Showing posts with label marketing. Show all posts
Showing posts with label marketing. Show all posts
Tuesday, October 21, 2008
Monday, October 20, 2008
Tuesday, October 14, 2008
Kotler Speak
In this post, I will lay down everything that I find important from Kotler, the acceptable bible of marketing.
Kotler 1
Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, communicating delivering and sustaining superior customer value.
The first test of sustainability is how easy it is for the competition to be able to replicate your business model.
A transaction is a trade of values between two parties.
A market place is physical, brick and mortar while a market space is digital, this is the market available on the internet. A metamarket is a cluster of complementary products and services that are closely related in the minds of customers but are spread across a diverse set of industries. The automobile metamarket consists of automobile manufacturers , new car and used car dealers, financing companies, insurance companies, mechanics, spare part dealers, service shops, auto magazines and the auto sites on the internet.
How business and marketing are changing?
Changing technology
Globalisation
Deregulation
Privatisation
Customer empowerment
Customization
Heightened competition
Industry convergence
Retail transformation
Disintermediation
Company Orientations
Business Orientations:
The production concept: It assumes that consumers will prefer products that are widely available and inexpensive.
The product concept concept believes that consumers will favour those products that offer the most quality, performance or innovative features. It orients towards the product.
The selling concept postulates that consumers and businesses will not buy the companies’ products/services if left alone. So the organisation must undertake an aggressive selling and promotional effort.
The marketing concept shifts the focus to the customer to a “sense and respond” philosophy. The job is not to find the right customers for your products but the right products for your customers.
Kotler 1
Marketing management is the art and science of choosing target markets and getting, keeping and growing customers through creating, communicating delivering and sustaining superior customer value.
The first test of sustainability is how easy it is for the competition to be able to replicate your business model.
A transaction is a trade of values between two parties.
A market place is physical, brick and mortar while a market space is digital, this is the market available on the internet. A metamarket is a cluster of complementary products and services that are closely related in the minds of customers but are spread across a diverse set of industries. The automobile metamarket consists of automobile manufacturers , new car and used car dealers, financing companies, insurance companies, mechanics, spare part dealers, service shops, auto magazines and the auto sites on the internet.
How business and marketing are changing?
Changing technology
Globalisation
Deregulation
Privatisation
Customer empowerment
Customization
Heightened competition
Industry convergence
Retail transformation
Disintermediation
Company Orientations
Business Orientations:
The production concept: It assumes that consumers will prefer products that are widely available and inexpensive.
The product concept concept believes that consumers will favour those products that offer the most quality, performance or innovative features. It orients towards the product.
The selling concept postulates that consumers and businesses will not buy the companies’ products/services if left alone. So the organisation must undertake an aggressive selling and promotional effort.
The marketing concept shifts the focus to the customer to a “sense and respond” philosophy. The job is not to find the right customers for your products but the right products for your customers.
Sunday, October 12, 2008
Thursday, September 18, 2008
The paradox of choice!!
The title of this post is the title of one of the most insighful books i have read and still reading. I love it.
I share some of the insights here.
Some people are maximisers and some are satisficers. I am talking from the population of people who have some standards for their lives. Now, satisficers are happy with "good enough" choices and maximisers seek to maximise everything. This is where the problem is. Every time they make a decision, they think of all the better alternatives they have had to give up.
For example, a maximiser buys a motorbike after much search. Now that he has the motorbike, there is a possibility of "postpurchase regret" Maximers cannot escape this because they will keep thinking about all the alternatives that he has given up and which could have been better.
It's not that satisficers do not have standards. They have standards but once they make a decision, they are happy with their decision which enables them to enjoy their decisions. They do not have to keep thinking about options they have left out.
There is nothing called a perfect world. A perfect world is a hypothetical reality where we do not have to make trade offs and get everything we want. This is an imaginary situation.
We all want to have choices. But what do these choices do to us? Does it help out lives? Does it help the way we make decisions?
unfortunately, the more choices we have, the more frustrated we are. We cannot decide what is good for us. I mean, think of buying a car. Which car should you purchase? Which category? Which design? Which company? Lets sa you boil down to a company. Maruti.
Now Maruti zen, versa, 800, Baleno, SX4, Lx, Px or Gx???? Ofcourse, I have not covered the entire range here. The opportunity costs of making one decision over all the others!!! Think about the opportunity costs of marriage!!!!
Counterfactual thinking has been the reason for the growth of the human society. If only we did not think about something that does not exist and could be a possibility, how would we evolve?? However, it is also the reason for regrets, both anticipative regrets and buyer's remorse.
More and more choices do not quite serve us all the time. We would ideally want to be left alone and not look at opportunity costs at all. e can help ourselves by being satisficers. The problem in keeping options open is that we are never quite done with the decision.
People do things which they do not have reasons for. "Why" does not always precede reality. Choice is supposed to benefit us, isn't it? But does it?
The opportunity costs of one choice over another present the paradox of choice!!
I share some of the insights here.
Some people are maximisers and some are satisficers. I am talking from the population of people who have some standards for their lives. Now, satisficers are happy with "good enough" choices and maximisers seek to maximise everything. This is where the problem is. Every time they make a decision, they think of all the better alternatives they have had to give up.
For example, a maximiser buys a motorbike after much search. Now that he has the motorbike, there is a possibility of "postpurchase regret" Maximers cannot escape this because they will keep thinking about all the alternatives that he has given up and which could have been better.
It's not that satisficers do not have standards. They have standards but once they make a decision, they are happy with their decision which enables them to enjoy their decisions. They do not have to keep thinking about options they have left out.
There is nothing called a perfect world. A perfect world is a hypothetical reality where we do not have to make trade offs and get everything we want. This is an imaginary situation.
We all want to have choices. But what do these choices do to us? Does it help out lives? Does it help the way we make decisions?
unfortunately, the more choices we have, the more frustrated we are. We cannot decide what is good for us. I mean, think of buying a car. Which car should you purchase? Which category? Which design? Which company? Lets sa you boil down to a company. Maruti.
Now Maruti zen, versa, 800, Baleno, SX4, Lx, Px or Gx???? Ofcourse, I have not covered the entire range here. The opportunity costs of making one decision over all the others!!! Think about the opportunity costs of marriage!!!!
Counterfactual thinking has been the reason for the growth of the human society. If only we did not think about something that does not exist and could be a possibility, how would we evolve?? However, it is also the reason for regrets, both anticipative regrets and buyer's remorse.
More and more choices do not quite serve us all the time. We would ideally want to be left alone and not look at opportunity costs at all. e can help ourselves by being satisficers. The problem in keeping options open is that we are never quite done with the decision.
People do things which they do not have reasons for. "Why" does not always precede reality. Choice is supposed to benefit us, isn't it? But does it?
The opportunity costs of one choice over another present the paradox of choice!!
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