SYB Batch May 25 2k13 Marketing Session

Learnings from the class stated in student's words

• Product first and then price
• Need to be specific in defining the target audience
• Need to drill down into the psyche of the target audience
• Need to meet at least 25 customers
• Once you are clear who the customers is; the competitor becomes clear
• Value-add happens only if the customer is willing to pay otherwise it is just cost-add
• 7 Ps template for deciding the marketing mix
  Product, Place, Price, Promotion, People, Process, Proof
• Marketing Mix is what matters to the customer and what differentiates offerings
• "Low Hanging Fruit" is where BANT already exists
  BANT = Budget, Authority, Need, Time bound urgency
• Demonstration as a tool to help convince customers
• 5 point formula for positioning
  - who is your target audience?
  - what are they doing now ? ( Your Competitor )
  - what is your offer ( Your marketing mix )
  - How is it better than what they are doing now? ( Point of Differentiation )
  - How is it feasible and how will it get delivered ? 
• Look at the customer / application before you design the product / marketing mix
• Why New Businesses fail
• Simplicity of expression

What was covered in the class

1. Marketing Process Model
   : starting with 5Cs and ending with profit and customer satisfaction
   ; 5 Cs = Customer, Company, Competitor, Collaborator, Context
   : PESTEL = Political, Economic, Social, Technological, Ecological, Legal
2. Cost - Price - Value 
3. Value for money line
4. 4 components which add value = product, facility, expertise, image
5. 4 components which comprise price = money, time, inconvenience, risk
6. 5 point formula for positioning (1) who is your target audience? (2) what are they doing now ? ( Your Competitor ) (3) what is your offer ( Your marketing mix ) (4) How is it better than what they are doing now? ( Point of Differentiation ) (5) How is it feasible and how will it get delivered ? 
7. 7 Ps template for deciding the marketing mix Product, Place, Price, Promotion, People, Process, Proof
8. The case of Elegant Furnitures was taken up