What is Mass Market

What is Mass Market

The mass market is the market where many Similar products are offered by competitors. The mass market consists of customers with a different age, preferences, or lifestyle. also consumers are not specific about their need in the mass market.

As a marketer if your Brand is producing something which is useful for different types of customers in various sectors then you should have Mass market appeal.

For Example –

  1. You own a Smartwatch business where you sell the only smartwatch and your product is used by a huge number of people. 
  2. Daily use of products like toothpaste is a great example of mass-market, additionally Soup, Detergent, Furniture, and other hygiene products are great examples of Mass Market Appeal.
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Competitive Environment in Businesses

What is the Competitive Environment in Businesses? Porter’s five forces

In a competitive environment we focus on studying what our competitors are doing for the purpose of positioning ourselves so that we can be more successful in the marketplace.

Business is really competitive these days, and if you are managing business or marketing for any brand so you need to understand these things-

Competition

Environment

Company’s Position (StandPoint)

Competition environment helps you Segment your product in market space and target the right audience. 

Example – 

As you see above there are several brands in the market of Soft drinks. So we choose their prime attributes Sugar and Caffeine to differ their Segment.

So you have created a segment through these attributes, and you see there are already brands which segmented themselves in the market in 1st, 2nd and ,4th Quadrant.

And found out there are unmet gaps that need to be fulfilled in the market. So the best segment you target is quadrant 3rd.

After that you can position your product in the market using 4p’s.

One of the most popular frameworks to understand the competition environment in business is Porter’s 5 forces Model.

Porter’s 5 forces which are supply power, buy power, competitive rivalry, threat of substitutes and threat of new entrants, these five forces determine a company’s competitive environment which affects profitability.

Source: Wikipedia

The Threat of Substitute – 

New entrances to an industry put pressure on Price, cost and Rate of investment.

This First Force analyzes the ease of entry for new competitors in the marketplace. If the Entry is easy, then the level of competition is high.

Buyer power – 

Buyers can pressure companies to reduce their prices to provide higher quality products.

If the buyer has a strong bargaining position, then this will drive down the prices of the Product and Also lower the profitability.

 Supplier Power – 

If suppliers have extreme bargaining power, they can bargain away any of the profits.

If you have a few suppliers, then your product cost will go high, and Profit goes down. So it’s better for you if the Industry has low supplier power.

The Threat of Substitute – 

The more the Substitute products in the market, the more the lower Profit in that Industry.

So it’s better to have fewer Possible substitutes for your Industry.

Competitive rivalry – 

It is measured by the size of the competition in your Industry. 

You would prefer less competition in the market, but the reality is different.

Read more: What is Mass Market

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Models of Branding

Models of Branding

Branding’s main purpose is to influence your consumers’ behaviour in such a way that they stand out from their competition.

There are several ways to promote your brand. But there are primarily three models of branding.

Models of Branding –

  1. Rational Branding
  2. Emotional Branding
  3. Cultural Branding

Rational Branding

In this Model, Rational Branding is applied when you brand your product or services in such a way that they describe product features.

For example-

You could take the maggi ad, In this ad what they are focusing on is that it just takes just 2 minutes to cook Maggi.

Emotional Branding – 

After Rational Branding, Emotional branding comes into play. It’s the process of creating bonds between your product and your customer through emotions.

For Example – 

Watch this ad, this is the perfect example of Emotional branding where they provoke your emotions or thoughts.

Cultural Branding – 

In this Model brands create the strategy where they position themselves as an Icon for their Consumers. 

For Example – 

Watch this ad, in this ad what they did they just position themselves as an icon and grab the nation’s attention.

Read more: Models of Branding

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Whats is brand Equity

Whats is brand Equity? Elements of Brand Equity

Brand equity is the value a brand gains from its Name recognition. Also, Brand equity holds two things –

Brand Perception

Commercial Value

Brand Perception – It’s the Perception of the brand and the value it holds in the eyes of the consumer.

Commercial Value – It shows the number in terms of value.

Elements of Brand Equity – 

  1. Brand Awareness
  2. Perceived Quality
  3. Brand Loyalty
  4. Brand Association
  5. Proprietary Brand Assets

Brand Awareness –

Brand Awareness is when a brand is recognized or recalled by its Target consumers. The higher the recall value of a brand, the higher the Brand Equity.

It happens in the early months of the Product launch to the market. Brand Awareness is the primary goal of advertising.

Perceived Quality – 

Perceived Quality is all about how a customer thinks about the Quality of the product, or have Perception about a particular brand.

Brand Loyalty –

It happens when a customer chooses your brand among your competitors. Also, consider your brand for the future purchase or repeat Purchase that is Brand Loyalty.

Brand Association – 

When a customer has a particular thought and impression about a brand, that is called Brand association.

Brand Association differentiates your brand from your competitors.

Proprietary Brand Assets – 

Proprietary Brand Assets refers to anything that your brand holds like Patent, Trademark, or could be anything that gives your brand an edge over your competitor.

For Example – Amazon One-click shopping

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What is Branding

What is Branding? How to Build a Brand

Branding –

What is branding? What does it mean it’s just not about the LOGO. A brand can be defined as Name, Term, Sign, Symbol and Design to recognize as goods and Services.

Branding differentiates you from your competition in the crowded market. But the Brand is much more than this.

Branding is a set of associations that they form in the mind of the target consumer. For example, if you think about instant food, what Brand comes to your account. 

Its Maggi isn’t it.

Why you just came up with Maggi, but there are several and similar products in the market. But the Maggi differentiate from the other products.

Suppose you are in a store and you are in the foods section in the store, there are several brands of noodles in the store, but when it comes to buying them.

In the buying process, you eliminate all of the Brand because they didn’t come to your mind in instant Purchase.

That happens many times when we are buying. Brands are valuable because they allow consumers to choose more natural. 

For buyers, brands make them confident about their Product, Security and Satisfaction.

How to Build a Brand-

All brands build on two pillars-

  1. Brand Awareness
  2. Brand Image

Brand Awareness – 

Brand awareness is how easily potential customers recognize a brand.

Brand Image – 

Brand Image is a unique identity with a brand that is positive and strong.

Build Strong Brand using 4p’s

  1. Product
  2. Price
  3. Place
  4. Promotion

Brand Building using Products-

Once you decide to launch a product you should consider Brand name on the Product, logo and Design. Each of the element will touch the consumers and create awareness with your Brand.

Brand Building using Price – 

Pricing also helps in Building brands, if you are selling a product and launching it for the first time. So you have to be exclusive as a brand for a high price.

If you are selling a mass marketing or bulk product, so need a mass marketing Price.

Brand Building using Place – 

While distributing your product also helps build awareness and brand building. So the Place or store in which you distribute your product can help you.

Need to figure out where your product is in the stores can help you create awareness.

Brand Building using Promotion-

Promotion is how you inform your consumers about your Brand. The development has many forms such as Advertising, Personal Selling, sales and Public Relation.

Each of the 4p’s creates awareness in respectively, but when you integrate them into one, it sends a Strong, Consistent and Positive message for your Brand.

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the 4 ps of marketing mix

What is 4 ps? The 4 ps of the Marketing Mix

The 4ps of Marketing

If you are new in Marketing, you will be familiar with the concept of the 4ps.

What are the 4 Ps of marketing?

The marketing mix contain of the Product, price, Place, and Promotion.

4p’s is what marketers use to develop many of the core aspects of marketing. This is the crucial ingredient when you want to start to learn marketing. 

The Product creates value, the price captures value, the Place delivers value, and Promotion communicates value.

The 4p’s can help you in actually achieving the desired positioning for your Product.

Product

The Product is what you are offering.

Before starting a Business, the first thing you need is Product. That’s why Product is your first variable in the Marketing Mix.

Products need to be ready before making a Marketing Plan because that’s the only thing that consumers will have in the First Place.

So you need to come up with a product that’s your Consumer Seeking. You have to think about its benefits, usability or whatever you desire to fulfil in the First Place.

Because that will decide where you are standing in the Market. So it would help if you did Market Research before launching a product.

Price

How much your Customers are willing to pay for your Product or Services.

Several Companies offer their Product in 99 ₹ instead of 100 ₹.

Why is that- Before Launching the Product to the Market, you have to come up with a price that attracts your Consumers. 

Also, that price turned to decent profit for the company as well.

How to pick the right price-

Your brand is in for several years in the Market, and you have built trust among your consumers.

You can charge a premium amount for your Product. On the other hand-

If your brand is new to the Market, you have to come up with a low price.

Some question you should ask-

  1. Check Your Competitor’s prices
  2. cost of materials and production 
  3. Market fluctuations
  4. The lowest price you are beautiful to sell in the Market
  5. Highest price customers willing to pay in the Market
  6. Compare your Price with Competitors

Place

Whatever you are selling, it needs a Perfect Location, where you can distribute your Products Easily to your Target Customer.

For example, if you have a store at a random location. Your customers didn’t find you at the Right Place, and you failed. 

So you have to pick your Place/Location Where your Target customers are so that they can easily find you.

How to pick the Right Place-

This is the Modern Era; everything is online right now. So the Location seems a bit unrelated right. But it’s not.

Here is an example of an app Tiktok; most of its users are youngsters. So it’s probably the perfect Place to market your Related youth brands.

But on the other hand, if you are a B2B firm, are you willing to pay on TikTok for your Product or services.

I think not because most user’s age is around 16-24, which is not your target Customers.

So you need to think of your customers, and where they are, it could be the Place and the platform.

Ask yourself these questions for your right Place-

  1. Where is your Target Customers
  2. Where are you selling online or offline
  3. Are you selling to Business or consumers
  4. Which distribution channels you are using
  5. Where your competitors are

Promotion

After applying 3 p’s, it’s time to promote your Product or Services.

Promotion includes advertising, Personal selling, Public Relation, Message, Media and Budget.

It also covers all methods of communication that a marketer may use. The Promotion provides information about the Product to different Segments.

How do you promote your Product or services-

  1. Figure out which channel your audience uses the most
  2. Promote your Product or service with a compelling message
  3. Which Time slot is suitable for your Promotion
  4. Check your competition Campaigns

Now you know more about 4p’s use them in your business strategies. With 4p’s, you have to stand out from the competition.

So leverage them in your Business…

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what is positioning

what is Positioning

So far, we have Discussed the S and T of the STP. For now, you have segmented the market and know which segment to target, next step to correct Position your services or Product for that segment.

Positioning is the process of occupying meaningful space in the Mind of the consumer from your competition.

For example- if you go to the market for buying Comfortable shoes. You came up with the name of Nike or Adidas. But if you seek a cheap but Comfortable shoe, then you came up with Fila.

So here how you came up with these Brand names in your Mind. Because they position themselves in your Mind.

A perceptual map is also helpful for implementing the STP and Entire Marketing Plan. A perceptual map visually presents consumers’ mental image on how competitors have positioned themselves in the market.

Importance of Perceptual Map

  1. Identify and represent segments
  2. Evaluate and choose segments to target
  3. Position product based of 4ps
Credit – https://rockstarsbm.wordpress.com/2014/11/23/perceptual-maps/

From the above map, people who like the high end but high price cars will be at one quadrant. Those who want high end and low priced cars will be in the 4th quadrant and so on.

Now you can identify where the competitor Products are in this map and then use it to decide which segment to target and how to position your products using 4p’s of the marketing mix.

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What is Targeting

What is Targeting? 3c’s Framework

In STP, S stands for Segmentation and T of  Targeting, Segmentation does divide the whole market into different Segments. Targeting involves evaluating the various segments and deciding how many and which ones to target, that’s how Target follows Segmentation.

As we understand from Segmentation or take the example of a Clothing Brands. There are different segments in the clothing / Fashion Industry. Some Of them might prefer Professional Clothing, some of them consider Casual wear or Semi Formal Depends on their interest.

Targeting involves each of these segments in terms of the attractiveness to the company. Then choosing one or more from these segments to target with the company offerings.

There are three Generic target marketing Strategies-

  1. Undifferentiated or mass strategy
  2. Differentiated strategy
  3. Concentrated or niche strategy

Undifferentiated or mass strategy- 

Undifferentiated marketing strategy is when a company must decide to ignore market segments differences and go after the whole market with one product offering.

It focuses on what is common in the needs of consumers rather than what is different undifferentiated marketing relies on mass distribution and mass advertising, aiming to give the product a superior image in the minds of consumers.

Example-

It was Henry Ford who adopted an undifferentiated marketing strategy for his Model T Ford which was only available in the color black in the early 1930s.

Differentiated strategy-

Differentiated marketing strategy is when a company decides to target more than one market segment and designs a separate offering for each market segment.

Example-

McDonald’s internationally who use a differentiated marketing strategy in India. They have developed a unique menu for local consumers such as the McCurry pan, a vegetarian dish, which is very popular also the Indian version of the big mac.

Big Mac is called the Maharaja Mac is made with two grilled chicken patties and is topped with onions, tomato cheese and a spicy mayonnaise.

Both products conform to Indian religious sensitivities because beef and pork products are not consumed.

By adopting a differentiated marketing strategy is being true to the marketing concept by adapting an organisation’s product or service to meet the needs of customers and different markets.

Concentrated or niche strategy-

Concentrated marketing strategy is when a company’s resources are focused. Instead of going after a small share of a large market the company goes after a large share of one or a few sub markets.

Many examples of concentrated marketing can be found for example-

Rolls Royce cars and Rolex watches aimed their products at the premium market segment Once you have identified various segments in the market and decided upon your target marketing strategy, you have to evaluate which target segment to cater to.

A common framework that is used to evaluate of the segment is 3c’s Framework-

  1. Customers
  2. Competition
  3. Company

The three C’s model is a business model which offers a strategic look at the factors needed for success. It was developed by Kenichi Ohmae, a business strategist.

The three C’s model points out that a strategist should focus on three key factors for success. In the construction of a business strategy three main players must be taken into account.

These being one the corporation to the customer three the competitors. Only by integrating these three C’s corporation customer competitors in a strategic triangle can a sustained competitive advantage can exist o’may refers to these key factors as the three C’s of strategic triangle.

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what is segmentation

What is Segmentation? 4 types of Segmentation

Segmentation is the process of dividing markets together with all similar requirements.

Characteristics to groups of customers and prospects who are likely to show similar acquisition behaviour.

Let us now learn more about Segmentation and How brands analyse their target market.

Above the company knows who to serve in the market and how to leave an impact on those they serve. As we all know the market as a whole is huge but needs to focus on that which is lucrative, growing and compatible with your company.

Segmentation, Targeting and Positioning, also known as STP, form the basis of marketing management processes.

STP Process-

  1. Market Segmentation
  2. Market Targeting
  3. Product Positioning

Market Segmentation- Market segmentation is the process where the market is divided into subgroups of customers.

  1.  Identify the basis for Segmentation
  2. Divide a diverse market into Smaller Sub-markets

Knowing your Market Segment

  • Facilitates consumer-oriented marketing
  • Optimises marketing program
  • Leads to higher sales

Stages of Segmentation

  • Decide the basis of Segmentation
  • Determine the characteristics of segments

As we start from the image, we compare three brands of the smartphone- Apple, Motorola and Micromax.

These brands use the same basis to segment the market.

Basis of Segmentation

  1. Demographic Segmentation
  2. Geographic Segmentation
  3. Behavioural Segmentation
  4. Psychographic Segmentation

Demographic Segmentation – Here, the market is divided into segments based on variables such as age, gender, income, occupation, education level, marital status, religion or nationality.

Geographic Segmentation- Here the bases for dividing the market are different units such as Location, Urbanicity, Climate, Culture and Language.

Behavioural Segmentation- here, buyers are divided into groups based on usage rate, benefit desired, loyalty status, user status.

Psychographic Segmentation- Here is the basis of segmentation lifestyle, personality and values.

Source: Philip Kotler – 14th Edition Marketing Management
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The Introduction to marketing

I fell in love with marketing years ago, but back then who knew I was writing my blog. Alright about the Introduction to marketing,
“Marketing is the means by which an organization communicates, connects, and engages with its target audience to convey the value and sell its products and services”
Everyone has different thoughts about Marketing, so you need to understand what Marketing is and why it’s so important.

  1. What is marketing
  2. Scope and importance of marketing
  3. Various functions of marketing

1. What is Marketing

If you are bored and listening to music through your earphone and suddenly it stops working and you search on google for earphones and somehow you come up with Beats Headphones but you can’t decide to buy that at that time and leave that page. After some time you find an ad on a website about those earphones which you had searched previously and it keeps appearing on all social media and websites wherever you visit. And you get notification from an ecommerce website that has the same headphone on a 10% discount. So what would you do then… you somehow end up buying that earphone through an ecommerce website. This is marketing, you are subconsciously interacting with marketing. Food, toothpaste, clothes, and daily uses things purchase you in some way, brand and business captured your thought and presented offerings to you.
As you all know APPLE is the richest company in the world. Its market capitalization is greater than in many countries. But how Apple achieves such dominance, and for example, their consumers have more than 1 product for the brand. So have you ever thought about how Apple achieves such a high level of brand loyalty? Is it about the quality, innovation or marketing that they have done right?

  • Innovative and unique products
  • Consumer experience
  • Seamless syncing between devices
  • Focused marketing strategy
  • key activities in marketing

In the morning you are reading a newspaper and find an ad for soft drink and while you are going to work you hear the discount on footwear on the radio. Also in the meeting, you get the message about the recharge of your phone or loan. All these are forms of marketing.

  1. There are three key activity in Marketing
  2. Creating offerings
  3. Communicating
  4. Delivering

2. Scope and importance of marketing

The current skill that digital marketers lack is to understand the business. What they have to understand is business Goals, it could be customer satisfaction, Gaining sales, and market share.
What digital marketing needs to understand the context of the business in which they are operating. It could be any business. The first thing is to understand the business.

Scope of marketing Categories

  • Goods and Services
  • Event and Experiences
  • People, organization and places
  • Ideas and Benefits

Goods and Services-

When you watch tv or banners of Healthy drinks, they are marketing their Product. And when you see the Brochure Uber a car booking, they are marketing its services.

Event and Experiences-

The event could be a concert or a Cricket tournament. The experience could be Waterpark and Scuba diving.
People, organization and places-
As people like celebrities and actors like Akshay Kumar, organizations like Wipro and places like Kerala all need to be consistently promoted and marketed.

Ideas and Benefits-

Increasing Awareness about anything such as aids and Discourages about Smoking. All need to be promoted for improving health and social well being.

Importance of marketing Categories-

  • Define Purpose
  • Create Awareness
  • Supports product Distribution
  • Establishes reputation and Brand Image
  • Maintains long-term Relationship with Customers

Define Purpose-

It allows us to identify the purpose of the consumers.

Create Awareness-

It allows us to gain the attention of its customers.

Supports product Distribution-

It allows the goods and services available to its consumers at the right time.

Establishes reputation and Brand Image-

it has a brand recall whenever they think about the product/service category.

Maintains long-term Relationship with Customers-

It allows customers to keep coming back to a brand for the latest product updates, prices, availability, etc.

3. Various functions of marketing

Most of the Digital Marketers have a skill gap that I have seen in myself. When I just start my seo journey I like to do keyword research, on page, off-page and so on..
But in today’s world if you need to be a step ahead as a Digital Marketing you need to understand the marketing technology. If you are only a specialist in SEO and Social Media you will never understand the single way of customers and you will miss a lot of elements that are in play today.
Also in digital marketing, you have to understand the Market Search, Consumer behavior for a successful career.

Functions of marketing

  • Marketing research
  • Market Planning
  • Branding
  • Promotion
  • Customer support service

Market research

This aspect of selling focuses on gathering and analyzing information about your customers. It involves answering questions like who is your primary audience, what are their needs and preferences, what are their shopping preferences and far more. To answer these questions we need to do extensive research on consumers.

Market planning

This aspect focuses on developing strategies supported by the marketing research conducted by a brand. It also needs planning to who will do what, when, and how. For example- Mcdonalds before entering the Indian markets, do proper market research. They do research and come up with a new menu based on our preferences because they can’t serve beef and pork on their menu.

Branding

This aspect of selling is about creating a singular name and image within the minds of the buyer to form it more recognizable. For example- Mcdonalds have an emotional attachment with the kids, using various fun with golden arches and Ronald the clown which is difficult to break.

Promotion

Here, marketing focuses on informing a customer about the brand’s product and inspiring them to shop for it. This is often done to draw in new customers also as retain existing customers.

Customer support service

This aspect of selling focuses on giving continuous support to consumers also as gathering their feedback to repeatedly improve your products.

Additional reading material for reference:

Introduction to marketing

Understanding marketing

The complete overview of marketing

Role of marketing

​​​​​​Birth of marketing, its evolution and role of marketing

Scope of marketing

The great branding campaign that made PM Modi the winner

Marketing technology

What is Marketing technology
3 marketing technology trends that will shape 2020 and beyond

Read More: What is Segmentation? 4 types of Segmentation

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