January 23, 2017

What is Product design and its Importance in Marketing?

If you actually compare Laptops and Desktops, they are just two types of product design of the same product – Personal computers. However, in the last several years, we have seen that the market share of Desktops has rapidly dropped and that of laptops has increased. This is all because of a simple change in Product design.

Product design is important to an organization or a brand as it differentiates the brands from others. We will always differentiate a Levi’s jeans from a Killer jeans or we will always say that Arrow shirts are different from Van heusen. This is because their product design is different.

Product design is the way you arrange the features and benefits of the product to be presented to the customer. The design can be a benefit in itself. When people used to listen to Boom box’s, Sony brought the Walkman and it was an instant hit. [Read more…]

Understanding the 3 types of needs – Customer needs classification

Each and every one of us has a need, want or demand. And each of us, by the grace of gods, is also blessed with creativity. When a business caters to a customer, it does not only cater to the basic need of the customer but also to other needs which he does not express. All in all there are 3 types of customer needs which can be defined.

The 3 types of needs can be categorised as follows

1) Existing Need 

2) Latent Need 

3) Incipient Need 

Now, let us understand each type of need of the customer in detail.  [Read more…]

How to choose a Market segment? 5 approaches to Choosing a market segment.

Whenever a new business starts, the common question which the business owner faces is “Which segment should you target?”. It is not only about which segment, but also about how many types of customers you want to target and what do you have on offer which will satisfy or create value in the minds of your consumers.

Segmentation is considered as one of the first few steps in building a marketing plan. It is done even before building the marketing mix or carrying out a SWOT analysis. It is one of the three legs of the age old core marketing fundamental of Segmentation targeting and positioning (STP). It is therefore safe to say, that you cannot proceed with your marketing plan unless and until you choose a market segment to target.  [Read more…]

How to push your product in the Market for better sales and apply Push strategy?

Ask any businessman what is a push strategy and a pull strategy and they will simply say that its selling vs Marketing the product. Where push involves outbound marketing and you have to reach the customer, pull involves creating a value for your product so that the customer walks in to buy your products. As competition has increased over the years, companies have realised that they cannot push each and every customer.

Hence, Inbound marketing or pull marketing to customers actually has a better ROI. But even then, nothing can beat the personal push which a Push strategy generates, thereby being the other way that marketers rely on to generate sales. You may apply as much pull as possible, but push strategy is needed to convert prospects to customers.

“If you are not pushing your customers, competition is definitely pushing them.”

To start with, you need to understand WHO you should be pushing. If you are a B2C company, then it is the consumers you need to push. This involves for B2C push strategies for products or services selling. However, if you are a B2B Company or a company which has a distribution channel, then you are operating with dealers and distributors who are a business within themselves. And hence, you are most likely to use B2B strategies of Sales. [Read more…]

How to segment a Business Market? Steps in Segmenting a business market.

One of the more difficult markets to operate in, the business market is legendary for its bureaucracy and for the time taken in making business decisions or purchase decisions. At the same time, businesses buy in bulk and for longer time and even retention is easier when compared with the B2C market. Hence, looking at the pros and cons, it is very important to segment a business market correctly.

This article focuses on how to segment a business market. However, before we decide on segmenting the business market, let us look at some common characteristics of business markets and why selling in these markets is challenging. [Read more…]

Role of Packaging in Marketing and sales of a product

One of the most important elements in the Marketing mix is Promotions. And lately, packaging has become a strong element of the Marketing mix. Some say it should fall under Promotions because it helps in attracting attention for the product. Others say, it serves a much higher purpose then only promotions and hence the argument is that packaging can become the 5th P of the marketing mix. Nonetheless, we feel the role of packaging is very important in Marketing and sales.

Here are a set of crucial roles that packaging plays in an organization or for the product.

1) Information and self service for the customer – One of the first role that packaging plays, especially in new products launches, is the information provided on the packaging. This information can tell the consumer how to cook the food product, it can tell them how to use a technology product, or it can lay out any procedures and precautions necessary during the usage of the product. [Read more…]

Marketing Mix Of Maybelline – Maybelline Marketing Mix

Maybelline is associated with FMCG sector and deals in the cosmetics industry. It is of American origins and is a fully-owned subsidiary of its parent company L’Oreal. Maybelline was founded in the year 1915 by its founder Tom Lyle Williams and was acquired by its present owner in the year 1996. Some of its competitors are as follows-

  • Elle 18
  • Lakme
  • Revlon
  • Estee Lauder
  • Shiseido

Product in the Marketing Mix Of Maybelline :

Maybelline products are all about innovation, style and colours. It is recognised as an authority in colours and creates products with the seasonal colour combination in hottest shades. It has nearly two hundred products in its portfolio and includes items for [Read more…]

Understanding the Product hierarchy and Product classification

One of the things which confuses many beginners in Marketing is the product hierarchy. There are just too many types of product classes like Product line, product mix, product type etc. However, this article tries to make it all simple.

To understand the product hierarchy, we will have to look not at a single product but the business as a whole. So in this example, we can take Volkswagen as a company and we will try to understand the Product hierarchy of Volkswagen.  [Read more…]

Ingredient branding and How to build an Ingredient brand?

Branding not only plays a role in the marketing of the complete product, but in the marketing of its ingredients and components as well. As the market exploded, more and more companies found out that Pull marketing was the way to get their product accepted in the market and to realize higher turnover and to create automatic demand.

However, it is not easy to create demand for a product which is very technical in nature or which is mundane and to which customers do not pay attention. Today, everyone knows what Intel is, and what Dolby surround sound is, or why Teflon material is important while cooking. But imagine the hardship a brand like Intel faced when it started out. It had to make a boring thing like Microprocessors, sound exciting and it had to ensure that customers wanted Intel microprocessors over others. [Read more…]

What is Cost based pricing and how it is applied in the Business world?

Every organization’s aim is to realise profits in the business that it undertakes. This profit is, to a large extent, determined by the selling price of its product or service. It is not always true that a higher selling price leads to greater profits. The demand for a product at every price point is also important to determine the revenue generated and thus the profit.

Two popular ways to determine the selling price of a product are value based pricing and cost based pricing. Let us understand both and then delve a little deeper into cost based pricing. [Read more…]

10 tips & tactics for Marketing a luxury brand

There are various types of products in the market running on various marketing strategies. Some of them are penetrative, trying to defeat the competition on the basis of price. Others are competitive, which are taking on the competition by maintaining the same pricing and quality as them. Yet others are premium in nature, trying to outdo competition with their premium image with pricing slightly higher then competition.

And above them all is the Luxury brand. The luxury brand is untouched by competition. It is at a position where the normal market place competition does not exist and people do not haggle for price. Naturally, if you want to reach such a position, you have to you use tactics which are far beyond normal. Hence we present you with 10 tips and tactics of marketing a luxury brand. [Read more…]