Concept of Product Marketing
Added on 2020-06-04
32 Pages7037 Words166 Views
FinanceMarketing
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MARKETING ESSENTIALS
Table of ContentsSlide 1.....................................................................................................................................................3Slide 2.....................................................................................................................................................3Slide 3.....................................................................................................................................................4Slide 4.....................................................................................................................................................6Slide 5.....................................................................................................................................................7Slide 6.....................................................................................................................................................8Slide 7.....................................................................................................................................................9Slide 8...................................................................................................................................................10Slide 9...................................................................................................................................................11Slide 10.................................................................................................................................................12Slide 11.................................................................................................................................................12Comparing Extended Marketing Mix ........................................................................................................13Of ..............................................................................................................................................................13EE & Vodafone...........................................................................................................................................13Task 2b.......................................................................................................................................................19Executive Summary...................................................................................................................................19External Analysis: Pestle Analysis.........................................................................................................22SWOT analysis...........................................................................................................................................23Strategy .....................................................................................................................................................24Segmentation, targeting and positioning (STP) .........................................................................................27Conclusion.................................................................................................................................................28Reference..................................................................................................................................................29
Slide 1Slide 2
Marketing ConceptsProduct Concept: Product concept proposes that people choose the quality of the product andinnovative nature of it. But quality of a product is not all. Along with the quality if we can notdetermine the perfect price, distribution model, and promotional method, the chance of a failureis really high (Boone, et.al., 2013).Production concept: Production concept proposes that consumers favor products which aremostly available and low-priced. Chinese companies followed this concept for the last twodecades and increased the productivity of their organization. Which enabled them to lure a massmarket around the world.Selling concept: The concept of selling is not a very popular one among the marketers. Itproposes an antagonistic view that companies must try to sell their product at any cost. Marketing Concept: Introduced in the mid of nineteenth century,marketing concept proposesthat the fundamental job of organization is to find out the needs of the customers and try to fulfillthese needs.In other words marketing concepts, or a philosophy tat determine what type ofmarketing tools are used by a company. Marketing concepts are driven by a clear objective thattakes into account cost efficiency, social responsibility, and effectiveness within a particularmarket.Holistic Marketing Concept: Holistic marketing concept is relatively new in the market and isdeveloped actually from the marketing concept. Holistic Marketing proposes that, every thing inorganization and a society is related to the marketing. There are for parts of holistic marketing-Internal Marketing, Integrated Marketing, Performance Marketing, Relationship marketing.Slide 3Current and future market trends
Promotion via mobile: It is multi channel marketing techniques where company focus onreaching a specific customer through smart phone, tablets and any other related devices. Thecompany sread message through SMS, MMS, Social media and mobile applications.Manycompany focus on this promotional strategy for attention of customer's In the market with lowexpenditure of promotion of activities.Social media marketing: The company promote its products and services via social channelsand websites. The company creates the campaigns and track them to find the customerpreference. Social media channels are Facebook, Twitter, Linked in, Blogs etc. Present timepeople more time spend on social media and more companies focus on their target customer'sthrough social media tool like Facebook, whatsup, twitter. Company major income source.Celebrity endorsement:-Present time large scale companies advertise their product and servicethrough hiring of celebrity and promotion of product n target of customer. .Story telling advertisement: It is new concept in marketing, but has rapid growth in socialmedia marketing. In this, the company identify their brand mission, they are authentic, truthfullyand consistent and they don't forget the fundamental of good story. The company conveys themessage in the way of story that where the start from and where they are right now. Manycompanies focus on these types of the promotional strategy for customer's attraction and targetcustomers through crating story making advertising for customer's feeling, beliefs Future Trends:-Offline advertisement:-It is the strategies where ofline media channels are selected to createthe awareness among the customer like radio, billboards and pamphlets. Door to door marketingwith the helps of the offline marketing an reaching to the customer information ill be specificgiven to the newspaper and templates. To direct their target market. Forming brand community: It is the community made for the company customer who are loyalto the company. Special events are organized for the consumer of the venture and specialdiscount and services are provided to the so that they can generate awareness among the targetcustomer. This is made for word of mouth advertisement.Sponsoring sports events and clubs:- Information to public about product or service with thehelps of third party. Many companies focus on this strategy for racing to customer's mindset andimprove the sale.Data Minning: It is process where the larger data is being collected and proper analysis is doneto find out the relevant data that helps in finding the customer need and wants so that propermarketing strategies are made.In the future companies work on customer past data and recordsall the other information of customer for getting information about their choice and preferences.
Slide 4Situation Analysis: The company need to analyse the situation so that they can able to find that what are the internal and external environment factors and they can affect the organization's performance. To analysis that various tools are identified, that are SWOT and PESLE analysis, 5 C competitors, customers, company, collaborators, climate.Different Marketing Strategy are as follows:Marketing Segmentation: It is the approach where the whole population is divided intodifferent segment on the basis of their same interest, income, gender etc. After that, the segmentis made as target market. There are various ways which the company can able to divide theirtarget market, that are as follows:Demographic: It is the classification of the population on the basis of age, income, gender,occupation etc.Geographic segmentation: It is grouping of population on the basis of country, city, region,population density, climate zone.Psycho graphic segmentation: it is the segmentation on the basis of people lifestyle and values.Like- achievers, underachievers etc.Behavioral segmentation: Classification of the population on the basis of customer behavior,Like- Price sensitivity, Loyalty, purchase rate etc.Determining Marketing Mix:Product- It is the goods that are served to the consumer so that their needs and wants can besatisfies, it includes different elements that are Brand name, packaging, quality, features etc.
Price- There are different prices that are set by the organization according to different strategiessuch price penetration for large sales, skimming for differentiate products etc. It also includesdifferent pricing methods after analyzing the competitors pricing technique, Place-It is the process where the organization select different channels to distribute goods andservices to their end user which includes whole seller, retailers, agents etc.Promotion-The company need to promote their products and services so that their target marketcan be aware about the brand and their products, it may includes different paid and non paidforms such as advertisement, sale promotion, publicity, work of mouth etc.Implementation & Control: There are different by which EE can able to execute and evaluatethe marketing plan, that are as follows:Evaluation of marketing strategies.Communication of feedback after the evaluation of marketing strategies.Knowing market response.Identify different marketing opportunities and understanding consumer needs.Slide 5It is technique used to conduct situation analysis. This include the examining the internal andexternal environment, these are as follows:Company: It includes the analysis of company product line, finding out the company image andmarket share, the technology used by them and new Datamation required and the culture, norms,goal, objective and strategies used by them.
Collaborations: Examining of the inbound and outbound logistics of the entity that aresuppliers, distributors, whole-seller, retailers and producers.Customers: It includes market size and growth, market segment, consumer preferences andneeds, motivation to purchase, retail channel etc.Competitors: Finding out core competitor and product, price and services served by thecompany and strength / weakness.Climate: It includes Pestle analysis that are political, economical, social, technological, legal,environmental. Slide 6Marketing manager rolesDevelop marketing strategy:- SOSTAC analysis is made in this role that are situation analysisthat where the company is now, objective that are creation of SMART objective that concludewhat company want to achieve, strategy that is how the entity going to achieve objectives, tacticsthat are details about the strategies, Action are who is going to do what or who are responsiblefor whom and controls are how the company is going to measure its performance.Manage the marketing mix:- It consists of product, price, place and promotion. Marketingmanager should identify the competitive products for the company which satisfy the need ofcustomer, make the price according to the value of goods and services, select the proper place fordistribution and communication channel and select effective strategies to create awarenessamong the consumer.Customer relationship management:- Marketing manager should identify the needs and wantsof the consumer by proper market analysis and then deliver the goods and services and at the lasttake feedback form them that they are satisfied with the entity products or not.
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