2. Marketing is based on the importance of
customers to a business.
Two principles:
1. All company policies and activities should
be directed toward satisfying customer
needs.
2. Profitable sales volume is more important
than maximum sales volume.
3. Good products mean nothing to the company
if no customer is interested in buying them.
Changes in customer requirements, tastes
and sense of general technology landscape is
important from strategic perspective.
4. Product: Features, benefits, value offered
• Price: Base price, discount, bundling
• Place: Direct, retail, mail order, Internet
• Promotion: Advertisements, promotional
events
5. Marketing is the most importantfunction
Selling is a small sub-function of marketing
Marketing identifies needs, competitors,
segments
Actual job of customer contact is the selling
process
6. Differentiation between product features and
needs (car vs. transportation, movie vs.
entertainment)
• Differentiation between needs and markets
• Market is a definable group of people
Favourably disposed towards buying a product.
• Location, age, income group and other
attributes of the customer help us segment the
market and estimate the market segment size.
7. Determine the needs of their customers
through market research
• Analyze their competitive advantages to
develop a market strategy
• Select specific markets to serve by target
marketing
• Determine how to satisfy customer needs by
identifying a market mix
8. Creates a unique picture in customer’s mind –
has recognition cues
Consistently meets quality expectation
Provides feeling of safety, faith, confidence,
familiarity
Branding is a differentiation exercise
Undifferentiated products look like
commodities and so get commodity prices
Segmentation is to be done on demographic,
geographic, economic, religious, racial lines
9. Internet era: Flood of information available
to
a customer – TV, print media, Web, movies
• Attention span of a person has gone down.
“Attention Economy” – scarcity of attention
• Companies must create a unique image of
their product/service so that it does not
need
attention
Use co-branding to reduce costs
10. Some monetary value is attached to the
brand consciousness.
• Companies spend money to create
brand so it reflects in the balance sheet
under intangible assets.
• Brand identity helps generate sales
11. Marketing is a very important part of
Business. If not implemented with a proper
plan, it can back-fire and can de-market your
product.
Branding is done to increase the profits of
the company. Because it increases customer’s
trust on the company and help in retention
of their customers.
