulate the demand through the adaptation of marketing mix (4ps) to the target market. </li></ul><ul><li>Like all management positions, marketing management involves the analysis, planning, implementation, monitoring or control if the marketing operations, designed to achieve company’s objectives. </li></ul><ul><li>To counter the pioneering steps of the competitors by creating a battle-plan to maintain the market share. </li></ul>
  14. 14. Q – What does the marketing manager do? <ul><li>Positioning the product to the appropriate target market is essential, failing to do which, the product also fails in the market. </li></ul><ul><li>(It is the work of marketing manager to ensure that the appropriate target audience has been identified. ) </li></ul><ul><li>Process of identifying the target customers is not easy & involves an extensive market research. ( key – 6 ) (Worst mistake that marketing manager can do is to identify target customer though gut feel, rather than hard, empirical data.) </li></ul>
  15. 15. Key – 4 (Understanding why the knowledge of market environment contributes to the company’s success.) <ul><li>Market environment – are the conditions under which the marketing strategy is made & implemented. </li></ul><ul><li>Though these conditions are not under direct influence, but must be consistently monitored & attended to by the marketing manager. </li></ul><ul><li>Failure to keep pulse of the changing market environment can rapidly lead to the demise of a marketing strategy that was working fine in the past. </li></ul>Market environment Marketing mix or 4Ps Target customer
  16. 16. Types of market environments <ul><li>Social and Cultural Environment </li></ul><ul><li>Economic Environment </li></ul><ul><li>Political and Legal Environment </li></ul><ul><li>Competitive Environment </li></ul><ul><li>Demographic Environment </li></ul>
  17. 17. Key – 5 Managing demand states <ul><li>Q - Wouldn't it be wonderful if the demand for your product was equal to what you wanted it to be? </li></ul><ul><li>This never happens & is only a dream! </li></ul><ul><li>So… </li></ul><ul><li>whenever the demand is in imbalance with the supply , which is almost always the case , the marketing manager is required to attempt to bring back the state of balance. </li></ul>
  18. 18. 5 different demand states in which imbalance between demand & supply is evident . <ul><li>5 different demand states & all possible solutions to bring consistency between these factors in each of these cases – </li></ul><ul><li>No demand </li></ul><ul><li>Negative demand </li></ul><ul><li>Faltering demand </li></ul><ul><li>Irregular demand </li></ul><ul><li>Latent demand </li></ul>
  19. 19. No demand situation <ul><li>Symptom – All or most of target segment customers of the potential market are indifferent or uninterested in a particular product. </li></ul><ul><li>Objective of marketer – Stimulate the market, through the creation of a need. Marketer has to think out of the box, to give birth to a possible solution. </li></ul><ul><li>Solution </li></ul><ul><li>It might be a small physical change in the form/nature of the product. </li></ul><ul><li>Linkage of the product to an individual’s emotional ties with something magnificent. </li></ul>
  20. 20. Negative demand situation <ul><li>Symptom – All or most of the potential market segments dislike the product or service, and actually may pay a price to avoid it. This is the most difficult demand state that a marketer can find himself/herself in. </li></ul><ul><li>Objective of marketer – </li></ul><ul><li>To convert the demand from negative to positive. (Conversional Marketing) </li></ul><ul><li>Solution </li></ul><ul><li>Conversional process usually occurs over a longer period of time. </li></ul><ul><li>It is foolish to depend only on flashy advertising to change the attitudes of target customers from negative to positive & therefore requires complete transformation in the marketing strategy. </li></ul>
  21. 21. Faltering demand situation <ul><li>Symptom – Demand for a product or service is less than its former level. (Common Occurrence) </li></ul><ul><li>In absence of a remedial or corrective action, there is a large likelihood of further decline in market share. </li></ul><ul><li>Objective of the marketer – </li></ul><ul><li>To keep the existing customers interested & excited by maintaining a distinct product image in their mind. </li></ul><ul><li>Solution </li></ul><ul><li>Remarket the product by finding new uses and extending its life cycle. </li></ul><ul><li>Marketers should be creative enough to develop new uses of their existing products and services, in order to keep their existing customers interested. </li></ul>
  22. 22. Irregular demand situation <ul><li>Symptom – The timing pattern of demand for product or service is marked/influenced by seasonal or other volatile fluctuations. </li></ul><ul><li>Objective of the marketer – Synchronize demand and level it out. </li></ul><ul><li>Solution </li></ul><ul><li>Manipulation in 1 or more of the 4Ps. During the off-season, pricing can be slashed or promotion can be increased. </li></ul>
  23. 23. Latent demand situation <ul><li>Symptom – A specific set of people who share interest in a product or service that does not exist. </li></ul><ul><li>(Often revealed during market research with the use of focus groups, designed to uncover the unmet needs.) </li></ul><ul><li>Objective of the marketer – Formation of a developmental marketing process. </li></ul><ul><li>Solution </li></ul><ul><li>Commitment to marketing research & new product development. </li></ul><ul><li>Being in close contact with customers, to know their needs and wants. (which can be accomplished through marketing research only) </li></ul><ul><li>If marketer adopts a casual attitude towards this issue, market share is sure to decline. </li></ul>
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