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Detailed presentation on Marketing and new Innovations in it.

Detailed presentation on Marketing and new Innovations in it.

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  • 1. MARKETING AN INNOVATIVE ART Presented by Group – 4
  • 2. • Critical Business Function • Marketing is the Connection • Marketing satisfies these needs and wants • Customer Satisfaction • Marketing is an Art • Marketing is the Science of choosing Target Markets
  • 3. MARKETING RESEARCH
  • 4. • First step of Marketing • Information is used by managers • Marketing researchers use statistical methods
  • 5. PROCESS OF MARKETING RESEARCH • Detection of matter • Development of a research plan • Collection of Data • Interpretation of Data • Disseminating information formally in the form of a report
  • 6. BRAND
  • 7. WHAT IS BRAND ? BRAND is the “name, term, design, symbol, or any other feature that identifies one seller's product distinct from those of other sellers” BRAND ELEMENT o Name o Logo o Tagline o Graphics o Shapes o Colours o Sounds o Tastes o Movements
  • 8. BRAND EQUITY BRAND EQUITY is the value of the brand name Brand is one of the most valuable asset of the company FACT- Apple is the world’s top brand having worth of US$ 185017 Million It gives loyal customers Secures sale even in cut throat competition
  • 9. BRAND PROMOTION Companies try to increase the value of brand through brand promotion Companies take up various ways to create a good will for their brand Eg: Ad campaign by TATA Tea – Jago re Brand promotion gives room to innovative ideas
  • 10. PRICING • Pricing is the process of determining what a company will receive in exchange for its products. • Pricing factors are manufacturing cost, market place, competition, market condition, and quality of product.
  • 11. ESSENTIALS FOR PRICING A PRODUCT • A well chosen price should do three things: • Achieve the financial goals of the company • Fit the realities of the marketplace • Support a product's positioning and be consistent with the other variables in the marketing mix
  • 12. TYPES OF PRICING METHODS: • COST PLUS METHOD • VARIABLE METHOD • SKIMMING METHOD
  • 13. COST PLUS PRICING METHOD • Cost-plus pricing is a pricing method used by companies to maximize their rate of returns. • The firms accomplish their objective of profit maximization by increasing their production until marginal revenue equals marginal cost. • Cost-plus pricing, also known as markup pricing. • It is a way for companies to calculate how much profit they will make
  • 14. VARIABLE PRICE METHOD • Variable pricing is a form of pricing of products or services as distinct from a fixed price. Traditional examples include auctions, bargaining, discounts, pric e skimming, penetration pricing and 'price shading' • Stock markets and foreign exchange markets are based in variable pricing
  • 15. SKIMMING PRICE METHOD • Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay. • As the demand of the first customers is satisfied, the firm lowers the price to attract another Therefore, the skimming strategy gets its name from skimming successive layers of "cream," or customer segments, as prices are lowered over time
  • 16. PUBLICITY
  • 17. • Publicity is an attempt to manage the public's perception of a subject • Subjects of publicity • Media Attention
  • 18. PUBLICIST • Generate and manage publicity for a product • Marketing arm of a company • Persuade the Press
  • 19. PROMOTIONAL TACTICS • Art Exhibitions • Event Sponsorship • Take a stand on a Controversial Subject
  • 20. PRODUCT DISTRIBUTION • Product distribution (or place) is one of the four elements of the marketing mix • Distribution is the process of making a product or service available for use or consumption by a consumer. • The other three parts of the marketing mix are place, pricing, and promotion • A product distribution is a probability distribution constructed as the distribution of the product of random variables having two other known distributions
  • 21. ALGEBRA OF RANDOM VARIABLES • The product is one type of algebra for random variables. • It is related to the product distribution. • More generally, one may talk of combinations of sums, differences, products and ratios. • Many of these distributions are described in Melvin D. Springer's book from 1979 The Algebra of Random Variables
  • 22. . HOW PRODUCT DISTRIBUTION IS DERIVATED? (DERIVATION) A way of deriving the product distribution of Z from the joint distribution of the two other random variables, X and Y, is by integration of the following form
  • 23. ADVERTISEMENT
  • 24. WHAT IS ADVERTISING? • “ the of a p ction of ublic..” c s alling omething to the a ttention
  • 25. DEFINITION • Advertising is any form of paid non-personal presentation of ideas, goods, or services for the purpose of inducing people to buy
  • 26. FUNCTIONS • To differentiate the product from their competitors. • To communicate product information. • To urge product used. • To expand the product distribution. • To increase brand preference and loyalty. • To reduce overall sales cost. • Creates new demands.
  • 27. WHO NEEDS ADVERTISING? Companies use advertising to: • inform people about their products and services. • to make their Brand names familiar to the public.
  • 28. TYPES Outdoor Advertising Print Advertising Broadcast Advertising Celebrity Advertising ADVERTISING Covert Advertising Public-service Advertising Surrogate Advertising
  • 29. How does advertising work? Awareness Interest Desire Action
  • 30. CREATING A DEMAND OF PRODUCT THROUGH ADVERTISEMENT
  • 31. SALES PROMOTION
  • 32. MEANING “Sales promotion is a marketing technique designed to create sales for a product over a defined period of time. The results of sales promotion activities are measurable in terms of number of units sold”
  • 33. OBJECTIVES OF SALES PROMOTION To introduce new products or services To attract new customers To induce existing customers to buy more Helps the firm to remain competition To increase sales in off-seasons To add to the stock of the dealers
  • 34. TYPES OF SALES PROMOTION Consumer Sales Promotion Trade
  • 35. CONSUMER PROMOTION Directed at ultimate consumer Consumer oriented initiative Main focus on sale Variety of techniques
  • 36. CONTEST
  • 37. LUCKY DRAW
  • 38. COUPONS
  • 39. DISCOUNT & OFFER
  • 40. SAMPLING
  • 41. TRADE PROMOTION Directed at wholesalers and retailers Motivate to sell more Create excitement about the product Create sound relationship between company and resellers Expand distribution Push resellers to excel the sales
  • 42. RETAILER’S KIT
  • 43. TRADE INCENTIVE 7 6 VOLUME OF SALE 5 4 3 2 1 0 Qrt 1 Qrt 2 Qrt 3 TIME OF YEAR Qrt 4
  • 44. TRADE SHOW
  • 45. INNOVATIONS Antarctica Beer engaged with Turnstile Beer bottle served as free train ticket during Rio carnival Super high results- 86% growth in volume sales and 46% drop in drink driving
  • 46. Chennai Express started pre booking Purposely added song based on Rajni
  • 47. Collaboration with concerts, stars and other celebrities. Coles a retail store brand collaborated with One Direction a band On purchase of selected 600 products from Coles store customers have chance of winning free concert passes
  • 48. BJP is about to launch a scheme where first 500 people to enrol maximum people in BJP will get opportunity to meet the Indian Iron Man Shree Narendra Modi
  • 49. IMORTANCE OF PUBLIC REALTION • IT IS LOW-COST AS COMPARED TO ANY OTHER WAY OF PUBLICITY • IT IMPROVES THE REPUTATION OF AN INDIVIDUAL DEPARTMENT • IT MAINTAINS IMAGE AND REALTION WITH PUBLIC • IT MAINTAINS COMMUNICATION BETWEEN ORGANISATION • TO KNOW THE NEED AND NECESSITY OF PUBLIC
  • 50. IMPROVING PERSONAL PUBLIC RELATION MANY SUCCESSFUL PEOPLE HAVE ONE THING IN COMMON IDENTIFY THE TOPICS YOU WISH TO SPEAK ON TARGER AUDIENCES TO COMMUNICATE PRACTICE TECHNIQUES SPEAKING OPPORTUNITS TO PUBLIC DEVELOP MEDIA INTERVIEWS IDENTIFY ALL THE OUTLETS THAT ARE MOST INTERESTED • DEVELOP A REPORT WITH THE OTHER CONTENT PROVIDERS • • • • • •
  • 51. TO CREATE TRUST AMONG THE PUBLIC • ONE OF THE MOST CRITICAL THING IN MARKETING • TO BUILD THE TRUST MOST IMPORTANT THING TO BE DONE ARE • ONE MUST BE THOUGHTFUL • COHERENT • PROACTIVE WITH PUBLIC RELATION CAMPAIGN
  • 52. ULTIMATE AIMS OF PUBLIC RELATIONS • TO DEVELOP A FAVORABLE PUBLIC IMAGE • TO CREATE RELATIONSHIP AND COMMUNICATION • WITH CUSTOMERS, SUPPLIERS, MEDIA, SOCIETY • SHAREHOLDHERS, MEDIA, EMPLOYEE AND VARIOUS SECTION
  • 53. CONCLUSION After doing this project we have learned that Marketing is indeed an innovative art as it has so much of room to put in innovative ideas and think of creative ways to achieve the goals. Marketing is not like other departments of an organisation where you need to work in same old fashion, rather it promotes change and new ideas. We have studied the part and parcel of Marketing such as Brand, Public relation, Sales promotion, etc. It was amazing to know how Marketing plays an important role in any corporate institution. We hope that we have served the topic well