Effectiveness of Marketing Strategies adopted by IPL
Prof. Chinmaya KULASRESHTHA
AMITESH KAMANI (11P008)
ANAND JHUNJHUNWALA (11P009)
ANKIT OJHA (11P010)
ARPIT GOEL (11P011)
ASEEM JAGADEV (11P012)
1. Introduction to Project
1. Marketing Strategy: Concept
A marketing strategy is a combination of marketing tools that are used to satisfy consumers and company objectives. An offer is controlled by the following variables often referred to as the four Ps in marketing: • Product
There are many methods that can be used in creating a successful marketing mix. The key is to not always depend on "one" mix but take a combination of several of the above categories. By using a variation of these, one can easily reach multiple consumers within a target market.
A product can be a tangible item like soap, shampoo etc. or it can be a service like tourism industry or hotel industry that is provided to a consumer. Under this element, decisions regarding branding, packaging, quality, styling, functionalities etc. are taken. Every product has a life cycle which has a growth phase followed by a decline phase. To retain its consumers and competitiveness with other products, product differentiation is required. This is one of the strategies to differentiate a product from its competitors.
This element includes the pricing strategy used by a company for its products. A pricing strategy is not only about the profits margin. It includes taking decision on financing, discounting, credit terms, list price etc. Consumers are very sensitive to decisions taken in this realm. While an expensive product is generally assumed to be of a good quality, a cheap product is able to reach the pockets of most of the customers.
Promotion is the means of communicating information to the consumers in order to get a positive response from them. Companies can run the same advertising and promotion campaigns used in the home market or change them for each local market. Such decisions are vital because it a consumer forms a perception about the product based on such decisions. Other such decisions can also be for deciding strategies for advertising, sales force, publicity, marketing communications budget etc.
A place refers to not only the location where a product is launched and is available for purchase, but also all those activities performed by the company to ensure availability to the consumer. For instance a company may choose a physical store as its distribution channel if the product is for rural sector or a virtual store on the internet if the product is for the urban sector. In short, a decision for such an element can be based on strategies for distribution channels, inventory management, warehousing, order processing, transportation and reverse logistics.
2. IPL: Introduction
Indian Premier League is a Twenty20 cricket league in India. Started in 2008 by Board of Control for Cricket in India (BCCI), IPL has completed its 4 seasons and has been extremely successful. BCCI Vice President, Chirayu Amin currently serves as IPL’s Chairman and Commissioner. The league started in 2008 with eight teams: Chennai Super Kings, Mumbai Indians, Royal Challengers Bangalore, Kolkata Knight Riders, Delhi Daredevils, Deccan Chargers, Kings XI Punjab, and Rajasthan Royals. The league followed a two-way round robin system where every team played every other team both at home and away. The top four ranking sides progressed to the knockout round of semi-finals followed by a final. Season 4 introduced two new teams: Pune Warriors India and Kochi Tuskers Kerala. To reduce the total number of matches...