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 /><ul><li>Speaking of value –</li></ul>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 /><ul><li>Viral marketing –</li></ul>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 /><ul><li>Bottom of the pyramid marketing strategies –</li></ul>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 /><ul><li>Vendor –management inventory –</li></ul>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 /><ul><li>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.</li></ul>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 /><ul><li>Target market –marketing activities are aimed at a particular segment of the population
Target audience-advertising is aimed at a particular group</li></ul>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 /><ul><li>Understanding customer needs
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-
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 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 .
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 </li></ul> Demographic segmentation –<br /><ul><li>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,
Introduction stage –</li></ul>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 /><ul><li>Sales increases rapidly as the product becomes well know
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
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