WEEK 1: 7th Aug, 2019: Poonam Ma’am
What is Marketing?
A concept that deals with the promotion, selling, advertising and branding of a particular product.
The basis of marketing starts the moment we try and understand the customer and their point of view. It is very important to get the customer’s insights in this process. An activity in the class helped us to understand the concept in a better way and made it clearer to us.
When we club people having similar tastes and preferences, and get into their shoes, we understand them in a better way and therefore we can promote and market the product accordingly.
Many factors affect marketing, such as, difference between the Indian and Western markets and the impact of technology on people.
All these concepts contribute to marketing.
WEEK 2 : 14th Aug, 2019: Poonam Ma’am
How are needs, wants and demands different from each other?
Need is the necessity of the consumer, want is the need directed towards a product and demand is the willingness of a customer to buy a product.
Market offerings are a combination of products, services or experiences offered to a market to satisfy a want. Market Myopia refers to the mistake of paying more attention to a specific product than to the benefits given by these products.
Today’s lecture was all about coming up with a new product based on our likes, so that we have a target audience. The product or service had to be something that does not exist currently but can be produced. In the process, we learn about how people think and perceive things and how we can fashion the product so that more people are attracted to it and also gain benefits from it.
We came up with a service for people which is an entertainment site where people can watch shows and at the same time order for food. What makes this site different from others is the fact that we can time the shows as per our convenience and also the food options will be according to the duration of the show.
We also learnt about Market Segmentation and Target Marketing.
WEEK 3: 21st Aug, 2019: Poonam Ma’am
Market segmentation can be done on this basis:
- Geographic: Division of market into geographic units
- Demographic: Division of market on the basis of age, gender, income etc.
- Psychographic: Division on the basis of social classes and lifestyle
- Behavioral: Division based on consumer knowledge and attitudes
Market segmentation can be effective if it is measurable, accessible, substantial, differentiable and actionable.
Further, we learnt about differentiation and positioning, which is the way the product is defined by consumers on important attributes.
In this lecture, we came up with a positioning statement for the product/ service that we developed the last time. Positioning statement summarizes the concept of the brand. It also makes the cause of the brand stronger and helps more people to understand the working of the brand . We came up with a statement that focused on the use of the service that we created, by the younger audience and how it was easily accessible.
WEEK 4: 28th Aug,2019: Poonam Ma’am
Branding means to create a name for the product that makes it differentiable from all other products. Brand Equity is the added value endowed by the brand to the product. The brand name should capture the central theme of the product and create an impact of the product in the user’s mind.
Brand elements include: brand names, characters, URL, slogans, Logos and symbols, jingles and packaging. The criteria for choosing the brand elements are that it should be memorable, meaningful, likable, transferable, adaptable and protectable.
Logos indicate the origin and ownership of the brand.
Slogans summarize the intent of the marketing program by adding certain memorable ‘hooks’ and ‘handles’.
Jingles are musical messages that enhance brand awareness by repeating the brand name in an amusing way.
In this way, when all of these brand elements come together, they make the brand stand out and we can easily distinguish it from others.
The task in the class was to come up with a villain for the service that we had created in the previous lecture. Since our service included ‘entertainment and food at home’, we chose the theatre to be the ‘bad guy’ since our service cancels out the need for going to theatre to watch movies as we can avail the same facility at home using our service.
The Idealist 