In this week I learned about marketing and its personas, competitors. initially we started by defining personas which is also called as the ‘target market’.
Marketing Campaign
It is regarded as the collection of all activities carried out systematically to raise awareness of ‘something’ (usually a product/service). Usually marketing campaigns are carefully designed with the audience in mind. Most markets are segmented in terms of demographic, geographic or psychographic factors. Usually customers are modelled using data from various reports and statistics collected previously. For a marketing campaign to be successful it must be very well crafted for the target market or personas.
Market Competition
Any marketing campaign should be designed with the market competition in mind. Market competition can be broadly classified into:
· Direct competition
These are competitors operating in the same target market, offering similar or identical products or services.
· Indirect competition
These are competitors operating the same target market, offering products or services that are close substitutes.
· Future competition
These are competitors that are already operating in the same target market who are not currently a direct or indirect competition, but can be potential competitors soon.
The study of competition in the market and comparison to our own offerings is necessary to discern the success of our offerings in the marketplace. To analyse competition, it’s essential that we define the target industry precisely since an incorrect definition of the industry might give an incorrect list of competitors and eventually a false analysis of competition.
The Four P’s Marketing Mix
The Four P’s of marketing highlight the four key aspects such as:
· Product
This regards to the variety, design and features of the product or service being marketed. Additionally, it stresses on the packaging, branding and most importantly the quality of the product or service.
· Price
This regards to the appropriate pricing of the variants of the product or service. It also emphasises on discounts, payment periods and credit terms that enhance the appeal of the product or service to customers.
· Promotion
This touches upon the various modes of raising awareness about the product or service such as advertising, personal selling, sales promotion and other public relation activities.
· Place
This deals with the various channels through which the product is advertised and marketed, the market coverage of the product and the prime locations where the product is to be marketed. Furthermore, it stresses the importance of inventory management, logistics and transportation of the product.
Communication Channels for Marketing
Promotion and product awareness is a key factor in the success of any marketing strategy or campaign. These channels are also critical for gathering critical feedback from the consumers. Thus, it is imperative to know and understand the significance of the various communication channels that are available. The communication mediums can be broadly listed as follows:
Entrepreneurial Marketing
This is a marketing strategy
that is radically different from the conventional strategies. This technique
uses creative, entrepreneurial and design thinking to achieve
greater throughput. The strategy also relies on inexpensive channels of
promotion and customer involvement rather than conducting expensive campaigns
and promotion events. Some of the techniques that classify under this category
are:
•
Guerrilla marketing
•
Ambush marketing
•
Radical marketing
•
Viral marketing
•
Buzz marketing
•
Expeditionary marketing
•
Disruptive marketing
Design as Communication
The
process of design of a product is a closed loop process that requires thorough
communication between the designers and users throughout the design thinking
process. It is also vital that the members of the design team interact with
each other, with the top management and with suppliers or partners. Proper
communication between all the elements of the design team ensures that the
intention of the team is translated into a proper interpretation and eventually
a well thought out design. It is essential that any ideas that we create are
run past customers as early as possible so that there is enough leeway to make
amends to the existing design before its implemented and hits the market.
activity:1
 |
| fig 1:Group discussion |
activity 2:
In this activity we have to define the industry type and then the main competitors we may face and collect some information about them.Since our topic is Digital Pizza Table and we know that it is a medium scale industry.we already learned that the possible competitors are the nearest competitors who are working in the same field and trying to do something new in the market and which will compete with our product.So in our case pizza hut , dominos and pepperoni pizza are the nearest competitors we decided to find more info on their websites, social networking and marketing channels.The only way to counter act the closest competitors are to findout a way to act before them and lead the market with new ideas and promotions.
we have already studied about the few of the marketing strategies but during the work shop we learned about entrepreneurial forms of marketing such as guerrilla marketing, ambush,radical,viral,buzz and so on.We found out that the best one which suits our product is viral marketing .So week 9 i can say that it helped me in enormous way to expand my knowledge about different target market or personas and also new marketing techniques.This is will help me a lot in my career.These topics are really important for an engineering manager.
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