MARKETING MYOPIA:

Marketing myopia is a concept that suggests a business can become shortsighted and focus
too narrowly on its own products or services rather than on fulfilling the needs and wants of
its customers. In simple terms, it means a company may lose sight of the bigger picture by
concentrating too much on what it's selling rather than understanding and addressing the
broader needs of its target market.
EXAMPLE:
Imagine a company that produces traditional desktop computers. If this company is affected
by marketing myopia, it might become too focused on the features and specifications of its
current desktop models. As a result, it could overlook the broader trends in the technology
industry, such as the increasing popularity of mobile devices like smartphones and tablets.
If the company fails to recognize that customers are shifting towards more portable and
versatile computing solutions, it may continue investing heavily in desktop development
while neglecting opportunities in the mobile market. Over time, this myopic focus on
desktops could lead to a decline in market share and profitability as competitors adapt to
changing consumer preferences.
In this example, marketing myopia would occur if the company becomes too fixated on its
existing products (desktop computers) without considering the broader needs of its
customers, which include the desire for more mobile and flexible computing solutions.
In essence, marketing myopia warns businesses against being too narrowly focused on their
current products or services and encourages them to be more customer-centric by
understanding and meeting the evolving needs of their target audience.
Holistic Marketing:
Holistic marketing is an approach to marketing that considers the entire business as a whole
and integrates all its components, departments, and activities to create a seamless and
comprehensive marketing strategy. The key idea behind holistic marketing is to focus on the
overall customer experience and satisfaction rather than concentrating solely on individual
marketing functions. It involves aligning all aspects of the business to deliver a unified and
consistent message to customers.
Key components:
 Integrated Marketing: Ensures a consistent brand message across various channels.
 Internal Marketing: Aligns the internal culture with the overall marketing strategy.
 Performance Marketing: Focuses on measurable results and data-driven
optimization.
 Relationship Marketing: Emphasizes building strong, long-lasting relationships with
customers.
In summary, holistic marketing is about viewing the entire business from a marketing
perspective, emphasizing the integration of all aspects to create a seamless and satisfying
customer experience. It recognizes that successful marketing goes beyond promotional
activities to encompass the entire business environment and its impact on customers.
MARKETING PLAN:
A marketing plan is a comprehensive document that outlines an organization's marketing
strategy and tactics for a specified time period. It serves as a roadmap for achieving
marketing objectives and goals. Here's an overview of the typical contents of a marketing
plan:

1. **Executive Summary:**
- *Purpose:* A brief overview of the entire marketing plan, summarizing key elements and
providing a snapshot of the organization's marketing goals and strategies.
- *Content:* Concise summaries of the market opportunity, target audience, marketing
objectives, and key strategies.

2. **Situation Analysis:**
- *Purpose:* A detailed examination of the current market conditions and the organization's
internal and external environment.
- *Content:*
- **SWOT Analysis:** Identifies Strengths, Weaknesses, Opportunities, and Threats.
- **Market Analysis:** Overview of the industry, market size, trends, and competitors.
- **Customer Analysis:** Understanding the target audience and their needs.
- **Competitor Analysis:** Evaluation of competitors' strengths and weaknesses.

3. **Marketing Strategy:**
- *Purpose:* Outlines the broad approach and direction for achieving marketing objectives.
- *Content:*
- **Segmentation, Targeting, and Positioning (STP):** Defines target market segments
and how the organization positions itself.
- **Marketing Objectives:** Clear, measurable goals aligned with overall business
objectives.
- **Value Proposition:** Describes the unique value the organization offers to customers.
- **Marketing Mix (4Ps/7Ps):** Details product, price, place, and promotion strategies,
with potential additions like people, processes, and physical evidence.

4. **Marketing Tactics:**
- *Purpose:* The specific actions and initiatives planned to implement the marketing
strategy.
 - *Content:*
- **Product Tactics:** Details about product features, variations, and packaging.
- **Pricing Tactics:** Pricing strategy and any discounts, promotions, or bundling.
- **Distribution Tactics:** Channels through which products/services will reach
customers.
- **Promotion Tactics:** Advertising, public relations, sales promotions, and other
communication strategies.

5. **Financial Projections:**
- *Purpose:* Quantitative analysis of the expected financial outcomes associated with the
marketing plan.
- *Content:*
- **Sales Forecast:** Predictions of sales revenue.
- **Budget Allocation:** Breakdown of the budget for each marketing activity.
- **Return on Investment (ROI):** Analysis of expected returns compared to costs.

6. **Implementation Controls:**
- *Purpose:* Mechanisms to monitor and control the implementation of the marketing plan.
- *Content:*
- **Key Performance Indicators (KPIs):** Metrics used to measure the success of
marketing activities.
- **Timeline and Milestones:** Set dates for the implementation of various marketing
initiatives.
- **Responsibilities:** Clearly defined roles for team members involved in the execution.
- **Contingency Plans:** Strategies for dealing with unforeseen challenges or changes.

A well-structured marketing plan provides a roadmap for the organization, aligning marketing
activities with overall business objectives and ensuring a systematic approach to achieving
marketing goals.
MICRO ENVIRONMENT AND MACRO ENVIRONMENT:
Microenvironment in Marketing:
The microenvironment in marketing refers to the specific and immediate external factors that
directly influence a company's operations, performance, and ability to serve its customers.
These factors are typically close to the organization and include:
1. **Customers:**
- *Example:* If a company sells smartphones, the preferences, needs, and behaviors of its
target customers play a crucial role. Customer feedback and demands can directly impact
product development, marketing strategies, and overall business decisions.

2. **Suppliers:**
- *Example:* For a restaurant, the suppliers of raw ingredients like vegetables, meat, and
beverages are part of the microenvironment. The quality, reliability, and cost of these supplies
can affect the restaurant's menu, pricing, and overall business operations.
3. **Competitors:**
- *Example:* In the automobile industry, the actions and strategies of rival companies
directly influence a company's market share and competitive position. Competitor analysis is
crucial for adapting marketing strategies to stay ahead in the market.
4. **Intermediaries (Distributors, Retailers):**
- *Example:* For a clothing brand, the retailers and distributors that sell its products play a
significant role. The brand's success depends on the effectiveness of these intermediaries in
reaching the target market, displaying products, and providing a positive customer
experience.
5. **Public:**
- *Example:* Public opinion and perception can impact a company's image. For a social
media platform, public sentiment about privacy concerns or ethical issues can influence user
trust and adoption.
6. **Marketing Intermediaries:**
- *Example:* Advertising agencies, public relations firms, and marketing research
companies are part of the microenvironment. Their effectiveness in promoting and
positioning a brand can significantly impact marketing success.

**Macroenvironment in Marketing:**
The macroenvironment in marketing comprises broader societal and external factors that
influence the overall business environment, but are beyond the immediate control of a
company. Key elements include:

1. **Demographic Factors:**
- *Example:* An aging population may influence marketing strategies for healthcare
products or retirement services, as the target demographic has specific needs and preferences.
2. **Economic Factors:**
- *Example:* Economic conditions, such as inflation or recession, impact consumer
spending patterns. In a recession, consumers may opt for more affordable products,
influencing pricing and promotional strategies.

3. **Technological Factors:**
- *Example:* Rapid advancements in technology affect industries like electronics or
software. Companies must adapt to technological changes to remain competitive and meet
evolving customer expectations.

4. **Political and Legal Factors:**

- *Example:* Changes in government regulations can impact industries such as
pharmaceuticals or energy. Compliance with new laws or regulations becomes a crucial
consideration for marketing strategies.

5. **Social and Cultural Factors:**

- *Example:* Societal trends and cultural shifts can influence marketing decisions. For
instance, a growing emphasis on sustainability may drive companies to adopt eco-friendly
practices and promote green products.

6. **Environmental Factors:**
- *Example:* Companies in industries like renewable energy or eco-tourism are influenced
by environmental concerns and sustainability trends. Marketing strategies may focus on eco-
friendly practices to align with these factors.

7. **Legal Factors:**
- *Example:* Changes in labor laws or intellectual property regulations can impact
business operations. Companies need to consider and comply with legal frameworks in their
marketing activities.
Understanding both micro and macroenvironments is essential for marketers to develop
effective strategies that respond to immediate market conditions and anticipate broader
societal trends and changes.

PORTERS FIVE FORCE MODEL:

Porter's Five Forces is a framework developed by Michael Porter that analyzes the
competitive forces within an industry to assess its attractiveness and profitability. The model
helps businesses understand the dynamics of competition and make informed strategic
decisions. The five forces are:
1. **Threat of New Entrants:**
- *Explanation:* This force assesses the ease with which new competitors can enter the
market. High entry barriers make it difficult for new players to enter, protecting the existing
companies.
- *Factors Influencing Threat:*
- Economies of scale
- Brand loyalty
- Capital requirements
- Access to distribution channels
- *Example:* The airline industry has high entry barriers due to the need for substantial
capital investment, strict regulations, and established brand loyalty.
2. **Bargaining Power of Buyers:**
- *Explanation:* This force evaluates the power of buyers to influence pricing and terms. If
buyers have significant bargaining power, they can demand lower prices or higher quality.
- *Factors Influencing Bargaining Power:*
- Number of buyers
- Switching costs
- Availability of alternatives
- Information availability
- *Example:* In the smartphone industry, where there are many alternatives and low
switching costs, buyers have considerable bargaining power.
3. **Bargaining Power of Suppliers:**
- *Explanation:* This force looks at the power suppliers have over the industry. Suppliers
with high power can influence prices or reduce the quality of inputs.
- *Factors Influencing Supplier Power:*
- Number of suppliers
- Uniqueness of inputs
- Switching costs
- Availability of substitutes
- *Example:* The diamond industry has a limited number of suppliers, giving them higher
bargaining power.
4. **Threat of Substitutes:**
- *Explanation:* This force assesses the availability of alternative products or services that
could fulfill the same needs. The higher the threat of substitutes, the lower the industry's
attractiveness.
- *Factors Influencing Threat of Substitutes:*
- Availability of alternatives
- Switching costs
- Quality of substitutes
- *Example:* The threat of substitutes for traditional taxis is higher with the availability of
ride-sharing services like Uber and Lyft.
5. **Competitive Rivalry Within the Industry:**
- *Explanation:* This force evaluates the intensity of competition among existing players in
the industry. High rivalry can lead to price wars, reduced profits, and increased marketing
efforts.
- *Factors Influencing Competitive Rivalry:*
- Number of competitors
- Rate of industry growth
- Product differentiation
- Exit barriers
- *Example:* The fast-food industry has intense competition with numerous players
competing for market share.
The combined analysis of these five forces provides insights into the overall attractiveness of
an industry and helps businesses develop strategies to navigate competitive forces effectively.
It is a valuable tool for strategic planning and decision-making in marketing and business
management.
ANSOFF MATRIX:
The Ansoff Matrix, also known as the Product/Market Expansion Grid, is a strategic planning
tool that helps businesses consider different growth strategies based on the combination of
existing and new products and existing and new markets. The matrix was developed by Igor
Ansoff, and it consists of four growth strategies:

1. **Market Penetration:**
- *Explanation:* This strategy involves selling existing products to existing markets. The
goal is to increase market share and maximize revenue within the current market space.
 - *Example:* A smartphone company offering discounts or loyalty programs to encourage
existing customers to buy more phones.

2. **Market Development:**
- *Explanation:* Market development entails introducing existing products to new markets.
This strategy seeks to expand the customer base by entering new geographical areas or
targeting different customer segments.
- *Example:* A clothing brand expanding from domestic markets to international markets.

3. **Product Development:**
- *Explanation:* Product development involves creating and offering new products to
existing markets. The focus is on innovation and providing customers with new or improved
products.
- *Example:* A software company releasing a new version of its existing software with
additional features.

4. **Diversification:**
- *Explanation:* Diversification is the most ambitious strategy and involves introducing
new products to new markets. This could be related or unrelated diversification.
- *Example:* An energy drink company entering the sports equipment market by creating a
new line of fitness products.

The matrix is presented as a 2x2 grid, with existing and new products on one axis and
existing and new markets on the other axis. Each quadrant represents one of the four growth
strategies mentioned above.

**How to Use the Ansoff Matrix:**

- **Market Penetration:** Focus on selling more of the current products to the existing
customer base.
- **Market Development:** Explore opportunities to enter new markets with existing
products.
- **Product Development:** Innovate and create new products to offer to existing customers.
- **Diversification:** Consider entering entirely new markets with entirely new products.
The Ansoff Matrix is a valuable tool for businesses to think strategically about their growth
options and choose the most suitable approach based on their goals, resources, and the
competitive landscape.
CONSUMER BEHAVIOUR; BUYING DECISION PROCESS AND THE
INFLUENCERS:
Consumer behavior refers to the study of how individuals, groups, or organizations make
decisions and take actions to select, purchase, use, and dispose of goods, services, ideas, or
experiences in order to satisfy their needs and wants. It involves understanding the entire
process that consumers go through from recognizing a need to making a purchase and
beyond.

Key aspects of consumer behavior include:

1. **Problem Recognition:**
- Identifying a need or a problem that triggers the consumer's decision-making process.
This can be a result of internal stimuli (e.g., hunger, thirst) or external stimuli (e.g.,
advertising).
2. **Information Search:**
- Seeking information about available options to fulfill the identified need. This can involve
researching products online, seeking recommendations from friends, or relying on personal
experiences.

3. **Evaluation of Alternatives:**
- Comparing different products or services to determine which one best meets the
consumer's requirements. Factors considered may include price, quality, features, and brand
reputation.

4. **Purchase Decision:**
- Making the final decision to buy a specific product or service. The choice is influenced by
various factors, including personal preferences, budget constraints, and the perceived value of
the offering.

5. **Post-Purchase Behavior:**
- Reflecting on the purchase experience and evaluating whether expectations were met.
This phase can lead to satisfaction, dissatisfaction, or even post-purchase cognitive
dissonance.
Consumer behavior is influenced by a complex interplay of internal and external factors.
Here are some key factors:
How cultural, social, psychological, and personal factors influence the buying decision
process with an example:
**Example: Purchasing a Smartphone**
1. **Cultural Factors:**
- *Definition:* Cultural factors include the values, beliefs, customs, and lifestyles shared by
a group of people. Culture shapes individuals' preferences and influences their buying
decisions.
- *Example:* In some cultures, there may be a preference for specific smartphone features,
colors, or brands based on cultural norms and values. For instance, a culture that values
technological innovation might favor smartphones with the latest features.

2. **Social Factors:**
- *Definition:* Social factors involve the influence of family, friends, social groups, and
societal trends on an individual's buying decisions.
- *Example:* Peer influence can play a significant role in smartphone choices. If friends or
colleagues recommend a particular brand or model, an individual may be more inclined to
consider that option.

3. **Psychological Factors:**
- *Definition:* Psychological factors include perceptions, attitudes, motivations, and
learning that influence an individual's decision-making process.
- *Example:* Psychological factors can influence how individuals perceive a smartphone
brand. For example, a person may be motivated to buy a smartphone that aligns with their
self-image or lifestyle. Positive past experiences with a brand may create a favorable attitude
towards that brand.

4. **Personal Factors:**
- *Definition:* Personal factors are individual characteristics such as age, gender,
occupation, income, and lifestyle that influence buying decisions.
- *Example:* A person's occupation and lifestyle can impact their choice of smartphone.
For instance, a professional photographer might prioritize a smartphone with advanced
camera features, while a business executive may prioritize security features for work-related
tasks.
Understanding these factors allows marketers to tailor their strategies to resonate with the
target audience, considering cultural nuances, societal trends, psychological triggers, and
individual characteristics that influence the decision-making process.
RISKS IN THE BUYING DECISION PROCESS:
The buying decision process involves various types of risks that consumers may perceive or
encounter during the different stages of purchasing a product or service. These risks can
influence the decision-making process and impact the final purchase choice. Here are the
types of risks associated with the buying decision process:
1. **Functional Risk:**
- *Definition:* Functional risk is the risk that the product or service may not perform as
expected or may fail to meet the consumer's functional requirements.
- *Example:* Buying a smartphone with a new operating system may pose functional risk
if the consumer is unsure about its compatibility with their existing apps or usability.
2. **Physical Risk:**
- *Definition:* Physical risk involves concerns about the safety and well-being of the
consumer during or after product use.
- *Example:* Purchasing a household appliance with potential safety hazards or a food
product with unclear expiration dates may evoke physical risk concerns.
3. **Financial Risk:**
- *Definition:* Financial risk relates to the monetary investment associated with the
purchase, including concerns about the potential loss of money.
- *Example:* Buying a high-ticket item like a car or a house involves significant financial
risk, especially if the consumer is uncertain about the future value or reliability of the
product.
4. **Sociological Risk:**
- *Definition:* Sociological risk is associated with the potential impact of a purchase on an
individual's social standing, image, or relationships within their social circle.
- *Example:* Choosing a product or service that goes against societal norms or
expectations may lead to sociological risk, particularly if it affects the consumer's reputation.
5. **Time Risk:**
- *Definition:* Time risk refers to concerns about the amount of time and effort required in
the decision-making process and product usage.
- *Example:* Investing time in researching and purchasing a complex product, only to find
that it doesn't meet expectations, represents time risk.
6. **Psychological Risk:**
- *Definition:* Psychological risk involves concerns related to the consumer's perception of
the product, including potential negative impacts on self-esteem, emotions, or mental well-
being.
- *Example:* Choosing a product that may be perceived negatively by others or that
triggers feelings of guilt or regret can lead to psychological risk.
Consumers may weigh these risks differently based on factors such as the type of product,
individual preferences, and the level of involvement in the decision-making process.
Businesses aim to address and mitigate these risks through effective communication, product
guarantees, quality assurance, and other strategies to build consumer trust and confidence in
their offerings.
BUYING ROLES IN B2C SCENARIO:
In a Business-to-Consumer (B2C) scenario, different individuals may play distinct buying
roles when making purchasing decisions. These roles reflect the various influences and
responsibilities within a consumer's decision-making process. Here are the different types of
buying roles in a B2C scenario:

1. **Initiator:**
- *Role:* The initiator is the person who recognizes a need or desire for a product or
service and initiates the buying process.
- *Example:* A teenager expressing a desire for a new gaming console could act as the
initiator, sparking interest in the family to consider the purchase.

2. **Influencer:**
- *Role:* The influencer is an individual who provides recommendations, opinions, or
information that influences the purchasing decision of others.
- *Example:* Online reviews, social media influencers, or friends and family members who
offer suggestions can act as influencers in the decision-making process.

3. **Decider:**
- *Role:* The decider is the person who has the authority to make the final decision on the
purchase.
- *Example:* In a family, the decider could be a parent or the individual responsible for
making financial decisions and having the ultimate say in whether to proceed with the
purchase.

4. **Buyer:**
- *Role:* The buyer is the individual who physically makes the purchase, whether online or
in-store.
- *Example:* The person using their credit card or making a cash payment at the checkout
counter is the buyer.
5. **User:**
- *Role:* The user is the individual who will ultimately use or consume the product or
service.
- *Example:* In the case of buying a laptop, the user is the person who will be using the
device for work, study, or entertainment.

6. **Gatekeeper:**
- *Role:* The gatekeeper is someone who controls or filters the flow of information to
others involved in the decision-making process.
- *Example:* A parent reviewing and filtering information about certain products before
presenting options to children acts as a gatekeeper.
Understanding these buying roles is crucial for businesses in the B2C sector as it helps them
tailor their marketing strategies to effectively reach and influence the various individuals
involved in the decision-making process. Marketing efforts may need to appeal to
influencers, address concerns of deciders, and highlight features that matter to users.
SEGMENTATION:
**Segmentation in Marketing:**
Segmentation in marketing involves dividing a heterogeneous market into smaller, more
homogeneous segments based on certain criteria such as demographics, psychographics,
geographic location, or behavioral patterns. This helps businesses tailor their marketing
strategies to specific groups with similar needs, preferences, or characteristics. The goal is to
better understand and meet the distinct requirements of each segment.

**Levels of Segmentation:**
1. **Segment Marketing:**
- *Definition:* Segment marketing involves targeting a specific segment of the overall
market based on shared characteristics.
- *Example:* An athletic shoe company may create different marketing campaigns for
segments such as professional athletes, fitness enthusiasts, and casual walkers, each focusing
on the unique needs and preferences of that particular group.
2. **Niche Marketing:**
- *Definition:* Niche marketing is a more specialized form of segmentation, focusing on a
narrow and well-defined market segment.
- *Example:* A company specializing in eco-friendly and sustainable products might target
the niche market of environmentally conscious consumers who prioritize sustainability in all
aspects of their purchasing decisions.
3. **Local Marketing:**
- *Definition:* Local marketing involves tailoring marketing efforts to meet the needs of a
specific local market or community.
- *Example:* A restaurant chain may customize its menu offerings and promotional
activities at different locations to cater to the specific tastes and preferences of the local
customers in each area.
4. **One-to-One Marketing (Customization):**
- *Definition:* One-to-One marketing, also known as customization, involves creating
personalized offerings for individual customers based on their preferences and behaviors.
- *Example:* Online retailers often use data analytics to track individual customer
preferences and purchase history, allowing them to provide personalized product
recommendations, discounts, or exclusive offers tailored to each customer.

**Example: Coffee Shop Marketing Strategy**

- **Segment Marketing:** The coffee shop may have different marketing strategies for
various segments, such as students, professionals, and families. For students, there might be
student discounts and a vibrant atmosphere. Professionals may be targeted with a calm
environment and business meeting facilities.
- **Niche Marketing:** If the coffee shop specializes in artisanal, organic coffee, it could
target a niche market of coffee connoisseurs who value high-quality, ethically sourced coffee.
- **Local Marketing:** In each neighborhood, the coffee shop may adjust its offerings based
on local tastes. In a trendy neighborhood, it might emphasize specialty drinks, while in a
family-oriented area, it may promote a cozy family-friendly atmosphere.
- **One-to-One Marketing (Customization):** Through a loyalty program, the coffee shop
might offer personalized discounts or free items based on individual customers' past
purchases and preferences, creating a more personalized experience.

These levels of segmentation allow businesses to refine their marketing strategies to better
connect with specific groups or individuals, increasing the effectiveness of their efforts and
enhancing customer satisfaction.
**Segmentation Basis in Consumer Markets:**

1. **Geographic Segmentation:**
- *Definition:* Dividing the market based on geographic criteria, such as location, region,
climate, or population density.
 - *Example:* A company selling winter clothing might tailor its marketing strategies
differently for customers in colder regions compared to those in warmer climates.

2. **Demographic Segmentation:**
- *Definition:* Dividing the market based on demographic characteristics, such as age,
gender, income, education, family size, or occupation.
- *Example:* A company producing children's toys may target its products and marketing
campaigns specifically to parents of young children, focusing on age and family size as key
demographic factors.

3. **Psychographic Segmentation:**
- *Definition:* Dividing the market based on psychological and lifestyle characteristics,
including values, interests, attitudes, and behavior.
- *Example:* A fitness brand might segment its market based on psychographics, targeting
health-conscious individuals who value an active lifestyle and eco-friendly practices.

4. **Behavioral Segmentation:**
- *Definition:* Dividing the market based on consumer behavior, including their usage
patterns, brand loyalty, benefits sought, and response to marketing stimuli.
- *Example:* An airline might use behavioral segmentation to target frequent flyers with
loyalty programs, offering rewards and special privileges to encourage repeat business.
SEGMENTATION PROCESS:
**Segmentation Process with Example:**

**1. Need-Based Segmentation:**

- *Definition:* Identifying the primary needs and wants of the target market to guide the
segmentation process.
- *Example:* In the fitness industry, the need-based segmentation might reveal that some
consumers are looking for weight loss solutions, while others are focused on muscle gain or
overall well-being.

**2. Segment Identification:**

- *Definition:* Dividing the market into distinct groups based on relevant criteria.
- *Example:* The fitness industry may identify segments such as weight loss enthusiasts,
bodybuilders, and individuals seeking holistic wellness.
**3. Segment Attractiveness:**
- *Definition:* Assessing the attractiveness of each segment by considering factors such as
size, growth potential, and competitive intensity.
- *Example:* The fitness industry may find that the weight loss segment is large and
rapidly growing, making it highly attractive.

**4. Segment Profitability:**

- *Definition:* Evaluating the potential profitability of each segment by estimating revenue
and cost implications.
- *Example:* The fitness industry may analyze the profitability of the bodybuilding
segment, considering the cost of specialized products and the willingness of consumers to pay
premium prices.

**5. Segment Positioning:**

- *Definition:* Developing a distinct market position for each segment to differentiate them
from competitors.
- *Example:* In the fitness industry, a brand might position itself as the go-to choice for
weight loss with personalized plans, while another brand positions itself as the premium
option for bodybuilders with high-performance supplements.

**6. Segment Testing:**

- *Definition:* Testing the viability and acceptance of the segmented strategies through
market research or pilot programs.
- *Example:* Before launching a new line of weight loss supplements, a fitness brand may
conduct focus groups or a limited release to test consumer response and gather feedback.

**7. Marketing Mix Strategy:**

- *Definition:* Developing a customized marketing mix (product, price, place, promotion)
for each identified segment.
- *Example:* For the weight loss segment, the fitness brand might offer meal plans,
affordable supplements, and promote through digital platforms. For the bodybuilding
segment, a premium product line might be sold through specialized stores and endorsed by
fitness influencers.
**Example Summary: Fitness Industry Segmentation**

- **Need-Based Segmentation:** Understanding that consumers have diverse fitness needs,

including weight loss, bodybuilding, and overall wellness.

- **Segment Identification:** Dividing the market into segments based on these needs, such
as weight loss enthusiasts, bodybuilders, and wellness seekers.

- **Segment Attractiveness:** Identifying the weight loss segment as large and growing,
making it an attractive target.

- **Segment Profitability:** Assessing the potential profitability of the bodybuilding segment

by analyzing the cost implications and consumer willingness to pay.

- **Segment Positioning:** Developing distinct market positions for each segment, such as
positioning one brand as a weight loss expert and another as a premium option for
bodybuilders.

- **Segment Testing:** Before a full launch, testing the viability of new weight loss
supplements through focus groups and limited releases.

- **Marketing Mix Strategy:** Developing customized marketing strategies for each

segment, tailoring products, pricing, distribution, and promotion to meet the specific needs
and preferences of weight loss and bodybuilding consumers.
TARGETING:
Targeting in marketing is the strategic selection of specific customer segments for focused
marketing efforts. It involves identifying and prioritizing groups with similar characteristics
to optimize resource allocation and better meet the needs of the chosen audience.
ways of targeting:
1. **Single Segment Concentration (Concentrated):** - Porsche
- *Approach:* Focusing all marketing efforts on a single, specific market segment.
- *Example:* A company exclusively targeting the high-end luxury car market.

2. **Selective Specialization (Multi-segment):** - TATA Motors

 - *Approach:* Targeting multiple segments with different marketing mixes, based on their
distinct needs.
- *Example:* A shoe manufacturer offering different lines for athletes, casual wear, and
formal occasions.

3. **Product Specialization (Concentrated):** - Gillette

- *Approach:* Concentrating efforts on producing and marketing a specialized product for
a specific market segment.
- *Example:* A company exclusively producing and marketing gourmet chocolates.

4. **Market Specialization (Concentrated):** - PNC Films

- *Approach:* Concentrating on serving the needs of a specific market segment.
- *Example:* A travel agency specializing in organizing adventure trips for adrenaline
enthusiasts.

5. **Full-Market Coverage (Undifferentiated):** - Coke

- *Approach:* Targeting the entire market with a single marketing mix, assuming a
universal appeal.
- *Example:* A mass-market detergent brand targeting all households without specific
differentiation.
These targeting strategies help businesses tailor their marketing efforts to align with specific
market characteristics, needs, and preferences. The choice of strategy depends on factors like
the nature of the product, competition, and business goals.
One to one targeting: One-to-One targeting, also known as personalized marketing, involves
tailoring products, services, and marketing efforts to meet the specific needs and preferences of
individual customers. To enhance customer loyalty and satisfaction/-/

POSITIONING:
Positioning in marketing is the strategic effort to establish a distinct image and perception of
a product, brand, or company in the minds of target customers relative to competitors. It
involves creating a unique and compelling identity that sets the offering apart and appeals to
the desired market segment, influencing how customers perceive and choose the product or
brand.
TYPES OF POSITIONING:
**Positioning Types with Examples:**
1. **Attribute/Benefit Positioning:** - NIRMA
- *Definition:* Emphasizing specific attributes or benefits that set a product apart.
- *Example:* Toothpaste brand positioning as having "whitening power" or a car
emphasizing "fuel efficiency."

2. **Use/Application Positioning:** - Surf excel – stain remover

- *Definition:* Associating a product with a particular use or application.
- *Example:* Laundry detergent positioned for "stain removal" or a smartphone marketed
for "professional photography."

3. **User Positioning:** - Pogo TV

- *Definition:* Associating a product with a specific user or demographic.
- *Example:* Luxury watches positioned for "executives" or skincare products targeting
"teenagers with acne."

4. **Competitor Positioning:** - Complan with horlicks

- *Definition:* Positioning a product by comparing it directly to competitors.
- *Example:* A soda brand positioning itself as "tasting better than the leading competitor"
or a fast-food chain claiming to be "faster than competitors."

5. **Quality vs. Price Positioning:** - Bisleri

- *Definition:* Positioning based on the balance between quality and price.
- *Example:* A luxury car brand emphasizing "superior quality and performance at a
premium price" or a budget airline focusing on "affordability without compromising safety."

6. **Product Category Positioning:** - Leader – butter with taste

- *Definition:* Associating a product with a broader product category.
- *Example:* A brand of energy drinks positioned within the broader category of
"functional beverages" or a new type of yogurt positioned as a "health snack."
Each type of positioning strategy serves to create a distinct image and appeal to specific
customer segments based on differentiating factors such as features, usage, users,
competition, value proposition, or product category. The choice of positioning depends on the
brand's objectives and the market context.
Positioning problems –
**Under-Positioning:**
- *Explanation:* Failing to establish a clear and distinct image for a product or brand in the
minds of consumers.
- *Outcome:* It can result in low brand recognition, confusion, and a lack of competitive
advantage.

**Over-Positioning:**
- *Explanation:* Providing too much information or highlighting too many features,
causing confusion and diluting the brand's core message.
- *Outcome:* Consumers may become overwhelmed, leading to a lack of clarity and
potential loss of interest.

**Confused Positioning:**
- *Explanation:* Sending mixed or contradictory messages that confuse consumers about a
product's identity or benefits.
- *Outcome:* Consumers may struggle to understand the brand, leading to skepticism and
hesitation in making purchasing decisions.

**Doubtful Positioning:**
- *Explanation:* Creating uncertainty or doubt in the minds of consumers about the value
or uniqueness of the product or brand.
- *Outcome:* It can erode consumer trust and confidence, hindering the brand's ability to
gain market share.
MARKETING RESEARCH:
Information used to identify and define marketing opportunities and problems; generate,
refine, and evaluate marketing actions; monitor marketing performance; and improve
understanding of marketing as a process.
It specifies the information required to address these issues, designs the method for collecting
information, manages and implements the data collection process, analyzes the results, and
communicates the findings and their implications.
Certainly! Here's an explanation of each step in the marketing research process:

1. **Define the Problem & Research Objectives:**

- *Objective:* Clearly articulate the problem or opportunity that necessitates research and
outline specific objectives to address it.
 - *Importance:* This step sets the foundation for the entire research process by identifying
what needs investigation and what the research aims to achieve.

2. **Develop the Research Plan:**

- *Objective:* Plan the details of the research, including the research design, data sources,
sampling strategy, and data collection methods.
- *Importance:* The research plan provides a roadmap for conducting the study, ensuring
that data is collected systematically and aligns with the research objectives.

3. **Collect the Information:**

- *Objective:* Implement the research plan by gathering data through various methods such
as surveys, interviews, observations, or secondary data sources.
- *Importance:* This step involves executing the planned activities to collect relevant
information from the chosen sample or data sources.

4. **Analyze the Information:**

- *Objective:* Process and analyze the collected data using appropriate statistical or
qualitative analysis techniques.
- *Importance:* Data analysis transforms raw data into meaningful insights, revealing
patterns, trends, or associations that contribute to a deeper understanding of the research
problem.

5. **Present the Findings:**

- *Objective:* Communicate the results of the analysis in a clear and understandable
manner.
- *Importance:* Presenting findings effectively helps stakeholders, such as decision-makers
or clients, comprehend the research outcomes and implications.

6. **Make the Decision:**

- *Objective:* Use the research findings to make informed decisions related to the research
problem or opportunity.
- *Importance:* This final step involves translating insights into actionable strategies or
changes, ensuring that the research contributes to decision-making and business success.

PRODUCT LEVELS:
  The core benefit addresses the primary need the product fulfills.
 The basic product includes the essential features necessary for functionality.
 The expected product represents the attributes consumers consider standard
for products in that category.
 The augmented product goes beyond expectations, providing additional
features that enhance the product's value.
 The potential product represents the hypothetical maximum level of
innovation and features the product could achieve in the future.

TYPES OF PRODUCTS:

 Convenience Goods: These are everyday items that consumers buy

frequently and without much thought. They are usually available at many
locations, and consumers often prioritize convenience and accessibility.
 Shopping Goods: Consumers actively compare and evaluate these goods
before making a purchase. Shopping goods typically involve more significant
investments of time and consideration.
 Specialty Goods: These are unique or highly specialized products that
consumers actively seek out. Brand loyalty and specific features play a
significant role in the purchase decision.
 Unsought Goods: These are goods that consumers may not actively think
about or search for. Marketing efforts are crucial to create awareness and
generate interest in these products.

PRODUCT MIX:
**Product Mix of Apple Inc.:**

1. **Width of Product Mix:**

- *Explanation:* Apple has a broad product mix, including multiple product lines spanning
various electronic devices, software, and services.
- *Example:* Apple's product lines include iPhones, iPads, MacBooks, iMacs, Apple
Watches, AirPods, iOS, macOS, iTunes, and services like Apple Music and iCloud.

2. **Depth of Product Mix:**

- *Explanation:* Each product line has extensive depth, with multiple models,
configurations, and variations.
- *Example:* In the iPhone product line, there are various models, storage capacities, and
color options, providing a deep selection.
3. **Consistency of Product Mix:**
- *Explanation:* Apple maintains consistency in its product mix by focusing on premium
quality, design aesthetics, and a seamless integration of hardware and software.
- *Example:* The design elements and user interface across iPhones, iPads, and MacBooks
exhibit a consistent Apple aesthetic.

4. **Product Mix Strategies:**

- *Explanation:* Apple employs strategies like product line extension by introducing
upgraded models and versions regularly.
- *Example:* The launch of new iPhone models each year, introducing incremental
improvements and new features, is an example of product line extension.

5. **Balancing the Product Mix:**

- *Explanation:* Apple balances its product mix by catering to various customer needs,
from professional users (MacBooks) to mainstream consumers (iPhones) and fitness
enthusiasts (Apple Watch).
- *Example:* The coexistence of products like the powerful MacBook Pro and the user-
friendly iPhone in Apple's product mix demonstrates this balance.

6. **Lifecycle Management:**
- *Explanation:* Apple effectively manages product lifecycles by regularly introducing new
products and discontinuing older models.
- *Example:* The phased-out models of iPhones and MacBooks as new versions are
introduced represent a lifecycle management strategy.

7. **Brand Management:**
- *Explanation:* Apple's brand is integral to its product mix, with a focus on innovation,
user experience, and a premium image.
- *Example:* The iconic Apple logo, consistent packaging, and marketing messages
contribute to brand management within the product mix.
Apple's well-crafted product mix exemplifies a strategic approach to meet diverse consumer
needs, maintain brand consistency, and sustain a competitive edge in the global market.

STEPS INVOLVED IN NPD:

1. **Idea Generation:**
 - *Example:* A tech company holds regular brainstorming sessions to generate ideas for a
new smart home device that can simplify daily tasks.

2. **Idea Screening:**
- *Example:* After brainstorming, the company evaluates the feasibility and market
potential of each idea and decides to focus on the concept of a voice-activated home
automation system.

3. **Concept Development and Testing:**

- *Example:* The company creates detailed concepts for the voice-activated home
automation system, develops a prototype, and tests it with potential users to gather feedback.

4. **Business Analysis:**
- *Example:* The company analyzes the costs of production, estimates potential sales, and
conducts a financial assessment to determine the profitability of the voice-activated home
automation system.

5. **Product Development:**
- *Example:* Based on positive feedback and a favorable business analysis, the company
proceeds to design and develop the final version of the voice-activated home automation
system.

6. **Market Testing:**
- *Example:* A limited release of the product is made available in select markets. The
company collects data on customer response, identifies any issues, and makes necessary
adjustments before a full-scale launch.

7. **Commercialization:**
- *Example:* The company launches the voice-activated home automation system
nationwide. It initiates marketing campaigns, ensures widespread distribution, and ramps up
production to meet demand.

8. **Post-Launch Evaluation:**
 - *Example:* After the product has been on the market for several months, the company
monitors sales performance, gathers customer reviews, and uses the insights to make
improvements or plan for future iterations.
PRODUCT LIFE CYCLE: The product life cycle (PLC) is a concept that describes the stages a
product goes through in the marketplace, from its introduction to its eventual decline.

**Product Life Cycle (PLC) for Style, Fashion, and Fad:**

1. **Style:**
- *Definition:* Styles are enduring and have a longer life cycle. They persist for an
extended period and often return in cycles.
- *Example:* Denim jeans have been a style for many years, adapting to different fashion
trends.

2. **Fashion:**
- *Definition:* Fashion trends have a moderate life cycle, rising and falling in popularity
over several seasons or years.
- *Example:* High-waisted skirts may become fashionable for a few years before
transitioning to another trend.

3. **Fad:**
- *Definition:* Fads are short-lived, intense trends that quickly gain and lose popularity.
- *Example:* Silly Bandz, a brief craze where shaped rubber bands became highly popular
among children.

**Managing the Product Life Cycle:**

1. **Introduction:**
- *Objective:* Introduce the new product to the market.
- *Strategies:* Heavy marketing, product awareness campaigns, limited distribution.

2. **Growth:**
- *Objective:* Build on initial success and capture a larger market share.
- *Strategies:* Expand distribution, invest in advertising, improve product features.
3. **Maturity:**
- *Objective:* Sustain market share and maximize profitability.
- *Strategies:* Product differentiation, cost reduction, market segmentation.

4. **Decline:**
- *Objective:* Manage the decline in sales and phase out the product gracefully.
- *Strategies:* Assess the feasibility of product continuation, consider product
modifications, or plan for a graceful exit.

**Key Points in Managing the Product Life Cycle:**

- **Continuous Monitoring:** Regularly assess market trends and customer preferences to

adapt the product accordingly.

- **Innovation:** Introduce new features or variations to keep the product relevant and
attractive.

- **Marketing Strategies:** Adjust marketing efforts at each stage, from creating awareness
in the introduction phase to reinforcing brand loyalty in the maturity phase.

- **Cost Management:** Monitor production costs and find ways to optimize as the product
matures or consider discontinuation if costs outweigh benefits in the decline phase.

- **Customer Feedback:** Listen to customer feedback throughout the life cycle to identify
areas for improvement and innovation.