Marketing Dossier TO STUDY MIGHT GET YOU PLACED PDF

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i DONT KNOW, PLEASE SEE IT YOURSELF https://www.studocu.com/en-gb/document/university-of-bristol/introduction-to-management/ricardo-semler-a-revolutionary-model-of-leadership/7946835...

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Muggles’ Guide to Marketing From:

With Love

Authored and Curated by:

Co-Created by

Ashay Kamble

NjM Senior Team 2019-20

NjM, 2018-20

Preface There are some who consciously choose marketing as their future career path, there are some who eliminate finance as an option and land up here, and there are some who just want to follow their instincts. Irrespective of how you have arrived, we have taken up the responsibility to be the helping hand to your journey ahead. You will often hear your peers commenting that Marketing is just about “knowing how to talk”. Trust us, you can disrupt the whole market without uttering a single word. To help you in your preliminary preparation, we have put together the basics of Marketing that we feel would arm you appropriately before Summers begin with full gusto. We present to you the Muggles’ Guide to Marketing – the official resource book developed and curated for all first-year students at NMIMS, Mumbai, by NjM. The aim is to apprise you with the basics of Marketing that will help you with your Summer Preparation. We have touched upon various topics to get you going with the Marketing concepts, supported by appropriate graphics and examples. However, we strongly encourage you to explore as many resources as possible and do an extensive external reading, over and above this resource book. This is not by any means an exhaustive material. Please note that this guide is by no means a replacement of your course material and should not be used for your academic purposes. We, as a part of the NjM Committee 2019-20, would like to thank all the seniors who, over the years, have contributed to this resource book and carried forward the legacy of helping out the Marketing folks at NMIMS. Cheers! Not just Marketing – The Official Marketing Cell at NMIMS, Mumbai (2019-2020)

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Serial No: 1

Content Introduction to Marketing

Page No: 5

2

Sales vs Marketing

6

3

Need, Want, And Demand

7

4

Consumer Vs Customer

8

5

B2B vs B2C

9

6

STP

10

7

Marketing Mix

14

8

ATL & BTL

17

9

Brand and Branding

20

10

Brand Equity

22

11

Brand Resonance

23

12

Additional Branding Terminologies

24

13

Product Mix – Line, Depth, Width

25

14

Product Life Cycle

26

15

Recap

28

16

SWOT Analysis

30

17

Porter’s 5 Forces

33

18

PESTEL Analysis

36

19

BCG Matrix

37

20

IMC – Integrated Marketing Communication

39

21

Digital Marketing

40

22

Go-to-Market Strategy

41

23

Ansoff’s Matrix

42

24

Maslow’s Need Hierarchy

43

25

AIDA Model

44

26

Distribution Strategies

45

27

Wrap Up

49

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Introduction to Marketing What is Marketing?

You would often hear your non-marketing friends saying – “Marketing toh sirf GAS hai yaar!” (Translation – Marketing is just GAS). Brace yourselves. We are about to get into some real deep stuff. Let’s start with some basic understanding of the term. Marketing is identifying and meeting the needs and wants of customers, profitably. The aim is to identify the needs (and wants) of a target market, create value for the customers by satisfying those needs and make sure that they keep coming back to you. Marketing is a very wide term. It includes all the activities right from the production of the goods to their consumption. Every activity in between - designing, pricing, promotion, distribution, transportation, warehousing, etc. - are activities of marketing. Alright, hope you got that well. You need to have a great deal of clarity about this question. You don’t want to mess this up in the interviews. Just in case you need more definitions to be absolutely clear, here is a curated list for you: 1. Philip Kotler (Also known as Father of Marketing) – “Marketing is the social process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.” 2. American Marketing Association “The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” 3. Mary Ellen Bianco – Director Marketing & Communications, Getzler Henrich & Associates LLC “Marketing includes research, targeting, communications, and often public relations. Marketing is to sales as plowing is to planting for a farmer—it prepares an audience to receive a direct sales pitch.” 4. Reread the above definitions and try to get a deeper understanding. 5

Sales vs Marketing What is the difference between Sales and Marketing?

This is one of the most basic yet the favorite question interviewers like to ask (After “Tell me about yourself”, of course). Marketing: Study the market and the customers, focus on their needs and satisfy them to create profit. You spend money so that you have the right insights to develop the right product and you spend more money to promote it and maintain a relationship with the customers. It is, hence, a cost center. Sales: The task here is to make sure that maximum customers purchase your product. You PUSH your products into the market and generate profits. It is hence a revenue center for the company. Refer the below table for the differences Marketing Act of understanding the market and the customer

Sales Act of converting prospects to actual paying customers

Emphasis on development

Emphasis on selling the product already produced

product

planning

and

Long term process

Short term process

Focus on the market and the customer first – Outside In

Focus on the company and the product first– Inside out

Profit through customer satisfaction

Profit through sales maximization

PULL your customers product/brand Cost center

towards

your

PUSH your products to customers/into the market

your

Revenue center

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Relation Between Marketing and Selling “The aim of Marketing is to make Selling superfluous” - Peter Drucker (Father of Management Thinking) (Before you google, Superfluous: unnecessary, especially through being more than enough e.g. this definition right here, for some of you) Peter Drucker goes on to say that the aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. That is exactly how you make selling unnecessary. Of course in real life, you cannot completely remove sales as a function, but you can reduce the dependency on it by improving your marketing efforts. Getting familiar with the concept of Marketing and understanding why is it different from Sales is very important. Make sure you are thorough with these two ideas. Before you get into more Marketing Gyaan, let’s visit some key terminologies that will help you comprehend the concepts better. 

Need vs want vs demand

 

Customer vs consumer B2B vs B2C

NEED, WANT, AND DEMAND Needs are basic human requirements – food, clothing, shelter, electricity, transportation, etc. Human needs have been evolving over the years. For example, food has been one of the most basic need of human beings. But fast-paced lifestyles have created a need for ready-to-eat food products. There are various levels of needs, best explained by Abraham Maslow through the Hierarchy of Needs (covered later in this course) Wants are needs that get shaped due to culture and individual personality. A desire for a specific means to satisfy one’s need is what differentiates a need and a want. For example, you are thirsty and you need water to quench the thirst. But if you find yourself asking for a Bisleri bottle at restaurants when the waiter asks - “Mineral water or Regular water?”, that’s a want right there. When wants are backed by buying power, demand is created. People want to choose products that provide the most value and satisfaction for their money. A desire, without the buying capacity, will not be converted into a demand. Marketers do not create needs: 1. Needs pre-exist marketers. 2. Marketers, do not create needs, they influence wants. 3. They might promote the idea that a Mercedes would satisfy a person‘s need for social status. 4. They do not, however, create the need for social status. 7

CONSUMER VS. CUSTOMER You might have found yourself using these terms interchangeably. But there is a significant (and subtle) difference between the two terms. Consider the image below Say the Mom and her baby, roaming around a shopping mall, stop near the baby diapers section. Who do you think is the customer here and who is the consumer?

Put simply, the one who buys the product is the customer. The one who uses (or consumes) it, is the consumer. So, the mother here, is the customer for the baby diapers, but her baby is the consumer.

An individual goes to a shop and buys a wrist watch for his friend's birthday. The friend who buys the watch is the customer as he has done the transaction with the seller. Once he gives the gift to his friend, it is the friend who will wear the watch, and hence is the end consumer. Lego’s customers are children, but shoppers are their parents. Lego used this difference to their advantage to create two separate user journeys, each covering touch points characteristic for that particular group. This helped Lego create a more engaging environment and user experience for both groups. If you buy a smartphone for yourself, you are both the customer and the consumer. Some DIY examples for you – identify the consumer and the customer 1. Soap for washing utensils1 2. Beverages stocked at restaurants2 3. Cement used for building a bungalow3 4. (look at the footnotes for the answers) Customers and consumers are considered to be important targets for marketers to generate sales and revenue. It is the customer who makes the purchase but more often influenced by the consumer.

1

You might say that your maid is the one using it, but the effects are experience by you, so you are both the consumer and the customer. 2

We assume you cracked this one

3 This might call for a debate, but if the owner is involved in the decisions, he/she will be the customer as well as consumer

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B2B VS B2C MARKETING Business to business marketing (B2B): B2B refers to when companies deal with institutions rather than individuals. For example, Intel & Microsoft doing business with Computer manufacturers like Dell, HP. Business-to-business marketing refers to the marketing of products or services to other businesses and organizations. B2B marketing campaigns are aimed at any individual(s) with control or influence on purchasing decisions. This can encompass a wide variety of titles and functions, from low-level researchers all the way up to the Csuite. B2B marketing may use channels such as emails, blogs, and direct sales. It holds several key distinctions from B2C marketing, which is oriented towards consumers. In a broader sense, B2B marketing content tends to be more informational and straightforward than B2C. This is because business purchase decisions, in comparison to those of consumers, are based more on bottom-line revenue impact. Business to consumer marketing (B2C): B2C describes businesses whose customers are individual consumers, rather than professional buyers. Therefore, all of the business' marketing is dedicated to the needs, interests, and challenges of people in their everyday lives. B2C business includes goods and services such as food, clothes, cars, houses, phone services, credit repair services, and so on. B2C customers get influenced through many factors such as emotions, personal beliefs, and attitudes, family, friends, and colleagues, etc. Unlike B2B marketing where companies take rational approaches to convince customers, B2C marketing may often involve emotional and social angles. Example Bournvita portrayed as something which caring mothers think is the best healthy drink for their kids, rather than purely focusing on its functional benefits. Raymonds’ tagline “the complete man” is another emotional approach to influence customers. The tagline has an aspirational message, rather than focusing on the supreme quality or comfort of the products.

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SEGMENTATION, TARGETING, AND POSITIONING

The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment. Few companies are big enough to supply the needs of an entire market; most must breakdown the total demand into segments and choose those that the company is best equipped to handle.

Four basic factors that affect market segmentation are: IMAA 1. Clear identification of the segment 2. Measurability of its effective size 3. Its accessibility through promotional efforts 4. Its appropriateness to the policies and resources of the company

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Segmentation is done using 4 broad parameters: Geographic, Demographic, Psychographic, Behavioral

Source: https://www.oberlo.com/blog/market-segmentation

Take the example of toothpaste. How would you segment the market as per the above parameters? Consider toothpaste as a product. Geographic – Segment as urban, semi-urban or rural areas Demographics – Can segment population as kids, youth, adults, senior population, etc. Psychographics – Based on lifestyle and attitudes. Lifestyle examples can be office-goers, college-goers, etc. Behavioral – Some may want whitening of teeth, some may ask for strong teeth, some want freshness, etc.

After you are done segmenting the market, your task is to choose a segment that you would want to target, based on profitability, volume, future potential etc. This process is known as targeting. Say for the above example of toothpaste, Close-up has target a segment that shows the following traits in particular: Geographic - Urban and semi urban areas Demographic - Mostly youths in their teenage life stage Psychographic - Outgoing, social 11

Behavioral - Freshness and clear breath (for social interactions) Note that you can choose to Mass target your product without differentiating at all – for e.g. commodities like salt, sugar, milk, etc. Or target multiple segments – for e.g. Marie biscuits targeting elders and seniors as well or target a niche segment in particular – for e.g. Horlicks Junior, specifically for kids Bases for Targeting: 1. Market size – Sustainability 2. Expected growth – Future potential 3. Competitive position – Attractiveness 4. Cost of reaching the segment – Accessibility 5. Compatibility with the organization’s objectives & resources Let’s apply the concepts of Segmentation and Targeting to something we all love to talk about.

We can hear your screams, Potterheads! If you notice closely, the students of Hogwarts have actually been Segmented, based on their psychographics, as depicted in the image above. Your Targeting now depends upon what do you think is the most suitable segment for your product or service. Say you want open a new bookstore - you know the wise Ravenclaws might be a good target group. Letting our imagination flow out a little more, Gryffindors would make a great TG for Mountain Dew because “risk utha naam bana” (translation: Take risks and make a name for yourself). We will leave it to you to decide what products or services are best suitable for the Slytherins and the Hufflepuffs.

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POSITIONING: Positioning is developing a product and brand image in the minds of consumers. It can also include improving a customer's perception of the experience they will have if they choose to purchase your product or service. The business can positively influence the perceptions of its chosen customer base through strategic promotional activities and by carefully defining your business' marketing mix. Effective positioning involves a good understanding of competing products and the benefits that are sought by your target market. A business should aim to differentiate and define themselves in the eyes of their customers in regards to their competition. In our above discussion on toothpaste, you may observe that Close-up wants to position itself for “Fresh breath”, Colgate for “Strong and White Teeth” and Sensodyne for “Sensitivity” Positioning in the smartphone sector:

Apple – Ultimate user experience; premium and quality phones OnePlus – High end features at prices lower than the competitors Xiaomi – Value for Money, budget friendly phones Blackberry (R.I.P) – Suitable for corporate use; high security Elements of positioning: (Some More Important Terminologies) Target Audience/Target Group/TG: For whom the product is intended Points of Parity (PoP): Attributes similar to other products in the category. Points of parity are important because customers expect basic offerings from a category. POPs are also often used to nullify the advantage that the competitor might have over you. E.g.: Two facewash brands, both offering to reduce acne, becomes a PoP. Points of Difference (PoD): Attributes that differentiate the products from others in the category. The more the number of PODs the better is the positioning. Two facewash brands, both offering to reduce acne, but one using only natural ingredients to do so, becomes a PoD. Tip: Feel free to use these terms in your group discussions of case discussions, you’ll look knowledgeable. 13

Marketing Mix (4Ps/ 7Ps of Marketing)

4Ps/7Ps are the set of tactical marketing tools that the firm blends to produce the response it wants from the target market. They make up the business plan for a company and when handled right, can give it a great success. Handle it wrongly and the business could take years to recover. The marketing mix needs a lot of understanding, market research, and consultation with several people, from users to trade to manufacturing and several others. The 4Ps of Marketing are generally used for Products (here, tangible). In terms of services marketing, there are 3 additional Ps in the Marketing Mix, namely People, Processes and Physical Evidence “P”-1: PRODUCT: Product refers to an actual item being sold, that satisfies a consumer’s needs or wants. There are five levels of a product: Level 1: Core Product: This is the basic product and the focus is on the purpose for which the product is intended. For example, a warm coat will protect you from the cold and the rain. Level 2: Basic/Generic product: A version of the product containing only those attributes or characteristics absolutely necessary for it to function. For example: For a warm coat this is about fit, material, rain repellent ability, high-quality fasteners

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Level 3: Expected Product: The set of attributes or characteristics that buyers normally expect and agree to. E.g. The coat should be really warm and protect from the we...