They visualize an opportunity and knock on every door to get attention Ex. A person sold beer door to door and such direct selling. Slowly he became market leader in selling his products. They need to develop some creative out of the box ideas to market their products. Scope of Marketing Marketing people are involved in 10 types of entities: 1 Goods like eggs, steel, cars Maruti!!!!
This is information marketing 10 Ideas like the buyer of a drill are really buying a hole. Church should market itself as a place of worship or a community center. Bimtech as a place for breeding managers. A broadened view of Marketing Tasks: Production and logistics manage supply and marketers manage demand Eight different states of demand: 1 Negative demand: if a major part of market dislikes the product and may even pay a price to avoid it — vaccinations, gall bladder operations etc.
Marketing task is to analyse why the market dislikes the product and whether a marketing program can change beliefs and attitudes. College students may not be interested in foreign language courses. Marketing should look for ways to benefit others with their product and of course thus sell their product 3 Latent demand: Market feels a strong needs for some products like harmless cigarettes.
Marketer needs to measure size of this market and develop such goods 4 Declining demand: market for products etc declines. Then marketer need to know the causes and rectify 5 Irregular demand: Demand of many products and services are seasonal. Marketer needs to devise ways called synchromarketing like flexible pricing, promotions and other incentives 6 Full demand: sometimes full demand is there. Marketing task is to maintain current level of demand in face of changing consumer preferences and increasing competition.
Then marketing task, called demarketing is required. Like thru raising prices and reducing promotion and service. Selective marketing is reducing demand from some parts, say not so profitable, of the market 8 Unwholesome demand: Unwholesome products will attract organized efforts to discourage consumption. Like unselling campaigns against cigarettes, alcohol, and handguns.
Marketing can use fear messages like raising prices, reduced availability. The decisions marketers make Marketing managers face a host of decisions, from major ones such as what product to make, what features, how many salesperson to hire etc. These questions vary according to marketplaces.
Consider following four markets 1 Consumer market: mass consumer goods and services such as soft drinks, toothpaste, air travel etc. They buy goods for their utility or to make or resell a product to others. They have to decide which country to enter, how to enter, has to have a fit the cultural practices etc. They have to follow long government procedures to get this market. Goods sold to the great Indian Government Marketing Concepts and Tools: Defining Marketing: Social Definition: Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering and freely exchanging products and services of value with others.
Marketing is not just selling. Selling is only the tip of the iceberg! Peter Drucker: The aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. American Management Association: Marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organisational goals.
Kotler: We see marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. The response is sought from prospect. Needs, Wants and Demand: Needs describe basic human requirements. Example need for food, air, water, education, entertainment etc. Needs become wants when they are directed to specific objects that might satisfy the need.
Marketers do not create needs. Needs preexist marketers. Marketers along with other social influencers influence wants. Product or offering: A product is any offering that can satisfy a need or want. Major typed of basic offerings: Goods, services, experiences, events, persons, places, properties, organizations, information and ideas.
A brand is an offering from a known source. Value and satisfaction: Value is what customer gets and what he gives. Customer gets benefits and assumes costs.
Benefits include functional and emotional benefits. Costs include monetary costs, time costs, energy costs and psychic cost. Exchange is core concept of marketing.
Exchange involves obtaining a desired product from someone by offering something in return. Exchange is a process rather than an event. A transaction is a trade of values between two or more parties. Monetary transaction: Paying money in exchange of goods Barter transaction: Goods or services for other goods or services. Dimensions of a transaction: At least two things of value Agreed upon conditions A time of agreement Place of agreement Transaction differs from transfer.
In a transfer A gives goods to B but does not receive anything tangible in return. Example: Gifts, charities, subsidies etc.
Relationships and networks: Transaction marketing is a part of larger idea called relationship marketing. Relationship marketing has the aim of building long term mutually satisfying relations with key parties — customers, suppliers, and distributors — in order to earn and maintain their long-term preference and business. Relationship marketing builds string economic, social and technical ties among the parties.
A marketing network consists of companies and its supporting stakeholders customers, employees, suppliers, distributors, retailers, ad agencies, university scientists and others. Marketing Channels: To reach a target market marketer uses three different kinds of marketing channels. Communication channel: The marketer uses communication channels to deliver and receive messages from target buyers.
These consist of dialogue channels e mail, toll free numbers. Distribution channels: To display and deliver the physical product or service to the buyer or user. They include warehouses, transportation vehicles and various trade channels such as distributors, wholesalers, retailers etc.
Selling channels: They include not only the distributors and retailers but also the banks and insurance companies that facilitate transactions. Supply chain: Supply chain represents a value delivery system. When a company moves upstream or downstream, the aim is to capture a higher percentage of supply chain value. Competition: Competition includes all the actual and potential rival offerings and substitutes that a buyer might consider.
Four levels of competition: Brand competition: Similar products or services to the same customers at similar prices. Industry competition: All companies making the same product or the class of product. Form competition: All companies manufacturing the products that supply the same service.
Generic competition: All companies that compete for the same consumer dollars. The marketing environment consists of the task environment and the broad environment. The task environment includes the immediate actors involved in producing, distributing, and promoting the offering. The main actors are company, suppliers, distributors, dealers, and the target customers. Included in the supplier group are material suppliers and service suppliers such as marketing agencies, advertising agencies, banking and insurance companies, transportation and telecommunication companies.
Included with distributors and dealers are agents, brokers, manufacturer representatives, and others who facilitate finding and selling to consumers. The broad environment consists of six components: demographic environment, economic environment, natural environment, technological environment, political-legal environment, and social-cultural environment.
These environments contain forces that can have a major impact on the actors in the task environment. Market actors must pay close attention to the trends and the developments in these environments and then make timely adjustments to their marketing strategies.
Marketing Mix Marketers use numerous tools to elicit desired responses from their target markets. These tools constitute a marketing mix. Marketing Mix Figure 1. The particular marketing variables under each P are shown in figure 1. Marketing mix decisions must be made for influencing the trade channels as well as the final consumers. Fig 1. Typically, the firm can change its price, sales force size, and advertising expenditures in the short run.
It can develop new products and modify its distribution channels only in the long run. Thus the firm typically makes fewer period-to-period marketing-mix changes in the short run than the number of marketing-mix decision variables might suggest.
What relative weights should be given to the interests of the organization, the customers and the society? Very often these interest conflict. Clearly, marketing activities should be carried under a well-thought out philosophy of efficient, effective, and socially responsible marketing. However, there are five competing concepts under which organizations conduct marketing activities: the production concept, product concept, selling concept, marketing concept and societal marketing concept.
The Production Concept: The production concept is the oldest concept in business. The production concept holds that consumers will prefer products that are widely available and inexpensive. Managers of production-oriented business concentrate on achieving high production efficiency, low costs and mass distribution.
They assume that consumers are primarily interested in product availability and low prices. This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than its features. It is also used when a company wants to expand the market.
Some service organizations also operate on the production concept. Many medical and dental practices are organized on assembly-line principles, as are some government agencies such as unemployment offices and license bureaus.
Although this management orientation can handle many cases per hour, it is open to charges of impersonal and poor quality service.
The Product Concept: Other businesses are guided by the product concept. The product concept holds that consumers will favor those products that offer the most quality, performance, or innovative features. Managers in these organizations focus on making superior products and improving them over time. They assume that buyers admire well-made products and can appraise quality and performance.
However, these managers are sometimes caught up in a love affair with their product and do not realize what the market needs. Such was the case when WebTV was launched during Christmas to disappointing results. Product oriented companies often design their products with little or no customer input. They trust that their engineers can design exception products. Then manufactures would make it. The finance department would price it. Finally, marketing and sales would try to sell it. No wonder the car required such a hard sell!
GM today asks customers what they value in a car and includes marketing people in the very beginning stage of the design. The product concept can lead to marketing myopia. Railroad management thought that travelers wanted trains rather than transportation and overlooked the growing competition from airlines, busses, trucks and automobiles. Slide-rule manufacturers thought that engineers wanted slide rules and overlooked the challenge of pocket calculators.
Colleges, department stores, and post office all assume that they are offering the public the right product and wonder why their sales slip. These organizations too often are looking into a mirror when they should be looking out of window. The Selling Concept: The selling concept is another common business orientation.
The selling concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organizations products. The organization must, therefore, undertake an aggressive selling and promotion effort.
This concept one assumes that consumers typically show buying inertia or resistance and must be coaxed into buying. It also assumes that the company has a whole battery of effective selling and promotion tools to stimulate more buying. The selling concept is practiced in the non-profit area by fund-raisers, college admission offices, and political parties.
A political party vigorously sells its candidates to voters. After the election, the new official wants and a lot of selling to get the public to accept policies the politician or party wants. Most firms practice selling concept when they have overcapacity. Their aim is to sell what they make rather than make what the market wants. In modern industrial economies, productive capacity has been built up to a point where most marketers are buyer markets the buyers are dominant and sellers have to scramble for customers.
Prospects are bombarded with TV commercials, newspaper ads, direct mails, and sales calls. At every turn, someone is trying to sell something. As a result, the public often identifies marketing with hard selling and advertising.
But marketing based on hard selling carries high risks. These are indefensible assumptions. One study showed that dissatisfied customers may bad-mouth the product to 10 or more acquaintances; bad news travels fast.
The marketing concept holds that the key to achieving its organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer values to its chosen target markets. The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.
The selling concept takes an inside-out perspective. It starts with the factory, focuses on the existing products, and calls for heavy selling and promoting to produce profitable sales. The marketing concept takes an outside-in perspective. It starts with a well-defined market, focuses on customer needs, coordinates all the activities that will affect customers, and produces profits by satisfying customers.
Target market Companies do best when they select their target markets carefully and prepare tailored marketing programs. Understanding customer needs and wants is not always simple. Some customers have needs of which they are not fully conscious. Or they cannot articulate these needs. Or they use words that require some interpretation. Consider a woman who enters a hardware store and asks for a sealant to seal glass windowpanes.
This customer is stating a solution and not a need. The salesperson may suggest that tape would provide a better solution. The salesperson met the customers need, not her stated solution.
A distinction needs to be drawn between responsive marketing, anticipative marketing, and creative marketing. A responsive marketer finds a stated need and fills it.
Sony exemplifies a creative marketer because it has introduced many successful new products that customers never asked for or even thought were possible. Why is it supremely important to satisfy target customers? One estimate is that attracting a new customer can cost five times as much as pleasing an existing one.
And it might cost sixteen times as much as to bring the new customer to the same level of profitability as the lost customer. Customer retention is thus more important than customer attraction. Unfortunately, not all employees are trained and motivated to work for the customer. Integrated marketing takes place on two levels.
First, the various marketing functions- sales force, advertising, customer service, product management, marketing research-must work together.
Second, the other departments must embrace marketing; they must also think customer. Marketing is not a department so much as a company wide orientation. To foster teamwork among all departments, a company should carry out internal as well as external marketing. External marketing is marketing directed at people outside the company. Internal marketing is the task of hiring, training, and motivating able employees who want to serve the customers well.
In fact, internal marketing must precede external marketing. Master marketing companies invert the chart. Profitability The ultimate purpose of the marketing concept is to help organizations achieve their objectives. In the case of private firms, the major objective is profit; in the case of nonprofit and public organizations, it is surviving and attracting enough funds.
A company makes money by satisfying customer needs better than its competitors. These are 1. Sales Decline: When Sales fall, companies panic and look for answers. Today newspapers decline as people are more replying on Radio, TV and Internet for the news 2. Slow Growth: Slow sales growth leads companies to search for new markets. They realize they need marketing skills to identify and select new opportunities 3. Changing buying patterns: Many companies operate in markets characterized by rapidly changing customer wants.
These companies need more marketing knowhow if they are to track buyers changing values 4. Increasing Competition: Complacent industries may be suddenly attacked by powerful competitors. Companies in deregulated industries all find it necessary to build up marketing expertise 5.
Increasing Marketing Expenditures: Companies may find their expenditures for advertising, Sales, Promotion, marketing Research and Customer Service to be poorly done.
Management then decides to take a serious audit to improve its marketing Companies need to attract and retain customers through superior product offerings, which delivers the Customer satisfaction. Resistance is especially strong in the industries where Marketing is introduced for the first time-like law offices, colleges, deregulated industries and government offices.
But in spite of resistance the Company president establishes a Marketing department, marketing talents are hired and seminars conducted, Marketing budget increased and Marketing planning and Control systems introduced. It calls for social and Ethical considerations in marketing. They must balance the conflicting criteria of Company profits, consumer want satisfaction and Public Interest. How Businesses and Marketing are Changing?
They perceive fewer Brand Loyalty and Product differences. They can obtain Extensive Product information from the Internet and other sources and shop intelligently. Brand manufacturers are facing intense competition from domestic and foreign brands, rising promotion costs and shrinking profits. Store based retailers are suffering from an over saturation of retailing. Small retailers are succumbing to growing power of Giant retailers and category killers.
Store based retailers are suffering from competition from catalog houses, Direct mail firms, TV direct to customer ads, Telemarketing, Tele-shopping etc. Company Response and Adjustments Here are some current trends 1.
Reengineering: Focusing on Functional departments to reorganize the key business processes, each managed by multidiscipline teams 2. Outsourcing: From making everything inside to buying more goods and services outside, to obtain them cheaper and better. Few companies are outsourcing everything making them Virtual companies owning very few assets and therefore extraordinary rates of return 3.
E-Commerce: Making all products available on the Internet. Customers can now shop online from different vendors, have access to a lot of Pricing and Quality and Variety information. Benchmarking: Adopting the best practices of World Class performers 5. Alliances: Network of partners 6. Partner-Suppliers: From many suppliers to a few reliable suppliers who work more closely in Partnership relationships with the company 7. Market-Centred: From organized around the product to organized around the Market segment 8.
Global and Local: From being local to being Globally local and locally Global 9. Decentralized: More intrepreneurship at the local level Marketer responses and adjustments: 1. The rule 2. Customer Lifetime value: From making a profit on each sale to making Profits by managing Customer Lifetime value.
Customer Share: From focusing on gaining on Market Share to focusing on gaining Customer Mindshare by selling a large variety of goods and services, training employees to do Cross-selling and Up-selling 4. Target Marketing: From selling to everyone to serving better well defined market segments 5. Individualization: From selling the same offer in the same way in the target market to individualization and Customization. Customers designing their own products on the web pages and all 6. Integrated Marketing Communication: From relying on one communication tool like advertising and Promotion to blending several tools to deliver a consistent brand image to customers at every brand contact 8.
Channels as Partners: From thinking of intermediaries as Customers to treating them as Partners in delivering value 9. Every Employee as a Marketer Four methods of tracking customer satisfaction: 1. Feedback and Suggestion Forms 2. Customer Surveys 3.
Ghost shopping 4. Processes — The trick lies in overcoming the problems posed by departmental organization. The successful companies are those which achieve excellent capabilities in managing core business process through cross — functional teams.
Core processes here could be new-prod development, customer attraction, order fulfillment, etc Resources — The major businesses are nowadays trying to own and nurture only their respective core resources and competences, while out sourcing the rest of the processes. Companies are paying increasing focus on their core competences and distinctive capabilities. One should go in for outsourcing, if through outsourcing, 1. If resources are less critical Core competence has 3 characteristics 1.
Difficult for competitors to imitate 2. Source of competitive advantage if it makes significant contribution to perceived customer benefits 3. Potential breadth of application to a wide variety of markets Set strategies to satisfy key stakeholders Stakeholders By improving critical biz processes Processes And aligning resources and organization Resources and Organisation Organization and Organizational Culture — According to the article Built to Last, there are 3 commonalities amongst the visionary companies — 1.
They all held a core value system from which they did not deviate 2. They expressed their purpose in enlightened terms 3. They have developed a vision for their future and they strive towards it.
They communicated it to their employees and embrace a higher purpose beyond making money Senior mgmt must encourage fresh ideas from 3 grps wrt strategy making a. Employees with youthful perspectives b. Lead generation — to generate leads, the company develops ads and places them in media that will reach new prospects; its sales person participate in trade shows where they might find new leads and so on.
All this produces a list of suspects. Lead qualification — the next task is to qualify which of the suspects are really good prospects, and this is done by interviewing them, checking for there financials, and so on. The prospects may be graded as hot warm and cool. The sales people first contact the hot prospects and work on account conversion, which involves making presentations, answering objections and negotiating final terms.
Computing cost of lost customers — Too many companies suffer from high customer churn namely they gain new customer only to lose many of them. Today companies must pay closer attention to their customer defection rate the rate at which they lose customer. The steps involved here are 1. The Freelancer Course is my exact strategies to getting High-End clients to actively reach out to YOU through social media and simple websites… rather than you chasing them or applying to jobs.
Meet your new instructor: Neil Gaiman, one of the most prolific storytellers of our time. In his first lesson, Neil explains why he loves to teach and how he wants to encourage you to tell stories that matter. I know he released newer versions. If no would it be possible to get the up todate book? You must be logged in to post a comment. Details Zoom.
October 30, By admin Software Special Offer. October 13, By admin Software Special Offer. Date Name. Desc Asc. Instead of dealing with employees, creating products, taking care of customer service or focusing on if the ads are bringing in sales or not… I do one thing and one thing only — I send an email at 11 am and I send another email at 11 pm.
The result:. I simply send an email out and all day and all night I get sales. And the best part… I make money while I get to experience new things with my family. If you look closely you'll see the formatting differs in some of these screenshots. This is due to European and USA formatting differences. Just wanted to clarify. The really cool thing is that… If you follow every single step that I teach, you end up with an online business that just works right..
Or others starting private labeling products and selling them on Amazon only to find out their private label suppliers are now competing with them… My online business has been alive and highly profitable for 15 years straight. But the best part is I try not to get too involved in my business.
How many people do you see lingering in various Facebook groups talking about running an online business… …And compare that with how few actually get results?
Very few. I rather generate sales, get paid and not do anything else. So we generate sales and get paid. They do everything else and generate sales.
So remember this: The next time you hear someone selling you a course on how to start, grow or scale a digital business… Consider this: Are they teaching you to create a complex business where you ultimately lack most of the skills to make it work only to make the entire product sound sexy or are they teaching you how to successfully sell things online where you only need to do one thing and one thing only?
You can build a stress free lifestyle business of your dreams…. And once you start using this secret email system. I know how ridiculous that sounds…and cliche that sounds….
I promise you this… Anyone can generate online sales with the right model more on this below.. Ultimately I want you to know one thing.. I figured it all out. Your own products require you to work and work a lot. Creating the products, writing sales copy, writing upsells, recording videos, etc… Would you rather wake up to sales notifications or an inbox full of customer support tickets and Facebook disabling your account?
Sales notifications equal freedom. Running your own products equals more work. Just think about it: How many people actually have an email account they check every single day?
Or even multiple times a day? How many companies need more sales? Hundreds of thousands. How many people are actually buying through email? A LOT! How many companies out there are desperate to find new sales avenues that are not crowded?
Hundreds of thousands including Amazon, eBay and a few other big ones. Which takes me approximately 30 minutes per day. Step 1. Build a list by using other peoples leads that are not being monetized. Step 3: Collect money. But with all that said, there is ONE thing to keep in mind:. In most cases, I take a loss when selling the book at this price. So why would I do that? Pretty straightforward. Anyway — with all of that said, this is a limited offer.
And I want you to be comfortable with this buy. Then just shoot me an email and request a refund within 30 days. Download The Secret Email System. Included In Your Order:. Download it, read it, implement it, get results. Included Bonuses. Russell Brunson. Mark Joyner. Mike Litman. Frequently Asked Questions.
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