MARKETING MANAGEMENT (20MBA15)

MODULE - 6
Emerging Trends in Marketing: Marketing Planning. Concepts of B2B marketing, Service
Marketing, Digital and social media Marketing, Green Marketing, Event Marketing, Marketing Audit,
Sponsorship, Cause Related Marketing, Marketing for Non-Profit Organizations, Relationship marketing,
Marketing Strategies for Leaders, Challengers, Followers and Startups. Social Responsibility of marketing,
Neuro Marketing, Sensory Marketing, societal marketing concept, premiumization.

MARKETING PLANNING
Marketing planning is the operational plan for a particular product or product line. The marketing plan is the
detailed scheme of the marketing strategies and activities associated with each product marketing mix.

Market planning is the process of organizing and defining the marketing aims of a company and gathering
strategies and tactics to achieve them. A solid marketing plan should consist of the company’s value proposition,
information regarding its target market or customers, a comparative positioning of its competitors in the market,
promotion strategies, distribution channels, and budget allocated for the plan. All relevant teams in the
organization should refer to the marketing plan.

Objectives of a marketing plan

1. To define the current situation facing the product

2. To define problems and opportunities facing the business
3. To establish objectives
4. To define the strategies and programme necessary to achieve objectives
5. To pinpoint responsibility for achieving product objectives
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Mission
Mission is the core purpose of an organization or a company. It is the summary of the aims and core values. A
mission clearly tells what you as organization do for customers. A mission can be seen as a great tool to develop
business goals and objectives.

Corporate objectives
Corporate objectives are those that relate to the business as a whole. They are usually set by the top management
of the business and they provide the focus for setting more detailed objectives for the main functional activities
of the business.

Concepts of B2B marketing

Business-to-business (B2B) marketing is a process that involves selling a certain product manufactured
by one company to another. Also, it’s necessary for any company that wants to offer its services to other
organizations. Usually, B2B marketing relies on the same methods as B2C, but adds some additional
approaches.

What is the Difference Between B2B and B2C Marketing?

Although B2B and B2C marketers often follow the same guidelines and practices, there are some crucial
differences between these terms. Having a complete understanding of each type will improve your business,
attract new clients, and boost your income.

B2B B2C
Target audience Markets to other companies Markets to consumers directly
Ad agencies, office furniture
Examples Restaurants, hotels, retail stores, etc.
manufacturers, etc.

Uses special industry jargon and Provides consumers with easy-to-

Communication
terms understand information

Audience is looking for professional Audience is looking for entertainment

Audience needs
expertise and a good deal

Decision-making Decision-making process can take a Consumers don’t need a lot of time to
process lot of time make decision

As you can see, in B2B marketing, you work with specific individuals or small groups of people within a given
industry. Your main goal is to establish relations with office managers or other higher-level employees of the
business you want to cooperate with. After all, these are the people that decide whether the company will
purchase your products.

Additionally, take into consideration that, as a rule, B2C customers want to get valuable information about this
or that service or product as quickly as possible. When choosing a company, they rely on reviews and social
proof.
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At the same time, in B2B marketing, people learn more about the services or products that interest them. As
soon as they discover the potential benefits, they start searching for more specific details about your company
and compare it with competitors. Also, these people may look for third-party reviews and similar products
provided by your competitors.

DEFINITION OF B2B MARKETING

There are various definitions of the term B2B Marketing in marketing literature.
As discussed, the relationship between a company and its target audience influences all marketing activities.
Therefore, the type of target audience (business vs. consumer) categorizes marketing. This is the reason why
B2B Marketing exists. B2B marketing is a specific discipline defined by the relationship between two
companies.

Including the classic marketing definitions from McCarthy, Kotler, and Hubspot, we can create a framework
with the following principles:
 Marketing focuses on people
 Marketing is a process
 Marketing has a social aspect and is practiced by individuals or groups
 Marketing is about creating and offering value
 Marketing is about the product or service
 Marketing covers the distribution and price of this product or service

B2B Marketing aims to create added value for people and the business or organization that implements it. B2B
Marketing seeks to convert this added value into leads, sales opportunities, and turnover for profit-focused
companies.

“B2B Marketing or Business-to-Business Marketing are the strategies and processes involved in
marketing and distributing a product or service to another company or organization, happening in a B2B
market.”

THE EVOLUTION OF B2B MARKETING

B2B Marketing is a modern term. It is a development from Industrial Marketing. Marketing of industrialized
companies. As the name implies, marketing between companies started during the industrial revolution in the
18th century.

Like the industrial market has developed, B2B Marketing subsequently developed too. Today’s modern
Business Marketing is more automated and yet personalized than ever. MarTech (Marketing + Tech) tools
experience exponential growth. And B2B Marketers become the lifeline of your company.

B2B stands for Business to Business and defines the seller and the purchaser of a product or service. Business to
business transactions usually involves a manufacturer and wholesaler or a wholesaler and retailer. Companies
that sell directly to enterprises are therefore called B-to-B companies. An example of a B2B company is a
manufacturer that sells goods to automobile manufacturers.

B2B transactions often occur along the supply chain, in which one business buys raw materials from another
company to be used in manufacturing a product. Finished products are then sold to individuals via business-to-
consumer transactions.

B2B PRODUCTS AND B2B SERVICES

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The second important topic is products and services exchanged on a B2B market. Hence, they are an essential
element of B2B Marketing.

There are three types of goods:

 Material goods: can be seen and touched, such as shoes, clothes, cars, machines
 Non-material goods or digital goods: have no physical form and are only available in digital format. Such
as software, streaming videos, NFTs
 Services: are activities provided by another human. Such as consulting servicing machines.

Here is also a detailed comparison of B2B vs. B2C available.

B2B MARKETING B2C MARKETING

 Group of people working

for businesses or
TARGET GROUP  Individual consumers
organizations.
 Buying Center

One person makes the decision,

 More than one person
often consulting friends or
makes the purchasing
family to:
NUMBER OF PEOPLE decision.
 discuss the intended
INVOLVED  Typically, the buying
purchase or
decision is approved by
 to justify a decision they
a buying center.
have already made.

 Complex products or
 Less complex products or
services requiring detailed
services.
PRODUCT / SERVICE explanation.
 Often consumer goods
 Often long-term
for daily usage.
investments.

 High volume investment  Lower absolute prices.

goods.  Compared to income,
PRICE
 Often defined by budget B2C prices can be high
limits. too.

 Complex distribution
 Fast delivery, often 24/7
PLACE / process.
 Typically available
DISTRIBUTION  Often international or
everywhere.
global.

PROMOTION /  Usually fact-based, with  Driven by emotions,

COMMUNICATION less emotional selling. needs and desires.
 Multi-channel  Strong brand and price-
communication is not yet focused communications.
widely used.  Multi-channel
communication is
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B2B MARKETING B2C MARKETING

standard.

How much impact these differences have, depends on the type of business. A fair argument is that both
disciplines are closer than ever. While this might be true, B2B and B2C marketing are still very different in real
life.

B2B Marketing Strategies

1. Understand the B2B buyer’s journey.
2. Identify your target market and target audience.
3. Choose your marketing mix (or the 4 Ps of marketing).
4. Create a B2B marketing plan and a marketing strategy.
5. Cover all of your B2B marketing bases, such as launching a website.
6. Run a competitive analysis.
7. Determine your brand positioning.
8. Explore marketing channels to use.

Types of B2B Marketing

 B2B Email Marketing
Email marketing is a tried and true method of reaching both individual consumers and business customers.
 B2B Digital Marketing

1. Define your target audience.

2. Create your website.
3. Optimize your digital presence.
4. Run PPC campaigns[ pay-per-click (PPC) advertising ]

 B2B Content Marketing

 B2B Social Media Marketing

The importance of B2B services

1. Wide range of distribution span
The business opportunities provided by the business to business (b2b) services allow the business organizations
to expand the customer reach without limiting it to a small segment. Business to business marketing strategy
creates a way for businesses to widen their audience. The use of technological advancements and the frequent
use of the internet allows businesses to engage with the customers and reach the potential customer bases in a
wide range of possibilities.
Use of the e-commerce as the key method of expanding b2b services has become the latest trend as it creates
many new opportunities for business expansion.
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2. Rapid business growth

The possibility of selling the products and services to a manufacturing company and the possibility of
purchasing the raw material from a constant supplier can create favorable business situations for both the
selling company and the buying company. It creates easy and profitable business relationships and helps each
business to grow rapidly as there are no disruptions in buying and selling between the businesses.
This business-to-business (b2b) partnership allows the businesses even to create an impact on the market if
necessary in terms of product and price controls.
3. Possibility of creating a niche market
Business to business market can create an impact on customer buying behavior. It can create a trend by making
an impact on the market. This is a way of creating an image of necessity in the customer’s minds about the
company. With the increasing use of the internet, social media, email, telecommunication systems, and other
customer-oriented platforms, the b2b companies can create a trend and create the product as a necessity in the
customer habits. Through this, the product becomes a niche in the market and the consumers believe that they
must purchase the product.
4. Reduce the product or service costs
When there is a constant buyer for a product or a service, it helps the business to reduce their acquiring costs as
well as many other fixed costs. In the same way, if there is a constant supplier of raw materials or consultancy
services, the buying company has less burden on finding new suppliers. Apart from that, the b2b connections
help the businesses to reduce holding costs and reorder levels.
5. Support each other to grow
By creating business to business (b2b) services, the businesses can support each other to grow and thrive in the
industry. They help each other to find new opportunities, to creatively invent new business options, and to
conquer the market by supporting each other by creating win-win situations and achieve competitive
advantage.

Digital Marketing & Social Media Marketing

Digital Marketing can be understood as a well-targeted, conversion-oriented, quantifiable, and interactive
marketing of products or services by utilizing digital innovation to achieve the customers, and transform them
into clients in a sustainable fashion.
1. Search Engine Optimization (SEO)
SEO can be understood as the process of optimizing the structure, design, and content of your website so the
Search engines can index them accurately and position sites in the top results of SERPs. SEO also incorporates
different promotional activities that boost search engine ranking of your site.
2. Social Media Marketing
Social Network Marketing incorporates marketing strategies that use social media channels as marketing tools
for optimizing exposure of a brand, targeting audiences, conversions and returns. Social Media Marketing aids
an online business get direct feedback from their customer on different social websites like Twitter, Instagram,
Face book, LinkedIn, MySpace, Instagram, YouTube, etc.
3. Online Paid Advertising
Online Paid Advertising, Pay per click advertising or PPC is another important digital marketing channel that
you need to understand while going through introduction to digital marketing. In paid advertising, you need to
pay each time a user clicks on your Ad. You need to pay according to your bid amount and one of the most
popular pay per click programs is Google Ad Words.
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4. Email Marketing, Mobile App Marketing & Web Analytics

 Email marketing is one of the most pervasive and effective strategies to reach optimum users with least
expenses. It is a type of direct marketing that utilizes email as a method for correspondence.
 Growing prevalence of smart-phones makes mobile app one of the most important parts of ‘digital
marketing PDF’. While building your mobile App, below given are the important things you need to
pay heed upon-
 Web Analytics is the review, examinations, and reporting of a web information and data for
motivations behind comprehension and enhancing web utilization. This strategy is helpful to quantify
what numbers of individuals have gone by a site, and how frequent they have used the site or what
course they have selected to reach your site.
Marketing communication involves sharing of meaning, information and concepts by the source and the
receiver about the products and services and also about the firm selling through the devices of promotion via,
advertising, publicity, salesmanship and sales promotion.

The Scope of Digital Marketing in 2022 is Much Larger

Digital marketing trends evolve each year as more companies enter the space and new technologies emerge.
Looking ahead to 2022, here are some trends that will help continue to shape this space.
Analytics
Digital marketing analysis is typically done after the fact. Marketers will publish a piece of content, for
instance, and then check to see how effective it was after a few weeks. This is certainly helpful, but real-time
analytics is beginning to shake up the world of digital marketing. Conducting real-time analysis allows
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marketers to both individualize content for smaller subsets of consumers and respond much more quickly to
their performance.
Social Media Influencers
Advertisers in all sectors are connecting with social media influencers to help enhance their brands. This is
proving to be an effective digital marketing strategy, largely because consumers tend to trust other consumers
more than companies advertising products. Expect more companies in 2022 and beyond to use these
influencers to drive sales.
Video Remains King
Video will remain a top strategy in 2022, as digital marketers capitalize on users’ short attention spans and
desire to view content instead of reading it. Since 74 percent of consumers in the United States watch online
videos each week, this medium will continue to play a significant role in connecting customers and businesses.
Most social media channels support video hosting and sharing.
One trend to watch out for is SEO for images and video. Typically, people type in keywords relating to a
particular image or video, but this can be tedious. More and more users are discovering that they can use
existing or new images to search for other, closely related images online. This profoundly increases the scope
of digital marketing. By adding relevant keywords to the titles of their images and videos, including alt text in
image descriptions, and using other such methods, advertisers will make it easier for potential customers to find
them.
Artificial Intelligence
Artificial intelligence (AI) enables digital marketers to better analyze user data so they can further customize
the customer journey. AI helps companies understand a great deal about customers and how to best target
audiences.
AI also provides users with a more personalized experience, giving them customized assistance at each stage of
the buying process. Businesses can achieve this customer experience by automating ads to targeted audiences
using programmatic advertising. Programmatic advertising is expected to account for more than 72 percent of
online marketing spend in 2021.
Augmented and Virtual Reality
Companies will continue to use augmented reality (AR) and virtual reality (VR) in their marketing strategies to
enhance brand awareness and satisfy customer demand. Companies like Starbucks, Nivea, and Volkswagen
have launched successful AR and VR campaigns to offer customers an experience that better connects them to
their brands and products.
Omni-channel Marketing
While today’s consumer expects every business to at least have an online presence, using a variety of media to
engage your target market in a seamless manner is ideal. Often referred to as “omni-channel” marketing, this
approach does away with any barriers or “silos” that different media may impose. For instance, a product
advertised on television should also have an online tie-in that’s optimized for both desktop and mobile users.
The point is, consumers may use a variety of media to learn about and engage with your product (or service)
before and after they buy. If there isn’t a smooth handoff among these different platforms, then it may hurt the
experience and result in a lost sale.
Content to Become More Interactive
Interactive content is nothing new, but it’s beginning to be embraced as an effective marketing tool more than
ever. Not only do they increase the amount of time a prospective customer engages with your brand, but they
allow you to capture more data and, in turn, fine-tune your digital marketing strategy.
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From the perspective of expanding the scope of digital marketing, interactive content might include contests
(e.g., “comment on this post and share it to your timeline to enter”), polls, surveys, or even games. Giving users
more opportunities to interact with your brand also plays into the ultimate goal of greater personalization.
Concept and Components of Digital Marketing
• Online marketing – digital – internet enabled – technology enabled
• Digital media and / or instruments – laptops, computers, mobile phones, online kiosks and so on
• Advent of mobile phones created revolution
• Android – catalyst in the process
• Website
• Network – virtual platforms
• Ease of promotions efforts
Digital Marketing Communications
• Medium is active and interactive
• Direct communications possible
• Personalized communications possible
• Search engines and SEO
• Social media sites and marketing
• E mail marketing, blogs, search advertising
• Ad words
• Virtual communities
Digital Marketing in India
• Became more popular from 2010
• Pioneers – Flipkart, Amazon India, Paytm, BigBasket etc.,
• Social media – increased number of users
• Social media – apart from Facebook – Instagram, twitter and others
• Increased users of android mobile users
• Internet banking and other avenues – wallets

Promotions- Marketing communications

• One of the elements of marketing mix – 4Ps
• Also called integrated marketing communications
• Concept of integration of marketing efforts
• Very significant – AIDA Model – Awareness, Interest and Desire levels – significantly supported by
promotions
• Helps in conversion and value communications

Marketing Audit
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The Marketing Audit refers to the comprehensive, systematic, analysis, evaluation and the interpretation of the
business marketing environment, both internal and external, its goals, objectives, and strategies, principles to
ascertain the areas of problem and opportunities and to recommend a plan of action.

Marketing Environment Audit

This covers the macro environment – demographic, economic, natural, technological, political and cultural the
audit raises questions as to what trends pose threats and opportunities for the company. In the task environment
the markets, the customers and other factors in the marketing system are analyzed.
Marketing Strategy Audit
This is concerned with business mission and marketing objectives. The audit checks if the mission is clearly
defined and is market oriented. Whether the company has set clear objectives to guide marketing planning and
performance.
Marketing organization audit
Here the audit questions the formal structure functional efficiency and cross functional efficiency. It verifies
whether marketing activities are optionally structured along functional, product, market, and territory lines:
whether marketing and sales communicate effectively whether marketing staff are well
– trained, supervised, motivated and evaluated.
Marketing system audit
This consists of a review of marketing information system, marketing planning system, marketing control
system, and new product development. it checks whether the marketing intelligence system is providing
accurate and timely information and whether the company using marketing research effectively.
Marketing Productivity Audit
This audit looks into profitability analysis and cost effectiveness analysis. It checks to know how profitable the
company different product, market, territories and channels are whether the company should enter, expand, or
withdraw from any business segments.
Marketing Function Audit
Here the audit is concerned with the 4Ps –product, price, place and promotion. it looks into the product line
objectives: whether some current products should be phased out or new products should be added.
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TRADITIONAL MEDIA
The non electronic mediums which works as part of our culture and as vehicles of
transmitting tradition from one generation to another generation is called traditional
media.
The different forms of traditional media are as follows:
• Traditional dance
• Drama
• Painting
• Sculpture
• Song
• Music
• Motifs and symbols
• Street Play
• Games

MODERN MEDIA
New media are forms of media that are native to computers, computational and relying on
computers for redistribution. Some examples of new media are telephones, computers,
virtual worlds, singlemedia, websitegames, human-computer interface, computer
animation and interactive computer installations.

New media are often contrasted to "old media", such as television, radio, and print media,
although scholars in communication and media studies have criticized rigid distinctions
based on oldness and novelty. New media does not include television programs (only analog
broadcast), feature films, magazines, books, – unless they contain technologies that enable
digital generative or interactive processes
The different forms of modern media are as follows:
• Digital Video
• Digital Sound
• Graphics
• Animation

ONLINE ADVERTISING
Online advertising, also called online marketing or Internet advertising or web
advertising is a form of marketing and advertising which uses the Internet to deliver
promotional marketing messages to consumers. It includes email marketing, search
engine marketing (SEM), social media marketing, many types of display advertising
(including web banner advertising)

Online advertising is a marketing strategy that involves the use of the Internet as a
medium to obtain website traffic and target and deliver marketing messages to the
right customers. Online advertising is geared toward defining markets through
unique and useful applications.
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Since the early 1990s there has been an exponential increase in the growth of
online advertising, which has evolved into a standard for small and large
organizations.
Online advertising is also known as Internet advertising or Digital Advertising

MOBILE ADVERTISING
Mobile advertising is the communication of products or services to mobile device and
Smartphone consumers. The mobile advertising spectrum ranges from short message service
(SMS) text to interactive advertisements.

Mobile advertising is type of advertising that appears on mobile devices such as smart
phones and tablets that have wireless connections. As a subset of mobile marketing, mobile
advertising can take place as text ads via SMS, or banner advertisements that appear
embedded in mobile web site, in downloaded apps or in mobile games. Mobile technology
used by companies such as Google and Face book tailor mobile advertisements based on
individual's web browsing history, geographic location, and with data collected by shopping
habits. Because mobile devices typically have smaller screens than computers or laptops,
this form of digital advertising is usually optimized for small displays by being concise.

SOCIAL MEDIA FOR ADVERTISING

Social network advertising, also social media targeting, is a group of terms that are used to
describe forms of online advertising that focus on social networking services. One of the
major benefits of this type of advertising is that advertisers can take advantage of the users'
demographic information and target their ads appropriately.
Social media targeting combines current targeting options (such as geotargeting, behavioral
targeting, socio-psychographic targeting, etc.), to make detailed group identification
possible. With social media targeting, advertisements are distributed to users based on
information gathered from target group profiles.
Social network advertising is not necessarily the same as social media targeting. Social
media targeting is a method of optimizing social media advertising by using profile data to
deliver advertisements directly to individual users. Social media targeting refers to the
process of matching social network users to target groups that have been specified by the
advertiser.
CRM – CUSTOMER RELATION SHIP MANAGEMENT
Customer-relationship management (CRM) is an approach to manage a
company's interaction with current and potential customers. It uses data
analysis about customers' history with a company to improve business
relationships with customers, specifically focusing on customer retention and
ultimately driving sales growth.
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Customer relationship management (CRM) refers to the principles, practices

and guidelines that an organization follows when interacting with its
customers. From the organization's point of view, this entire relationship
encompasses direct interactions with customers, such as sales and service-
related processes, and forecasting and analysis of customer trends and
behaviors. Ultimately, CRM serves to enhance the customer's overall
experience.

Event marketing
Event marketing is planning, organizing, and executing an event for the purpose of
promoting a brand, product, or service. Events can take place in-person or online, and
companies can either host an event, attend as an exhibitor, or participate as a sponsor.

Event marketing refers to a variety of events. You could organize a small roundtable of
seven to 10 guests, partner with another brand to sponsor a 5K, or set up an exhibit at a
major trade show — or host one of these online.
You could host a multi-day event that attracts thousands of attendees, sponsors, and speakers
… like INBOUND. INBOUND 2022, for instance, will host sessions both online and in-
person and attracted thousands of attendees around the world.

Types of Event Marketing

• Conferences

Conferences are large events typically organized and hosted by one major company and
sponsored by a long list of smaller brands and businesses. Conferences are valuable for both
B2B and B2C brands. These events typically offer the most dynamic agendas, filled with
speakers, workshops, and networking opportunities.

• Trade Shows and Expositions

Trade shows or expositions (expos) are large events organized around a specific industry or
type of product, such as sales technology or medical devices. Trade shows give companies a
chance to show off their products and services and typically bring in the highest number of
qualified leads. Whereas conferences are open to the public, trade show attendees are
typically pre-qualified buyers, company representatives, and salespeople.

• Seminars
Seminars (often called webinars when hosted online) are valuable, education-centric events
attended by a small number of people. They involve discussions, lectures, and intimate
networking opportunities.

Roundtables are similar to seminars, but usually have even fewer attendees of comparable
“levels”, such as CEOs, surgeons, or teachers. Both events typically last no more than one
day.
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• Pop-Up Shops
Pop-up shops are temporary retail spaces that give companies the opportunity to sell their
products in a controlled environment. They’re typically organized by e-commerce brands
that don’t have a full-time brick-and-mortar storefront. Pop-up shops also allow otherwise
digital brands to bring their brand to life through a physical, immersive setting for their
customers.

• Launch Parties and Celebrations

Launch parties or celebrations are small, personal events held at the launch of a new
business, upon a big announcement, or to simply celebrate a success or milestone. Some
companies put on a yearly party to host and entertain customers or clients. While these types
of events shouldn’t be centered on a product or brand, a simple speech or presentation can
help align the event with a company and remind attendees why they’re there.

• Workshops
Workshops are similar to seminars and roundtables in that they’re focused on sharing
knowledge and educating attendees. But unlike seminars and roundtables, they’re typically
open to the public. Workshops can be offered both virtually and in-person, and while they
aren’t traditionally promotional, they’re usually centered around a topic relevant to the
business … which makes a company seem more credible in their field.

Other types of event marketing include job fairs, customer-only conferences, networking
sessions, VIP experiences, sponsorships, awards events, and competitions (like 5Ks or golf
outings).
There are so many possible ways to market your business and products through events
because eventswork.

Benefits of Event Marketing

• Events marketing generates business.
• Event marketing provides one-on-one customer engagement.
• Event marketing builds brand awareness.
• Event marketing encourages product and industry education.

Green Marketing
Green marketing is the practice of promoting products or services that are sustainable and
eco-friendly. Companies that invest in green marketing benefit from increased customer
loyalty and a positive brand reputation, while also helping protect the planet and contributing
to a more sustainable future.
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The Importance of Green Marketing

1. Green marketing helps raise awareness about environmental issues and encourages
consumers to make more sustainable choices.
2. By promoting eco-friendly products and practices, companies can differentiate
themselves from their competitors and appeal to consumers who are increasingly
seeking out environmentally responsible products and services.
3. It can also help companies reduce their environmental impact by promoting products
and practices with a lower carbon footprint or recycled materials.
4. Companies that are seen as environmentally responsible can benefit from increased
customer loyalty and a positive brand reputation.
5. By embracing sustainable practices and promoting them through marketing
campaigns, companies can help to drive positive change and contribute to a more
sustainable future.

There are several ways in which green marketing can have a positive impact on the world.
These include:

 Encouraging companies to adopt more sustainable business practices

 Raising awareness among consumers about the importance of sustainability
 Stimulating the development of new, more sustainable products and technologies
 Helping reduce waste, pollution, and other negative impacts on the environment
 Contributing to the long-term health and well-being of the planet and all of its
inhabitants.

Green Marketing Examples

There are many companies that understand the importance of green marketing and are taking
the necessary steps toward that:
Patagonia
This clothing company has long been known for its commitment to sustainability. In addition
to using eco-friendly materials in its products, the company also engages in various green
marketing efforts to promote its commitment to sustainability. For example, it has
launched campaigns that encourage customers to repair and reuse their clothing rather than
buy new items.
The Body Shop
In addition to using natural and environmentally friendly ingredients in its products, The
Body Shop also engages in a variety of green marketing initiatives. For example, it has
launched campaigns to raise awareness about environmental issues such as climate change
and wildlife conservation. The company also partners with various organizations to promote
sustainability and social justice causes.

Green Marketing Practices

The following common practices highlight the importance of green marketing practices:
 Using environmentally friendly materials in products
 Promoting the use of recycled or recyclable materials
 Encouraging customers to repair and reuse products rather than buying new ones
 Offering products that are energy-efficient or have a low carbon footprint
 Promoting the use of renewable energy sources
 Partnering with organizations that promote sustainability and social responsibility
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 Educating customers about the environmental benefits of a product or service

 Using eco-friendly packaging materials
 Offering products that are organic, natural, or free from harmful chemicals

6 Green Marketing Ideas

1. Support Environmental Initiatives
Host a beach clean-up event in partnership with a local environmental organization to raise
awareness about the importance of protecting the environment and position the company as
environmentally conscious.
2. Consider Using a Bulk Email Service
Use a bulk email service to promote your company’s sustainable products or services and
reduce your carbon footprint while effectively reaching a large audience.
3. Upgrade Your Equipment and Vehicles
Upgrading your equipment and vehicles reduces your organization’s carbon footprint.
4. Use Recycled Materials
Create a line of promotional products made from recycled materials and use various
marketing channels to promote them and their environmental benefits.
5. Highlight That Your Company is Eco-Friendly
Create a marketing campaign that showcases your company’s eco-friendly practices and
products, highlighting their environmental benefits and appealing to environmentally
conscious consumers.
6. Invest in Social Media Marketing
Use social media to promote your company’s sustainable products and eco-friendly practices.
Opt for paid advertising and relevant hashtags to reach a larger audience and build a sense of
community.

Green marketing strategy

Beyond making an environmentally friendly product, business owners can implement other
tactics to create a business strategy that capitalizes on the benefits of green marketing. The
following can all be part of a green marketing strategy:

 Using eco-friendly paper and inks for print marketing materials

 Skipping printed materials altogether in favor of electronic marketing
 Adopting responsible waste disposal practices
 Using eco-friendly or recycled materials for product packaging
 Seeking official certifications for sustainability and
 Using efficient packing and shipping methods
 Using renewable energy and sustainable agriculture practices
 Taking steps to offset carbon emissions via investment

What is green washing?

Some brands and marketers have attempted to capitalize on consumer demand for
environmental consciousness by taking a green marketing approach to products or services
that are not necessarily green or sustainable. This practice is known as "green washing."
Some popular examples of green washing include:
 MARKETING MANAGEMENT (20MBA15)

 Employing unregulated terms like "green" or "natural" to describe products

 Using the color green or environmental symbols like leaves or trees on packaging
 Promoting misleading studies or statistics to support an eco-marketing message
 Portraying cost-cutting measures as motivated by environmental sustainability

What brands use green marketing?

Examples of popular brands that use green marketing extensively include Starbucks,
Patagonia, IKEA, Seventh Generation, Nike, Unilever, and even IBM.

Cause Related Marketing

Cause marketing involves a collaboration between a for-profit business and a nonprofit

organization for a common benefit. Cause marketing can also refer to social or charitable
campaigns put on by for-profit brands.

Typically, a brand’s association with a nonprofit will boost their corporate social
responsibility. The nonprofit, in exchange for their ethical contributions to the collaboration,
creates more awareness for their organization.

As new generations bring in new values, businesses must learn to pivot their strategies in
order to keep up. Businesses that care about sustainability and ethics are at the top of
consumers’ lists, and cause marketing can help bring a business’s social responsibility to
their customers’ attention.

Benefits of Cause Marketing

Cause-related marketing increases brand awareness and exposure for the nonprofit partner.
Since nonprofits typically have a limited budget for marketing, getting a small business or
corporation to partner with them can help get information about their efforts and their cause
out in front of consumers they might not otherwise reach. However, there are also huge
benefits to the corporate partner, including:

 Fulfilling the demand for corporate social responsibility

 Improving their corporate image
 Building a relationship with the community
 Increasing brand loyalty
 Boosting employee morale
 Standing out from the competition

Building a Successful Cause Marketing Campaign

A successful cause marketing campaign can bring many benefits, from generating new leads
to creating loyalty and trust among your customers. Done properly, cause-related marketing
will help both your business and your nonprofit partner. Cause marketing can be very
beneficial when it comes to a small business marketing plan because it can help build
awareness for the brand that they wouldn’t have gotten otherwise.
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 Identify your cause

 Determine your contribution

1. Video services for charity functions

2. Direct mail campaigns
3. Email marketing campaigns
4. Event planning
5. Photography for social media
6. Advertising campaign ideas
7. Copywriting for print and social media
8. Donations of products and services
9. Volunteer groups from your company
 Involve your audience
 Co-promote with a non profit

Marketing for Non profit organisation

Non profit marketing refers to activities and strategies that spread the message of the
organization, as well as solicit donations and call for volunteers. Non profit marketing
involves the creation of logos, slogans, and copy, as well as the development of
a media campaign to expose the organization to an outside audience. The goal of non
profit marketing is to promote the organization's ideals and causes to get the attention
of potential volunteers and donors.
Importance
 Non profit marketing refers to the tactics and strategies non profit
organizations use to raise donations and spread their message.
 Non profit marketing includes a wide range of activities, such as direct mail
marketing, mobile marketing, content marketing, and social media marketing.
 A point-of-sale campaign relies on asking for a donation at the same time the
potential donor is making a purchase.
 In a message-focused campaign, the non profit ties its fundraising efforts to a
high-profile current event that has already captured the public's attention.
 In a transactional campaign, the non profit organization partners with a
corporate sponsor to encourage consumers to use their purchases to assist in
funding the non profit's mission.
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 Non profit marketing is the use of marketing tactics and strategies to amplify an
organization's cause and mission, solicit donations, and attract volunteers and
supporters.

How to Create a Non profit Marketing Plan

1. Define your marketing goals.

2. Understand your audiences.

3. Craft your key messages.

4. Choose, plan, and create your marketing strategies.

5. Analyze your marketing performance.

Marketing Strategies for Non profit Organizations

1. Email Marketing

2. Event Marketing

3. Video Marketing

4. Social Media

5. Website

6. Public Speaking

7. Content Marketing

8. Digital Marketing

Relationship Marketing
Relationship Marketing is a strategy of Customer Relationship Management (CRM) that
emphasizes customer retention, satisfaction, and lifetime customer value. Its purpose is to
market to current customers versus new customer acquisition through sales and advertising.

A good relationship marketing strategy is rooted in building customer loyalty and lasting,
long-term engagement with your customer base. Benefits include increased positive word-of-
mouth, repeat business, and a willingness on the customer's part to provide valuable feedback
to the company and their peers.

Relationship marketing is a facet of customer relationship management (CRM) that focuses

on customer loyalty and long-term customer engagement rather than shorter-term goals like
customer acquisition and individual sales. The goal of relationship marketing (or customer
relationship marketing) is to create strong, even emotional, customer connections to a brand
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that can lead to ongoing business, free word-of-mouth promotion and information from
customers that can generate leads.

Relationship marketing stands in contrast to the more traditional transactional

marketing approach, which focuses on increasing the number of individual sales. In the
transactional model, the return on customer acquisition cost may be insufficient. A customer
may be convinced to select that brand one time, but without a strong relationship marketing
strategy, the customer may not come back to that brand in the future.

While organizations combine elements of both relationship and transactional marketing,

customer relationship marketing is starting to play a more important role for many
companies.

Effective relationship marketing involves a variety of overlapping strategies and technologies

that help foster a deeper, long-term relationship with current and prospective customers.

Why is relationship marketing important?

Acquiring new customers can be challenging and costly. Relationship marketing helps retain
customers over the long term, which results in customer loyalty rather than customers
purchasing once or infrequently.

Relationship marketing is important for its ability to stay in close contact with customers. By
understanding how customers use a brand's products and services and observing additional
 MARKETING MANAGEMENT (20MBA15)

unmet needs, brands can create new features and offerings to meet those needs, further
strengthening the relationship.

Benefits of relationship marketing

The benefits of relationship marketing include the following:

 Higher customer lifetime value (CLV). Relationship marketing creates loyal

customers, which leads to repeat purchases and a higher CLV. In addition, loyal
customers are likely to become brand advocates or ambassadors, recommending
products and services to friends, family and business associates.
 Reduction in marketing and advertising spend. Spending on marketing and
advertising to acquire new customers can be expensive. Relationship marketing
causes customers to do the marketing for a brand in what's called buzz marketing.
Customers tell others about a brand's products and services, which can drive sales.
Brands with exceptional relationship marketing programs spend little to no money on
marketing or advertising.
 Stronger organizational alignment around the customer. Organizations that
emphasize relationship marketing have a stronger organizational alignment around an
exceptional customer experience. The teams work together to create satisfied and
happy customers over the long term.

Examples of relationship marketing

There are several types of activities brands can use to facilitate relationship marketing:

 Provide exceptional customer service, as customers who are consistently impressed

by a brand's customer service are more likely to remain loyal to the brand.
 Thank customers through a social media post or with a surprise gift card.
 Solicit customer feedback through surveys, polls and phone calls, which can create a
positive impression that customer opinions are valued and help to create better
products and services.
 Launch a loyalty program that rewards customers for their continued patronage.
 Hold events to connect with customers and build a community.
 Create customer advocacy or brand advocacy programs to reward customers who
provide word-of-mouth advertising on a brand's behalf.
 Offer discounts or bonuses to long-time or repeat customers.

Benefits of Relationship Marketing

Cost-effective

Marketing efforts to reach new customers and win them over can be costly. Maintaining
existing customers through relationship marketing, however, can be highly cost-effective.
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Increase customer retention

By connecting with your customers, they feel included and part of a special group that
benefits from your business and what you have to offer. In turn, these customers are happy to
continue interacting with you and purchase your products or services more often.

Improve your marketing ROI

Marketing ROI can be a prime indicator of your success. With higher customer retention
numbers, the costs of customer acquisition decrease, providing you with a higher budget for
building and implementing your relationship marketing strategy.

Increase sales

Existing customers often return to make more purchases since they already value the products
or services you offer. Add to that a higher level of interaction and the building of a
relationship, and you can continue to see your sales increase.

Lead to referrals and higher brand awareness

Happy customers love to share their finds with others, either by word of mouth or online,
such as through social media. Consumers often look to referrals and good reviews to take that
next step and make a purchase.

Referrals also increase brand awareness. Those who may not know about you or the value of
what you offer are now aware and will give you a closer look.

Boost you above the competition

Finding ways to get ahead of your competition and stay there can be challenging today.

Relationship marketing can help, create loyal customers who stay with you and also persuade
others to buy from you as well.

Not all of your competitors focus on marketing to existing customers in this way, which
means you have a competitive advantage.

How to Create a Relationship Marketing Strategy

1. Focus on establishing an emotional connection
2. Establish a purpose for your business
3. Utilize beneficial technology
4. Regularly ask customers for feedback
5. Centre your strategy on building long-term customer relationships
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Market Challenger Strategies

In the simplest words, Market Challenger strategies, are the marketing strategies that a
company adopts to challenge or attack the market leader or immediate competitors to
earn projected revenue and capture projected market share. That company can be either
new in the market or holds a runner-up, third, or even lower position in the
competition.

Market challenger strategies are tactics used by businesses that are trying to gain
market share from their competitors. These strategies are focused on taking on the
market leader by offering a superior product or service, providing better customer
service, or implementing more effective marketing strategies.

The company that challenges other companies is often called a “market challenger.”
A question we should ask is, Can a company at any position challenge the market
leaders? What is your answer to that?

If a company is just entering a market, its real competitors will be low position firms.
A new entrant simply cannot challenge the industry leader or the runner-up.

Market Challenger Strategies

There are different competitive strategies for challengers to challenge those who are
ahead of you in the market.

 Frontal Attack Strategy

A Frontal attack strategy is common in industry leaders where one market leader takes
on the other one directly. That is, if one brand launches a product or service, the other
one retaliates with the same kind of product, price, and promotion activities. The
responding company may reduce the price of its counter product while offering the
same quality and value. In short, a Frontal attack strategy is a game plan where one
firm takes on the other one based on the competitor’s strength.

Example:

Pepsi and Coca-Cola

Pepsi and Coca-Cola have been “at war” for decades, and both have captured immense
global market share. Both companies have a diverse product portfolio, and if one brand
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launches a product, the other one counterattacks with a similar product. For instance,
when Coca-Cola introduced Diet Coke, Pepsi responded with Diet Pepsi.

 Flank Attack Strategy

In a flank attack strategy, a company targets the weak points of its competitor. The
market challenger identifies and targets the weaker areas of its competitors with
consideration of segmental and geographical aspects.

The challenger not only tries to identify the weak spots where the competitor is
underperforming but also determines the untapped areas where the competitor has no
presence. Once identified, the challenger will push its products or services to fill the
void in the market.

Examples:

LG

“Sampoorna,” the colour television made by LG, is an example of a flank attack

strategy. The company launched this product specifically for people in rural India
while the competitors didn't to do so.

Red Bull

Red Bull, the energy drinks company decided to concentrate only on the energy drinks
market that companies like Coca-Cola and Pepsi had neglected.

 Bypass Attack Strategy

A company following a Bypass attack strategy simply outplays the competitor. That
is, a company does not identify the weak areas of its competitor or launch
counterattacks. Rather, the company innovates a new product and creates a segment
of its own.

Examples:

Aquafina water from Pepsi Co.

The mineral water brand Aquafina from Pepsi Co is a great example of a bypass
attack strategy. The company totally invested in a new market, and Coca-Cola
followed later with its own Dasani water brand.

Apple

The iPod from Apple company completely bypassed the Walkman from Sony.
 MARKETING MANAGEMENT (20MBA15)

 Encirclement Attack Strategy

A business that follows an encirclement attack strategy will go in with all guns blazing.
In this strategy, one competitor attacks the other one from all fronts simultaneously.
The competitor may target the strengths and weaknesses at the same time and do
everything in its capacity to overthrow the competition. An encirclement attack
strategy is a combination of both flank and frontal attack strategies.

The challenger may launch different marketing campaigns and force the competitor to
go on the back foot. The core purpose of the encirclement attack strategy is to create a
long-term market dominance.
Example: - The eCommerce Market
The eCommerce market can be an excellent example of the encirclement attack
strategy. eCommerce companies often reduce their profit margins to overthrow the
competition on the basis of turnover. They would try to go all lengths just to capture
the market share and boost their customer base.

 Guerrilla Attack Strategy

This strategy is more like a “dog-fight” where competitors try to demoralise or harass
each other with the help of any or all conventional or unconventional methods.

Coca-Cola Versus Pepsi

The punch line, “Nothing official about it,” was Pepsi’s counterattack when Coca-
Cola became the official partner of the world cup.

Advantages of Being Market Challengers

 Market challengers can easily capitalise on the mistakes or weaknesses of the

competitors to capture the market share.
 Other companies, especially new entrants, consider the market challengers as the
aggressors or proactive firms that are willing to overthrow any competition.
 Product-to-market lead times are very shorter.
 Development and research costs are relatively lower.

Disadvantages Of Being Market Challengers

 The customers will always compare the market challengers with market leaders. This
means the challengers will have to be at the top of their game all the time
 It becomes difficult for challengers to secure an irreplaceable position in the market as
they are not the primary choice of customers.
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 They are good as long as they can provide the same or better quality at lower prices. If
the challenger fails to deliver the product it promises, customers will not recognise the
firm as good enough to compete with the market leaders.
 Challengers may have to suffer financial losses or lower their profit margins to stay
alive in the competition. For example, if a company/brand tries to attract customers
and overthrow the competition by significantly lowering their prices.
 It will be difficult to revert back to more profitable prices. Sometimes, a challenger
strategy (such as the guerrilla attack strategy) may go wrong because a brand may end
up hurting customers’ feelings.

Social Responsibility of marketing

Socially responsible marketing or responsible marketing involves a business incorporating

positive action into its structure. Depending on the target audience, different social
campaigns have more impact, such as a cosmetics company focusing on animal rights or a
building company addressing under-housing. In marketing, learning how social
responsibility can affect a business's success is important. In this article, we define marketing
social responsibility, explore how it impacts the marketing process, and detail how a
business pursues being socially conscious.

What is marketing social responsibility?

Marketing social responsibility is the process of attracting customers by using an ethical

business structure and supporting popular social causes. Companies create social
responsibility campaigns using customer data, including their values, beliefs, and personality
traits. Depending on the priorities of the target audience, businesses can take part in different
campaigns. Some ethical marketing categories that companies take part in include:

 Children's interests: This campaign involves providing social resources and

supporting children's activities, including sports, academics, and toys.

 Healthcare initiatives: Medical topics personalize marketing campaigns and include

topics such as diabetes, heart health, and Alzheimer's.

 Environmental friendliness: A universally accepted approach that involves reducing

your carbon footprint and promoting a healthy ecosystem.

 LGBTQ+ support: This social topic can show diversity and inclusivity for liberal
markets and provide a sense of community engagement.

 Food support systems: Participating in food bank initiatives and school lunch and
breakfast campaigns shows a dedication to the local community and healthcare.

 Housing support structures: This social approach involves supporting non-profits

and businesses with ties to ethical community housing initiatives.
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Impacts of socially responsible marketing

Practising socially responsible marketing affects the company in several important ways,
ranging from branding to financial implications. Some benefits of social marketing include
improving public perception, providing opportunities for cross-promotional advertising, and
establishing positive office culture. Some challenges include the immediate costs of
executing a marketing strategy and the risk of alienating a certain market segment by
supporting specific causes. The results of marketing using a socially responsible approach
vary based on the company, the campaign, and unpredictable factors like current events and
economic conditions.

Socially responsible marketing is a long-term investment that affects businesses in many

ways, including:

1. Establishing a brand
2. Becoming more competitive
3. Proving its commitment
4. Improving morale and work culture
5. Developing customer loyalty
6. Generating a reputation
7. Growing profits and business value
8. Becoming more appealing to investors

How to achieve marketing social responsibility

1. Address any issues with the company
2. Conduct consumer research on social topics
3. Determine short and long-term goals
4. Establish a budget for the project
5. Execute the marketing strategy
6. Follow-up and make adjustments

Societal marketing concept

Societal marketing can be defined as a "marketing with a social dimension or marketing that
includes non-economic criteria". Societal marketing "concerns for society's long term
interests". It is about "the direct benefits for the organization and secondary benefit for the
community".

Societal marketing distinguishes between the consumer's immediate satisfaction and longer
term consumer and social benefits. Accordingly, Andreas Kaplan defines societal
management as "management that takes into account society's overall welfare in addition to
mere profitability considerations." It is a 3 dimensional concept of marketing – social
welfare, individual welfare, organization profit.

The concept of societal marketing emerged in the early 1970s, promoting a more socially
responsible, moral and ethical model of marketing in an effort to counter some of the more
 MARKETING MANAGEMENT (20MBA15)

serious criticisms of marketing that had arisen out of the consumerist movement around that
time.

The societal marketing concept adopts the position that marketers have a greater social
responsibility than simply satisfying customers and providing them with superior value.
Instead, marketing activities should strive to benefit society's overall well-being. Marketing
organisations that have embraced the societal marketing concept typically identify key
stakeholder groups including: employees, customers, local communities, the wider public
and government and consider the impact of their activities on all stakeholders. They ensure
that marketing activities do not damage the environment and are not hazardous to broader
society. Societal marketing developed into sustainable marketing.[11] Societal marketing
requires businesses to include social, ethical and ecological considerations in product and
market planning.

Societal marketing should not be confused with social marketing. Societal marketing is a
philosophy or mindset that informs marketing decisions whereas social marketing is a
distinct branch within the marketing discipline. Societal marketing is concerned with the
consideration of the social and ethical aspects of marketing planning. Social marketing is
concerned with facilitating social change. A key difference is that the greater 'social good' is
the principal consideration in social marketing while social benefits are one of a number of
considerations in societal marketing.

On the other hand, social marketing is a sub-branch of marketing that began in 1971, with
the publication of an article by Kotler and Zaltman, emphasising a planned approach to
achieving social change. It is primarily concerned with encouraging pro-social behaviours
(e.g. recycling, sun-safety, safe driving practices) and discouraging anti-social behaviours
(e.g. littering, drink-driving).[17] It is defined as an "adaptation of commercial marketing
technologies to programs designed to influence the voluntary behavior of target audiences to
improve their personal welfare and that of the society of which they are a part".

Neuro Marketing
Neuro Marketing” loosely refers to the measurement of physiological and neural signals to
gain insight into customers’ motivations, preferences, and decisions, which can help inform
creative advertising, product development, pricing, and other marketing areas. Brain
scanning, which measures neural activity, and physiological tracking, which measures eye
movement and other proxies for that activity, are the most common methods of
measurement.

The two primary tools for scanning the brain are fMRI and EEG. The former (functional
magnetic resonance imaging) uses strong magnetic fields to track changes in blood flow
across the brain and is administered while a person lies inside a machine that takes
continuous measurements over time.

An EEG (electroencephalogram) reads brain-cell activity using sensors placed on the

subject’s scalp; it can track changes in activity over fractions of a second, but it does a poor
job of pinpointing exactly where the activity occurs or measuring it in deep, sub cortical
regions of the brain (where a lot of interesting activity takes place).
 MARKETING MANAGEMENT (20MBA15)

An fMRI can peer deep into the brain but is cumbersome, and it tracks activity only over the
course of several seconds, which may miss fleeting neural incidents. (Moreover, fMRI
machines are many times more expensive than EEG equipment, typically costing about $5
million with high overhead, versus about $20,000.

Tools for measuring the physiological proxies for brain activity tend to be more affordable
and easier to use. Eye tracking can measure attention (via the eyes’ fixation points) and
arousal (via pupil dilation); facial-expression coding (reading the minute movement of
muscles in the face) can measure emotional responses; and heart rate, respiration rate, and
skin conductivity measure arousal.

Interest in consumer neuroscience took off in the mid-2000s, when business school
researchers started to demonstrate that advertising, branding, and other marketing tactics can
have measurable impacts on the brain.

In 2004 researchers at Emory University served Coca-Cola and Pepsi to subjects in an fMRI
machine. When the drinks weren’t identified, the researchers noted a consistent neural
response. But when subjects could see the brand, their limbic structures (brain areas
associated with emotions, memories, and unconscious processing) showed enhanced activity,
demonstrating that knowledge of the brand altered how the brain perceived the beverage.

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 MARKETING MANAGEMENT (20MBA15)

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Premiumization
Premiumization is the science of motivating consumers to pay more for brands, products,
and services. Brands in mature, competitive markets need to premiumize to achieve growth.

What is Premiumization
Premiumization means that
consumers view the product as
superior or special in some way. It has
become a route for product
developers to innovate in new
product introductions, providing
opportunities for unique flavors,
formats and food and beverage
experiences for consumers.
 MARKETING MANAGEMENT (20MBA15)

Consumers are moving away from

name brands and shifting to generic
store brands. Jason explains
premiumization and the value of
understanding brand equity with a
changing consumer landscape.
The Key to Brand Growth… Premiumization

It is becoming widely accepted for legacy brands to turn to the science to premiumization to
overcome competitive pressure from store/retail brands and private labels. Premiumization
is simply a means of getting customers to pay higher prices for a brand or product. It’s about
stretching the category norms upwards and creating a demand for customers to pay higher
category prices.

When we say premium, we are not talking about luxuries like Gucci or Prada, but rather
reasons why customers would be willing to pay more for products. For example, if the
average category price for a roll of toilet paper is 0.84 cents premiumizing toilet paper is
getting customers to pay 0.89 per roll.
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Some aspects of premium products

include…
Quality: Many health-conscious
consumers have a perception that
sustainable, high-quality ingredients
mean a “clean” or healthy product.

Luxury: Particularly since the start of

the pandemic, many have turned to
consumer products as an opportunity
for indulgence or reward.

Flavor: Products that feature unusual

or “exotic” flavors are in demand,
coinciding with a market shift toward
global ingredients.
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 MARKETING MANAGEMENT (20MBA15)

Premiumization Delivers Value to Customer,

Growth to the Brand
Premiumization can be understood similar to
brand equity. If brand equity is the
commercial value that is derived from
customer perception, then premiumization is
the vehicle from which that value is achieved.
At the heart of premiumization is the
understanding of how customers perceive and
assign value. Merely tracking awareness and
intention measures is not enough to inform
actionable business decisions.

Instead, focusing on what drives price

premiums in a category allows strategic and
actionable paths to move the commercial
needle. Based on an extensive review of the
behavioral science literature we have
identified 6 key pathways to command
premium prices from a customer. The paths
are not just rational product attributes or
functional benefits, but the deep social,
psychological and emotional reasons
customers pay premium prices for products
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