MARKETING CH-1 (PART - 3) ( PHILIP KOTLER 15TH EDITION) || HPSC PGT COMMERCE 2023, IBPS SO EXAM 2023

Deesha Classes

31 Dec 202114:55

Summary

TLDRWelcome to Disha Classes, where we provide chapter-wise and popular videos for NET, PGT Commerce, and more. We focus on high-level marketing concepts using Philip Kotler's book to prepare for advanced exam questions. This video continues with Chapter 1, Part 3, covering key marketing concepts like target market positioning, segmentation, and value propositions. The session explains market segmentation, targeting specific customer needs, and positioning products effectively. It also covers marketing channels, communication strategies, and the importance of branding. Watch previous parts for a complete understanding, and stay tuned for more insights into marketing concepts.

Takeaways

😀 Welcome to Disha Classes where you can find NET, Commerce, and PGT related subjects videos.
📚 For NET preparation, we are using Philip Kotler's book to cover marketing concepts in depth.
🧐 Chapter one of Philip Kotler's book is already available on our channel in two parts.
💡 Today, we will start with part 3 of chapter one, focusing on marketing concepts like needs, wants, and demands.
🎯 A company cannot create a product that satisfies every customer, hence market segmentation is crucial.
📈 After segmentation, we need to target a specific market and position our product accordingly.
🚗 Examples of market positioning: Volvo targets safety-conscious customers, BMW targets those seeking excitement and speed.
💎 Companies offer value propositions to address customer needs, like benefits that fulfill their travel requirements.
🏷️ Branding distinguishes a company's product from others, making it recognizable in the market.
📺 Companies use three types of marketing channels: communication, distribution, and service channels.
📰 Marketing channels include paid media (ads, sponsorships), owned media (company website, social media), and earned media (customer reviews, press mentions).
📢 Effective marketing involves a combination of targeting, positioning, offering value, branding, and utilizing multiple marketing channels.

Q & A

What subjects are covered in Disha Classes related to NET, Comments, and PGT Commerce?
-Disha Classes offers chapter-wise and popularized videos on subjects related to NET, Comments, and PGT Commerce.
Which book is being used for the marketing section in NET preparation?
-The marketing section is covered using Philip Kotler's book, rather than a regular book by any author.
Why is Philip Kotler's book chosen for marketing preparation?
-Philip Kotler's book is chosen because the NET level exam questions are high-level and can be comprehensively covered by following his book.
What topics were covered in the previous parts of Chapter 1?
-In the previous parts of Chapter 1, the topics of 'Needs, Wants, and Demands' and 'Marketing Concepts' were discussed.
What is the third concept discussed in Part 3 of Chapter 1?
-The third concept discussed is 'Target Market, Positioning, and Segmentation'.
Why can't a company create a product that satisfies all customers?
-It is impossible to create a product that satisfies all customers because each customer has different expectations, likes, dislikes, and perceptions.
What is market segmentation and why is it important?
-Market segmentation involves dividing the market into sections to focus on specific customer demands. It is important because it allows companies to target their products effectively.
How can a company segment its market?
-A company can segment its market based on various criteria such as age group (children, adults, senior citizens), geography, or professional life.
What is value proposition in marketing?
-A value proposition is a set of benefits provided by a company to address customer needs and offer value through their products or services.
What are the types of marketing channels mentioned in the script?
-The types of marketing channels mentioned are communication channels, distribution channels, and service channels.
What are the differences between paid media, owned media, and earned media?
-Paid media involves paying for advertisements (e.g., TV ads, magazine ads). Owned media includes platforms the company controls (e.g., company website, social media pages). Earned media is when customers or the press voluntarily promote the company's products (e.g., word-of-mouth, positive reviews).

Outlines

00:00

📚 Introduction to Disha Classes and Marketing Preparation

Welcome to Disha Classes! In this video, we cover various subjects related to NET, PGT Commerce. For NET exam preparation, we focus on advanced marketing concepts using Philip Kotler's book instead of standard textbooks. We have already covered the first two parts of Chapter 1, which are available on our channel. Today, we start with Part 3, where we discuss basic marketing concepts, including needs, wants, and demands, as well as the marketing system. We will also cover target market, positioning, and segmentation.

05:01

🎯 Target Market, Positioning, and Segmentation

In this section, we discuss the importance of segmentation in marketing. Companies cannot create products that satisfy all customers due to varying expectations and preferences. Therefore, segmentation helps identify specific customer groups to target. For example, products can be tailored for children, adults, or senior citizens, or divided by geography. After segmentation, we target a specific market and position our product to meet the demands of that segment, such as focusing on safety for Volvo or excitement for BMW.

10:01

🏷️ Offerings and Value Propositions

Here, we discuss how companies address customer needs through value propositions, which are sets of benefits offered to customers. Using the car example, Volvo provides safety while BMW offers excitement. These offerings are positioned in the market to meet specific customer demands. We also explain the concept of branding, where a product associated with a company's name becomes a recognized brand, distinguishing it from unbranded items.

📡 Marketing Channels

This section covers the various marketing channels companies use to reach customers, including communication, distribution, and service channels. Communication channels like TV and radio are used to inform customers. Distribution channels ensure products reach consumers, either directly or through intermediaries. Service channels provide additional services like transportation. We explain how these channels work together to deliver products and services to the market.

📰 Media Channels: Paid, Owned, and Earned

We explore different types of media channels: paid, owned, and earned. Paid media includes advertising in TV, magazines, and event sponsorships. Owned media involves platforms controlled by the company, like websites and social media pages. Earned media is when customers or the press voluntarily promote the brand through word-of-mouth or reviews. Each type plays a role in marketing strategy and helps in reaching and engaging with the audience.

📝 Conclusion and Next Steps

In conclusion, we covered six key marketing concepts. Our next part will delve into more advanced marketing topics. If you find our videos helpful, especially our unique approach to Philip Kotler's teachings, share with those preparing for the NET exam and need proper guidance. Your support helps us provide better content. Thank you!

Mindmap

Keywords

💡Marketing

Marketing is the process of promoting, selling, and distributing a product or service. In the video, marketing is discussed as a key aspect of business strategy, emphasizing the importance of understanding high-level marketing concepts to succeed in the competitive exam environment. The script mentions 'marketing' in the context of preparing for exams that include questions on this subject.

💡Segmentation

Segmentation refers to the process of dividing a market into distinct groups of consumers with similar needs or characteristics. The script discusses the necessity of market segmentation, explaining that a company cannot create a product that satisfies every customer, hence the need to divide the market into segments and target specific customer groups.

💡Target Market

Target market is the specific group of consumers a company aims to reach with its products or services. The video script uses the term to describe the process of selecting a particular segment from the market to focus on, after segmentation has taken place.

💡Positioning

Positioning is the strategy a company uses to create a unique image or identity in the minds of its target consumers. In the script, positioning is mentioned as the act of presenting the product in a certain way within the target market to create a distinct perception.

💡Offerings

Offerings in a marketing context refers to the products or services that a company provides to its customers. The script discusses the concept of value propositions, which are the benefits or offerings that a company promises to deliver to meet customer needs.

💡Value Proposition

A value proposition is a statement that communicates the unique value a product or service provides to customers. The video script explains that a value proposition includes a set of benefits that a company offers to fulfill customer needs, using examples from car manufacturers like Volvo and BMW.

💡Media

Media refers to the various channels and platforms used to communicate information to an audience. In the script, media is discussed in the context of paid advertising, such as TV advertisements or event sponsorships, as a means for companies to reach consumers.

💡Sponsorship

Sponsorship is the support of an event, activity, or organization by a company in exchange for advertising space or other forms of promotion. The video script provides examples of how companies use sponsorships to gain visibility and promote their brand, such as sponsoring a meeting of the Poultry Federation of India.

💡Brand

A brand represents the identity and image of a company or product in the minds of consumers. The script discusses the importance of brand recognition, where consumers can identify a product by its brand name or logo, as a key aspect of marketing strategy.

💡Marketing Channels

Marketing channels are the various pathways through which a company distributes its products or services to reach consumers. The video script mentions three types of marketing channels: communication channels for sharing information, distribution channels for physically delivering products, and service channels for providing related services.

💡Earned Media

Earned media refers to the unpaid coverage or mentions a company receives from third parties, such as the press or consumers, who speak positively about the brand. The script describes earned media as a form of promotion that comes from satisfied customers or external parties who endorse the company without direct payment.

Highlights

Introduction to Disha Classes and the focus on NET, PGT Commerce subjects.

Emphasis on using Philip Kotler's book for marketing preparation instead of a generic book.

Chapter 1 of Philip Kotler's book has been divided into multiple parts for detailed coverage.

Explanation of basic marketing concepts like needs, wants, and demands.

Introduction to target market, positioning, and segmentation as key marketing strategies.

Importance of segmenting the market to address the diverse expectations and preferences of customers.

Example of segmentation: creating products for children, adults, or senior citizens.

Discussion on the concept of value proposition and how companies offer benefits to meet customer needs.

Explanation of how companies position their products in the market based on segments.

Example of Volvo and BMW using different marketing strategies to target their respective customer segments.

Introduction to marketing channels: communication, distribution, and service channels.

Explanation of paid, owned, and earned media in marketing.

Examples of paid media: TV advertisements, magazine ads, and event sponsorships.

Discussion on owned media: company websites, Facebook pages, and Instagram profiles.

Explanation of earned media: positive reviews and word-of-mouth promotion by customers and the press.

Invitation to check out previous videos on Disha Classes' YouTube channel for comprehensive coverage of marketing topics.

Encouragement for viewers to share the videos with others preparing for NET exams for better guidance.

Closing note with a thank you message to the viewers.