Definition of Marketing
• the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
• E.g. Vitasoy
Exchange• a process by
which two or more persons give and receive something of value.
The Marketing Concept -Focus on the Customer
• Market focus
• Customer orientation
• Co-ordinated marketing
• Profit seeking
Drawbacks of Marketing Concept
• ignores public
• influences values & ideas
Recent Development-- Societal Marketing Concept
• Concerns public welfare
and social responsibility
• e.g. CLP
The role of Marketing
• Marketing Analysis
• Marketing Planning
• Marketing Implementation
• Marketing Control
Marketing Research
• Gathering, recordingand analysis of data
• to solve a specificproblem that is tooimportant to be answered by guessing
• an informational input to decisions
What M.R. can tell ?
• How satisfied the consumers are
• How products are perceived
• Evaluate the sales potential
• Determine the effectiveness of ad
• Predict the impact of price changes
Defining the Problem & Research Objectives
Developing the Research Plan
Implementing the Research Plan
Interpreting and Reporting the Findings
The Marketing Research Process
1. Defining the problem and research objectives
• to find out the real problem but not the
symptom
• set the research objectives
• research approaches:
– exploratory
– descriptive
– causal
Examples
ExploratoryResearch
Descriptive Research Causal Research
Our sales aredeclining and wedon’t know why.
What kind of peopleare buying ourproducts?
Will buyers purchasemore of our productin a new package
Would people beinterested in ournew-product idea?
What features dobuyers prefer in ourproduct?
Which of the twoadvertisingcampaigns is moreeffective?
2. Developing research plan
• Determine specific information needs
• Source of information– secondary data
• Internal • External
– primary data
Benefits and Limitations of Secondary Data
Benefits
• Low cost
• Less effort
• Less time
• Sometimes more accurate
• Some information only from secondary sources
Limitations• Collected for other purpose• No control over data collection• Potential accuracy problem• May not be reported in required
form• May be outdated• May not meet requirements• A number of assumptions made
• Planning primary data collection
– research approach
– contact methods
– sampling plan
– research instruments
Research approach
• Observational research
• survey research
• focus group
• experimental research
Contact methods
• Telephone survey
• mail questionnaires
• personal interviews
Sampling plan
• sampling unit
• sampling size
• sampling procedure
Sampling TechniquesProbability Sampling
• All population members have a known probability of being in the sample
Simple Random Sampling
• Each population member, and each possible sample, has equal probability of being selected
Stratified Sampling
• The chosen sample is forced to contain units from each of the segments or strata of the population
Sampling Techniques (Contd.)
Cluster Sampling
• Involves dividing population into subgroups
• Random sample of subgroups/clusters is selected and all members of subgroups are interviewed
• Very cost effective
• Useful when subgroups can be identified that are representative of entire population
Research instrument
The most common instrument is questionnaire
• what questions to ask
• question structure
• wording of question
• order of question
Implementing the research plan
• collecting and analyzi
ng data
Interpreting and reporting the finding• Interpret the findings, draw conclusions and
report to management
• the manager willutilize these findingsto make decisions
Consumer behaviour
• refers to the buying behaviour of final consumers
• it includes the analysis of factors that influences purchase decisions and product use
Definition
Consumer behaviour studies how individuals, groups,and organizations select, buy, use, and dispose of goods, services, ideas,or experiences to satisfy their needs and desires.
Buyer’s black box
Buyer’s response
Marketing and other stimuli
Consumer BehaviourConsumer Behaviour
External factors
1. Culture
2. Social factor
- reference groups
3. Family
4. Salesperson
5. Advertising
e.g. Fancl
6. Situation
Internal factors
1. Perception
– the process by which we select organize and interpr
et these stimuli into a meaningful and consistent pict
ure
Esteem Needs
2. Motivation
• to fulfill some kind of need
Self-actualization Needs
Esteem Needs
Social Needs
Security Needs
Physiological Needs
3. Learning
• creates changes in behaviour through experience and practice
4. Attitude
• Consistently favourable or unfavourable evaluation, feelings and tendencies toward an idea.
5. Personality
• refers to the unique psychological characteristics that lead to relatively consistent and lasting responses
E.g. Vita Distilled Water
6. Demographic factors
• such as age, sex, income, education, occupation,….
Industrial Buying behaviour
Industrial market
• Consists of all the individuals and
organizations acquiring goods and services
that enter into the production of other
products and services that are sold, rented,
or supplied to others
Types of buying situations
• Straight rebuy
• modified rebuy
• new task buying
Industrial buying process
• Recognise the problem
• determine product needs and describe
product specifications
• search for suppliers
• assess and select suppliers
• evaluate overall performance
Participants in the industrial buying process
• Users
• influencers
• buyers
• deciders
• gatekeepers
Factors affecting industrial buying behaviour: External factors
• Level of demand• economic outlook• budget constraints• supply conditions• political/legal and competitive environmental
changes• rate of technological change
: internal factors
• Organizational influences
• interpersonal influences
Industrial market• Businesses do not buy
products for final consumption. Instead, they make purchases to be used directly or indirectly in meeting the needs of final consumers.
Consumer market• For direct consumption
Buying motive:
Differences between consumer market and industrial market
Industrial market
• Tend to be larger
Consumer market
• Tend to be smaller
Size of purchase:
Differences between consumer market and industrial market
Industrial market
• Less frequent
Consumer market
• More frequent
Differences between consumer market and industrial market
Frequency of purchase:
Industrial market
• Stable and long term relationship with seller
Consumer market
• Businesses that produce products for sale to final consumers often have little contact with customers
Buyer-seller relationship:
Differences between consumer market and industrial market
Industrial market
• More complex, customized; product support is critical.
Consumer market
• Less complex, standardized; product support is important
Product:
Differences between consumer market and industrial market
Industrial market
• Competitive bidding and negotiation; list prices on standard products
Consumer market
• List prices
Differences between consumer market and industrial market
Price:
Industrial market
• More direct (shorter)
Consumer market
• Less direct (longer)
Differences between consumer market and industrial market
Distribution:
Industrial market
• Emphasis on personal selling
Consumer market
• Emphasis on advertising
Differences between consumer market and industrial market
Promotion:
Marketing strategy
• the plan of action for accomplishing the marketing objectives
• consists of– specific strategies for target market– marketing mix– marketing expenditure level
Analyze and select target market
Market• the set of all actual and potential buyers of
a product
• steps of selecting target market–market segmentation–market targeting–market positioning
Step 1
Marketing Segmentation
Market segmentation
• the act of dividing large, heterogeneous (dissimilar) markets into smaller, homogeneous (similar) submarkets.
Advantages of segmentation
• Precise market definition
• better analysis of competition
• rapid response to changing market needs
• effective resources allocation
• effective strategic planning
Dimensions for segmenting consumer markets
• Geographic segmentation– dividing the market into different geographical
units.
Demographic segmentation
• dividing the market into groups based on variables like age, sex, family size, family life cycle, income, occupation, education, religion, race, nationality,…
• popular because of– consumer needs vary closely with demographic
variables– easier to measure
Psychographic segmentation
• based on social class, lifestyle, or personality characteristics
Segmentation by benefits
• base on what a product will do rather than consumer characteristics
Criteria for effective segmentation
• Substantial enough to serve
• Accessible by marketing means
• Differentiable:
– conceptually distinguishable and responding
differently
• Actionable:
– effective programs can be designed for
attracting target customers
• Measurable:
– size of market segment, purchasing power
and profile of target customers
Step 2
Market Targeting
• to reveal the firm market-segment
opportunities
• to evaluate the various segments
– segment size and growth
– segment structural attractiveness
– company objectives and resources
Undifferentiated marketing
• A firm decides to ignore market segment differences and go after the whole market with one offer. E.g. McDonald
Differentiated marketing
• A firm decides to target several market segments and design separate offers for each– E.g. Giordano: men, ladies
Concentrated marketing
• A firm goes after a large share of one or a few sub-markets.– Selected segments– Specific products– Specific markets
Step 3
MarketPositioning
Market positioning
• to arrange for a product to occupy a clear, distinctive and desirable image relative to competing products in the minds of target consumers.
Purpose:• to reinforce or develop an image concerns
a product in customer mind
Ways of positioning
• Product features
• product benefits
• associating the product with a use or application
• user category
Steps of positioning
1. Identifying a set of possible competitive advantages
2. Selecting the right competitive advantages
3. Communicating and delivering the chosen position to the market
Marketing Mix
• the set of controllable marketing variables that the firm blends to produce the response it wants in the target market
• 4 Ps– product– price– place– promotion
• A product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need
• 3 levels of product– core product– actual product– augmented product
Product Classification
• Convenience goods
• Shopping goods
• Specialty goods
• Unsought goods
Classification of consumer goods
Individual product decisions
• Product attribute decisions
• Brand decisions
• Packaging decisions
• Product-Support decisions
Product Line Decisions
• A product line is a group of products that
are related in function, customer-purchase
needs, or distribution channels.
Product mix decisions
• the set of all product lines and items that a particular seller offers for sale
• 4 dimensions– width– length– depth– consistency
How new is “new”?
• New to the world
• New to the firm
• Product line extensions
• Product improvement
• Product modification
Why does a company need new products?
• Obtain greater profits/ROI• Capture larger market share• Meet customers’ changing needs &
tastes• Shorter product life cycle• Build competitive advantages• Planned obsolescence …
New product development
Steps:• Product idea generation• Product idea screening and product
concept development• Business analysis• Product testing• Market testing• Commercialization
Product life cycle (PLC)
• the course of a product’s sales and profit over its lifetime
• 4 stages:– introduction– growth– maturity– decline
Introduction Growth Maturity Decline
Sales
Profit
Time
Sal
es a
nd
pro
fit
Introduction Stage
• slow sales growth
• profit are nonexistent
• high promotion spending
• a few competitors
• usually focus on high-income groups
Growth Stage
• rapid market acceptance
• new competitors will enter
• introduce new product features
• market will expand
• profit increases
Maturity Stage
• slowdown in sales
• competitors begin marking down prices,…. to find better versions of the product
• drop in profit
• only well-established competitors
Decline Stage
• sales fall off and profits drop
• some firms withdraw from the market
Summary of Product Life-Cycle Characteristics, Objectives, andStrategies
INTRODUCTION GROWTH MATURITY DECLINE
Characteristics
Sales Low sales Rapidly rising sales Peak sales Declining sales
Costs High cost per
customer
Average cost per
customer
Low cost per
customer
Low cost per
customer
Profits Negative Rising profits High profits Declining profits
Competitors Few Growing number Stable number,
beginning to decline
Declining number
Marketing
Objectives
Create product
awareness and trial
Maximize market
share
Maximize profit while
defending market
share
Reduce expenditure
and milk the brand
Strategies
Product Strategy Offer a basic product Offer product
extensions, service,
warranty
Diversify brand and
models
Phase out weak
items
Pricing Strategy High price, unique
product/ cover
introduction costs
Lower price with
passage of time
Price at or below
competitors’
Set price to stay
profitable or
decrease to liquidate
Promotion Strategy Mount sales
promotion for product
awareness
Appeal to mass
market; emphasize
features, brand
Emphasize brand
differences, benefits,
loyalty
Reinforce loyal
customers; reduce
promotion
expenditures
Place Strategy Distribute through
selective outlets
Build intensive
network of outlets
Enlarge distribution
network
Be selective in
distribution; trim
away unprofitable
outlets
Ways to extend PLC
• To increase the frequency of use
• to add new user
• to find new uses
• to change package size, label, or product quality
Factors influencing pricing decisions ---- Internal Factors
1. Business and marketing objectives
• pricing objectives derive directly from
company objectives
2. Marketing mix strategy
• must coordinate with product, design, distribution and promotion decisions
3. Costs
• set the floor for the price
External factors
1. The market and demand
• Pricing in different types of market
• consumer perception of
price and value
2. Competitors’ prices and offers
3. Other external factors
• economic conditions
• reseller conditions
• Government
Pricing Objectives
• Profit maximizing objective
• Market share objective
• Competition objective
• Social objective
• Image objective
General Pricing Approaches
• Cost-based approach
• Buyer-based approach
• Competition-based approach
Pricing Strategies for New Products
• Market-skimming pricing
• Penetration pricing
Price-adjustment strategies
• Discount pricing and allowances
– cash discounts– quantity discounts– functional discounts– seasonal discounts– trade-in allowances– promotional allowances
• Discriminatory pricing
– customer-segment pricing
– product-form pricing
– location pricing
– time pricing
• Psychological pricing
• Promotional pricing– loss leaders– special event pricing– cash rebates
Promotion tools
• advertising
• sales promotion
• public relations
• personal selling
Setting the promotion budget
Affordable method
– ignores the effect of promotion on sales
Percentage-of-sales method
• wrongly view sales as the cause of promotion rather than as the result
Competitive-Parity
method
Objective-and-task method
Five important decisions
1. Setting objectives– to inform,
persuade, or
remind
2. Setting the advertising budget
• stage in the PLC
• market share
• competition
• advertising frequency
• product differentiation
3.Creating the advertising message
• message generation
• message evaluation
• message execution
4.Selecting advertising media
• reach, frequency, impact
• media types
• media vehicles
• media timing
5.Advertising evaluation
• communication effects
• sales effects
Sales promotion
• A wide variety of short-term incentive tools– coupons– premiums– contests– buying allowances
• to stimulate consumers, the trade partners, and the company’s own salesforce
Purposes of sales promotion
• to stimulate consumer trials, to reward loyal customers, to increase repurchase rate, to cement long-term relationship with retailers,……
• used together with advertising or personal selling
Steps of sales promotion
• Setting sales-promotion objectives
• selecting sales-promotion tools
• pretesting and implementing
• evaluating
Public relations
• Building good relations with the company’s various publics obtaining favorable publicity
• building up good “corporate image”
• handling or heading off unfavourable rumors, stories and events
Public relations tools
• Create news• speeches• special events• written materials• audiovisual materials• corporate identity materials • contributing money and time to public-
service activities
Major public relations decisions
• Setting public relations objectives
• choosing public relations messages and vehicles
• implementing the public relations plan
• evaluating public relations results
Steps of sales management
• Setting salesforce objectives• designing salesforce strategy• structure, size and compensation• recruiting and selecting• training• supervising• evaluating
Personal Selling Process
• Prospecting
• Preapproach
• Approaching the prospect
• Making the presentation
• Handling Objections
• Close the sale
• Follow up
Factors affecting the promotion mix
• Type of product/market
• push vs. pull strategy
• buyer readiness state
• PLC stage
• The role of distribution is getting a product to its target market.
• Channels of distribution: the routes followed by products as they change ownership in the movement from production to consumption
Distribution channel functions
• Information
• promotion
• contact
• matching
• Negotiation
• physical distribution
• financing
• risk taking
Designing distribution channel
• Selecting the proper type of distribution channel
• selecting the types of middlemen
• determining the intensity of distribution
Meaning of logistics
• the movement of all materials :– raw materials : from
the sources to the processing point
– finished goods : from the plant to ultimate customers
• concerns with the management of physical flow
Major logistics activities
• Transportation
• inventory maintenance
• order processing
• warehousing
• materials handling
• Protective packaging
• acquisition
• product scheduling
• information maintenance
Definition
• Service is an activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
• Its production may or may not be tied to a physical product
• Diamond medical diagnosis
The Servuction system
5 elements influence the service:• Organization and system (invisible)• Environment (visible)• Contact personnel / service provider• Customer A• Customer B
The Servuction System
Characteristics of service
• Intangibility
• inseparability
• heterogeneity
• perishability
– fluctuating demand
Characteristics of Services differing from Goods
Goods Services Resulting Implications Marketing Strategies
tangible intangible Services cannot be inventoried, patented, readily displayed/ communicated
Tangibilize the intangible
The Peninsula
Characteristics of Services differing from Goods
Goods Services Resulting Implications Mkt
Strategies
standardized heterogeneous •Service delivery & customer satisfaction depend on employee actions•Service quality depends on many uncontrollable factors•No sure knowledge that service delivered matches what was planned & promoted
•HRM mgt–recruit
–Train
•Process standardization•empowerment•Service recovery
Characteristics of Services differing from Goods
Goods Services Resulting Implications Mkt
Strategies
Production separate from consumption
Inseparability of production & consumption
(interaction)
•Customers participate in & affect the transaction•Customers affect each other•Employees affect the service outcome•Decentralize may be essential•Mass production is difficult
•isolate technical core•decrease contact level•Increase customer participation
Characteristics of Services differing from Goods
Goods Services Resulting Implications Mkt
Strategies
Non-perishable
Perishable-fluctuate demand
•Difficult to synchronize supply & demand with service•Services cannot be returned / resold•Services cannot be inventoried
•Capacity mgt•Queuing mgt
Marketing Mix for Services
• Product • Price• Promotion• Place
+• People • Process• Physical evidence Singapore air
Product
– Tangiblize the intangible
– core and supplementary services
– customization vs. standardization
– the service mix
Price
Customer being inseparable in the process, outlay by customers include:
• Time• Physical effort• Psychological burdens (mental effort, negative
feelings)• Negative sensory burdens (unpleasant
sensations affecting any of the 5 senses)
Price
• Good understanding of the costs is needed as decrease of above burdens justify higher pricing
• Difficult to define a unit of service, considering:– Visible vs. invisible– Difference in speed– Direct contact vs. impersonal channel
Different from advertising for goods
Intangible nature – ‘vivid information’ that produce a clear impression on the sen
ses, e.g. symbols– Services are harder for customer to evaluate
Use tangible cues, e.g. high calibre personnel (DHL)
• Strong organizational image• Use personal information source, e.g. celebrit
y endorsements 成功個案• Engaging in post-purchase communication
Promotion
Place
• Identify core services• Reduce contact of low contact element e.g.
download application forms• Use of technology to create new channels:
– e.g. Octopus for ticketing, online shopping
• Convenience• Number of outlets• Location• scheduling
Fluctuating Demand
Supply side• Cross training• Use part time staff• Rent or share facilities &
equipment• Schedule down time during
period of low capacity (take vacation)
• Extra service hours• Use technology• Use price
Demand side• Price discrimination• Reservation• Overbook• Queuing (make the waiting
more tolerable)• Shift demand • Change the salesperson’s
assignment• Create promotional events
People
• Importance of customer contact personnel– Internal marketing (customer focus philosophy, bo
nus, awards, recognition as incentive)
• Ritzcarlton
Internal Marketing
Process
• Customer involvement in production– Educate customers in using technology or self-
service
• Develop service oriented internal process• Logistic support• Empowerment of staff for service recovery
Physical Evidence
Intangible nature makes service difficult to evaluate
• Communicate through corporate image, word of mouth, pricing physical evidence, warranty, awards
• ritzcarlton
• Judge by process, post-purchase information search – needs re-assurance
Meaning of CRM
• the process of creating,
maintaining, and
enhancing strong, value-
laden relationships with
customers and other
stakeholders.
Rationale behind CRM
• to retain current customers vs. to attract new customers
• new Marketing view: the science and art of finding, retaining and growing profitable customers
• challenges– changing demographics– more sophisticated competitors– overcapacity
• customer lifetime value
Key concepts in relationship building• Customer satisfaction
– perceived performance > expectations
• Customer loyalty and retention– create emotional affinity, not just rational
preference
• share of customer– cross-selling
Tools to build lasting customers
• Frequency marketing programs
• affinity program
• co-marketing and co-branding
• customisation and prompt response
• create long term contract
• Frequency marketing programs
• affinity program
• co-marketing
• Co-marketing
http://www4.mercedes-benz.com/amgiwc/index.html?loc=en
• Co-branding
Sony Ericsson Mobile Communications was established in 2001 by telecommunications leader Ericsson and consumer electronics powerhouse Sony Corporation. The company is owned equally by Ericsson and Sony.
Meaning of consumerism
• a movement that put pressure on businesses to consider consumer needs and interests
• consumer rights– right to be informed– right to be heard– right to safety– right to choose
Why consumers need protection?
• Manufacturer may be unfair to consumers
• consumers may be unable to judge the
quality
• insufficient information to evaluate service
• advertisements are exaggerating
• concern about health
Consumer protection in Hong Kong
• Legislation
• Consumer Council
Responses of businesses to consumerism
• Provide more and better information
• improve product safety
• quicker response to consumer complaints
• provide customers with a wide range of products and services
International marketing
• The process of focusing the resources and objectives on global market opportunities
Environmental forces in International Markets
• Cultural environment
• economic environment
• political and legal environment
Standardization vs. adaptation
Arguments for standardization
• reduce costs
• moving to a world living style
• international brand
Arguments for adaptation
• most exported goods needed adaptation
• take care of environmental differences
• max. sales and profits through customization
• favours local management inputs
Methods of entering overseas market
• Exporting• contract manufacturing• licensing• franchising• joint venture• strategic alliance• direct investment• countertrade
Factors affecting the choice of entry strategy
• desired speed
• firm expertise
• costs
• flexibility
• resources
• profit objectives
Marketing in the case of economic downturn
• moving down-market
• lowering price
• promoting image of good quality and durable
• find new markets
此項製作由「優質教育基金」贊助This production is sponsored by the
Contents of a Marketing Plan
• Situational analysis
• Marketing Objectives
• Selecting the Target Market
• Developing marketing mix
• Budget
• Controls
Product attribute decisions
• Product quality
• Product features
• Product design
Brand decisions
• To brand or not to brand
• Brand sponsor– manufacturer’s brand– private brand– Licensed brands– Co-brands
• Brand equity• High level of consumer awareness, loyalty
• Lower marketing costs
• Consumer expect stores to carry the brand• The company has more bargaining power
in channeling
• High credibility• Easily launch brand extensions
• Powerful brand• Defense against fierce price competition
Brand Strategy / Brand Development
– line extensions
– brand extensions
– Multi-brands
– new brands
Product
Existing New
Brand Existing Line
Extension
Brand
Extension
New Multi-
Brands
New
Brands
• Brand Positioning– Attributes– Benefits– Beliefs /values
• Create surprise, passion excitement
• Brand Re-positioning• Competitor’s close positioning cutting market s
hare• Customers’ wants may shift• Technology• www.euyansang.com
Brand Name selection
• Suggest benefits and qualities
• Easy to pronounce, recognize
• Distinctive, extendable
• Capable of registration and legal protection
Packaging decisions
• to create benefits: protection, economy,
convenience and promotion
• Major decisions:
– the main functions
– specific elements of package
– selecting the package design
Product-Support Services Decisions
• deciding which product-support services
to offer
• how to deliver the services to customers
Cost-based approach
• Cost-plus Pricing– to add a standard mark-up to the cost
• Breakeven analysis and Target Profit Pricing
Buyer-based Pricing
• base on the product’s perceived value
Competition-based pricing
• Going rate pricing– base on competitors’ price
Market-skimming pricing
• Set an initial high price
• after initial sales slow down, it lowers the price to draw in the next price-sensitive layer of customers and so on
Penetration pricing
• set an initial low price
• seek to generate consumer interest and stimulate trial purchase
Types of distribution channel
1.producer
customer
2. manufacturer
retailer
consumer
3. manufacturer
wholesaler
retailer
consumer
4.manufacturer
wholesaler
retailer
consumer
agent
5.manufacturer
agent
retailer
consumer
Factors affecting choice of distribution channel
• Industrial goods vs. consumer goods
• no. of customers
• importance of control
• characteristics of products
• services
Determining the types of middlemen
Wholesalers
• full-service merchant wholesalers
• limited service merchant wholesalers
• manufacturer-owned wholesaler
• agent
Retailers
• store retailing
• nonstore retailing
Factors affecting the choice of middlemen
• Manufacturer requirement
• costs
Determining the intensity of distribution
• Intensive distribution
• exclusive distribution
• selective distribution
Observational Research
• Observing relevant people, actions and situations
• unwilling or unable to provide
• limitations:– feelings, attitudes and motives, or personal
behaviour
– long-run or infrequent behaviour
Survey
• Find out people knowledge, attitude,
preference, or buying behaviour
• gather descriptive information
• structure or unstructured
• Flexibility
• however:
– cannot remember
– privacy
– time pressure
– appear to be smart
– pleasing answer
Focus Groups
• Small group of people, led by a moderator
• opened discussion of a product/service or
buyer behaviour
• focus on specific problems or market
opportunities
Experimental Research
• Explain cause-and-effect relationships
between experimental (independent)
variables and dependent variables
• Weights & Measure 度量衡條例
• Sale of Goods 貨品售賣條例
• Trade Descriptions 商品說明條例
• Control of Exemption Clauses管制免責條款條例
• Toys & Children Products Safety玩具及兒童產品安全條例
• Consumer Goods Safety消費品安全條例
Legislation - Ordinances