WAT-PI KIT

mARKETING
Prepared by
MARQUE, MARKETING CLUB of IIM Rohtak
An Initiative by Public Relations Cell, IIM Rohtak
CONTENTS

What is marketing? ................................................................................................................................... 1

What is the difference between sales and Marketing? ............................................................................ 1
Difference between goods and services? ................................................................................................. 2
What are the 7 Ps of Marketing? .............................................................................................................. 3
What are the 5Cs of Marketing? ............................................................................................................... 4
What is SWOT analysis? ............................................................................................................................ 4
What is PESTEL analysis? .......................................................................................................................... 5
PESTEL stands for: ..................................................................................................................................... 5
Consumer Behaviour................................................................................................................................. 5
Digital Marketing ...................................................................................................................................... 6
Latest trends in marketing ........................................................................................................................ 7
 1

WHAT IS MARKETING?

Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target
market at a profit.

WHAT IS THE DIFFERENCE BETWEEN SALES AND MARKETING?

Marketing Sales

Marketing is the systematic planning, implementation, and An agreement between a

control of business activities to bring together, buyers and buyer and a seller on the
sellers price of a security.

Overall picture to promote, distribute, price Fulfill sales volume objective

products/services; fulfill customer's wants and needs
through products and services the company can offer.

Analysis of market, distribution channels, competitive Usually one to one

products, and services; Pricing strategies; Sales tracking and
market share analysis; Budget

Longer term Shorter-term

Pull Push

Confused by all the above-given differences?

To give an example, sales involve; activities that would sell 20,000 units of a car. Some of
these activities involve how many distributors to target, how much margin is to be given to
distributors, how much discount is to be given, collection of payments from distributors,
among others. Marketing involves a set of activities so that a person normally interested in
buying just a two-wheeler would instead buy a car. Some of the activities involve deciding
whom to sell to (Called Segmentation and Targeting in marketing terminology), designing the
product according to the requirements, deciding the price of the product, deciding where
to sell the product, among others. So, what is more important, sales or marketing? Neither.
Both are equally important for an organization to achieve its short and long-term targets.
Yes, marketing and sales go hand in hand, but the essence of one without the other is
difficult to digest.
 2

DIFFERENCE BETWEEN GOODS AND SERVICES?

A product sold in a market can be a Good, or a Service, or a bundle of both. A Good is a tangible
item. Examples of Goods include books, pens, shoes, etc. A service is an activity that is performed
by another person. Activities performed by doctors, teachers, consultants, etc. fall under this
category. They are non-physical products, which usually involve performance. Goods and Services
both add utility to the consumer purchasing them.

The differences between Goods and Services can be broadly listed as follows:

Goods Services
Tangible – has physical dimensions, can be Intangible – cannot be seen or held.
seen or held
Storable – can be stored and used Perishable – cannot be stored, must be
consumed immediately
Separable – production and Inseparable – production and
consumption are separable consumption are inseparable
Ownership possible – transfer of ownership Ownership impossible – access to service, but
from manufacturer to dealer to customer no ownership
Homogenous – standardization possible Heterogeneous – variability in quality
Core value produced in a factory Core value produced in buyer-seller
interaction
Can be returned Cannot be returned
 3

WHAT ARE THE 7 PS OF MARKETING?

1. Product: A product is an offering that is produced to satisfy the needs of a certain group of people.
It is important that one has a clear knowledge of exactly what the product is, what need it is going
to fulfill and what makes it unique before marketing it.
2. Price: It is the cost that a customer must pay for the product or service that he consumed.
3. Promotion: Promotional tools and strategies are used by marketers to increase brand awareness
or sales.
4. Place: Place is a physical area where your product is sold also includes the way it is distributed. It
is decided based on where your target customer will look for this product.
5. People: These are the employees of a company, which are also important in the service industry,
as they will be interacting directly with the customer. It is important to hire and train the right
people to deliver superior service to the clients.
6. Physical Evidence: The location where service is being delivered is also important. This includes
building, interiors, music, televisions, etc. The level of attractiveness and comfort of a location
may make a lot of difference to the user experience.
7. Process: How a service is delivered, has a huge impact on customer experience. So, you must
make sure that you have an efficient and consistent process in place to provide better service
quality.
 4

WHAT ARE THE 5CS OF MARKETING?

The 5 Cs of marketing are Company, Customers, Competitors, Collaborators, and Climate. They are used
to analyze the key areas that are involved in marketing decisions for a company and includes:

Political
issues

Economic
issues

Social
impacts

Technological

WHAT IS SWOT ANALYSIS?

SWOT acronym stands for strengths, weaknesses, opportunities, and threats.
An organization does SWOT analysis to determine its internal strengths and weaknesses and external
opportunities it may grab and the threats it faces, so that an organization may plan accordingly about
its future strategy.
 Strengths- Features such as projects that give it advantages over others
 Weaknesses- Businesses or projects that keep it in a lower position as compared to others
 Opportunities- Opportunities that an organization can exploit to its advantage
 Threats- Entry of new company or product on similar or dissimilar lines
 5

WHAT IS PESTEL ANALYSIS?

A PESTEL analysis is a framework or tool used by marketers to analyze and monitor the macro-
environmental (external marketing environment) factors that have an impact on an organization. The
result of which is used to
identify threats and
weaknesses which is used
in a SWOT analysis.
PESTEL stands for:
 P – Political
 E – Economic
 S – Social
 T – Technological
 E – Environmental
 L – Legal

CONSUMER BEHAVIOUR

Consumer Decision Making Process:

1. Need Recognition: Consumer develops a need to satisfy one’s demands. He feels a missing element
that needs to be addressed to get normal. Marketers need to determine when their target audience
generates their needs so that they can advertise a product.
2. Information Search: Consumer researches for the product to get some recommendation required to
buy the best products. Information can be primary – when consumer generates it by his own from
his friends or family, or secondary – which is already available on the internet or records.
3. Evaluating Alternatives: Once the consumer is determined on the needs and product, he begins to
seek out the best deal regarding price, availability, quality or other factors which are important to
him.
4. Purchase decision: After finalizing the criteria, the consumer decides on what to purchase and from
where.
5. Post Purchase Evaluation: After purchase, does the product performs as per expectations. The
marketer wants to provide a good experience to the consumer, as they are not one-time consumers.
 6

DIGITAL MARKETING

Digital marketing is a technique to advertise using digital channels such as social media, email, search
engines, websites, and mobile apps. Since marketing is all about connecting with the audience, thus today
the digital space seems to be the right place as digitization is happening at a rapid pace. Some of the
commonly used assets and tactics used in digital media marketing are:

 Search Engine Optimization (SEO): It is the technique of making your website appear on the top
of the search engine results for a specific set of keywords or terms. It helps to increase the amount
of organic traffic that a website receives.

 Pay-Per-Click (PPC): It typically refers to sponsored pages, which appears at the top or the side of
the search engine result page. The payment is only made once a person clicks for those ads. This
technique also involves contextual ad placement in which ads appear when a person is searching
for a particular keyword or term.

 Social Media Marketing: It is marketing your product and brand on various social media channels
like Facebook, Twitter, etc. to increase brand awareness and generate leads for your business.

 Content Marketing: It is the creation and promotion of content for a product, for brand or
customer awareness, lead generation and traffic growth for the website.

 Marketing Automation: It is an integral platform, which helps to bring all the digital marketing
together at once place. The marketing automation tools help to streamline and automate
marketing tasks and workflows.
 Email Marketing: Emails are the best way to promote content, communicate about discount and
events as well as redirect customers to the business website.

 Mobile Marketing: Since mobile has become an integral part of our lives, it is vital for us to
understand how to communicate to our customers through this extremely personal channel
effectively. From SMS to In-App marketing there are many ways in which we can market on our
mobile devices.

 Inbound Marketing: It refers to a complete funnel approach in which we attract, convert, close
and delight the customers using online content.
 7

LATEST TRENDS IN MARKETING

 Artificial Intelligence: Artificial intelligence (AI), the ability of a digital computer or computer-
controlled robot to perform tasks commonly associated with intelligent beings. The term is
frequently applied to the project of developing systems endowed with the intellectual processes
characteristic of humans, such as the ability to reason, discover meaning, generalize, or learn from
experience.

 Chatbot: Chatbot is an artificial intelligence which conducts a conversation via auditory or textual
methods. Such programs are often designed to convincingly simulate how a human would behave
as a conversational partner.

 Voice Search: Voice search is an up and coming technology that allows people to access internet
search results using nothing more than a smart device and their voice. There are many services
as such from the likes of Google’s Assistant embedded into every android phone (Okay Google)
to that of Apple's SIRI.

 User-generated content: User-generated content (UGC) refers to any digital content that is
produced and shared by end users of an online service or website. This includes any content that
is shared or produced by users that are members or subscribers of the service, but the website or
service itself does not produce it.

 Interactive content: Interactive content is content that requires active engagement from its con
sumers. More than just a passive viewer, the individual becomes an integral part of a dynamic,
two-way experience.

 Influencer marketing: Influencer marketing (also influence marketing) is a form of marketing in

which focus is placed on influential people rather than the target market on social media. It
identifies the individuals who influence potential customers and orients marketing activities
around these influencers.