SBI Associates PO - Marketing Notes V
What is Demarketing?
Demarketing is a type of marketing which discourages certain customers on a temporary or a permanent basis. This marketing is mainly applied on such products which are either harmful or very rare. Example: Tobacco, petroleum products, water, electricity etc.
This marketing process is generally supported by government or international organization with a sole aim of humankind welfare. It is also done for the sake of conservation of resources, controlling inflation, eliminating the factor of over competition and over demand.
This technique is applied by following methods:
What is Remarketing?
Remarketing is a marketing process by which the demand of such product is renewed which has witnessed declining trend of demand. It is done by spreading awareness in general, introducing new and interesting use of the existing product, resale of second hand well fabricated products.
This concept of marketing is opposite to the Demarketing concept.
What is Synchro Marketing?
Synchro Marketing is marketing process which solves the problem of irregular demand pattern of a product. For example a Beach side hotel is overcrowded during evening time, whereas it is almost like desert during morning hours. A cotton shop is crowded during summer season whereas during winter it is not.So, Synchro Marketing finds a way to solve the problem of inconsistent demand pattern by the following methods:
(a) Keeping high price during season
(b) Offers lucrative options during offseason
(c) Using the stores with many varieties of item
(d) Promotion and incentives
What is differentiated marketing?
This is a type of marketing in which customers are divided into groups on the basis of some common characteristics like religion, income, age, sex, caste, education etc. Thus the customer base is segmented. This is why this marketing is also known as market segmentation. This technique is customer oriented with higher customer satisfaction and profits.
It has following advantages:
(a) Increased sales and profits
(b) Large number of customers from all segments
(c) Quality products manufacturing can be accurate
(d) Customer oriented
It has following disadvantages:
(a) Chances of cost rise due to small quantity manufacturing. So, it is opposite to mass
marketing.
(b) Huge amount of work for R & D for customer segmentation.
(c) Wastage of money for separate advertisements for different segments
What is market segmentation?
It is a marketing strategy which involves the following criteria:
(a) Divides the target consumer/market as per their common want/need/relevant goods.
(b) It is internally homogenous and externally heterogeneous.
(c) Cost effective
(d) Profit maximization
(e) Responsiveness
(f) Sustainable
(g) Measurable
(h) Needs can be satisfied by particular product category
So, through this strategy, within a market, a market segment is created which is a subgroup of people or organization. Sharing one or more characteristics that cause them to have similar needs. So, this strategy is a process of enabling the marketer to tailor marketing mixes to meet the need of one or more specific segments.
It has following advantages:
(a) It helps decision makers to more accurately define marketing objectives and better allotment of resources.
(b) Performance evaluation is also more precise.
(c) Better marketing results.
What is undifferentiated marketing?
It is just opposite to differentiated marketing and similar to mass marketing. Under this technique company identifies the entire consumers as one with common head. This strategy does not consider segmented demand pattern. It involves same product, same brand, same price, same marketing program, same advertising media with mass production and distribution.
It has following advantages:
(a) Large scale production is possible.
(b) Cheap products
(c) One type of advertisement, so, less expense
(d) One marketing mix
(e) Single brand name
It has following disadvantages:
(a) It is product oriented rather than consumer oriented.
(b) Reduces profits due to product competition.
Demarketing is a type of marketing which discourages certain customers on a temporary or a permanent basis. This marketing is mainly applied on such products which are either harmful or very rare. Example: Tobacco, petroleum products, water, electricity etc.
This marketing process is generally supported by government or international organization with a sole aim of humankind welfare. It is also done for the sake of conservation of resources, controlling inflation, eliminating the factor of over competition and over demand.
This technique is applied by following methods:
- Bringing substitute
- Suppress demand
- Increase the cost of the product itself manifold
- Through government legislation
What is Remarketing?
Remarketing is a marketing process by which the demand of such product is renewed which has witnessed declining trend of demand. It is done by spreading awareness in general, introducing new and interesting use of the existing product, resale of second hand well fabricated products.
This concept of marketing is opposite to the Demarketing concept.
What is Synchro Marketing?
Synchro Marketing is marketing process which solves the problem of irregular demand pattern of a product. For example a Beach side hotel is overcrowded during evening time, whereas it is almost like desert during morning hours. A cotton shop is crowded during summer season whereas during winter it is not.So, Synchro Marketing finds a way to solve the problem of inconsistent demand pattern by the following methods:
(a) Keeping high price during season
(b) Offers lucrative options during offseason
(c) Using the stores with many varieties of item
(d) Promotion and incentives
What is differentiated marketing?
This is a type of marketing in which customers are divided into groups on the basis of some common characteristics like religion, income, age, sex, caste, education etc. Thus the customer base is segmented. This is why this marketing is also known as market segmentation. This technique is customer oriented with higher customer satisfaction and profits.
It has following advantages:
(a) Increased sales and profits
(b) Large number of customers from all segments
(c) Quality products manufacturing can be accurate
(d) Customer oriented
It has following disadvantages:
(a) Chances of cost rise due to small quantity manufacturing. So, it is opposite to mass
marketing.
(b) Huge amount of work for R & D for customer segmentation.
(c) Wastage of money for separate advertisements for different segments
What is market segmentation?
It is a marketing strategy which involves the following criteria:
(a) Divides the target consumer/market as per their common want/need/relevant goods.
(b) It is internally homogenous and externally heterogeneous.
(c) Cost effective
(d) Profit maximization
(e) Responsiveness
(f) Sustainable
(g) Measurable
(h) Needs can be satisfied by particular product category
So, through this strategy, within a market, a market segment is created which is a subgroup of people or organization. Sharing one or more characteristics that cause them to have similar needs. So, this strategy is a process of enabling the marketer to tailor marketing mixes to meet the need of one or more specific segments.
It has following advantages:
(a) It helps decision makers to more accurately define marketing objectives and better allotment of resources.
(b) Performance evaluation is also more precise.
(c) Better marketing results.
What is undifferentiated marketing?
It is just opposite to differentiated marketing and similar to mass marketing. Under this technique company identifies the entire consumers as one with common head. This strategy does not consider segmented demand pattern. It involves same product, same brand, same price, same marketing program, same advertising media with mass production and distribution.
It has following advantages:
(a) Large scale production is possible.
(b) Cheap products
(c) One type of advertisement, so, less expense
(d) One marketing mix
(e) Single brand name
It has following disadvantages:
(a) It is product oriented rather than consumer oriented.
(b) Reduces profits due to product competition.
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