Topics of the Session:
1) Niche Marketing:- Niche Marketing can refer to both marketing and business choice. In and of itself, Niche Marketing refers to finding a segment of general market for a specific service or product line. One then develops a solution for needs of that particular segment and then markets it to get the word out.
Eg:- Toyota's Environment Friendly Car: PRIUS (First mass production hybrid car).
A niche market refers to that small segment of overall market base which if targeted in a focused manner results in higher yield rather than focusing on entire market segment. It is a useful way to draw customer attention.
It is such focused and targetable group of potential customers, which if targeted, will result into higher yield due to Unique Value Proposition (UVP) and Distinct Market Offering (DMO).
Distinguished characteristics of Niche Mktg:-(Acc to Kotler and Keller)
-Customers in the niche have distinct set of needs.
-They will pay a premium to the firm that best satisfies their needs.
-The niche is not likely to attract other competitors.
-The niche gains certain economies through specialization.
-The niche has size,profit and growth potential.
2) Distinct Market Offering(DMO)-
The basic requirements for a technology-oriented company to
exploit its uniqueness are: 1) Choose a core technology and then improve
and upgrade it; 2) exchange technical information while positively
fostering human relations; and 3) when an obstacle is encountered, start
from the most difficult technical aspect to overcome it. It is also important
to adopt an attitude of making every attempt cause a positive splash in
the market and with customers.
Eg:This was the attitude taken by Disco
Corporation, an industrial whetstone manufacturer based in Shinagawa,
Tokyo, with remarkable technical potential. Because the company is
unique in cutting ultrathin items such as semiconductor wafers, it
naturally attracted worldwide interest.
It should be stressed again that management is, first and foremost,
the art of adapting to the environment. While relying on a determined
mindset that can adapt to the challenges of the political, economic,
technical, and social environment, it is of paramount importance to have
a realistic attitude, keeping a firm foothold on the ground rather than
giving in to flights of imagination.
3) Sustainable Competitive Advantage(SCA)-"A strategy is well defined when you clearly make the correct choices!"
Competing in today’s business has not been any easier. The choices to make become harder everyday. The whole business world is constantly changing and affecting strategy on daily basis, but only those companies that have strong understanding of their customers’ needs and meeting these needs by solving customers’ problems and enhancing their daily lives by creating innovative products with revolutionized communication approach to position the value proposition to the target group or groups will build a sustainable strategy that can last for at least beyond the next business cycle.
Eg: Selling Coca-Cola through bottle design: A chain of
successful ideas
From its beginnings in the USA, the “black flood” of Coca Cola
spread to Europe, Asia, and now can be found almost anywhere fromthe remote African heartlands to the Himalayas. The amount of Coca-
Cola produced in one year equals the displacement of 280 Enterpriseclass
aircraft carriers. What made Coca-Cola the greatest hit of the 20th
century and captivated tastebuds worldwide?
The addictive nature of Coca-Cola may have been one of the secrets
of its success. A clever management style that favors local autonomy
may have been another. The company also devised one memorable
marketing campaign after another. However, a definitive factor cannot
be overlooked: the shape of the original bottle. One day in 1912,
Chapman J. Root, president of Root Glass Company, visited the head
offices of Coca-Cola on a mission to sell his newly designed bottle based
on the then-fashionable hobble skirt. That bottle made Root a millionaire.
According to American industrial designer Thomas Lamb, the shape of
the bottle includes 20 “ingenuities.” He wrote, “The design increases
sales and gives a sense of satisfaction to the hand that holds the bottle.
The visual and tactile sensations of the bottle made all other beverage
bottles boring and irrelevant.”
Root was the ultimate remora. Although most would imagine that
such a commercially successful bottle would have been designed by the
head office, it was in fact developed by a glass company that was not
even a Coca-Cola subcontractor. Root understood one of the mysteries
of life: the best and surest way to benefit yourself begins by benefiting
others.
Examples Discussed in the Class:
1) Paras Pharmaceuticals Ltd,Ahmedabad introduced Moov as a remedial action for joint problems faced by elder people.It was not intended towards any cosmetic therapy but colour mattered hence white colour was given due preference. Moov Vs Iodex(Flank Attack).
2)Planet Health,Ahmedabad: A Medical selling OTC medicines(Over the Counter).It includes sales of generally prescribed medicines like paracetamol,crocin,d-cold,disprin,strepsils etc.
3)Gamble Company:-It has Facebook as its client company. It develops the application of Poker game widely played on Facebook Community website.The user pattern varies drastically, about 90-98% constitute the users from outside India and mere 2% Indian users of the game.They are through with the business with a hope that Indian market comprising of students,youth(Note:-About 65% of Indian population falls below 35 years of age)will probably start playing Poker after getting good jobs and excellent pay packages.
4)Proximity Marketing: Four Square Company(Not the ciggerette one)-It provides new offers through SMS whenever you are travelling nearby the place where offer is going on in the outlet.In big malls too, Bluetooth technology is utilized efficiently to send SMS to the customers visiting the mall.Eg: Cafe Coffee Day offers sent by sms.
5)Social Media Marketing:- Use of Social Networking Websites like Facebook,LinkedIn,Twitter,MySpace etc.
Eg: OneStopSolution Company developed by a student of Amritha College,Blore: They say dont go for many other social websites for alumni interaction,instead have only one website for interacting with alumni.
[IMP ADVICE:- Manage Your Accounts on Social Networking sites Carefully and Wisely.
Proff.Dr.Ankush Sharma ki aur se participants ke hith me jaari]
