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Presentation by Ananya Kargupta

Marketing
Old sense - telling and selling, New sense - satisfying

customer needs . Social and managerial process -individuals and groups obtain what they need and want through creating and exchanging products and their values with others.

Marketing orientation
Discovering and meeting the needs and desires of customers

through required product mix. Past marketing strategies concentrated on establishing selling points for existing products. Market orientation works in reverse, attempting to tailor products to meet the demands of customers. A coordinated marketing campaign between a company & its customers.

Marketing orientation development Determinants


A) Internal

Environment :- Top Management attitude towards risk, as well as the degree of centralization and formalization that characterize its structural arrangements. B) Significance Attached by the Top Management to Different Key Factors of Success.
C)Organizations implementing a market orientation

Company Specific Factors

strategy require the commitment of top management and interdepartmental cooperation. Market-specific factors. The Nature of the companys Market, as defined by the degree of competitive hostility, the existence of barriers to entry and barriers to exit, the rate of technology change, the distribution of power between the markets main protagonists and the markets growth rates.

Developing Market Orientation- Examples


End Users : 2005- Intel Corp replaced old product-oriented

approach to focus on customers' needs , Personalizing Online Shopping : Amazon.com personalizes the shopping experience of prospective customers through its product recommendation system relying on business intelligence gathered from customer browsing patterns and historical purchases. Customer-Employee Contact : DuPonts "Adopt a Customer" program - a blue-collar DuPont staff member visits a customer monthly , becomes the factory floor customer representative . Business Culture : Harley-Davidson Co. developed business culture "Harleyness." promoting market-orientation of staff. Prospective employees screened on the cultural fit.

Product Development as a factor in developing marketing orientation


Product development strategy :- Developing new products /

modifying existing products so that they appear new, offering them to current / new markets. Requires keen attention to competitors and customer needs present& future, a creative marketing and communications plan.
Product Development Diversification Strategy When existing market is saturated , Revenue & Profit declining. Product Modification Strategy - Aimed at existing markets. Revolutionary Product Development : Before arrival of Computers , cell phones consumers could not even imagine their need . Now they have become parts & parcel of life. Benchmarking the Process : While in the process of developing a new product if a competitor beats by marketing with a similar new product, make a "go/no go" decision must be taken on own product development options. Consumers Front And Center : Whatever product development strategy is selected , consumers need is to be front and center and involved in the process from beginning to end.

Pricing strategies cut costs sell more better pricing strategy Study needs and behaviors of customers

Models
Cost-plus pricing, Creaming or skimming Limit pricing , Loss leader ,Market-oriented pricing
Penetration pricing, Price discrimination Premium pricing , Predatory pricing Contribution margin-based pricing ,Psychological pricing

Dynamic pricing , Price leadership , Target pricing


Absorption pricing , High-low pricing , Premium decoy pricing , Marginal-cost pricing Value-based pricing ,Pay what you want Freemium , Odd pricing

Packaging strategies to attract Consumer preference a) Uniqueness - "must stand out from the crowd " b) Functionality Food products packing must preserve it ,Fragile products packing must protect it in storage / transit , c) Safe - Medicine bottles may be designed with caps that children can not remove. d)Easy to Remove without damaging the producte) Promotional Highlight unique benefits over competitor f) Brand Reinforcement In consumer mind.

Consumer Behavior factor in Advertising

Consumers are not stagnant, rather floating. Buying behavior of consumers most vital-, the needs ,

mindsets, attitudes , lifestyle and preferences of target audience. 3 Rs in Advertisement Right advertisement Right Time , Right audience .
For younger people ought to be colorful and trendy to relate

themselves with the product. Advertisement with a male model for Women Horlicks flops. Create image of a product in the minds of consumers- must be catchy and communicate relevant information to consumers like price, benefits, usage, availability etc. For all premium & exclusive brands advertisements are classy using expensive props , well known faces to recognize them as status symbols.

Consumer behavior Factors:Cultural

Social

Perso nal

Highest influence, fundamental determinant of a persons wants and behavior.

Reference groups, family, and social roles and statuses

Age /stage in the life cycle; occupation economic circumstances; personality and self concept; and lifestyle and values.

Generation gap & Consumer behavior


Advancement of technology The time frame of growth of the Generation The music, movies, politics and important events of the period. The Cohorts

Rapid changes in necessities, choices, values - affecting marketing decision process.

Have similar outlooks and values.

Younger generations play significant roles not only as consumers but also as initiators and influencers of buying decisions.

Globalization impact on consumer behavior


Resulted Wide varieties of products / services available in

the market.

The domestic Players now competing with global giants. As a result there is a stiff Competition in the market. Affects the ways of fulfilling consumer needs, their purchasing behaviors, consumption models, system of values, attitudes and lifestyles.
Formation and spreading of many new trends in the sphere of consumption. Emotional Benefits of consumer behavior The basic emotions allow for a better understanding of the consumers feelings concerning products.

Negative Effect

Positive Effect

Anger

Sadness Fear Shame Contentment Love Happiness

Pride

pleasant emotion increases shoppers' buying willingness. negative emotions, such as frustration or anxiety, feel uncomfortable and repel. Creating enjoyable and emotionally satisfying shopping experiences is smart business for brands and retailers.- happy shoppers are more loyal and profitable shoppers.

Brand differentiation
Sophisticated consumer society with easy information on products - stiff competition.

So brand differentiation is an imperative to


make the most of the resources invested in a brand.
Differentiation works at all levels of marketing for

value creation In product and service innovation, breakthrough advertising or promotional campaigns, novel brand names, novel identities , novel packaging and unique customer experience .

Product as a bundle of benefits from the point of view of Consumers


Physical Psychophysical Psychological

Benefits converted into features Consumers are not only the users of the Brand. Closer to the Brand greater developed the

Marketing Strategy.

References: http://smallbusiness.chron.com/examples-developing-

market-orientation-13126.html http://som.eldoc.ub.rug.nl/FILES/reports/themeB/2002/ 02B13/02B13.pdf


http://www.learnmarketing.net/packagingstrategies.ht

m http://smallbusiness.chron.com/importance-productpackaging-marketing-648.html http://brightbluec.com.au/index.php/blog/article/consu mer_behaviour_and_the_marketing_strategy http://www.managementstudyguide.com/role-ofconsumer-behaviour-in-advertising.htm http://www.dsmbusinessreview.com/pdf/vol2no1/di_v2n1 b.

http://www.anfo.no/warc-consumer-behavior-br-shoppingsemotional-drivers

http://brand-

log.drthomasbrand.co.za/2010/09/differentiationcreates-consumer-and-brand-value-do-something-thatscares-you-everyday-adaptation-of-a-statement-bykurt-vonnegut/ http://www.what-is-marketing.me/product-as-a-bundle-ofbenefits