ahsan(marketing) 1

8/9/2019 Ahsan(MArketing) 1

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AHSAN ALI (M.I.S)C.V GROUP KNIGHTS

LAHORE

MARKETING


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Marketing

MarketingMarketing..

What is thisMARKETING???

?


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What is Marketing?

There are several definitions of Marketing but let usforget all those formal methods to

understand/elaborate things. I always think the same

especially when people talk about Marketing. It isnt

process of promoting products only basicallyMarketing is a science.


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Marketing Science

When ever we talk about Science then our mind clicksabout some well defined methods to work on a

subject. Similarly Marketing Science is a well

defined process which can be divided into different

phases as a char is defining it below;


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SEARCH1. Right Place

2 Right Customer

3. Right Time etc.

Promotion1. Customer liking & disliking2. Advertisement methods etc.

Economic1. Economic Condition

2. Earning methods etc.

Social1. Social structure

2. Social Values

3. Norms & Culture etc.

PSYCHOLOGY1. Understanding People2. Understanding their

demands etc.


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Marketing Methodology

Who are our existing / potential customers?

What are their current / future needs? How can we satisfy these needs?

x Can we offer a product/ service that the customer

would value?

x Can we communicate with our customers?x Can we deliver a competitive product of service?

Why should customers buy from us?


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DIRECT MARKETING

Direct marketing is any unsolicited contact your

business makes with existing or potential customersin order to generate sales or raise awareness.

It is the most cost-effective form of marketing. From

direct mail and leaflet drops to telemarketing andemail marketing, it allows you to target customers

with greater accuracy than any other method.


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WHY USEDIRECT MARKETING?

Direct marketing allows you to generate a specific

response from targeted groups of customers.


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KEY OBJECTIVES OF DIRECTMARKETING

Increasing sales to existing customers

Building customer loyalty

Re-establishing lapsed customer relationships

Generating new business


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INDIRECT MARKETING

Indirect Marketing is the distribution of a particular

product through a channel that includes one or more

resellers.


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ADVANTAGE OF DIRECT MARKETING

Direct marketing has its advantages and can help your business grow,

and here is how it can do just that. With direct marketing you cantarget directly to a certain type of individual or customer that couldbenefit from your business. You can also personalize it to a specific

customer through direct mail. You can optimize to get results andthen you will know how much or little your approach has worked.Another thing is your direct marketing can be flexible and relaymany topics of products or services. You can accumulate all your

data from responses to use for future marketing endeavours.


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DISADVANTAGE OF DIRECTMARKETING

Direct marketing has its disadvantages, as well and this can ultimately hurt

your business and not bring more customers. The cost can be a greatdisadvantage. Having any type of marketing device can be costly. If your

marketing is of poor quality it will hurt your business as well. Your

messages need to be clear, unique, and useful. If you don't take the time to

develop a good marketing campaign, then it will hurt you more than help.

The biggest disadvantage is a poor image, especially when using direct

mail marketing. This is why you need to plan your marketing techniques

and refine them if need be. It will only benefit you in the long run if you do

this now instead of spending money on something less than perfect.


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DISADVANTAGE OF INDIRECTMARKETING

An indirect channel also has limitations. Themanufacturer has to give up control over the

marketing of its product to another firm. The channel

may not be permanent because the intermediary can

easily discontinue handling a manufacturer's productif there is no profit.


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PRODUCTDEFINITION

"Anything that is capable of satisfyingcustomer needs"


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PRODUCT LIFECYCLE

A new product progresses through a sequence of stagesfrom introduction to growth, maturity, and decline.

This sequence is known as the product life cycle and

is associated with changes in the marketing situation,

thus impacting the marketing strategy and themarketing mix.


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The product revenue and profits can be plotted as a function of the life-cycle

stages as shown in the graph below:


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Introduction Stage

In the introduction stage, the firm seeks to build productawareness and develop a market for the product. The impacton the marketing mix is as follows:

Productbranding and quality level is established, andintellectual property protection such as patents and trademarksare obtained.

Pricing may be low penetration pricing to build market sharerapidly, or high skim pricing to recover development costs.

Distribution is selective until consumers show acceptance of

the product. Promotion is aimed at innovators and early adopters.

Marketing communications seeks to build product awarenessand to educate potential consumers about the product.


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Growth Stage

In the growth stage, the firm seeks to build brand

preference and increase market share.

Product quality is maintained and additional featuresand support services may be added.

Pricing is maintained as the firm enjoys increasing

demand with little competition.

Distribution channels are added as demand increasesand customers accept the product.

Promotion is aimed at a broader audience.


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Maturity Stage

At maturity, the strong growth in sales diminishes. Competition

may appear with similar products. The primary objective at this

point is to defend market share while maximizing profit.

Product features may be enhanced to differentiate the product

from that of competitors.

Pricing may be lower because of the new competition.

Distributionbecomes more intensive and incentives may be

offered to encourage preference over competing products.Promotion emphasizes product differentiation.


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Decline Stage

As sales decline, the firm has several options:

Maintain the product, possibly rejuvenating it by adding new

features and finding new uses.

Harvest the product - reduce costs and continue to offer it,

possibly to a loyal niche segment.

Discontinue the product, liquidating remaining inventory or

selling it to another firm that is willing to continue the product.


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PRODUCT STRATEGY

Marketing plan for a product based on thecharacteristics of the target market, market share

objectives, desired product positioning within the

market, and profit objectives. Strategic plans for a

product are based on decisions regarding the four P's(product, place, price, promotion), financial targets

and budgets, and tactical plans.


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KNOW YOURCUSTOMERNEEDS

Who they are ?

What they do ?

Why they buy?

When they buy?

How they buy?

How much money they have ?

What makes the feel good about buying?

What they expect of you?

What they think about you? (Image)

What they think of your competitors?


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CUSTOMERDEMAND

Consumer need and desires can influence product development.

Needs and desires mean sales demand. Many products are

developed to meet some need, such as a vaccine for the swineflu or a hair spray for sensitive scalps. Products created to

meet a need have a better chance for quicker success than a

product whose usefulness and utility must be sold as much as

the product itself.

Product demand is elastic in that products will continue to be

introduced into a category until the benefit ceases to be

realizable in sales growth.


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MARKETRESEARCH

To undertake marketing effectively, businesses

need information. Information about customerwants, market demand, competitors, distribution

channels etc.

This comes from 3 main sources:

Internal company information Marketing Intelligence

Market Research


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USE

OF MARKET

RE

SEARC

HYou can find out the following from market researchInformation about the market

Analysis of the market potential for existing products (e.g.market size, growth, changing sales trends)

Forecasting future demand for existing products Assessing the potential for new products

Study of market trends Analysis of competitor behaviour and performance

Analysis of market sharesInformation about Products

Likely customer acceptance (or rejection) of new products Comparison of existing products in the market (e.g. price,

features, costs, distribution) Forecasting new uses for existing products

Technologies that may threaten existing products New product development


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TYPES OF MARKETRESEARCH

QUANTITATIVE RESEARCH

QUALITATIVE RESEARCH


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Qualitative Research

Qualitative Research is about investigating the

features of a market through in-depth research that

explores the background and context for decision

making.

There are two main qualitative methods - depthinterviews and focus groups. However qualitative

research can also include techniques such as usability

testing, brainstorming sessions and surveys.


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Quantitative Research

Quantitative research is about measuring a market and

quantifying that measurement with data. Most often the

data required relates to market size, market share,

penetration, installed base and market growth rates.

However, quantitative research can also be used to

measure customer attitudes, satisfaction, commitment and

a range of other useful market data that can tracked over

time.


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SUPPLY CHAIN

A supply chain is the system of organizations,

people, technology, activities, information and

resources involved in moving a product or service

from supplier to customer.


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An illustration of a company's supply chain; the arrowsstand for supplier-relationship management, internal SCM

and customer-relationship management


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Representative Must Know

AREAKNOWLEDGE PRODUCT KNOWLEDGE

CUSTOMER IDENTIFICATION CUSTOMER KNOWLEDGE CHEMIST FEED BACK BAG PREPARATION CHAMBER FIGHT

COMPETITOR KNOWLEDGE PREE CALLANALYSIS POST CALLANALYSIS COMMITMENT SALES EVALUATION


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Marketing Personnel Strategy

Specify the target market & Plan

Measures of Market

Achievable Target

RealisticApproach

Time Bound Marketing activities


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Marketing Planning

Systematic futuristic thinking by management Better co-ordination of a companys efforts

Development of performance standards for control

Sharpening of objectives and policies

Better prepare for sudden developments


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THANKYOU!

Yahoo! Now IKNOW ALL

ABOUTMARKETING!!

ahsan(marketing) 1

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