vMarket ing commu nication process for new product launch

Kund an Yada v

2009

SUBMITTED TO INTERNATIONAL INSTITUTE FOR LEARNING IN MANAGEMENT BUSINESS SCHOOL

Marketing communication process for new product launch

PROJECT REPORT ON Marketing communication process For new product launch PREPARED BY YADAV KUNDAN. M. ROLL NO: 31 S.Y.MBA [MARKETING]

UNDER THE GUIDENCE OF Mr. S. S. RANJAN.

SUBMITTED TO INTERNATIONAL INSTITUTE FOR LEARNING IN MANAGEMENT BUSINESS SCHOOL

AFFILIATED TO EASTERN INSTITUTE FOR INTEGRATED LEARNING IN MANAGEMENT UNIVERSITY EIILM UNIVERSITY

IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE DEGREE OF MBA (INDUSTRY INTEGRATED) 2

PREPARED BY: KUNDAN YADAV.

Marketing communication process for new product launch SEMESER-3

PREFACE You don t have to go to the end of the earth to

succeed only to the limits of your ambition. In the present scenario, any study will not be completed without knowing management concept in practical marketplace. The studies with practical opuses (view) are a gold coin. My self, as a student of MBA(Industry Integrated program) of INSTITUTE FOR LEARNING IN MANAGEMENT BUSINESS SCHOOL(IILM-BS) INTERNATIONAL

is very fortunate to have

done my report in such a professionally advanced Topic Marketing communication process For new product launch . In this project, we will see how the company deals with many practical and operational problems while launching a new product in the market. This project will teach how the company overcomes these problems. This main object of this project is to upgrade oneself from theoretical concepts to practical environment. Another aim of this project is to learn product launching management and discipline while launching a new product in market place. This projectis an act of increasing ones knowledge and skills so that he/she can perform his/her job in a better manner. In my context this project work has helped us not only in preparing my project, but also in understanding the marketing aspects of an organization in a more detailed manner. This project work is indeed a life-time experience to me.

PREPARED BY: KUNDAN YADAV.

Marketing communication process for new product launch These memorable days as a trainee are put in black and white.

If you give a man a fish, you feed him for a day, but If you train (teach) him how to fish, you feed him for a life time .

ACKNOWLEDGEMENT MANY HANDS MAKE A WORK LIGHT At this time, I can t but remember these words because of this project. Which was undertaken by me as was been shaped through the co-operation and coordination of many people of IILM-Business School. I am very delighted to say that highly qualified and experienced Faculty of the college have introduced as with a deeper insight of managerial and administrative world. I think it seems very pleasant on their part to be supportive and cooperative to me. Indeed, it had been a tremendous learning experience for me to have guidance, valuable information as well as constant inspection with a keen sense of discipline from Mr. S. S. RANJAN (training officer). Finally I feel My self lucky to express my heartiest to all who have directly or indirectly helped me in putting my research work on success. 4

PREPARED BY: KUNDAN YADAV.

Marketing communication process for new product launch

DECLARATION I, KUNDAN YADAV here by declare that the project report Entitled Marketing communication process for new product launch under the guidance of Mr. S. S. RANJAN. S. S. And submitted in partial fulfillment of the requirement for the MBA (Industry Integrated), is the result of my own Research work carried out during Octomber-Navember 2009 and has not been previously submitted to any other Institution for any other examination for any other purpose by any other person. I will not use this project report in future to use a submission to any other university or institution or any publisher without written permission of my guide.

PREPARED BY: KUNDAN YADAV.

Marketing communication process for new product launch I also promise not to allow/permit any other person to Copy / publish any part / full material of this report in any form. If I am caught as defaulter of above declaration, we know that my present or future submission may become in valid and/or I may not be permitted to appear in the college or institute wherever I are studying.

Date: Date: Place: - IILM-BS (Navi Mumbai) Place:

(Signature) (Signature) (Roll no: 31)

Dedication This project report is dedicated to my beloved parents, my loving family. Their blessing concurred and strengthened my functioning for project. Their kind and gentle action have always inspired me to do better. They have provided me whole heartedly support for the completion of my project. Without their blessings this project report would not have been possible.

PREPARED BY: KUNDAN YADAV.

Marketing communication process for new product launch I also would like to thanks my friends who always support me to do my research work on my project. Because they always support me to do my researches work on bettor manner and also giving their valuable suggestion in context to current market scenario. Finally I am also very thankful to my college staff to provide all the resources and other support to me.

: INDEX:

PREPARED BY: KUNDAN YADAV.

Marketing communication process for new product launch CHAPTER NO.

TOPICS INTRODUCTION METHODOLOGY ANALYSIS & DISCUSSION CONCLUSION FUTURE PROSPECTS REFERENCES

PAGE NO.

1. 2. 3. 4. 5. 6.

08 20 37 56 58 60

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Marketing communication process for new product launch

INTRODUCTION 9 PREPARED BY: KUNDAN YADAV.

Marketing communication process for new product launch

INTRODUCTION Marketing Communications (or MarCom or Integrated Marketing Communications) are messages and related media used to communicate with a market. Those who practice advertising, branding, marketing, and online direct marketing, graphic design, publicity, marketing packaging, marketing promotion, are termed

sponsorship, public relations, sales, sales promotion communicators, marketing communication

managers, or more briefly as MarCom managers. Traditionally, marketing communication practitioners focus on the creation and execution of printed marketing collateral; however, academic and professional research developed the practice to use strategic elements of branding and marketing in order to ensure consistency of message delivery throughout an organization- the same "look & feel". Many trends in business can be attributed to marketing communication; for example: the transition from customer service to customer relations, and the transition from human resources to human solutions. In branding, opportunities to contact stakeholders are called brand touchpoints (or points of contact.) Marketing communication is concerned with the general behavior of an organization and the perceptions of the organization that are promoted to stakeholders and prospect clients through these touchpoints.

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Marketing communication process for new product launch Marketing communications is focused on product/produce/service as opposed to corporate communications where the focus of communications work is the company/enterprise itself. Marketing communications is primarily concerned with demand generation, product/produce/service positioning while corporate communications deal with issue management, mergers and acquisitions, litigation etc.

Targeted interaction with customers and prospects using one or more media, such as direct mail, newspapers and magazines, television, radio, billboards, telemarketing, and the Internet. A marketing communications campaign may use a single approach, but more frequently combines several. It Includes advertising, public relations, web development, signage, point-of-purchase, print collateral, direct mail, logo/packaging design - anything that serves as a vehicle for brand and marketing messages. The field of "Marketing Communications" covers advertising, public relations, web development, signage, point-of-purchase, packaging, print collateral, direct mail, identity anything that serves as a vehicle for brand and marketing messages.

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Marketing communication process for new product launch

THE COMMUNICATION PROCESS Modern marketing calls for more than developing a good product, pricing it attractively and making it accessible to target customers. Companies must also communicate with their present and potential customers. Every company is inevitably cast into the role of communicator and promoter. What is communicated, however, should not be left to change. To communicate effectively, companies hire advertising agencies to develop effective ads; sales promotion specialists to design sales incentive programs and public relations firms to develop the corporate image. They train their sales people to be friendly and knowledgeable. For most companies, the questions are not whether to communicate but rather what to say, to whom, and how often. A modern company manages a complex marketing communications system. The company communicates with its middlemen, consumers and various publics. Its middlemen communicate with their consumers and various publics. Consumers engage in word-of-mouth communication with other consumers and publics. Meanwhile each group provides communication feedback to every other group.

Marketers need to understand how communication works.

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Marketing communication process for new product launch

Some years ago a communication model will answer: whom, With what effect.

Who, Says what, In what channel, To

Over the years, a communication model with nine elements has evolved, that shown in following figure. Two elements represent the major parties in a communication sender and receiver. Another two represent the major communication tools message and media. Four represent major communication functions encoding, decoding, response and feedback .The last element represents noise in the system.

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Marketing communication process for new product launch

[Marketing communication process] Sender. The party sending the message to another party (also called the source of communicator). Encoding. The process of putting thought into symbolic form. Message. The set of symbols that the sender transmits.

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Marketing communication process for new product launch Media. The communication channels thought which the Message moves from sender to receiver. Receiver. The party receiving the message sent by another party (also called the audience or destination).

Response. The set of reactions that the receiver has after being exposed to the message. Feedback. The part of the receiver's response that the receiver communicates back to the sender. Noise. Unplanned static or distortion during the communication process, resulting in the receiver's receiving a different message than the sender sent. The model underscores the key factors in effective communication. Senders must know what audiences they want to reach and what responses they want. They must be skillful in encoding messages that take into account how the target audience usually decodes messages. The source must transmit the message thought efficient media that reach the target audience. Senders must develop feedback channels so that they can know the receiver's response to the message.

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Marketing communication process for new product launch

[Elements Affecting Shared Meaning] For a message to be effective, the sender's encoding process must mesh with the receiver's decoding process. Schramm sees messages as essentially signs that must be familiar to the receiver. The more the sender's field of experience overlaps with that of the receiver, the more effective the message is likely to be.

"The source can encode and the destination can decode, only in terms of the experience each has had . This puts a burden a communicators from one social stratum (such as advertising people) who want to communicate effectively with another stratum (such as factory workers). The sender's task is to get his or her message thought to the receiver. There is considerable noise in the environment people are exposed to several hundred commercial messages a day, aside from the other messages they attend to in their environment. Members of the audience may not receive the intended message for any of three reasons. The first is selective attention in that they will not notice all the stimuli. The second is selective distribution in that they will twist the message to hear what they want to hear. The third is selective recall in that they will retain in permanent memory only a small fraction of the messages that reach them. The challenge to the communicator is to design a message that wins attention in sprite of the surrounding distractions. Schramm suggested that the likelihood that a potential receiver will attend to a message is given by. Perceived reward strength - Perceived punishment strength I livelihood of attention = ---------------------------------------------------- Perceived expenditure of effort

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Marketing communication process for new product launch Selective attention explains why ads with bold headlines promising something, such as "How to Make a Million;' along with an arresting illustration and little copy, have a high likelihood of grabbing attention. For very little effort, the receiver has an opportunity to gain a great reward. As for selective distortion, receivers have set attitudes, which lead to expectations about what they will hear or see. They will hear what fits into their belief system. As a result, receivers often add things to the message that are not there (amplification) and do not notice other things that are there (leveling). The communicator's task is to strive for message simplicity, clarity, interest and repetition, to get the main points across to the audience. As for selective recall, the communicator aims to get the message into the receiver's longterm memory. Long-term memory is the repository for all the information one has ever proceed. In entering the receiver's long-term memory, the message has a change of modifying the receiver's beliefs and attitudes. Bui first the message has to enter the receiver's short-term memory, which is a limited-capacity store that processes incoming information. Whether the message passes from the receiver's short-term memory to his or her long-term memory depends on the amount and type of message rehearsal by the receiver. Rehearsal does not mean simple message repetition but rather the receiver's elaborating on the meaning of the information in a way that brings into short-term memory related thoughts previously stored in the receiver's long-term memory. If the receiver's initial attitude toward the object is positive and he or she rehearses support arguments, the message is likely to be accepted and have high recall. If the receiver's initial attitude is negative and the person rehearses counterarguments. The message is likely to be rejected but to stay in longterm memory. Counter arguing inhibits persuasion by making an opposing message available. Much of persuasion requires the receiver's rehearsal of his or her own thoughts. Much of what is called persuasion is self-persuasion. M