Misconceptions of Marketing

1. Is marketing all about communication?

Answer is No.

Though communication is the most visible, it is the smallest part of marketing.

The marketing process involves the following stages:

1. Understanding the customer

2. Setting up the segment, target and positioning process

3. Execution of strategy i.e., offering, communicating with the customers, formulating the routes for marketing and finally pricing.

Focusing on communication channels and message alone would not yield the desired results.

2. Is marketing is all about creating needs?

Answer is No.

Customer seeks satisfaction of need through goods or services provided by the provider. Various reasons can contribute to cultivation of such need, like problems with existing channel, frustration due to process of procurement or aspirations and desires.

Types of needs

Expressed needs are the one which a customer values while selecting a product or service. After sale service, installation procedure, guarantee, appealing design, desired price range etc. are some of these expressed needs.

For a provider, improving on expressed needs beyond a point does not yield relative higher returns as customers are already satisfied and their perception would not change much.

Implicit needs are those who customers take for granted and that need not to be mentioned. A customer while ordering a sandwich expects tomato sauce to be served too.  

Another implicit need is a choice which has been tested among different varieties of a product. Customer’s perception is impacted negatively if there is a denial of implicit needs. An ice-cream parlour would risk loss of business if it suddenly starts offering only vanilla.

Latent needs unlike expressed and implicit are those which a customer has not experienced yet and when such innovative ideas or products are offered, customers are captivated.

Focusing on expressed and implicit needs enables a business to continue at the same level while addressing latent needs innovators can draw benefit from creating new level of customer satisfaction.

Hence, marketing enables to understand need but not creating them.

3. Marketing is about exaggerating reality?

Answer is No.

Marketing is often seen as presenting the best of products, services and even self, highlighting the highest achievements while down-playing failures and facts of lesser importance.

Since most of the marketers adopt this method, it hardly provides any marketing competitiveness. You may have often seen advertisement of weight loss products or beauty products showing off ‘before’ and ‘after’ scenarios. No matter how sharp the ‘after‘ is, buyers in general are aware that such advertisement are result of trick photography and digital enhancement.

Hence, exaggerating reality is only a standard execution process and does not provide substantial advantage.

So, why should a customer chose your product and service? He does so because he identifies a certain value of the choice.

Above all, the marketer needs to understand the value of their proposal and employ clear and creative communication to reach up to the desired customers to deliver such values.

∞∞∞∞∞∞∞∞∞∞∞∞∞∞∞

Vinay Pandey, 03/02/2018

PS : If you have a suggestion or have noticed a mistake, please leave a comment.

People management and peers - a short discussion

Who are peers?

Peers are people in your organization who are from similar age group, with similar educational background and may be in similar hierarchy in the organization. Peers are important stakeholder in management. Peers can be from same department or in other. Unlike co-worker or colleague a peer is more socially bonded and may contribute and influence the persons’ behaviour and beliefs.

Peers can be play intrinsic role both professionally:

A peer contributes towards professional growth, especially at entry level;

A peer contributes towards achievement of organizational objectives;

Peer is seen less as a competitor and more as a support;

Inter-dependency;

Better co-ordination;

Deliverable are related and hence peers collaborate;

Conflicts are managed better as conflicts deter deliverables. Solutions sometime turn out to be out of the box and innovative;

Positives of peers get importance within the relationship;

Clarity in understanding the business context in which peers work;

Unofficial feedbacks on work related matters help in timely recovery;

Sharing of expertise ensures accomplishment of work;

Reciprocity in work related support;

Support in each other responsibilities;

Idea centric collaboration is possible when peers co-create and execute an idea. Very important if the organization is under budgetary pressure;

Peer network creates value for the company;

and personally:

With similar knowledge and skills they complement each other;

Capabilities are enhanced as a peer influences a person to learn more;

Complements results in respect which help in building partnership;

Support and co-operation;

Friendship outside the office politics;

Fall back network of friendship and acquaintance;

Honest and transparent relationship;

Feedback on assessment of personal nature without egos.

Issues between peers

Non-aligned expertise;

Differences will keep surfacing but should be dealt harmoniously;

Departments should not be seen as boundaries;

Lack of clarity of common objectives between different departments/verticals;

Common goal is perceived by one of the partner as individual goal of his peer;

Sharing resources as human, financial or material may lead to inter-personal conflicts. Such conflicts should be sorted out among peers effectively;

Conflicts should be within the professional sphere, like task or work. Conflicts resolution should be swift and in general should be minimized. Personal conflicts are difficult to manage and can lead to breakage of relationship;

Blame game. Cornering peer creates the biggest inter-personal conflict;

Peer needs to periodical review and give feedback. Recipient should take it positively and the peer who is reviewing should lend a hand for betterment.

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Vinay Pandey, 08/12/2017

PS : If you have a suggestion or have noticed a mistake, please leave a comment.