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Marketing of Information Products and Services.pptx

  1. 1. Marketing of Information Products and Services UNIT- I Marketing Information Handled by Dr.C.Sivakumar
  2. 2. WHAT IS MARKETING? Marketing is the ongoing promotion of a brand, product or service through various mediums to induce a target audience to take action for buy and sell.
  3. 3. Why is it called marketing? • The term, marketing, is a derivation of the Latin word of mercatus its meaning of market-place or merchant. • Marketing is called a social process due to its concern for the long-term welfare of the society. It builds the long-term relationship between buyers and sellers through an integrated marketing program which involves customer satisfaction, research, product planning and development.
  4. 4. Marketing and Example • Marketing refers to activities of a company to promote the buying or selling of a product or service. • Marketing includes advertising, selling, and delivering products to consumers or other businesses. • Some marketing is done by affiliates on behalf of a company
  5. 5. What are the marketing types? Several marketing strategies include content marketing, search engine optimization, social media marketing, email marketing, retargeting, influencer marketing, database marketing, event marketing, and product marketing.
  6. 6. What are main factors of marketing? The marketing Management refers to planning, organizing, directing, control of the activates which facilitate the exchange of goods and services between the producers to end consumers
  7. 7. Marketing Kotler and Keller According to Kotler & Keller marketing is how to identify and meet human needs and social needs.
  8. 8. Who is the father of marketing and why? • Philip Kotler is known around the world as the “father of modern marketing.” For over 50 years he has taught at the Kellogg School of Management at Northwestern University. • Kotler's book Marketing Management is the most widely used textbook in marketing around the world
  9. 9. Definition of the Philip Kotler Dr Philip Kotler defined marketing as “The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
  10. 10. Introduction of Philip Kotler Philip Kotler (born May 27, 1931) is an American marketing author, consultant, and professor emeritus; the S. C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University (1962–2018).
  11. 11.  Information is an indispensable factor for promoting the development of society  Information is the life blood of planning, directing, and controlling any enterprise. It makes the satisfaction of the demands of the population possible in an efficient way.  The present age is rightly characterized as the age of information, The fact that Information as a Resource
  12. 12.  The present age is rightly characterized as the age of information, The fact that information is a key resource for the progress and development of a nation is nothing but the socio-economic, cultural, and political development of its citizenry.  Information is a commodity or economic good of worldwide significance, which contributes to the national economy.  Information has become a commodity that people buy. The criteria that determine power have shifted from industry ownership to the information ownership, as the global economy has shifted from industry-based to information-based.
  13. 13.  The quality and quantity of the information resources of the country are two of the parameters for development. Countries with adequate information infrastructure and information technology can create artificial demand for superfluous products and use it as a weapon against the economy of other countries.  Information is an essential input for technological and economic development. It is a negotiable product that moves about in international markets. In today's international developing economies, a country that is incapable of providing information to its citizens will lose autonomy and be at the leniency of developed countries
  14. 14.  Information is the substance of cultural enrichment, entertainment, and amusement.  Information can be a product, a commodity — something produced as a package.  Information can be a service. Indeed, the majority of business services (the national economic account that includes consulting) are information based.  Information is easily and cheaply transported. The first copy represents most of  the costs in creation, and reproduction costs are relatively small. As a result, it that can be produced and distributed with minimal depletion of physical resources.
  15. 15.  There is a complex relationship between the time of acquiring information and the value of it. For some, the value lies in immediacy—yesterday's stock information may be worthless tomorrow. For others, the value is likely to be received in the future rather than the present.  There are immense economies of scale. Combined with the value in accumulation, this provides strong incentives for sharing information, especially since, once available, it can be distributed cheaply, which makes sharing easy.
  16. 16.  Information is not consumed by being used or transmitted to others. It can be resold or given away with no diminution of its content. Many persons may possess and use the same information, even at the same time, without diminishing its value to others. All these imply that information is a public good. General Economic Policies  1. Encourage entrepreneurship  2. Shift from low technology to high technology  3. Shift from production of physical goods to information goods
  17. 17. Develop the ―Information Economy 1. Encourage effective use of information in business 2. Provide incentives for information industries 3. Develop information skills Management of Information Enterprises  Establish technical information skills  Develop information support staff skills There is the need to invest in the creation, production, and distribution of information and that implies a wish to recover the investment. Furthermore, there may be value associated with exclusivity in knowledge, so there must be an incentive to make it available to others. This implies that information is a private good.
  18. 18. Economics of Information A fundamental shift in the economics of information is under way—a shift that is less about any specific new technology than about the fact that a new behavior is reaching critical mass. Millions of people at home and at work are communicating electronically using universal, open standards. This explosion in connectivity is the latest—and, for business strategists, the most important—wave in the information revolution. Over the past decade, managers have focused on adapting their operating processes to new information technologies. Just as the free flow of information is essential to well- functioning democracies, it is essential to well-functioning consumer marketplaces.
  19. 19. Consumers need accurate, complete, and timely information to learn about alternatives and make good choices. Marketers need information about consumers to learn what they want (when and where and how much) and how much they value alternatives. Such information equips firms to offer the right product at the right place at the right time and at the right price. Marketers‘ use of information about consumers must be balanced against consumer‘s privacy. Traditionally, the marketing research profession has agreed on codes of ethics to protect consumer information, such as walling off from sales and ensuring respondent anonymity. However, now that digital technologies enable marketers to gather, store, and connect multiple pieces of behavioral data about individuals and products accordingly, consumer privacy.
  20. 20. Information issues are central to debates over marketers‘ rights versus consumers‘ rights, and governments are involved in mediating these clashes. Not everyone has equal access to information or equal ability to process it- for example, the poor of the world, the illiterate, and those living in remote areas. According to ―new growth economic theory, rapid sharing of new ideas and accurate information are essential to economic expansion. For long-term market growth, it may be in marketers‘ best interest to contribute to investments, possibly through publicprivate partnerships, grants, and by developing new ways to give consumers access to information.
  21. 21. Information, Persuasion, and Advertising In the consumer marketplace, much of the information about products and services comes directly from marketers, supplemented by personal experience and word of mouth. In the political marketplace, much of the information comes from the media. Interactions with sales-people, assuming that they are knowledgeable and well trained, are information rich for buyers and sellers alike. Whether a consumer is shopping for a new computer or looking for the proper nut-and-bolt combination, expert assistance can help match the right product or service to the circumstance.
  22. 22. Customers - Top Priority • The new customers do not know about library rules and regulation, therefore it is duty of library staff to give orientation for maximum utility of library. They do not care about rules and ways of doing business. They care to adapt its products and services to fit their problems. This represents the evolution of marketing to the customer-driven.
  23. 23. We must always remember the following points: Customers are the most important people to be served in library and information centers. 1. They are not dependent on the library; rather the library depends on them. 2. They are not just from outsiders but part of the library. 3. They are not just statistics, but also they are human beings. 4. They are the people who bring their wants and needs and we are there to meet their information needs exceedingly
  24. 24. Customers – Expectation Library and information professionals should strive hard to gain a far vision of 'who our customers are', 'what they want', and 'what are their social characters, values, desires, and aspiration‘. The advancement of information and communication technologies (ICTs) has enabled education and technology in self-help and do-it-yourself activities in libraries. The 21st century customer will place high value on self-reliance, adaptability and survival under difficult conditions and the ability to do things of his/her own.
  25. 25. Quality Services The user of the service is the ultimate judge of the quality. S/he weighs the value s/he receives from a service organization against the time spent and/or the efforts involved besides the monetary burden in getting the desired service and thus decides the quality. Users seldom define the quality of the library and its services in terms of stock size, annual budget, physical facilities, staff and the mere number of services. No doubt, these are some of the essential criteria for providing quality services; it benefits the service itself that users look for. Quality service in part depends on how well various elements function together in a service system
  26. 26. Marketing Strategies • A strategy is a long-term plan to achieve certain objectives. A marketing strategy is therefore a marketing plan designed to achieve marketing objectives. For example, marketing objective may relate to becoming the market leader by delighting customers. The strategic plan therefore is the detailed planning involving marketing research, and then developing a marketing mix to delight customers. Every organisation needs to have clear marketing objectives, and the major route to achieving organisational goals will depend on strategy. It is important, therefore, to be clear about the difference between strategy and tactics.
  27. 27. • Marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market- oriented strategies and therefore contribute to the goals of the company and its marketing objectives.
  28. 28. There are three basic types of marketing strategies that all businesses, big and small use. All marketing plans can be broken down into one or all of these types. They are: • 1. Online or internet marketing. • 2. Offline marketing. • 3. Word of mouth or relationship
  29. 29. Developing a marketing strategy Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives. Plans and objectives are generally tested for measurable results. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year. Time horizons covered by the marketing plan vary by company, by industry, and by nation, however, time horizons are becoming shorter as the speed of change in the environment increases. Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned.
  30. 30. • Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints. External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely to impact success. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement.
  31. 31. Once a thorough environmental scan is complete, a strategic plan can be constructed to identify business alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail implementation. A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan.
  32. 32. Types of strategies Marketing strategies may differ depending on the unique situation of the individual business. However there are a number of ways of categorizing some generic strategies. A brief description of the most common categorizing schemes is presented below:Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies: • Leader • Challenger • Follower • Nicher
  33. 33. UNIT I COMPLETED Thank you for listening