Tag Archives: management

Beginning the journey on The Long Road

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Picking up from the last time where we left off about the principles of marketing, management and marketing management where we discussed about the necessities of the above three concepts, we now move on to one of the most important concepts of Marketing Management i.e. Stimulus- Response Model. This concept is important from the point of Marketing Management because the consumer response towards the product decides the fate of the product.

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As it is evident from the diagram above that various stimuli motivate consumer to respond to the product. For same stimuli we will get different responses from the consumers; this is because of the most important factor of this model: Filter mechanism of the consumer. This filter actually determines which information, bombarded from our surroundings, needs to be processed and ultimately, responded. This response is determined by various like social, cultural and environmental factors. Let us look at the case of Kellogg’s Corn Flakes.

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Despite being very successful in the western markets and projecting their product as wholesome breakfast for the whole family, Kellogg’s, being in the Indian Market for more than 18 years; still have a lukewarm response from the Indian market. Their desperate attempt to attract different segments from their products like Chocos for kids, Corn Flakes in different flavors apart from regular flavor etc., was still not acceptable in the Indian household. Kellogg’s did not realize that, unlike western households, where cold breakfast was a norm, Indian families prefer hot and fresh breakfast such as Parantha, Upma, Idli, Appam etc., served and made by mothers. Similarly, unlike Western schooling systems, Indian schools start early in the morning which usually make children skip breakfast and are only served milk by their parents. Kellogg’s, now understands this trend in Indian families, is focusing on wholesome and healthy breakfast like Oatmeal, by which they hope to capture the Indian market.

 ImagePromotional ad of Kellogg’s, trying to give the” motherly care value” to its product.

As we all know that the attention span of a human is less than a minute, so as a marketing person, we have to capture and attract him within this minute. From the point of view of an organization, main objectives are to survive and grow. To achieve these, a company must be able to attract as well as retain customers. To fulfill these challenges, the company must be able to increase the Customer Perceived Value of the product. Thus, proper marketing and promotion is required to grab the attention of the customers. To increase the value of the product, we must understand the components of value of the product.

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The above diagram explains the relationship between customer expectations, perceived values and customer behaviour. Various organizations use various tactics and gimmicks to promote their product. This concept can be easily understood if we compare the following promotional ads.

Apple I-Phone 5 and Relaxo feat. Salman Khan

As evident from the above ads, while both ads tried to promote their product, Apple was more focused on connecting their product to the common man, while Relaxo used the brand value and image of Salman Khan to promote the product, which has practically no relevance to the actual product value. Thus, we can evidently see the attempts of both of the products of increased total perceived value.

In the next post, we will explore more of the technical aspects of Marketing Management and will focus on certain aspects which, sometimes forces us to think:

“Marketing is too important to be left to the marketing department.”

 

In case, the videos do not work, please check your browser or, simply follow the below hyperlinks to watch the videos:

 

Apple I-Phone 5:

http://www.youtube.com/watch?v=0y-PON19un8 

Relaxo:

http://www.youtube.com/watch?v=X6MiXudzYws

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Everyday Management: The Art of Living

Many of us, especially the youth wants to become a manager. Many of them go through years of studies and hardships to become one. But few knew this fact, that knowingly or unknowingly we all are managing things. We all are managers at some point of our life. We are managing our lives. So, where does the difference comes? Why do most of us spend plenty of money and invest their time in doing something which we have been doing for years?

The difference is between management and good management. There is often a line of difference between management and good management, and often the line is not thin! So what is management? How do we define it? According to Wikipedia, Management is the act of coordinating the efforts of people to accomplish desired goals and objectives using available resources efficiently and effectively. Or simply said, it is the act of managing people and entities. The better you manage, the better manager you are. It can also be said as the proper use of available resources to maximize the output. Management can be applied in broadly two verticals. In our life and in our organisation. Management in our lives is much more crucial than management in our organisations. It is because we will not be able to manage our neighborhood if we are not ourselves managed.

Now comes the question, how can we manage ourselves? Or rather, how can we manage ourselves better, manage our lives better, to get the desired results. To answer this question, we need to first find out the answer to “What is the desired result?” Is it what makes us happy or is it what we achieve after working hard? We can classify these as, Success is getting what you like, and Happiness is liking what you get. So the most desired result can be when you are happily successful. That is you got what you like and are still loving it. Next is how we achieve this? We all make plenty of wishes, everyday. But very few of us work hard to fulfill those wishes. Why is it so? It is mainly because our wishes are not goals. The moment our wishes become our goal, the desired result shall be achieved. Now by goal we do not mean by an unrealistic task. It is a specific, measurable, achievable, and realistic and time bound goal. Here, we encounter one more question, why do we strive to move in this direction? It is because this path leads to better life with no frustration and sense of security and happiness, which is a state of mind, rather a peaceful mind. Thus, we need to move in a direction of our desired results implementing smart goals.

The manager also has one more important function. Be it in our organisation or in our lives, we all need to handle difficult situations. We need to steer our course through these situations, no matter how tough they are.

A person who is good in managing his life may or may not be able to manage his organisation that well. For that he needs a combination of three major entities: Knowledge, Skill and Attitude. Without knowledge he/she will not be able to grow within an organisation nor would he be able to make his organisation grow. Similarly, skill set is also required for proper management. Last but not the least, attitude is required. Incidentally, attitude is the most important factor from these. Positive attitude will help you make your way forward but negative attitude will take you downhill. A right combination of all three is a must. If anyone has knowledge and skill but not the right attitude, he/she will not be fit for organisation. It’s just like on your destination, you have the right vehicle, right speed, but not the right direction. You will never be able to reach your destination.

One last point which we would like to mention is applicable for today’s changing times. Taking reference from Alvin Toffler’s Future Shock, we may imply that the generation of today has changed, but the advice and the mind-set has not changed. We are living in the same state of mind in which we were many years before. We need to unlearn, learn and relearn, to survive today. We need to unlearn all that we have learnt since years, and need to relearn today’s conceptions. Thus making our lives better.