10 Deadly Sins

10 DEADLY SINS

PHILIP KOTLER

ANALYSED BY JAGADISH


1) The company is not sufficiently market focused and customer driven

what happens if a company is not sufficiently market focused

a) loses track of customer focus

b) excess cash lost by companies

c) complementor company loses revenue of the company it is related to—negatively

d) Competitor takes away market revenue away from company

solution

a) management information system ( ERP in retail sector)

b) weekly magazine updation in the press report (All india press association)

c) B2B monthly circulation about company activities with its customers

d) fortnight report from both complementor and company research handling

e) company kiosk to be set up at eating places and shopping places

II) the company is not properly customer driven :

what happens if company is not properly customer driven

a) customer switching cost happens

b) life time value of customers to company is lost

c) complementor loses money and runs out of market affecting the company

solution

a) cash bonus awards for getting customer database

b) tie up with job search engine companies
c) market space report with the help of surfers

d) MIS with organized retailers

2) The company does not fully understand its target customers

if company does not fully understand its target customers what happens

a) loss of monthly revenue even advertising on products sold to the geographic locations

b) loss to complementor products and brand loss to both company and complementor

c) loss of goodwill to both complementor and company

solution

a) enroll opinion leaders into the wing of company employee enrollment

selecting opinion leaders can be done by looking at the database answers generated by the press reports to editors

b) introduction of multi level marketing selling products from customer to customer

c) place an employee of the company at organised retail outlets to do survey as to which products that sell and which do not pose a small query of yes and no option to be filled up by the consumers

d) conduct kiosk at different localities to find out the pulse where kiosk products are being purchased in wholesome

3) The company needs to better define and monitor its competitors

if company monitors its competitors it has advantage of

a) latest trends followed by competitors

b) know consumer behavior through introduction of products and brands introduced by competitors

c) can share/know intellectual capitalism






d) reduce money expenditure

solution

how to monitor competitors

a) management meets (sharing information by company)

b) training and development conducted industry wise

c) segmentation, targeting, positioning of company products SWOT information through retail segment

4) The company has not properly managed its relationships with its stakeholders

what happens if relationship with stakeholders creates friction

a) lose in market share and share price for the company

b) loses due to switching cost of brand/product

c) winding up of company

solution :

a) monthly reports about company progress

b) CSOP (customer stock option plan)

c) yearly surprise element in form of books/money to be given to say you are special (think)

5) The company is not good at finding new opportunities

what happens if company is not able to find new opportunities

a) loses to competitors (switching cost)

b) employees become stagnant in information

c) loses goodwill

solution

how to find new opportunities

a) black commandoes, industry wise through knowledge sharing

b) stakeholders feed back

c) management books (knowledge)

6) The companies marketing plans and planning process are deficient

what happens if marketing plans and planning process is in deficiency

a) lack of correct strategy by company (wrong input wrong output)

b) ERP information cannot give right data nor company can design right ERP industry wise

c) no right segmentation, targeting , positioning of product/brand giving loses to company

solution :

how to make planning foolproof

planning process can never be foolproof because defects are common

the more you do planning, the more experience you would gain which would remove defects

in this changing world scenario information keeps on changing

one has to have

a) updated knowledge and keep revising

b) huge output of secondary data on strategy being used on brands

c) psychographic, geographic trends to be followed through research every 6 months

6 months because, brand in today's generation life period is 6 months

how did this 6 months came as life period of brand

one month to see whether segmentation, targeting positioning of brand is rightly placed or not

second month to see the competition and to fight it out

third month to see whether advertising is hitting the consumers mind
fourth month to get feedback

fifth month to check out whether swot is applicable or not

sixth month to see the fall of brand or, is it earned through cash cow

7) The companies product and service policies need tightening

product/service policies : these are the policies designed by company to earn revenue for the company to which product/service represents to.

what happens if companies product and service policy is not tightened

a) information loss to competitors

b) frequent changes being made to products without any single policy

c) not able to handle pressure because of lack of proper policies- no clear cut rules
solution :

how to see that proper policies are being followed without changing them

a) regular meet of CIO (customer information officers )every quarterly to see progress made in information regarding companies/industries

b) frequent video conferencing with stakeholders to update them on current issues faced by company and asking for advice else direction

c) market space (internet) survey at inbox to stakeholders/B2B customers periodically to see, they are satisfied or not with company policies

8) The companies brand building and communication channels are weak

what happens if brand building and communication channels are weak

a) product information loss to customer (B2B,B2C,C2C)

b) sales decline

c) no proper segmentation, targeting, positioning
solution

how to strengthen communication channels

a) spread word of mouth about products through employees of companies
b) promoting through education channels/websites in television, internet in today's century (knowledge capitalism)

c) writing articles in Internet about products

d) promotion through combos in newspapers (information about company brochures)

9) The company is not well organized to carry on effective and efficient marketing

what happens if company is not effective in marketing

a) lack of STP (segmentation, targeting, positioning ) of both products/brands

b) no proper marketing channels to sell effectively brands

c) costly advertising campaign

solution

how to do effective marketing for brands

a) through SWOT of both geographic and psychographic

b) selling of ecological based products / brands in 21st century to be effective

c) supply chain management to be monitored through proper MIS (Management Information System)

10) The company has not made maximum use of technology

what happens if technology is not used to its maximum

if technology is not maximum usage, nothing happens because their is no upper limit or lower limit to technology , it grows, grows and grows

example: microsoft came with windows it was called maximum limit , again microsoft came with windows xp, people said is their any limit., they are still venturing out for advancement in technology

sometimes technology advancement can eat away revenue through advanced automation without companies knowledge

how to know when to stop advancement in technology

personal desire of human being is the answer, otherwise it is self destructive in the long run

END