Marketing
1st - Its about seeing the business thru the eyes of ur customer, identifying his needs and trying to satisfy them
2nd - Its the business function dealing with predicting of demand, identification and satisfying the needs by providing the right prducts and services at the right price, place and time
3rd - Its an umberella of techniques used to further sales like advertising, promotions, research and pricing
Market is a place where goods and services exchange hands based on the laws of supply and demand
Marketing is the basic act of bringing goods to market
Marketer stimulates demand in the market - 2 ways
- Recognize something people might want and then develop it - Product Development approach to marketing
- You think up of some type of product or servive that you think is cool and want to make money out of, and then u convince people that they need it
Philip Kotler on Marketing STrategies: London Business Forum
CCDVTP
Create Communicate Deliver the Value to the Target market at a Profit
Creating value is product management
Communicate Value- thats called branding - Brand Management
Deliver Value is Customer management
Product management has changed from being a closed door,secret invention of products to a more open sharing of information to solve problems faced by companies- P&G wanted to pring funny things on pringles and didnt know how.. so found out a cookie maker in italy who could
Brand management or brand building used to mean packaging,it meant a name a logo ... Brand today is what you are all about... it inspires u about everything you do...the way u act when u approach and reach customers... and its emotional...we want mind share and heart share... but now we want share of ur spirit... we are a firm that wants to be civic... want to be caring..want to be appreciated because we care about the shape of the world...this is CSR... creating emotions is no longer limited to nurturing a persons ego...
Customer Management is no longer keeping data of all the customers or mailing them offers... its more about meeting the customers and know them really beyond the database...infact we want their help in creating products... we wanna cocreate with the custmer..we wanna even co create our advertising...
Seth Godin:Sliced bread and other marketing delights
We drive past a cow wothout noticing it... but incase the cow was purple we wud definitely give it a glance... so the main requirement for the day is that our products and services need to be 'remarkable'... remarkable doesnt mean neat... they mean.. worth making a remark about...
The top selling DVDs change everyweek... not because they are good..but because they are new... they are released that week...
Mass markets work on the principle of targeting the avg ppl... ignoring the geeks (early adopters) or laggards... but with the TV industrial complex broken... the avg ppl cant be accessed as they are too used to ignoring you... target the early adopter and geeks as they are concerned about themselves and they will listen... hey are the ones who woul ddrive across the town to try out a new restaurant... and if we are lucky they would pass the information to their peers...
SAFE IS RISKY.. P&G famous for avg products for avg ppl nows this and knows its best to be at the fringes...Be remarkable...Being very good is one of the worst thing u can possibly do... very good is boring...very good is average..
Fundamentals of Marketing
The 4 Ps have changed to 4 Cs due to the easiy information access and comparisons possible for buyer
Consumer Value- Product
Cost to Consumer - Price
Convenience for Buyer - Place and
Communication - Promotion
Positioning is
Differentiation from competitors
Value proposition
Whats good about you
Product Dimensions
Colgate came up with new total with all features of all existing toothpastes- Increased the dimensions- Deepened reach
Targeting is
Who are you targeting ur product for
Demographic Segmentation
Each product dimension and targeting segment requires a new market strategy
Coke identified 35 dimensions to its product and came up with 35 different ads
Sergio Zyman: ex-Coke CMO - Branding is to get the consumer to identify a number of desirable traits and qualities in ur product
Every Brand managers role is to create relationship with ur customer so that their life is morfe complete because you are in it
Brand Value: The premium people will pay to be associated with the brands product
More coming... Keep checking this post
