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MARKETING

MARKETING. The Market. The Market is the environment where your company competes to sell a product or service to make a profit. What is Marketing. Marketing is a set of processes for creating, communicating, and delivering value to customers (American Marketing Association).

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MARKETING

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  1. MARKETING

  2. The Market • The Market is the environment where your company competes to sell a product or service to make a profit.

  3. What is Marketing • Marketing is a set of processes for creating, communicating, and delivering value to customers (American Marketing Association)

  4. Overview: The 4 Ps of Marketing • Price • Product • Promotion • Place

  5. Marketing Research • The process of identifying, describing, locating, and targeting your potential customers • The gathering, processing, interpreting, and reporting of market information to support marketing decisions.

  6. Steps in Marketing Research • Identify the need for information • Searching for secondary data • Collecting primary data • Interpreting the data

  7. Using Marketing Research to Define My Customers • Customers are the lifeblood of the company • Identify your potential customers from the total numbers of consumers in your market • Clearly identify your customers and define their needs before you decide on the 4 Ps

  8. What Is Market Segmentation? • The process of dividing a market into categories of customer types • Market segments share common traits that affect their purchasing decisions. • Research looks at different variables on consumer behavior

  9. Type of Variables • Geographic • Demographic • Benefits sought • Behavioral • Psychographic

  10. Estimating Market Potential for Each Segment • Marketing research uses qualitative and quantitative techniques • Sales forecasting process is a key tool for estimating segment sizes

  11. Who Are My Competitors? • “Keep your friends close; and your enemies closer.” • Competitor analysis is the process for keeping track of what your competition is doing in the marketplace

  12. Scanning, Monitoring, and Benchmarking the Competition • Scanning: Broad survey of competitive marketing activities • Monitoring: Detailed tracking of a key competitor’s actions • Benchmarking: Studying the products, service, and practices of competitors.

  13. Competitor Strengths and Weaknesses Analysis • Defining the internal strengths and weaknesses of your key competitors

  14. Opportunities and Threats • Defining the external environment opportunities and threats that your key competitors possess

  15. Scenario Planning • War-gaming marketplace competitor actions and responses

  16. Activities • Business Plan Questions 8 to 28: small group discussions; preparation; presentation to class

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