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Marketing is all Around Us

Marketing is all Around Us. “SELLING IS MARKETING, BUT MARKETING IS NOT SELLING.”. Unit1. Marketing.

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Marketing is all Around Us

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  1. Marketing is all Around Us “SELLING IS MARKETING, BUT MARKETING IS NOT SELLING.” Unit1

  2. Marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customer, clients, partners, and society at large.

  3. Market • A market consists of people who share similar needs and wants and are capable of buying products. • Consumer Market - consists of customers who purchase goods and services for personal use. • Organizational market - (or business to business) includes all businesses that buy products for their operations.

  4. Ideas, Goods and Services • Goods – tangible items that have monetary value and satisfy needs and wants such as cars, furniture, and clothes • Services – intangible items that have monetary value but you cannot physically touch them.

  5. Key Functions of Marketing Seven Major Functions involved in Marketing: • Marketing/Information Management: Gathering information about customers to improve decision making • Financing: Acquiring budgeting and financial resources to stay in business • Pricing: determining the value and cost of goods offered to customer • Promotion: information customers about a company’s products and services • Product/Service Management: designing and developing, improving services to meet the needs of customers • Distribution: getting the products to the customer • Selling: communicating directly with customer and satisfy their needs.

  6. Marketing Concept • The idea that business should strive to satisfy customers needs and wants while generating a profit for the business. • The focus is on the customer.

  7. Customer Relationship Management (CRM) • An aspect of marketing that combines customer information with customer service and marketing communications. • Allows companies to service customers efficiently. Understand who customers are and what they want.

  8. Economic Benefits • Impact affects the economy, provides competition • Benefits: • New and improved products • Lower prices

  9. Economic Utilities • Form • Place • Time • Possession • Information Economic Utility Information

  10. Market Identification • Market: • All people who share needs and wants and who the ability to purchase a given product • Consumer Market • Consumers who purchase goods and services for personal use • Organizational Market • Business-to-business (B2B) market includes all businesses that buy products for use in their operations

  11. Market Share • A companies market share is its percentage of the total sales volume generated by all companies that compete in a given market.

  12. Process of classifying customers by specific characteristics • It allows businesses to match their marketing strategy to their target market. • Marketing segments are: • Geographic • Demographic • Psychographic • Behavioral • Geographic – diving market into different geographical areas such as states, countries, regions, cities, etc. • Demographic – diving market by age, sex, family size, income, occupation, education, religion, etc. • Psychographic – dividing based on social class, lifestyle or personality traits. • Behavioral – diving market based on consumer knowledge, attitude or response to a product Market Segmentation

  13. Target Markets • The group that is identified for a specific marketing program.

  14. Target Markets • Geographics • Region • County Size • Population Density • Climate • Demographics • Age • Gender • Marital Status • Family Size • Income • Occupation • Education • Culture • Ethnicity

  15. Marketing Mix • Product decision about choosing what product to make and sell. • A products name, features, packaging, services and warranty. • What is exchanged for the product. • What is the customer willing to pay. • Promotional Pricing Product Price

  16. Marketing Mix • Getting the product in the hands of the consumer. • Knowing where the consumer shops. • Advertising • Publicity Place Promotion

  17. Marketing Mix Who is the Target Market for this Magazine?

  18. Marketing Mix Who is the Target Market for this Magazine?

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