Module 6
EMERGING TRENDS IN MARKETING
Module 6: Emerging Trends in Marketing:
• Marketing Planning. Concepts of B2B marketing,
• Service Marketing,
• Digital and social media Marketing,
• Green Marketing, Event Marketing,
• Marketing Audit,
• Sponsorship, Cause Related Marketing,
• Marketing for Non-Profit Organizations,
• Relationship marketing,
• Marketing Strategies for Leaders, Challengers, Followers and
Startups.
• Social Responsibility of marketing,
• Neuro Marketing, Sensory Marketing,
• Societal marketing concept, premiumization.
Marketing planning
• Marketing planning is a process that allows to determine
goals and develop marketing strategies and techniques
to achieve these goals.
Marketing planning implies
• Analyzing the existing situation, information and
marketing opportunities
• Forecast and start planning
• Selecting target market(s)
• Defining marketing objectives
• Designing and developing a marketing strategy
• Allocating resources to achieve these objectives
Types of marketing planning
• Long-term marketing planning: Long-
term marketing planning is marketing
planning for more than one year.
• It is the top management's
responsibility.
• Short-term marketing planning:
Short-term marketing planning is
marketing planning for less than a
year, like bi-annual or annual plans.
• It is the responsibility of the mid-
management.
Steps in the marketing planning process
1. Understand the current
business situation.
2. Understand your target client.
3. Position your brand
4. Define and refine your offer
5. Choose your marketing
techniques
6. Adapt your tools and skills to
your techniques
7. Write down your plan
BENEFITS OF MARKETING
PLANNING
• Marketing planning keeps you accountable
• Marketing planning forces you to adapt
• Marketing planning reduces risks
• Marketing planning can be a competitive
advantage
• Marketing planning allows you to be proactive
B2B Marketing
• Business-to-business is a situation where one
business makes a commercial transaction
with another.
• This typically occurs when: A business is
sourcing materials for their production process
for output, i.e. providing raw material to the
other company that will produce output.
Concepts of B2B marketing
Service Marketing
• Service marketing is the marketing and selling
of intangible products (non-physical
products). Services comprise all of those
personal facilities which we require from time
to time like; medical care, education, renting
of living spaces and vehicles, hair cut, spas,
musical concerts, dance classes, etc
Features of Service Marketing
Services Marketing Mix
Digital and social media Marketing
• Digital marketing comprises all marketing
efforts that use the internet.
• These include digital channels such as search
engines, email, websites, social media, etc.,
that can be used to connect with current and
prospective customers.
Digital marketing tools are
• Organic social media marketing
• Email marketing
• Content creation tools
• Paid social media marketing
• Social media channels
• Video hosting tools
• Website analytics
• SEO tools
Advantages of Digital Marketing & Social
media marketing
• Global Reach
• Local Reach
• Lower Cost
• Easy to Learn
• Effective Targeting
• Multiple Strategies
• Multiple Content Types
• Increased Engagement
• Analytics and Optimization
Green marketing
• Green marketing is the marketing of products
that are presumed to be environmentally safe.
• It incorporates a broad range of activities,
including product modification, changes to the
production process, sustainable packaging, as
well as modifying advertising.
Event marketing
Event marketing
• Event marketing is the experiential marketing
of a brand, service, or product through
memorable experiences or promotional
events.
• It typically involves direct interaction with a
brand's representatives
Sponsorship
Sponsorship advertising
• Sponsorship advertising is a form of
advertising where a company will sponsor
some event or organization.
• Examples include the sponsorship of sporting
events, charity events, and athletic teams.
Cause related marketing
• Cause-related marketing (CRM) is a mutually
beneficial collaboration between a
corporation and a nonprofit designed to
promote the former's sales and the latter's
cause.
• As per one of the studies, it was revealed that
80% of consumers say that businesses must
play a role in addressing societal issues.
Marketing for Non-Profit Organizations
• Not-for-Profit Organizations are the
establishments that are for utilized for the
welfare of the community and are set up as
charitable associations which operate
without any motive for profit.
Famous NGOs
• Smile Foundation
• Child Rights and You (CRY)
• Nanhi Kali
• HelpAge India
• Infosys foundation
Relationship Marketing
• Relationship Marketing is a strategy of
Customer Relationship Management (CRM)
that emphasizes customer retention,
satisfaction, and lifetime customer value.
• Its purpose is to market to current customers
versus new customer acquisition through
sales and advertising.
• Frontal Attack: The principle of force says the
side with greater resources will win.
• Here the attacker matches the market leader's
product, price, advertisement, and
promotional activities.
• Example: When McDonald's Launched Chatpata
naan ( Veg and Non-Veg ) to tackle that Burger
King Launched Chicken Keema.
• Both have a strength to expand their product
line and enter into a new market to
accouterment their opponents.
• [Link]
Marketing strategies for startups
• Push notifications
• Social media
• Segmentation and Personalization
• Content writing and blogging
• Customer feedback loop.
Neuromarketing
• Neuromarketing is the study of how people's
brains respond to advertising and other brand-
related messages by scientifically monitoring
brainwave activity, eye tracking and skin
response.
Six hacks for Neuro marketing
• Leverage sensual branding (senses,
uniqueness)
• Price /value perception (999.99)
• Offer micro commitments (multiple touch
points)
• Leverage scarcity (fake scarcity)
• Give simple ( as simple as possible / simply
UX)
• Empathy connect (ask, listen, connect)
Pre-roll ads
• https://
[Link]/blog/ws/2019/10/31/pre-roll-ad
s
• YouTube offers different types of advertising placements
and ad types, and pre-roll ads are those that appear
directly before the video you want to watch.
• These short video ads can be up to two minutes long,
but the sweet spot for most advertisers is between 15
and 25 seconds.
• And because pre-roll ads don’t have a defined CTA, you’ll
be charged on a CPV (cost per view) basis.
Sensory marketing
Wine
Scent and Garment
Ikea
Taste
Societal marketing
• The societal marketing concept adopts the
position that marketers have a greater social
responsibility than simply satisfying
customers and providing them with superior
value.
• Instead, marketing activities should strive to
benefit society's overall well-being.
• Coca-cola's desire to be socially responsible
has lead the company to give over
$126,000,000 in 2014 to initiatives such as
active and healthy living, water stewardship
programs, education, women's
empowerment, humanitarian and disaster
relief programs.
• Encouraging use of reusable coffee cups,
water bottles and metal straws. Eliminating
plastic bags from retail and grocery stores.
Premiumization
• The action or process of attempting to make a
brand or product appeal to consumers by
emphasizing its superior quality and
exclusivity.
Package premiumization
Starbucks