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Marketing assignment
 

Marketing assignment

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    Marketing assignment Marketing assignment Document Transcript

    • MARKETING ASSIGNMENT<br /> BY ABHISHEK VARMA <br /> “A” SECTION, 1st SEM BBM<br />QUESTION 1 <br />Definition of marketing –<br />Wikipedia defines marketing as “a societal process that is needed to discern consumer wants; forcing on a product and service to those wants and to mould the consumer towards the product and service”.<br />Marketing tends to be seen a creative industry ,which include advertising distribution and selling .it is also concerned with anticipating the customer future needs and wants often through market research <br />American marketing association defines marketing “an organization function and a set of processes for creating, communicating and delivering value to customer relationship in ways that benefit the organization and its stake holder”<br />As time went on people think of marketing in different manner new technology and techniques have been designed and each market change the definition of marketing suit on own preferences <br />Personally marketing defined as all aspect starting with the idea of creating of a product through the completion of the sell. All the action that tends to take place before proceeding and the entire step in between are considered the marketing process.<br />Marketing is host of activities from concept of new idea, innovations, promotions and advertising .the entire marketing department has to work together on each pieces in order for the organization to be successful .research needs to conducted on market segmentation and working to build relationship is all critical aspect that must be carried through .<br /> Recent trend in marketing <br />
      • Speaking of value –
      Rather spending money on attractive advertisement marketers have started forcing on educating their value of their product compare to other product as consumer now days want to satisfice their needs than their life style <br />
      • Viral marketing –
      Marketing phenomenon that facilitates and encourage people to pass on the marketing message <br />If group of people are satisfied with product and service then ,the product information spreads to other groups which creates great demand of the product similar has it happened in stock market where market expertise say the stock will rise and people start investing in it .<br />
      • Bottom of the pyramid marketing strategies –
      A new type of marketing strategies, marketer plans an innovative distribution channel by which they target new set of customer. <br />They forces on customer directly rather than middle men to create demand of the product <br />
      • Vendor –management inventory –
      VMI is a family of business models in which buyer provide certain information to a supplier of the product and the supplier takes the full responsibility of that information this helps the supplier to customize their product according to current needs of consumers <br />
      • Blue ocean marketing strategies-
      • Value innovation is created where company action favors both cost structure and value of the buyer’s, cost saving and eliminating indirect expense to reduce the cost of product and provide the customer with affordable price.
      Marketing segmentation <br />“Dividing a market into distinct groups with distinct needs, characteristics or behaviors who might require separate product or marketing mixes”<br />1)Important of marketing segmentation is to find profitable market segments and scan marketplace and see what various consumer segments need and wants and how they might to better satisfied.<br />2) Identifying groups of people with certain shared needs and characteristics within the board market for consumer of business product then aggregating these groups into larger market segmentation according to their mutual interest and product’s utility.<br />Market consists of many segments in which company differentiate products and marketing strategy for every segment or simply concentrate on one segment <br />Types of target <br />
      • Target market –marketing activities are aimed at a particular segment of the population
      • Target audience-advertising is aimed at a particular group
      Types of markets <br />1)consumer markets-most advertising falls under consumer advertising ad directed at consumer or people who buy the product for their own or someone else personal use .<br />2) Business markets-companies use business advertising to reach people who buy goods and services for resale or for use for their own business or for manufacturing other product<br />Customer segmentation process-<br />
      • Understanding customer needs
      • Groups customers by needs groups
      • Identifying most attractive segment
      • Develop unique value propositions by segment
      • Develop unique go to market strategies by segment
      • Finding right niche
      Who?<br />Geography –region type of settlement media consumption <br />Demographics –Gender, age types of household <br />Socio-economic –education, income, occupation <br />Psychographics-attitudes, values interest activities, life style <br />What?<br />Behaviors –share of customer, frequency of purchase, usage patterns <br />Why?<br />Needs-characteristics, advantage benefits <br />
      • Behavioristic segmentation –
      • Usage status –every product who buys a product wants same benefits from it
      • Usage rate –light, medium and heavy product users.
      • Purchase occasion –temporal aspect of a consumer’s life
      • Benefits-emotional benefit, consumer benefit, functional benefit
      • Geographic segmentation-
      • Region
      • Country size
      • City size
      • Specific location
      • Types of store
      • Demographic segmentation
      • Gender
      • Age
      • Ethnicity
      • Education
      • Occupation
      • Income
      • Geo-demographics segmentation
      • Demographic combined with geographic segmentation .people’s lives are influenced by their environment and ethnicity
      • Psychographic segmentation
      • Emotional appeal
      • Cultural appeal
      • Attribute
      • Personality
      • Life style
      • Benefit of segmentation
      • Segmentation customer into groups according to their needs has number of benefit
      • -it helps to identify most and least profitable customer
      • -focus on marketing on customer most likely to buy the product
      • -avoid unprofitable market
      • -helps in building loyal relationship with customers by developing and offering them product they want
      • -improve customer service
      • -increases profit potential by keeping cost down
      • -helps in better understanding of the customers’ need and wants
      • -better targeting and position of the product
      • -improve service delivery standards
      • Marketing mixes
      • A marketer’s task is to build a marketing program or plan to achieve the company desirable objective
      • The marketing mix is the set of marketing tools the form use to pursue its marketing objective in market .this tools are broadly classified into four groups namely product, price, place and promotion.
      • The 4P concept is easy to remember but it tends to follow many other mixes-
      • XP’s-packaging, participants, partnerships, place, programming, promise, promotion, publicity
      • -4C’s-customer needs, cost to the customer, convenience, communication
      • -5D’s-documents, decide, differentiate, design and deliver
      • -5M’s-management, mode, media, message, metrics
      • Product mix
      • Product is composed of three sub-variables that stand for product mix
      • -Product, service or ideas (PSI) is to be marketed
      • A PSI consist of three sub-variables
      • Brand, quality of service and physical feature
      • Product
      • Product level-
      • Customer value, core benefit, basic product, expected product, augment product, potential product
      • Product hierarchy-
      • Need family, product family, product class, product line, product type
      • Product classification-
      • Durability and tangibility, customer goods, shopping goods, specialty goods, unsought goods, industrial goods, supplier and business services
      • Branding
      • Brand decision-
      • Attribute, benefit, values, culture, personality, user
      • Building brand identity-
      • Brand bonding, understanding, brand promise
      • Brand equity-
      • Brand awareness, brand acceptability, brand preferences
      • Packaging and labeling
      • Packaging –
      • Primarily packaging, secondary packaging, shipping packaging
      • Labeling –
      • Identifying, grading, description
      • Price mixes
      • Markets is highly price sensitive and low price stimulate market growth it discourage actual potential completion
      • Estimating cost –
      • Fixed cost, variable cost, total cost and average cost
      • Selecting a price method –
      • Value pricing, going rate pricing, group pricing
      • Selecting the final price
      • Adapting the price –
      • Geographical pricing, promotional pricing
      • Place mixes-
      • Retailing –
      • Specialized store, department store, supermarket
      • Wholesaling
      • Mail order
      • Internet
      • Direct sales
      • Promotion mixes –
      • advertising
      • sales promotion
      • publicity
      • extended of marketing mix
      • people
      • The image they spend is important
      • training –all customer facing personnel need to be trained and development to maintain a high quality of personal service
      • personal selling –there are different kinds of salesperson
      • customer service –many product service and experiences are supported by the customer services team
      • process-process is another element of the extent marketing mix
      • Marketing process are-
      • Marketing environment, fixing marketing target, setting marketing strategy and marketing mix
      • physical evidences –
      • Packaging, internet, paperwork, brochures, business card
      • QUESTION 2
      • Marketing plan for sonic PDA
      • Sonic company profile –
      • Sonic founded 18 months ago by two entrepreneurs with extensive experiences in the pc market, it’s about to enter the highly competitive 3.7 billion PDA market which is currently dominated by PLAM
      • Sonic personal digital assistances is designed to meet the communication and information needs to customer sand business users despite intense competition from palm and other rivals .
      • Sonic PDA marketing detail-
      • Sonic is preparing to launch a new PDA product in very competitive market. Currently PALM which leads this fast growing market and handspring, sonic have to target specific segment in consumer and business market, taking advantage of opportunities in significant demand of wireless enabled PDA in coming years .
      • Product description –
      • Product is sonic PDA and its key feature -
      • Voice recognition for hand free command
      • Built in wireless web access and email
      • Build in mp3
      • USP of sonic PDA-
      • Marketing of its incorporate voice recognition system for hands-free operation feature
      • STP
      • Segmentation
      • Geographic segmentation-
      • U.S
      • As in US PDA market will continue to growth for next 5 years with 4 million units forecast to be sold next year and 5 million forecast for year after
      Demographic segmentation –<br />
      • Consumer needs-consumer which prefer lower priced PDA and professionals who need one portable device by which they can coordinate with their busy schedule
      • Age –from 18 to 40 age group specialty people who are doing business
      • Gender –male between age group 18-25 who are students,
      • Both male and female who are business person
      • Social class –middle to upper income family
      • Psychographic segmentation –
      • People who need to store needed documents and information for access anywhere and to communicate with family and friends
      • Behavioral segmentation-
      • Buyers who want durable products, powerful, easy to use
      • People who want to reduce paper work and quick updates
      Targeting –<br />
      • Micro marketing
      • Focused on potential customers at very basic level such as life style, specific occupation
      • Primary target –middle to upper income professionals and Business Corporation who wants to coordinate with their busy schedule and prefer lower price PDA and reduce work force
      • Secondary target –college student who wants to organize the school work and people who want to stay touch with their family
      • Small business owner and entrepreneurs
      • Positioning
      • Differentiating sonic PDA with other product it will be position as most versatile, convenient, value added model for personal and professional use.
      • communication a positioning strategy will be
      • -versatility
      • Ability to use any software application and mp3 feature
      • -convenient
      • Voice recognition and wireless email with web browsing
      • -Value added
      • At reasonable rate
      • SWOT analysis
      • Strength –
      • Voice recognition capabilities
      • Built in wireless web access
      • Built in MP3
      • Lower price
      • Weakness-
      • Lack of brand image
      • Opportunities –
      • Increasing in demand
      • Threats –
      • Competition
      • Product mix
      • Tangible product–sonic PDA
      • Core service –voice recognition, wireless web, mp3.
      • Additional service –compatible software application ,additional memory
      • Product service –the product will be sold at full 1 year warranty.
      • Levels of product –normal PDA with given features and second model PDA with GPS and additional cell phone service
      • Branding –the brand and logo will be displayed on the product pack and on product
      • Packaging –the packaging will protect the product from damage and packaging will be designed to promote the product
      • Labeling- will done to which include the features of product, value added benefits and price tag to differentiate from other product
      • Price mix –
      • Value added price method –include cost per product and profit on it
      • Cost of production +variable cost advertising campaign +profit =Price +tax
      • Place mix –
      • Retail store
      • Online retail stores
      • Promotion mix-
      • Educating dealers
      • Internet /radio/newspaper and media advertising
      • Tech exhibition
      • Direct consumer target advertisement and campaign
      • Product life cycle and marketing strategies
      • Introduction stage –
      1 to 2 years <br />Entering the marketplace crowd with palm, handspring and other rival it will take at least one to two years to create product demand.<br />Taking advantage of wireless demand in market sonic PDA can sell lot of product in its introduction stage <br />Other rival PDA currently as decline in marketing share as they are not able to bring out new innovative product features in their product ,sonic PDA bring cell phone service in their product with large screen is advantage for sonic to get a fast growth in their product life cycle .<br />Characteristics –<br />1) Low product acceptances –as the PDA product decline in market, customer don’t know about the new feature of sonic PDA<br />2) Sales will rise due to promotion and distribution actives. The slow growth in market because customer are not aware and are still deciding to buy it or not <br />3) Low profit because of high development <br />Growth stage –<br />4 years <br />Customer as they get satisfaction with the product, there will be demand in market for sonic PDA product <br />Sales are growing rapidly and profits are rising quickly which is opportunities for wider distribution which result in high sales <br />Characteristics –<br />
      • Sales increases rapidly as the product becomes well know
      • Increases in profit
      • Management goal will be to increase brand loyalty for future products
      • Maturity stage –
      • 5 years
      • The success of the product and its sales, there has been different models that have been created which can replace PDA completely; this will stabilize the market demand of PDA.
      • Because stable demand the cost of product will increase as result lower profit margin
      • After 5 years down the line it will start declining as the market behaviors changes.
      • Characteristics –
      • Industry profit at pick but will decline at time
      • Competition will increase due introduction of new product
      • Marketing strategies will be re-updated during maturity stage to minimize the loses in decline stage
      • Decline stage –
      • If it’s on decline stage within 2 year the product may be out of the product if they forces on introduction of new market rather than marketing the same stage
      • Sonic PDA should bring in new feature model or change the model to completely new form as there will complete decline in market after a period for PDA as new generation products will be introduced into the market
      • Characteristics –
      • Sales volume decreases sharply
      • Profit continues to fall
      • Complete model decline
      • Elimination of this type of product in market and introduce of new generation product
      • Marketing strategies for PLC
      • Marketing Objective introductiongrowthmaturitydeclineProduct Sonic PDA Introduction of new model with added featureUpdates and firmware for the product Complete change of the model to match with new product or slowly eliminating it from market to introduction of new market Price To fixed according to cost of product with profit margin Prices will change as demand increase it may cost lower than before Price will be increased to gain as must profit before it starts declining Lower profit to clear the stocks left and slow down production promotionAwareness of dealers and customers Special discount ,added accessories for freeMedia AdvertisementNewspapers And online market Giving limited price offer to attracted customer to but Place Retail stores and online stores Expand distribution channel Diversification of channels by selling it globally Narrowing the channel to decrease the transport cost
      • Product life cycle chart
      • Sales
      • Stages
      <br />