Dear future managers,
I am thankful to you all and Ankush sir for giving me this opportunity to create a platform where it will be easy for us to connect with each other through the process of blogging.
The growth rate of blogs is impressive. A search engine that monitors blogs, tracked more than 8 million online diaries as of March 21, up from 100,000 just two years ago. A new blog is created every 7.4 seconds. That adds up to 12,000 new blogs a day, 275,000 posts a day and 10,800 updates an hour. Then why should we deprive our self of this free technology that will help us to share things which we might not be able to do otherwise in the class or during our college timings.
In our first class today, sir discussed the evaluation pattern of the the Marketing Management-1 course, and told us about the way we need to approach our case studies, projects and assignments.
With this, I will sign off and request you guys to update and follow the blog for the latest updates of our course and also from the world of marketing.
PS: “There are only two functions in a business - marketing and innovation.”
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Innovate or quit!
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also v need to track day to ay happenings in marketing especially related to branding with the help of ET and 4 p's business and marketing.
ReplyDeletePS:I agree with Gaurav but Creativity and Reinnovation are also in place...
ReplyDeleteGreat job done Gourav.
ReplyDeleteWay to go!!!! Lets go
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ReplyDeleteHi guys, good to be in the innovative zone.. :)
ReplyDeleteBTW, i have a suggestion to make. Beside making discussions about marketing & other such activities, let us try our marketing skill by creating some hypothetical product. The product will be discussed in the class itself, but the ideas of how to promote the product will be projected or presented here. I guess this will make us learn a great deal from every individual.
lets rock.......
ReplyDeletefinally we have a platform to discuss thx to Ankush sir!
ReplyDeleteHello
ReplyDeleteIts a great start of Trim 2 with marketing, a most innovative and creative subject to study. So all of us show our skills and innovation in selling products.
Regards
Gaurav Gupta
Dear All,
ReplyDeletePresent concept of Web 2.0 is a get technological innovation, which if made use properly can do wonders for any individual or any organization.
lets make use of this in a systematically & A CREATIVE manner.
Reliance Retail which is a part of the RIL is planning to add 3000 -4000 stores across all retail formats over the next 3 - 4 years from the current base of 1000 outlets across all formats. This has the following impact for some of us keen to make a career in Marketing:
ReplyDelete1) Requirement of Store managers
2) Need for marketing and brand managers for handling the positioning and image of these outlets.
3) Tremendous growth potential seen in the future of retail, and more so in organised retail.
@Kartik what is retail and organized retail?
ReplyDeleteManas - Organized retail includes your departmental stores, shopping malls, specialty stores, where you see professionals working & managing the store unlike your typical kirana store or small retail shop owned and managed by the owner or his family members i.e. unorganized retail. Examples of organized retail are Akbarallys, Sahakari Bandar, Apna Bazar, Food Bazar, Shopper's stop, Lifestyle, Globus, Big Bazaar, Inorbit, Hyper city, Reliance fresh, Reliance wellness etc.
ReplyDeleteThe concept of organized retail is to offer all related items under one roof with these items being arranged in a proper manner to facilitate self service for the customer. The owners hire professionals to manage & run each outlet. If you remember Priyanka madam in one of her lectures talked about the store manager profile in Shopper's stop.For more details visit any of the websites of these retail chains mentioned in order to give a better understanding of how they work. The Reliance retail story which I mentioned opens up opportunity for professionals. Currently the Indian retail market is mostly dominated by the unorganized retail segment which is about to change with the growing presence of organized retail and the same is driven because of the demographics of our population, i.e. more literate Indians with higher purchasing power to buy goods of all kinds.
hi all...regarding todays discussion in the class about value and its relationship with cost and benefit,i came across the mathematical relation i.e value=benefit/cost...i am a not very clear about this can any one clarify that.
ReplyDeleteaccording to me:
ReplyDeleteThe answer for the question what is value in terms of benefit and cost is-
VALUE=(TARGET GROUP SATISFACTION + mARKET cAPTUTURISATION + NET SALES) - (ADVERTISING + COST OF PRODUCTION)
The answer of question "relationship of value with cost and benifit.
ReplyDeleteans. value is sum of tangible and intangible benifit and cost.so
value=benifit+cost
In addition to the notes displayed:
ReplyDeleteCore Concepts of marketing:
1)PRODUCTION CONCEPT:It talks about ECONOMIES OF SCALE..i.e "Producing a product is important"...eg..chinese strategy-produce more,sell more @ low price..
2)Product Concept:
it says "attributes of product" are important
3)Selling concept:
"selling is important"
4)marketing concept:above 3 should be in alignment with the "TARGET GROUP".
5)Holistic Markt concept( 2 b continued.....)
it says the above
(suggestion:watch rocket singh 2 understand the transition from selling to marketing concept)
I think value is the benefit derived out of paid cost..
ReplyDeleteso
value=benefit/cost
Value = Cost - Benefit.
ReplyDeleteIt was quite an experience to market a product, it was different and was fun. Hope you guys have made up your mind to purchase it!!
ReplyDeleteHope this trend stays....
I was absent today but I got to know many things which were new,thanks to all of you.
ReplyDeleteKartik in addition to your point Walmart is spreading their wings very fast in India and I am not sure about the future of these Indian Retail market companies..Today I spoeke with one of the DMart Store Managers and he was saying that Walmart is gonna change the retail market structure of India..
ReplyDeletewell there seems to be a confusion regarding this "value, cost & benefit" relationship.....i'm in accordance with SHERRY & SAGAR..... value = benefit - cost
ReplyDeletei'm not sure on whose prospective we have to think.....the buyer's or, seller's
since we are focusing on sales lets us concider the seller's prospective. For example....for a product X(printer cartridge) say the cost is 100 /- and the benefits that we get out of it (by printing and selling the print outs) is of 500 /- so what is the value to me it is simply (500-100) = 400 /- .....this is what i could come up with, please correct me if i'm wrong but please give a proper reason to clarify :-)
@ Gaurav.....mate i really like the "fish in the bulb" idea....cant we use that as our blog's back-ground insted of the present one?????
* sorry for the extra 'us' ;-)
ReplyDeleten "sherry" can you please disclose your good name???? I dont remember anybody with that name in our batch....friends let us not use fake names here, since it is our own blog let us make it easy for every to communicate and address each other.... Hope SHERRY doesnt mind
as per my understanding marketing values always concerned with output more than input.i.t for a marketer it is the revenue earned that is more than the cost and for the customer or target group it is more than the value paid by them.
ReplyDeletein todays class consumer based business strategy is all about the processes which a organisation shoud follow in order to sell its product or services and get its target.how the marketing values are being affected by emotion ,economy ,mind and functionalities were also discussed.I want to quote an example through an add that is "DISH TV"which affects emotional values.It gives more emphasis on the services regarding any complaints which will be replied within few minutes rather than taking a long hours.
ReplyDeleteGAurav In rest of the topics there is no commenting option...? and neither we can go for new topics which we can propose or initiate please do the needful
ReplyDeletehttp://www.youtube.com/watch?v=WGvTRd-48VI&feature=related
ReplyDeleteThe above link is to the ad of ING Vysya which i guess everybody must have seen at some point of time. The ad has the tag line "Mere desh me, Paisa Sirf Paisa nahi hai".
As per our discussion in the class, this clearly indicates the Value for Emotions. In the ad, a lot of clips are used to see the various emotions related to the money. For some its used to ward off buri nazar (marriage scene) & for some its the beginning of a dream (sapno ka paudha with that kid). See how the ad plays with the values or services to the emotions of the people rather than clear economical or functional value. This ad actually helped the bank to increase its customer base. This ad particularly helped it to create a feeling in the mind of the Indians that though the bank has its root from a Dutch origin, but still it is able to understand the feeling of the Indian in terms of money.
Hi,
ReplyDeleteWe discussed the role of market understanding in business strategy development.
Where we learnt about how strategy is made in evolving a product and how positioning of a product is done!
Apart from this we discussed about advertisement and how values broadly classified into 4 categories.They are
Value by Mind
Value by Emotions
Economic Value
Functional Value.
Examples where given about Mutual Funds, Lic to explain the above concepts...
@Sabya... I have added the add which you have said!!
ReplyDeleteI have added the world's most expensive car ad.
ReplyDeleteThis ad was done in one go and amount spent to make this ad was $6.12 million.
HI Guys, I came through an article regarding what should we do about "Clients from Hell". Those clients who always want something extra, something better, some more concessions... always. Even though in the current situation, the company is providing the best it would. Now what if these clients keep on asking for more. Afteral sustaining a customer is also important (as discussed in the class). But in such a scenario, its better to get off such a customer. And how do you do that, Either you politely refuse him to provide any further concessions or extras or you simply terminate the service by informing the reasons to the client. I know this may be against the general rule of sustaining. but to understand this we have to differentiate the myth & truth about growing a business.
ReplyDeleteMyth: Growing a business means that you answer the phone hoping to convert every caller to a client.
Truth: Growing a business means that you define who you want to serve, and who is the best match for your services/products. Then you focus on that target market.
According to the above thoughts, its not always essential to convert every caller to your client or customer, but its also important that he is worth that. Let me give an example: if suppose you are selling a product to any customer. Then it is essential that the customer if not appreciate, but doesn't deluge the product in front of others. If the product is given a bad name by that customer, then its quite obvious that we lose many more customers. So rather than just selling the product, we should also look into the value of that customer to us.
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ReplyDeletethe concept of "ROTI:-return on time invested" explianed by kartik today was really inspiring and is the appropriate abbreviation to define marketting.
ReplyDeleteguys i couldn't see anything about niteen's post,it looks blank.
ReplyDeletecan any one clarify whether you are also facing the same problem.
In addition I have posted some thing regarding today's discussion and some one can complete the rest.I have done the first half of today's discussion.
@ Nitin - Thanks for the ad posted, but we are not able to view the same. Please look into the above if even you face the same prob, or if the other way around please let me know what is that im doing different.
ReplyDeletehi all as per the discussion on macro environment in the class held today,i would try to put my view on MERU cab services.
ReplyDeleteMERU is a transport servise that provide on- call taxis,it is operative in cities like Mumbai,Delhi,Hydrabad.
they have a fixed fare plan i.e Rs.20 initial fare then Rs.14 on each kilometer.
recently there were political issues that evolved for the company,where the worker union wanted wages hike,this was backed by a local political party in Mumbai.so the management decided to take the issue to STA who then announced change in bacis fares i.e Rs.22 for initial 1km then Rs.15 on next each km.
these taxies uses green fule.
in the last class we discussed about the environment (macro & micro environment )that affects marketing strategy.in todays competitive world it is very important to scan the environment .PEST analysis is must to trap the market know-how.hedonism & utilitarian are the factors which influence most now a days.
ReplyDelete