Marketing Management Flashcards
Features of Marketing
There is a very futuristic market like Priya market, but it is indoors and has screens all over and robots and blue outlines like in Tron.
1. Needs and Wants - Wanted the movie is put up in the market’s movie theatre. You have a need to really watch the wanted movie. So you buy a ticket.
2. Creating A Market Offering - As soon as you buy the ticket, there is a celebration as you are the 1 millionth buyer. You get an offer that if you create a miniature market, you will win a prize.
3. Exchange Mechanism - You take out your mechanic’s wrench and get to work. You build the market. A rich businessman comes to You and says that he is ready to exchange the model for his expensive watch.
Essence of Marketing
Exchange is the essence of marketing.
Functions of marketing
You are sun. There is a giant function, which can be seen as there are flowers and purple lightinng at the entrance, in a trade-fair sort of market. The trade fair is for marketers.
1. Gathering and Analysing Market Information - Sun enters the market. As soon as he enters, anna hazaree is sitting and eating lays (anna-lays) in the information center. The sun goes up to him and takes information regarding the market.
2. Marketing Planning - He plans to buy shoes in the market.
3. Product Designing and Development - He looks for the shoes shop and comes across a tree. Under the tree, Dev D is sitting and selling all kinds of designer products (such as perfumes, bags etc.)
4. Packaging and Labelling - He runs away from there, and comes across a box shaped room. Outside the door of that room, there are packers who are packaging boxes. Over the boxes they are putting laal behl (label) ka label on the boxes.
5. Standardisation and Grading - He looks to the left to see that the laal behl’s are being stamped grades on and then getting killed with standard knives. The bulls are then being made to stand and thats whats being packages.
6. Branding - He decies that he no longer wants to see this gruesome act, so he takes out a box of vicks, mixes brandy in it and drinks it in one shot.
7. Pricing of Products - He gets hungry because of the drink and then looks to the left to realise there is a shop for ovens. He asks price of oven, and then suddenly Katrina Kaif (representing product) comes out of the ground and says instead of buying oven first try pakode (product) made from these ovens.
8. Customer Support Services - She takes a plate and serves the customer. The customer loses his balance, so she supports his back.
9. Promotion - He leaves the shop and then sees a wine tasting shop. There is a promotion going on which allows unlimited free wine tasting, so he tastes all there wine which are layed out like ice cream and leaves.
10. Psyical Distribution - He then goes ahead to see that his physical teacher is distributing hens. He takes one and goes.
11. Transportation - The hen starts running away so he takes sticks and transports it into a transportion truck.
12. Storage or Warehousing - While driving the truck, he notices that there is a swan on the road ahead of him, so he stops, picks up the swan and stores it in the truck. He then takes both of them to his giant warehouse which is an indoor paradise.
Branding
You are Amitabh Bachan. Amitabh Bachan launches a brandy.
1. Brand - He thinks that if he brands it under his name it’ll do very well.
2. Brand Name - So he gives it a name, “McDoWell” (Mc Do Well).
3. Brand Mark - He signs each bottle with name and puts a special mark on it. Further, he also puts a sketch of Mark Zuckerburg on it.
4. Trademark - He drinks some and goes to government trademark office and creates a scene there to get his trademark.
He decides to sell it further, so he gets his ad-van and goes to the market.
Advantages of Branding to Marketers
You are Amitabh Bachan. Amitabh Bachan takes out a black van and puts up an ad (ad-van) for his Brandy on it. He takes it to a market.
1. Enables Making Product Differentiation - He tells the market (shopkeepers) people that his brandy is very different. It is made using cinnamon and caramel.
2. Helps in Advertising and Display Programmes - No one listens to him, so he unloads his truck which is full of TVs and puts them outside every shop. On these TVs, he displays adverts and no other programme comes.
3. Differential Pricing - Still no one listens to him. So then, he tells them that you can sell them at different price, because his name allows selling at 500 instead of 100. Further, he says that he will give the shopkeepers a different price just for that day.
4. Ease in Introduction in New Product - Finally, everyone agrees, and soon all shops only have his Brandy. Now that he has control, he introduces many new products like sodas and soft drinks very easily, since everyone only sells his products.
Finally, he goes back to his van.
Advantages of Branding to Customers
You are Amitabh Bachan. Amitabh Bachan has opened a mini shop in his ad-van of brandy. Two customers walk up to him.
1. Helps in Product Identification - You are the first customer. You have heard all about Amitabh’s brandy and see the ad on the left side of the van, and instantly identify the brandy. You ask for that product only. You show your ID card, and that helps get you the product. Your friend, Ashwin doesn’t know what he wants to buy.
2. Ensures Quality - You ask Ashwin to try yours once. He tries it and likes it a lot. He thinks it is of very high quality, he enjoys.
3. Status Symbol - You tell Ashwin that drinking this will get us status and we can then go to the states. You tell him the bottle is a status symbol.
You both see a black car pull in out which stick-character actor comes out.
Characteristics Of A Good Brand Name
You are the stick-character. A stick-character actor gets out of a limousine and goes to the liquor shop. He asks for Amitabh’s brandy.
1. Short - The vendor says that he has made short bottles especially for you as they are easy to make shots from.
2. Suggestive - You think its very expensive, so you ask him to suggest something else. He says this brandy is very good as it suggests “Those who drink Mc, Do Well”
3. Distinctive - You say okay and are ready to purchase his entire stock. You ask him to make a dish filling the bottles, and he packs the bottles in individual tins over which you put a bigger tin.
4. Adaptable - They look like they’re falling over, so you take an adaptor, put the thing on the table and tie it around to ensure the bottles don’t fall.
5. Versatile - You call your v__ersa jet and put wooden tiles on the floor and put everything on it.
6. Registration - You go to the cash register and pay ration of grains instead of money.
7. Staying Power - You fly in your plane and while flying you think you are so powerful, and you will _stay power_full throughout, and suddenly the power in the jet goes.
Importance of Packaging
You are Saif Ali Khan the packer. You come dressed as a packer and open your box which has a VIP bag. You are in a picnic with children.
1. Rising Standards of Health and Sanitation - You tell everyone to please rise, so everyone stands. You give everyone a health checkup using a stethoscope and put sanitiser in everyone’s hands.
2. Self-Service Outlets - Now that everyones hands are clean, they are ready to eat and feel hungry. So there is a self-service buffet and in the first item there are power outlets instead of food.
3. Innovational Opportunity - They all start crying because of this. So a green innova comes and gives everyone the opportunity for a ride.
4. Product Differntiation - Inside the innova, the children are given different different products, and then they stop crying.
Kids are still not satisfied and ask to be taken to a function.
Functions Of Packaging
You are Saif Ali Khan the packer. You take all the kids to a function inside a hall.
1. Product Identification - All the products that they got are not allowed inside, so they put ID cards on the products.
2. Product Protection - They get very scared that what if someone damages the product, so they put a protective film on their products.
3. Product Promotion - You go inside without the children in the meanwhile and promote your new product, Saif Ali Box, a black coloured card box inside.
4. Facilitating Use of Product - The children get very angry because of this and because they are not allowed to use their products inside, they do fahsi to You.
Functions of Label
There is a function with lots of lal behls (red bulls).
1. Describe the Product and Specify its Contents - There is a label on each bull that describes the product and specify its contents, i.e it tells what level of marbling the bull has and describes its horn shape.
2. Grading of Products - This is not enough info so, the bulls have grades stamped on them in white colour. The more red a bull, the higher its grade.
3. Identification of the Product or Brand - Sharukh Khan comes and buys one of the behls. He puts his ID on the Behl with his name etc. and makes the behl drink brandy.
4. Providing Information Required by Law - He sees the bull get angry, so he then writes the information that it is required by law to not wear red clothes in front of the bull. This is written in big white letter with a marker.
5. Help in Promotion of Products - Sharukh then gets on top of the behl and goes around in the entire town promoting his new movie. He is also dragging alongside with him a line of products.
Factors Affecting Price Determination
You are the seller, Laala Ji (Fat). In a factory, a pricey-detergent is getting made whose bottles are made out of glass, gold and crystals.
1. Product Cost - The product is so costly that it gets sold on the sun. This is because it uses special space rocks. Still no one buys it.
2. The Utility and Demand - They tell everyone that it is a multi-_utility_ product and you can use it on your face also and shoes also. Demand skyrockets and everyone starts coming to buy it.
3. Extent of Competition in the Market - Since everyone wants to buy it, they go under a tree and hold a competition to see who can get to buy it.
4. Pricing Objectives - The person who gets selected, opens the door of a mini safe and puts pricey objects like emeralds, rubys etc. to pay for the product. (Market Share Leadership, Surviving in a Competitve Market, Attaining Product Quality Leadership)
5. Government and Legal Regulations - The government people (FBI Agents, Trump) and Law Judges come with knives and slap a regulator on top of your face, and regulate your selling, saying you can only sell one piece.
6. Marketing Methods Used - You then stop your business because of this, go a to a metal crop field (methi) with a hood on, steal some crops. You then put vicks on the crops and sell them in the market.
Factors Determining Choice of Channels of Distribution
There are multiple news channels that open up factories. All channels have distributors shaped as there type.
1. Product Related Factors - In the sun channel, the suns only give the product they make to their relatives. They make very complex, small box product, which are expensive, and made from natural materials like wood, so they spoil easily.
2. Company Characteristics - In the shoe channel, the shoes have a symbol that is of a comb and pony (comb-pony), as their product is a pony which can by controlled using a comb. The pony is very strong. They distribute the product to the stick-character actor and he starts playing with it.
3. Competitive Factors - In the tree channel, the trees hold a competition, to see which workers will get their product, which is a mini factory model for kids.
4. Market Factors - In the door channel, the doors make a factory of doors like in Monsters Inc. and these doors keep getting pushed out of this slot in large quantity directly to the market. The size of these doors is very large, and hence the size of the heap that forms becomes very big due to large quantity, and some of these doors have geography maps made on them.
5. Enviromental Factors - In the knife channel, the knives launch a _knife-_shaped car called eon. The car is very enviromentally friendly, and some mental people stop it randomly.
Merits and Limitations Of Advertising
You are Amitabh Bachan. Amitabh Bachan is waiting at a bus stop in Meerut, and he sees an ad of KFC. There is a competition at KFC.
Merits
1. Mass Reach - He goes to KFC and the competition is that whoever can reach the mass from the counter, will get all of it.
2. Enhancing Customer Satisfaction and Confidence - He reaches the mass and gets it and gets very satisfied and gets almost drunk like so he gets very confident. He then suddenly feels very thirsty.
3. Expressiveness - To erase his thirst, and to get back into his senses he drinks expresso coffee. He goes out of the coffee shop and gets on to an expresso plane.
4. Economy - He buys an economy class ticket to get on the plane.
There is an ad on a plane, and the plane travels underground instead of overground.
Limitations
1. Less Forecful - He tries putting force on the seat, but it just doesn’t move.
2. Inflexibility - Hence, it is very inflexible. He lets it go and gets hungry again.
3. Lack of Feedback - He realises that economy class doesn’t have food but first class have food at their back.
4. Low Effectiveness - He suddenly starts feeling very hot and notices that the economy class AC is not effective at all and the peoople sitting in the front are very comofortabe.
Objections to Advertising
Amitabh Bachan takes Raveena the object to KFC party after seeing ad on TV at home.
1. Adds to Cost - They go to KFC, and there is a party going on. So he asks whether they can enter and the bouncer says that it is Rs. 15,000 per person. He thinks this will add to cost too much, so he doesn’t enter.
2. Undermines Social Value - He gets very embarassed (social value). Raveena on seeing this, under mines and places mines below KFC.
3. Confuses the Buyer - The mines blow up and the black black carbon from the mines goes all into the KFC and all the buyers becomes black. This confuses the buyers.
4. Encourages Sale of Inferior Products - Further, this black black carbon gets on all there meat, and so they then try to encourage sale of these inferior products.
5. Some Advertisements are in Bad Taste - Some consumers try this blackened meat, and think that it is very bad taste.
Qualities of a Good Salesman
You are Rocket Singh (Sahil Singh Nagpal), Salesman of the Year. Rocket Singh goes to kwality walls and buys ice cream with gur, and sells it further.
1. Physical Qualities - He gets fat because of eating ice cream so he first goes to his physical teacher. The physical teacher says first you need to get discipline then come to me.
2. Mental/Psychological Qualties - So he goes to a mental Buddhist Monk who is a psychologist. The monk improves his mental power, so he becomes very smart and wants to become a technician.
3. Technical Qualities - So he goes to a computer technician and asks him. The technician says once I learned english everything became easy.
4. Communication Skills - So, he goes to English Vinglish teacher and he teahces communication.
5. Honesty - There is a hen sitting in a nest on the tree. His first task is to destroy the hen’s nest.
6. Courtesy - As he is destroying the hen’s nest, court people come, arrest him and take him to court.
7. Persistent - A parsi comes and testifys against him saying that he was building a tent, and saw Rocket Singh destorying the nest.
8. Capacity to Inspire Trust - The judge wears cap that has city’s name NY written on it. He says I trust the parsi since I am also a parsi and now you will have to go inside the office and spiral all the files.
