4. Irfaan Meera, Assistant Professor, SACAS
What is Marketing?
4
Marketing is engaging customers and managing profitable customer relationships.
Attract new customers Satisfying current customers
13. Irfaan Meera, Assistant Professor, SACAS
Example of Marketing strategies failure
13
Indians have always associated a four-wheeler with luxury. In fact, this
mindset is so ingrained in consumers that they treat a car as a status
symbol.
The most attractive feature about the Nano, its price, becomes the biggest
problem. The image of the cheapest car in India made the Nano seem
undesirable to its targeted audience.
After declining sales for a few years, the production of the Nano was
stopped in 2019. It remains one of the biggest failures of the Tata Group.
14. Irfaan Meera, Assistant Professor, SACAS
Marketing - Definition
14
Marketing
is the process
by which companies provide solutions (Products, Services, Experiences)
To customer problems ( Needs, wants & Demands)
and create customer value and satisfaction
in order to capture value from customers in return.
17. Irfaan Meera, Assistant Professor, SACAS 17
What is Marketing ?
General Myths about marketing
Myth No 1
Marketing and Sales/Advertising are
same thing
18. Irfaan Meera, Assistant Professor, SACAS 18
What is Marketing ?
General Myths about marketing
Myth No 2
Everyone is your customer
20. Irfaan Meera, Assistant Professor, SACAS 20
Product
A product is the heart of the marketing mix
A product is a commodity, produced or built to satisfy the need of an
individual or a group.
The product can be intangible or tangible as it can be in the form of services
or goods.
22. Irfaan Meera, Assistant Professor, SACAS 22
Price
Pricing the product or service is
one of the most important
business decisions you will
make.
23. Irfaan Meera, Assistant Professor, SACAS 23
Place
Place or physical distribution
deals with the transfer of
ownership of the product from
the manufacturer to the
customer.
We should position and
distribute our product in a
place that is easily accessible
to potential buyers/customers.
24. Irfaan Meera, Assistant Professor, SACAS 24
Promotion
It is the most expensive and essential components of the marketing mix, that
helps to grab the attention of the customers and influence them to buy the
product.
25. Irfaan Meera, Assistant Professor, SACAS
Marketing – In Short
25
Marketing is
Putting the right product, in right place, on the right
price, at the right time.
26. Irfaan Meera, Assistant Professor, SACAS
Google’s Free Certificate Digital Marketing Course
26
https://learndigital.withgoogle.com/digitalgarage/course/digital-marketing
The two folds of marketing is: To attract new customers by promising superior value and to keep and grow current current customers by delivering satisfaction.
Facebook has 2.89 billion monthly active users across its "family" of products. Of these, 2.26 billion people use at least one of their products each day.
This means that Facebook reaches about 3/4 of the world's internet population.
LG Electronics copped a coveted AME (Advertising & Marketing Effectiveness) Award for its long-running “Card Stacking Challenge” video, in which card-stacker Bryan Berg earns a Guinness World Record by building an 11-foot tower of playing cards atop an LG Centum System washer running at 1,000 RPM. The video has been cumulatively viewed 100 million times across multiple sites
Marketing is the ongoing, end-to-end plan that spans the entire process your business should follow to provide products or services to consumers. This includes designing and pricing the product, deciding where it will be sold and how to persuade people to buy it.
Advertising, on the other hand, is one aspect of your marketing plan. It’s focused on creating and placing ads to spread the word about the amazing products or services you have to offer.
Spend a little time identifying your target audience before you begin marketing. Who are they? What are their typical demographics? What are their habits? What problem do they have that you can solve for them? Once you have an idea of who your target audience is, focus on them first.
You must offer your products for a price your target market is willing to pay – and one that produces a profit for your company – or you won’t be in business for long.
Double edged sword. If your price is too low, then people may think the product is of low quality. If it’s too high, people opt for competitors alternative product.
The margin of your profit depends on how quickly you can turn over the goods. The more swiftly the products reach the point of sale, the more likely are the chances of satisfying the customers and increase brand loyalty. Hence the Place factor is crucial in ensuring your product’s competitiveness in the market.
Most of the marketers use promotion tactics to promote their product and reach out to the public or the target audience.
