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Marketing Strategy| Porter's Generic Strategies in Hindi| Cost leadership,Differentiation and Focus - YouTube
Channel: Intellectual Indies
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We have understood what marketing is
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In some videos we talked about segmentation,positioning,need want
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We have understood the basic concepts of marketing
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Now we have to do marketing of our company,brand..now we have to launch our product
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So what should we do?
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So Porter's told you some strategies which you can apply to your brand and company
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If you are a marketing student then you can write all these in your paper
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Hello friends my name is Sahil Khanna and you are watching Intellectual Indies
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Basically 3 types of startegies are there...1 : Cost Leadersip which I like very much
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Cost LEadership says that you have to make your product the cheapest in the market
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And have to try that every buyer in the market buy your product
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If you see then around 2013-24 Micromax had a very large market share
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As it was providing good offerings at low prices
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There was no MI,OnePlus type of companies at that time
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So everyone thought that Micromax is the cheapest and best phone
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So by the this strategy they made lot of money and captured the market
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Let's say they sold you a phone worth 10K and earned only 500 out of that
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But they sold 1 lakh pieces like that
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Take another company that was selling the same features but worth 20K
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But it was able to sell only 1K pieces
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So overall who made more profit? Micromax
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So what you have to do is find cost of the product..how much does it cost you..
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You can see above a video where we have talked about finding cost of a product
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Now after finding cost of the product..you have to check how much profitability you want to make
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If you are going on Cost LEadership then you cant take more profit
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You have to operate on 2,3,5%
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Because what's your staretegy here : volumetric sale..sale as much as you can
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So sell your product by taking 5% profit margin and cost leadership strategy will be applied to your product
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Next strategy that comes here is Differentiation. Here you have to show your product different from the other person
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here you dont have to keep it cheap,ypu can make it costly,no problem in that
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But you have to try that it is different from your competitior
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Like samsung s8,it sold edge to edge display
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This is its differentiation strategy
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Like Pixel phones,their cameras were different among the highest rating cameras
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That was their differentiation strategy. Now we will talk about what iPhone is doing
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iPhone is doing siftware customization and providing very good customer service
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Their customer service is so good that they replace your phone if something goes wrong
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So this is their speciality that differentiates them from other competitors
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So the 3rd and last strategy here is Focus strategy
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For this I will give you example of One Plus
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If you see they launched cheap product and said that our phone is Flagship Killer
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Basically they are towards cost leadersip and want to capture a small segment
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And now you can see oneplus has a very big market share
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And why is it so? As they have applied Focus strategy
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Focus strategy is different from cost leadership and differentiation in a way that in them you don't take a segmentation
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Here we target a small market and sell our product there
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Here you can do differentiation as well as cost leadership
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Thats upto you, can do both as well
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So these were the 3 startegies given by Porter
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You can apply this in your business,write in your paper
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If you ar doing job,you can apply it there as well
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So guys this video ends here,hope you understood
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If you have any problem,ask me in comments..like,share and subscribe
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If you have not subscribed then please do, and tell your friends too
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If you are a college student then share this link with all your friends
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so that they also get to know about our channel..so bye good night shabba khair khuda hafiz
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