2.2 MARKETING PROCESS

2.2 MARKETING PROCESS

The overall process starts with marketing research and goes through market segmentation, business planning and execution, ending with pre and post-sales promotional activities. It is also related to many of the creative arts. The marketing literature is also adept at re-inventing itself and its vocabulary according to the times and the culture.

Under the marketing concept, the firm must find a way to discover unfulfilled customer need and bring to market products that satisfy those needs. The process of doing so can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored.

A] SITUATION ANALYSIS

Ø SWOT analysis

Analyzing the situation is the most initial stage of the marketing process. This aims at analyzing the scenario, the market condition, the economic situation, the consumer market and the overall environment. The concept of SWOT analysis is applicable here and it is very crucial. While marketing Branded Garments in India one should keep in mind the class of consumers the product is aimed at.

Strengths:

1:Clothing, A basic necessity.

      Clothing is a basic necessity of human beings. It is very an evergreen product, Which will work in all seasons. It is all recession proof people may cut down their expenses but they have to satisfy a minimum requirement.

2:Brand name

      When a product has a brand name it has an identity, it has a standard. It plays as a very strong marketing tool. Customers are attracted just because of the brand name.

Weaknesses:

1:High Prices

      As a brand name they have to charge a premium to maintain the standard of the brand. This shoves away a number of customers.

2:Overstock

        In clothing business one has to keep variety. This results in overstock and thus leading to blockage of funds

Opportunities:

1:Raised standard of living:

    The standard of living of majority of the urban population is rising. As the earnings grows people start spending more and more money on their attire.

2:  Demonstration effect:

      The middle class is highly influenced by the demonstration effect and hence spending huge sums on clothing.

Threats:

1: Availability of substitutes

       Market is flooded with good quality brand less clothing which the customers may prefer due to comparatively low prices

2: Diminishing number of brand loyalty

      Brand loyalty no more exists in the today’s market scenario. People prefer variety and hence they easily go for brand hopping.

 Ø Market Segmentation and Target Markets:

Identifying and reaching unique target markets is important for businesses to promote sales in a competitive marketplace. Target markets may be segmented by demographic characteristics (e.g., age, gender, income, race or ethnicity), psychographic features (e.g., values, attitudes, beliefs, lifestyles), behavioral patterns (e.g., brand loyalty, usage rates, price sensitivities), and geographic characteristics (e.g., region, population density). As the ethnic, racial, and cultural composition changes and boundaries among groups become less distinct through intermarriage and cultural adaptation, the criteria that marketers have used to target specific groups of consumers may change.

Companies often alter the types of products and services marketed for customers in each market segment in order to meet the demand for products and services and to maximize sales. Marketers may change only one element of the marketing mix (e.g., promotional approach), or tailor each element of the marketing mix to a specific population segment—the product and how it is packaged, the pricing strategies, the place(s) or channel(s) through which the product is distributed and made available to consumers in a target market, and the promotional strategies.

Children and youth represent an important demographic market because they are potential customers, they influence purchases made by parents and households, and they constitute the future adult.

In marketing of branded garments marketers should make it clear to whom is the product aimed at. Accordingly it should be positioned. For example Spykar is positions as the highly fashion oriented brand for age- groups between 16-28. Lee Cooper is a brand for a slightly old clan. And Louis Philippe and Zodiac is positioned as the premium clothing for business man and top executives.

B] MARKETING STRATEGY

This is a stage when the marketing manager has to plan. He sets various strategies to be followed, then chooses the best one. A strategy should be well planned with intellect and wit. It should take in to consideration all the aspects of the product, the consumer and the market. A strategy is nothing but a well planned procedure for conducting the marketing process. In case of Health beverages for kids we should have a strategy which is dynamic and has the magic to attract kids and their parents.

 Embedded Marketing Strategies:

Embedded marketing strategies blend commercial content with programming or editorial content, or other lifestyle experiences, to add brand exposure and avoid resistance to direct advertising. Product placement, or brand placement, is an embedded marketing technique that refers to the inclusion of a corporate or brand name, product package, signage, or other trademark either visually or verbally in television programs, films, video games, magazines, books, and music, or across a range of these media simultaneously.

Another form of embedded marketing technique used by marketers is known as viral marketing, representing the “buzz,” “word of mouth,” or “street marketing” that occurs when individuals talk about a product to one another, either in conversations or virtual communication via an electronic platform such as the Internet (Henry, 2003; Holt, 2004; Kaikati and Kaikati, 2004). Viral branding and marketing focus on the paths of public influence, including diffusion of innovation, word of mouth, and public relations (Holt, 2004).

C] MARKETING MIX DECISION

 The “Four Ps” of Marketing.  Marketers often refer to the “Four Ps,” or the marketing portfolio, as a way to describe resources available to market a product.


 product:Firms can invest in the product by using high quality ingredients or doing extensive research and development to improve it.  Brands like Levi’s, Louis Phillipe, Park Avenue, etc literally spend millions of dollars to perfect their material and stitching!  In today’s Western markets with varying tastes and preferences, it has generally been found that products that offer a specific benefit fare better than “me, too” products that merely imitate a competitor’s products. Even in the branded segment the product may vary to different levels. The quality of the product should be decided keeping in mind the target market price and profitability.

     price:Different strategies may be taken with respect to price.  Generically, there are two ways to make a profit—sell a lot and make a small margin on each unit or make a large margin on each unit and settle for lesser volumes.  Firms in most markets are better off if the market is balanced—where some firms compete on price and others on other features. The same idea applies at the retail level where some retailers compete on price (e.g., The Loot and Brands 4 less) while others (such as Vons Pavilion) compete on service while charging higher prices.


    place: Most supermarkets are offered more products than they have space for.  Thus, many manufacturers will find it difficult to get their products into retail stores. Brand can place their products in two ways and both are proved right. One is at your doorstep strategy this means you are everywhere, at every shopping destination this means you go to the customers. This model is applied by maximum number of retailers. And the other one is Niche Marketing in this module you have a very limited number of retail outlets and customers come down to you. This strategy can be applied with high end branded goods with a high goodwill in the Market. Charagh Din is a very successful player with this strategy.


   promotion: involves the different tools that firms have to get consumers to buy more of their products, possibly at higher prices.  Advertising is what we think of by default, but promotion also includes coupons, in-store price promotions, in-store demonstrations, or premiums (e.g. buy 1 get 1 free offers and seasonal discounts).

 D] IMPLEMENTATION AND CONTROL

This is the last and the final stage and equally important too. It is very important for the organization to properly implement the strategies planned. Plans and strategies on paper are of no use unless they are put to practice. It should be also taken care that proper control is undertaken. Time to time check and evaluation is very necessary.