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Introduction to Marketing

Introduction to Marketing. Chapter 5. What is marketing?. ‘ Marketing is the management process that identifies, expects and satisfies customer requirements profitably’. ‘ The right product, in the right place, at the right time, and at the right price’. The Goal of Marketing is:.

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Introduction to Marketing

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  1. Introduction to Marketing Chapter 5

  2. What is marketing? ‘Marketing is the management process that identifies, expects and satisfies customer requirements profitably’. • ‘The right product, in the right place, at the right time, and at the right price’

  3. The Goal of Marketing is: To attract new customer by ensuring superior value, and to keep current customers by delivering satisfaction.

  4. Marketing, more than any other business function, deals with customers. • Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice.

  5. Difference Between - Sales & Marketing ? Sales:trying to get the customer to want what the company produces. Marketing :trying to get the company produce what the customerwants

  6. Who is a Customer ?? CUSTOMER IS . . . . . Anyone who is in the market looking at a product / service for attention, acquisition, use or consumption that satisfies a want or a need

  7. CUSTOMER has needs, wants, demands and desires • Understanding these needs is starting point of the entire marketing

  8. Marketing Mix (4 P) Product Price Place Promotion

  9. Place Product Price Promotion The 4 Ps of Marketing Marketing Mix

  10. a. Product is . . . . . Anything that is offered to the market for attention, purchase, or use that satisfies a want or a need

  11. traditional economies: same things produced and consumed a) Product • nowadays: - products have a life cycle - product range is always expanded - find out what target market desires

  12. PRODUCTS Consumer Products Services Industrial Products Types of Products

  13. Some Industries - Service Sector • Banking, • Restaurants, • Insurance • News and entertainment • Health care • Education • Wholesaling and retailing • dry-cleaning

  14. b) Price Pricing strategies: 1. Market determinesthe price 2. Price as an expression of quality 3. Price as a method of gaining market share back

  15. c) Place (distribution) Wholesaler Production site Warehouse consumer Retailer back

  16. d) Promotion Aims: • communicate with customers • influence customers 4 major tools: • Sales force • Advertising • Sales promotion • Public relations

  17. 1. Advertising Presents a reasonto buyaproduct/service Media: back

  18. 1 price reduction 2. loyalty reward points 2. Sales promotion • is a short-term motivationto buy a product/service Techniques: 3. two for one

  19. - press conferences - - community events • charitable events 3. Public relations Does not aim to increase sales directly but tries to enhancement the image of the company Techniques:

  20. The Marketing Plan • A written document that acts as a guidebook of marketing activities for the marketing manager

  21. CONTENTS of MARKETING PLAN • Business Mission Statement • Objectives • Situation Analysis (SWOT) • Marketing Strategy • Marketing Mix • Product • Promotion • Price • Place – Distribution Implementation, Evaluation and Control

  22. Business Mission Statement Objectives Situation or SWOT Analysis Implementation Evaluation, Control The Marketing Process Marketing Strategy Target Market Strategy Marketing Mix Place/Distribution Product Price Promotion

  23. Marketing Environment • All the forces influencing the company’s ability to conduct business effectively with it’s target market.

  24. Market Environment • Includes: • Micro-environment - forces close to the company that affect its ability to serve its customers. • Macro-environment- larger societal forces that affect the whole microenvironment

  25. Demographic Company Economic Cultural Company Public Suppliers Competitors Customers Natural Political Intermediaries Technological

  26. PEST analysis • Political factors • Economic factors • Socio-cultural factors • Technological factors

  27. Political/legal • Environmental protection laws • Taxation policy • Employment laws • Government policy • Legislation

  28. Economic Factors • Inflation • Employment • Disposable income • Energy availability and cost

  29. Sociocultural factors • Demographics • Distribution of income • Social mobility • Lifestyle changes • Levels of education

  30. Technological • New discoveries and innovations • Speed of technology transfer • Internet • Information technology

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