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Marketing

Marketing. Oh, tell me more!!. Marketing. Set of processes for creating, communicating, and delivering value to customers for improving customer relationships….ok now in my terms The process of promoting, selling, and distributing a product or service . Target Market. Target Market.

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Marketing

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  1. Marketing Oh, tell me more!!

  2. Marketing • Set of processes for creating, communicating, and delivering value to customers for improving customer relationships….ok now in my terms • The process of promoting, selling, and distributing a product or service

  3. Target Market

  4. Target Market • Marketing Strategy – selecting a target market and create, price, promote & distribute (place) products in the market • Target Market – Groups of customers who are or will be interested in your product

  5. Market Segments (Targets) • Demographic • Age, income, # of children, religion, education • Geographic • Climate, region, population density • Behavioral/Psychographic • Attitude toward product, user status, usage rate • Interests, activities, values

  6. Lets Look at Some Ads • Denver Water Company

  7. Suplicy Cafe

  8. Fiji Water

  9. Burger King

  10. iPhone

  11. Marketing Concept • Using the needs of customers as the primary focus during planning, production, pricing & distribution & promotion of a product.

  12. Marketing Concept • Business needs 3 things to happen • Identify what will satisfy customer’s needs • Develop products that customers think are better products • Business must operate profitably

  13. Marketing Concept • Two Steps • Identify target markets • Develop marketing mix • Product • Pricing • Placing (Distribution) • Promotion

  14. Product • Things to consider about your product • Design • Technology • Usefulness • Convenience • Quality • Packaging • Branding • Accessories • Warranties • Relevance – Time frame – Product Life Cycle

  15. Product Different methods can be used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantage like Specialized versions New/Limited editions Improvements Changed packaging Technology, etc.

  16. Product Life Cycle (PLC)

  17. Think of Examples of PLC • Video Games • Cars

  18. 3 Levels of a Product

  19. Pricing • How should you price your product • High? • Low? • Where do you start?

  20. Pricing Strategies • Skimming Pricing – Initially offers product at the highest price, lowering it eventually to increase demand again • Penetration Pricing – Charging a low price to gain market share & lose competition • Cost-based Pricing – Cost of product + a reasonable mark-up usually a percentage • Demand-based Pricing – Charging the price that people are willing to pay for the products

  21. Pricing Strategies • Target costing – Working backwards, how much customers will pay and subtract from profit – this is how much to invest • Prestige pricing – Pricing high to project high quality • Odd-even (Psychological) pricing – Pricing a few cents under an even number • Economy pricing - This is a no frills low price. Marketing costs are kept to a minimum.

  22. 49.99

  23. 2.59

  24. 15.49

  25. 15,967

  26. 195.49

  27. 3,299

  28. 25.99

  29. 49.99

  30. 2.59

  31. 15.49

  32. 15,967

  33. 195.49

  34. 3,299

  35. 25.99

  36. Price Important to Know the market Price elasticity Definition Know your competition’s prices

  37. Price Elasticity • Ameasure to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price. • Are these products’ prices elastic? • Toilet Paper • Gas • Picture Frame • $500 pizza

  38. Placing/Distribution All activities involved in getting the right quantity to the right customer at the right time at a reasonable cost.

  39. Distribution/Placing • Indirect vs Direct • Manufacturer • Wholesaler/Distributor • Internet • Catalog/Mail Order • Sales Team • Dealer • Retail • Multi-channel

  40. Distribution/Placing • Determining the best ways for customers to locate, obtain, and use the products/services • Things to consider • Cost of shipping • Cost of distribution channel • Ease/best way to get the product to customer

  41. Marketing Plan – 11/5/13 • How you will break down your target market based on the 3 segmentations? • Be specific • In depth strategy on how you will price your product • Explain why the strategy, factors behind pricing, future price changes • In depth distribution strategy • What channels you will use and why • Factors/problems that may arise in distribution

  42. Promotion I've been told of some crazy schemes and I've come up with even crazier ways of promoting them.Max Markson - Media Man of Australia

  43. Marketing Communications

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