What is Marketing?
Process of assessing the market needs & wants of consumers. We have to satisfy customers. How do you satisfy consumers?
We need to have customers centric marketing. If we care for customers then we are getting better orders always.
7 P’s are most important in marketing. These seven are product, price, promotion, place, packaging, positioning and people. We need to have a close watch on these articles. Even a single P of marketing can create any gain or loss for the companies. Marketing deals in perception. We need to create & manage the perception.
All spiritual Gurus are the best marketer all over the world. They convert footfalls to great conversion. They tell their devotees in wonderful marketing & spiritual way. You can see how spiritually & talk on any topic. They have overall knowledge of mental understanding.
See the marketing of any products as related to all 7 Ps perception.
Sometimes we go with branded AC, TV, SHOES, GARMENTS. see Amitabh Bacchan, Sachin, Virat, Ronaldo & M S Dhoni are super-brands & awesome products producers endorse them as per their plans.
Marketing is fun:
Marketing is delightful if done with passion. I have seen many marketing experts who are selling their products to qualified buyers with repeated orders. A good marketing man is an expert in keeping the lowest finished product stock. They are trying to bring the best possible rate from the market.
We can see that even one rupee per KG of yarn is going to affect the profitability to a greater extent. Sometimes we see when the market is dull you will get more complaints. When the market is on-demand then people don’t care for small quality problems. The marketing head is in direct touch with the unit head and production head so that required quality para metres with proper delivery schedule are taken care of.
Relaunching of products:
We know the life cycle of all products of our company. We need to have continuous improvement with the help of the innovative approach of a total team. Only then we can go into the market is a win-win situation. Better quality and on-time delivery will add repeated orders.
Entrepreneur mindset: Marketing & total management needs to have an entrepreneur mindset so that they can understand any marketing concept on merit.
Research work is a must:
Most companies are maintaining their RND and quality teams so that they are regularly updating their quality of products. Quality of the product is always giving the upper hand to marketing. Consistency in the material and finishing material gives repeated orders.
We need to work our factory on a very systematic approach with ISO and other certifications. When you are maintaining certification this means your total team workforce and staff are accustomed to good quality products.
This is very important while seeing the profitability of your group. We are doing export and the dollar rate is taken care of. When we are selling our products then we get high value due to the higher dollar rate. In the IT industry also like many industries, it is effective to give great profits with a dollar.
A few years ago, I have seen that companies were spending huge amounts on advertising by doing branding with great players. No digital marketing has taken a great share. We have seen these days newspaper pamphlets or less in distribution. People go for localised national and international Facebook ads from time to time which is very cheaper as compared to billboards.
New Product development:
Companies are going for great diversification. I suppose you are a Yarn manufacturer then you can go for knitting dyeing and garment. This is called vertical integration and it makes several profit centres hence the company is getting good growth.
Customer loyalty is with products apart from brands. You just see we want to have fruits & vegetables are being purchased from Sabji mandi in India. We get the cheapest rates for vegetables & fruits in vegetable markets at much cheaper rates in India. Customers are very selective in their approach. Customers are considered godfathers of the industry.
Customers, time and again to the companies for a span of 5 to 20 years. Marketing developed such a wonderful interaction that every care for quality production and timely delivery is maintained by the companies. Mahatma Gandhi ji once told good customers retention is most important as it takes years to develop a great customer. We need to have proper dialogue and feedback from our customers says so that we can improve from time to time.
5 C Formula Analysis:
The 5c’s of marketing are a commonly-used situation analysis technique used to help marketers make informed business decisions. The “5 C’s” stand for Company, Customers, Competitors, Collaborators, and Climate. In a nutshell, a 5c analysis will help you evaluate the most important factors facing your business.
We need to know in detail for 5 C’s so that we can understand our company fundamentals in a better way. People adopt regular audits for all these points & change the points that arise from internal & external auditing.
We have done this while setting up new textiles plants in various locations in India & overseas. We have set up
Complete Data is analysed with ERP and other software. It helps to see the daily balance sheet which was made every quarterly. We can see the profitability of a company on daily basis. One of our company head Israel software company for starting ERP. I have seen the difference prior to and after the implementation. We were able to know the status of work in progress finished in transit.
I have seen big groups like Vardhman, Nahar, Trident, RSWM, and KPR Mills in the textiles industry. These companies are pioneer textile industries in India. I have seen the progress in my 40 years of experience in the textile industry. These companies follow corporate culture employee satisfaction, recruitment of Raw materials to finished product quality standards.
If companies do not follow a systematic approach then they are going to lose their brand value. These days every company is trying for the best in every aspect.
We know that in any company management is 90% common sense 10%
We have to market ourselves to ourselves in this world. We need to have great self-belief & self-confidence for top marketing.
Just see the case study of the Taj hotel Terrorist attack in 2008 by Kasab & team. At the time of the attack, there were around 1800 persons in the hotel. After hearing gunshots, no employee ran away. They automatically felt to help the evacuation of guests first.
They tried to help all guests. Nobody taught them at that moment in time. All were united & won laurels from all over the world. This is the Great leadership of Mr RATAN TATA & his employee & group relationship. Even employees sacrificed their life for their guests. This was a great study which tells how our big brands take care of their customers.
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