Key Marketing Dimensions and Strategies by Dr. Kishori J. Bhagat

Dr. (Mrs) Kishori J Bhagat M.Com., M.Phil., M.B.A., NET, Ph.D.(Commerce), Ph.D. (Management Studies)

Syllabus Sr. No. Modules 1 Introduction to Marketing 2 Marketing Decisions I 3 Marketing Decisions 4 Key Marketing Dimensions Dr Kishori J Bhagat MHRM _ Marketing 2

Introduction to Marketing Marketing, Concept, Features, Importance, Functions, Evolution, Strategic v/s Traditional Marketing Marketing Research - Concept, Features, Process Marketing Information System-Concept, Components Data Mining- Concept, Importance Consumer Behaviour- Concept, ,Factors influencing Consumer Behaviour Market Segmentation- Concept, Benefits, Bases of market segmentation Customer Relationship Management- Concept , Techniques Market Targeting- Concept, Five patterns of Target market Selection Dr Kishori J Bhagat MHRM _ Marketing 3

Marketing Decisions I Marketing Mix- Concept, Product- Product Decision Areas Product Life Cycle- Concept, Managing stages of PLC Branding- Concept , Components Brand Equity- Concept , Factors influencing Brand Equity Packaging- Concept , Essentials of a good package Product Positioning- Concept, Strategies of Product Positioning Service Positioning- Importance & Challenges Pricing- Concept, Objectives, Factors influencing Pricing, Pricing Strategies Dr Kishori J Bhagat MHRM _ Marketing 4

Marketing Decisions Physical Distribution- Concept, Factors influencing Physical Distribution, Marketing Channels (Traditional & Contemporary Channels) Supply Chain Management-Concept, Components of SCM Promotion- Concept, Importance, Elements of Promotion mix Integrated Marketing Communication (IMC)- Concept, Scope ,Importance Sales Management- Concept, Components, Emerging trends in selling Personal Selling- Concept , Process of personal selling, Skill Sets required for Effective Selling Dr Kishori J Bhagat MHRM _ Marketing 5

Key Marketing Dimensions Marketing Ethics: Concept, Unethical practices in marketing, General role of consumer organizations Competitive Strategies for Market Leader, Market Challenger, Market Follower and Market Nicher Marketing Ethics: Rural Marketing- Concept, Features of Indian Rural Market, Strategies for Effective Rural Marketing Digital Marketing-Concept, trends in Digital Marketing Green Marketing- concept, importance Challenges faced by Marketing Managers in 21st Century Careers in Marketing Skill sets required for effective marketing Factors contributing to Success of brands in India with suitable examples, Reasons for failure of brands in India with suitable examples. Dr Kishori J Bhagat MHRM _ Marketing 6

Paper Pattern Objectives All modules Module 1 Module 2 Module 3 Module 4 All modules 20 marks 10 marks 10 marks 15 marks 15 marks 15 marks 15 marks 20 marks 1. MCQ 10/12 10/12 T/F 2. Ans the foll 2/3 3. Ans the foll 2/3 4. Ans the foll 2/3 5. Ans the foll 2/3 6. SN 4/6 Dr Kishori J Bhagat MHRM _ Marketing 7

1. Introduction to Marketing Marketing, Concept, Features, Importance, Functions, Evolution, Strategic v/s Traditional Marketing Marketing Research - Concept, Features, Process Marketing Information System-Concept, Components Data Mining- Concept, Importance Consumer Behaviour- Concept, ,Factors influencing Consumer Behaviour Market Segmentation- Concept, Benefits, Bases of market segmentation Customer Relationship Management- Concept , Techniques Market Targeting- Concept, Five patterns of Target market Selection Dr Kishori J Bhagat MHRM _ Marketing 8

Marketing - Concept The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires PHILIP KOTLER Dr Kishori J Bhagat MHRM _ Marketing 9

Marketing - Features Systematic process Ideas, Goods and Services Target Markets All Pervasive Marketing Environment Integrated approach Societal Interest Expansion of business Organisational objectives Customer satisfaction Competitive advantage Company image

Marketing - Importance Expansion of business Organisational objectives Customer satisfaction Competitive advantage Company image Economies of Scale Efficiency Brand loyalty Brand image Brand equity Benefits to stakeholders Dr Kishori J Bhagat MHRM _ Marketing 11

Marketing Functions Physi cal Distri butio n Mark eting Resea rch Produ ct Desig n After Sales Servic e Sales Prom otion Test Marketi ng Brand ing Adver tising Pricin g CRM Dr Kishori J Bhagat MHRM _ Marketing 12

Marketing Evolution Holistic Relationship Societal Marketing Selling Product Produ ction Ex Dr Kishori J Bhagat MHRM _ Marketing 13

Strategic v/s Traditional Marketing Meaning Marketing research Nature-decision Nature-strategy Opportunity sensing Objectives Pricing method Promotion Quality Customer relation SWOT Time frame Creativity achieve obj hardly invest reactive stability adhoc search profit cost ori few elements hardly new customers customer centric hardly emphasis short long term hardly emphasis -originality value to Customer emphasis proactive growth / retrenchment ongoing search social & eco market oriented integrated emphasis Dr Kishori J Bhagat MHRM _ Marketing 14

Marketing Research - Concept, American Marketing Association defines marketing research as the systematic gathering, recording, and analysing of data about problems relating to marketing of goods and services . Kotler and Keller define marketing research as the systematic design, collection, analysis, and reporting of data and findings relevant to a specific market situation facing the company . Dr Kishori J Bhagat MHRM _ Marketing 15

Marketing Research - Features Systematic process Specific in nature Scope 4 Ps Applied research Bridge company-customer gap Continuous Company objectives Cost-effective Professional approach Methods data collection Certain limitations Dr Kishori J Bhagat MHRM _ Marketing 16

Marketing Research - Process Identify problem Preliminary investigation Data needs Data source Data collection Research design Sample Questionnaire Data analysis & Interpretation Organise data Report Follow-up Dr Kishori J Bhagat MHRM _ Marketing 17

Marketing Information System- Concept A Marketing Information System consists of people, equipment and procedures to gather, sort, analyze, evaluate and distribute needed, timely and accurate information to marketing decision makers Philip Kotler Dr Kishori J Bhagat MHRM _ Marketing 18

Marketing Information System - Components Internal records Marketing Decision Support System MIS Marketing intelligence Marketing Research Dr Kishori J Bhagat MHRM _ Marketing 19

Data Mining- Concept Data Mining is a process of extracting useful data from a larger set of raw data for the purpose of effective decision making Invetopedia Data mining is a process used by companies to turn raw data into useful information Dr Kishori J Bhagat MHRM _ Marketing 20

Data Mining- Importance Consumer behaviour Customer loyalty Low operating cost Lower customer defection High customer equity Customized market offering Higher returns Price Promotion Distribution Improved services Company image Dr Kishori J Bhagat MHRM _ Marketing 21

Consumer Behaviour- Concept, Engel, Blackwell and Mansard Consumer behaviour as the actions and decisions processes of people who purchase goods and services for personal consumption Dr Kishori J Bhagat MHRM _ Marketing 22

Factors influencing Consumer Behaviour Marketing Personal Psychological Social Cultural Situational Product Price Promotion Place Age Gender Education Income Status Learning Attitude Motives Perception Physical Social surrounding Momentary Time Reference groups Family Roles and status Religion Sub-cultures Dr Kishori J Bhagat MHRM _ Marketing 23

Market Segmentation- Concept, Philip Kotler Marketing segmentation is a process of identifying groups of buyers with different desires or requirements No segmentation Market segmentation Dr Kishori J Bhagat MHRM _ Marketing 24

Market Segmentation- Benefits Market opportunities Product development Price Promotion Distribution Media selection Timing Use of resources Better services Customer loyalty Dr Kishori J Bhagat MHRM _ Marketing 25

Bases of Market Segmentation Demograp hic Geographic Sociographic Psychographic Behavioural Region Urban/ Rural Locality Age Gender Income Educatio n Family size Life-style Attitude Personali ty Usage rate User status Buying motive Culture Referenc e groups Dr Kishori J Bhagat MHRM _ Marketing 26

Customer Relationship Management- Concept Philip Kotler and Gary Armstrong CRM is concerned with managing detailed information about individual customers and all customer touch points to maximize customer loyalty Dr Kishori J Bhagat MHRM _ Marketing 27

Customer Relationship Management- Techniques Data warehousing Loyalty programme One to one marketing Priority customer programme After sales service Satisfaction survey Customer service agents Suggestion schemes Dr Kishori J Bhagat MHRM _ Marketing 28

Market Targeting- Concept Market targeting is a process of selecting the target market from the entire market area Investopedia A target market is the market a company wants to sell its products and services to and it includes a targeted set of customers for whom it directs its marketing efforts Dr Kishori J Bhagat MHRM _ Marketing 29

Five patterns of Target market Selection Single segment concentration Single market specialization Selective specialization Several segments One segment, One segment Several products one product Several products Different MM one MM Several MM Product specialization Full market coverage Several segment All segments One product Several products One MM Different MM Dr Kishori J Bhagat MHRM _ Marketing 30

Marketing Decisions I Dr Kishori J Bhagat MHRM _ Marketing 31