Archive for the ‘Marketing’ Category

Marketing Debate

August 12th, 2012 No comments

I come across the term “marketing” which is quite often perceived as only done by marketing department. What about all the managers in every organization or department can be referred to as marketers? and all marketers who think like managers of any organization, can they be referred as executives? A HR manager trying to sell his team by showing his targets for the quarter. A IT manager trying to sell his team by showing the opportunity cost for the period.

Marketing merely not only done by marketing department but that affects every aspect of customer experience. Marketing has often referred as in terms of satisfying customer needs and wants. Critics, however, maintain that marketing goes beyond that and creates needs and wants that did not exist before.

Some of the tasks that are quite relevant and which are essential for successful marketing or “management” includes developing marketing strategies and plans, identifying marketing insights, connecting with customers, building strong brands, shaping the market offerings, delivering and communicating value, and creating long-term growth. From a managerial point of view, marketing management is art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value.

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Zero Moment of Truth

February 4th, 2012 No comments

The vacation of my first semester of MBA class  was over and was all set for the second semester to begin. We got the syllabi for our second semester from our course coordinator with all the new books and authors published which would be required as reference material for our second semester. I was quite reluctant in getting or buying the books at first instance without having seen it or experience it. May be at that moment I realized the human attitude towards the buying pattern has already evolved over a period of time. i.e. the basic principle of traditional path to purchase modeled as stimulus + Shelf + Experience is no more traditional and has evolved.

Stimulus is first you are aware of a product via advertisements or promotions or by identifying your need. Shelf is where you evaluate a product on store or practical by examining it off shelf. Experience is something you have experienced the product after buying it and evaluate post purchase whether it has met your expectations fulfilling your needs. Here the Shelf or evaluating a product refers to as “First Moment of Truth” and this moment was first discovered by P&G (Procter & Gamble) that leads to the mindset whether to purchase or not. The product experience post purchase whether it has fulfilled your promise is referred to as “Second Moment of Truth”.

I encountered many such practical situations day today when I am standing there and looking at many cell phones/Refrigerators/Televisions from varied brands and which one buy? First thing that strikes to my mind is grab my notebook or my smart phone and look at the review the consumers have posted for the particular model that I want to buy. Is it worth the value of the cost? or any other brand is providing better features or services with the same price? The best brands consistently win two moment of truths. First occurs at the store shelf where I decide which one to buy, either one brand or another. The second occurs at my home when I use the brand and I am satisfied / delighted or not?

Google’s Jim Lecinski comes up with new Study referred to as “Winning The Zero Moment of Truth”. It states there’s new critical moment of decision that happens before consumers get to the stores and their first impression is the final decision and will be made at that moment: Zero Moment of Truth. May be this happened to me and of course many of us when we see an advertisement in the TV and I liked the ad and before going to the store I would surely grab my notebook or smart phone to really know the review of the product. Finally, I bought my book having heard the review from my friends and I am satisfied too. I learnt, I decided at the Zero Moment of Truth. Winning the Zero Moment of Truth – ZMOT is really amazing study by Google and how social conversations really influenced new model of changing behavior among all consumers.

Categories: Experiences, Marketing Tags: