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Introduction to Marketing

Learn the fundamental concepts of marketing, including customer value, marketing mix (Product, Price, Place, Promotion), and different types of products and services. Explore the difference between sales and marketing, the role of customers, and the various elements of a marketing plan.

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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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