Holistic Marketing

HOLISTIC MARKETING

Relationship Marketing :- A key goal of marketing is to develop a deep, enduring relationship with people and organizations that could directly or indirectly affect the success of a company’s marketing activities. It aims to build mutually satisfying long term relationships in order to earn and maintain their business. Customer retention is another key aspect. Attracting a new customer may cost five times as much as retaining an existing one.

HONDA does that very well as it has several tie ups with several major players. For example, it tied up with Hero to launch a bike in the 90s.Discounts during festive seasons for the customers is something that it does very often.

Integrated Marketing :- The marketer’s task to devise marketing activities and assemble fully integrated marketing programs to create, communicate and deliver value for consumers. Two key themes of integrated marketing are that firstly, many different marketing activities communicate and deliver value and secondly, when coordinated, marketing activities maximize their joint effects. Marketers should design and implement any one activity keeping all other activities in mind.

HONDA uses these ideas to communicate about Stunner very well with lots of advertisements and big functions to announce any new launches or innovations. Whenever it releases an ad or press release about Stunner, it also sends across a sturdy brand image regarding itself. using this strategy it ensures that sales maximize.

Internal Marketing  :- This means that everyone in the company follows appropriate marketing principles, specially senior management. It is the task of hiring, training and motivating employees who want to serve customers well. It makes no sense to promise excellent service before the company's personnel is ready to provide it. Internal marketing is at two levels :

∙         Sales force, advertising, customer service, product management, research - all must work together. If they do not, customer's bound to go away. In case of HONDA, these parameters are quite well coordinated except the case of Jive when the service personnel were not qualified to service that particular bike.

∙         Other departments must also think about customers. It's not that only the sales people must think about them and not the people in advertising. Everyone should understand the importance of customer. Stunner has been down and outwards supporter of this thinking as is evident by several awards that they have won in this category.

Performance Marketing :-It shows about the returns to the business from marketing activities and addressing broader concerns and their legal, ethical, social and environmental effects. Top management thinks about market share, customer loss rate, customer satisfaction, quality, etc.

Marketers have to show to their bosses about the finances that they have spent in marketing the product. Also they should be concerned about any legal ramifications. Stunner cannot use any engine technology or styling which other bikes use. It has a patented CBF technology which only Stunner can use. Stunner uses CBF which is according to the environmental norms of less pollution. 

STP

                                                           STP

SEGMENTATION :- A marketer can rarely satisfy everyone in a market. Not everyone likes the same food, movie, automobile, car  etc. Therefore, marketers start by dividing the market into segments. They identify and profile distinct groups of buyers who might prefer or require varying product and service mixes by examining demographic, psychographic, and behavioural difference among buyers.
HONDA has also done the same thing by segmenting the audience into it being a youth centric flashy and jazzy bike. With ultra modern looks and high powered engine, Stunner has made its way into the youth segment.

TARGET :- The marketer now decides which present the greatest opportunity – the target markets. For each, the firm develops a market offering that it positions in the minds of its target buyers. For example, Scorpio is targeted as a sturdy vehicle rather than being a luxury SUV.
Same way, Stunner is targeted as a youth centric bike with the target audience being the one who want powerful engine with good mileage and comfort.

POSITIONING :- Marketers position their product in such a way that attracts the maximum number of customers to its product. Bose speakers are positioned in such a way that only those people who are looking for custom based sound systems and expensive systems should buy them.

Customer Behaviour

Customer Behaviour

Marketing and environmental stimuli enter the consumer’s thinking and a set of psychological processes combine with certain consumer characteristics to result in decision processes and purchase decisions. The marketer’s task is to understand the behaviour of the customer.

MARKET STIMULI :-

·         Products and services – Honda stunner  and what services it has to offer

·         Price – stunner’s price as compared to rest of the bikes in the segment

·         Distribution – How convenient is it to me to get the bike. Is the showroom closer to my place.

·         Communications – Stunner has been promoted well keeping the target audience in mind.

OTHER STIMULI :-

·         Economic  - Is the bike within my budget?

·         Technological – Is the bike technically superior or at par with the other bikes in the segment?

These two lead to Consumer Psychology and Consumer Characteristics

CONSUMER PSYCHOLOGY :-

·         Motivation – Stunner’s technical superiority and along with sturdiness and high mileage motivated me to buy this bike

·         Perception – Stunner has always been perceived as a low maintenance bike

CONSUMER CHARACTERISTICS :-

·         Social – Stunner was a big seller in this area. I saw many Stunner on the road. That also played a factor in purchase of this bike

·         Personal – As an avid bike lover, Stunner attracted me with its looks, engine, average and sturdiness

These two factors lead to Buying decision process (already discussed) and Purchase Decision

PURCHASE DECISION :-

·         Product Choice – Had to choose between Honda stunner CBF And CBFi. Decided on Stunner CBF as it fitted into my requirements well

·         Brand Choice – HONDA has always been a trustworthy brand

·         Dealer Choice – Upon recommendation from my peers, I chose the HONDA dealer in KHAMLA for the purchase of my STUNNER.

·         Purchase timing – Heavy traffic and rising fuel costs

·         Payment method – cash payment as they didn’t allow cheques.

Sales Management

Sales Management

This is taken care by specialized personnel whose main functions are :-

·         Specialized knowledge of customer’s industry

·         Strive to give the customer the “best solution”

·         Make only promises that they can keep

·         Feedback customer’s needs and ideas to those in charge of product deployment

·         Serve the same customers for a longer period of time

Also sales management is defined in two ways, B2B and B2C, that is Business to Business Sales management and Business to Consumer Sales management.

B2B → In case of Honda Stunner it really doesn’t fit into this category as Stunner hasn’t ever been traded from Honda to any other business like Bajaj does it for CT100 to dominoes pizza.

B2C → Stunner is more into the B2C of sales management as it directly sells its bikes to consumers on a personal level.

Distribution Decision

                                                Distribution Decision

This is a three layer model which consists of :-

·         When consumers directly buy from the company

·         When consumers directly buy from the wholesalers

·         When consumers directly buy from the retailers

In this, Honda stunner correlates mostly to the 3^rd layer when the consumers buy from the retailers, that is the authorized Honda showrooms. A consumer may buy from a wholesaler if he has to purchase in bulk like purchase of Bajaj CT100 in large number by dominoe’s pizza.