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MARKETING

MARKETING. 1. REVIEW: NATURE and ROLE of MARKETS & MARKETING 2. REVIEW: TYPES OF MARKETS 3. ELEMENTS OF A MARKETING PLAN. Email: missgrogan1@gmail.com Wikispace : www.chsbusinessstudies.wikispaces.com. REVIEW. NATURE and ROLE of MARKETS & MARKETING

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MARKETING

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  1. MARKETING 1. REVIEW: NATURE and ROLE of MARKETS & MARKETING 2. REVIEW: TYPES OF MARKETS 3. ELEMENTS OF A MARKETING PLAN Email: missgrogan1@gmail.com Wikispace: www.chsbusinessstudies.wikispaces.com

  2. REVIEW • NATURE and ROLE of MARKETS & MARKETING • Role of marketing in the firm and society YOUR TASK (5 mins) Marketing can enhance business’s revenue and market awareness of products… how does marketing serve the interests of society, provide AT LEAST ONE SPECIFIC example of how marketing improves choice and improves standard of living (1-2 Paragraphs)

  3. REVIEW cont… • TYPES OF MARKETS

  4. TYPES OF MARKETS • YOUR TASK 2MINS • Match the type of consumer market with its explanation • Explanations: • Business choose to focus on only one area of a particular market • A smaller section of a market segment; consumer base is more narrowONSUMER BASE MORE NARROW • Apply to Goods and services that appeal to all types of consumers • CLASS TASK 5 MINS • Identify the products we have in class with its likely consumer • market/s. Note these examples in your notes.

  5. DIFFERENT APPROACHES TO MARKETING WITH YOUR HANDOUT… Highlight or underline the key information/ and note: Benefits of using each approach to marketing Identify the important characteristics of each orientation (e.g. promotion to selling)

  6. THE MARKETING CONCEPT • Discuss; “THE CUSTOMER IS AT THE CORE OF ALL BUSINESS ACTIVITES” To what extent is this true? Where do you sit on the Human Continuum? The Marketing concept reflects the idea that a business’ ability to achieve its goals will depend on its ability to; • Determine needs/wants of customers, and • Deliver a product effectively, efficiently & to the highest standards of customer satisfaction

  7. THE MARKETING CONCEPT cont…. Read & summarise: TEXTBOOK PP 151- 152 • Customer Orientation • Relationship Marketing

  8. MARKETING PLANNING PROCESS • Provides description of current issues and intention of the report (its purpose) The framework used to allow businesses to examine its current position Looks at what the business seeks to change, achieve and in which direction it should head.

  9. MARKETING PLANNING PROCESS cont… Identifying who in the community would be best to market product to; - which type of customer, -why will they buy the product, -to whom will its benefits appeal At this stage ‘how the four P’s’ (the marketing mix) will work together. To achieve the business’ identified objectives. • Consider: • Financials, HR needed to fund and the marketing plan. • impact of strategy on sales, market share and brand awareness • How the plan will be implemented, controlled and monitored.

  10. PRODUCT LIFE CYCLE Students responses… • The establishment stage of the product life cycle is when the new product is first launched. • If a new product can begin to attract a core group of customers who display their loyalty to and satisfaction with the product by making repeated purchases then the business will enter the growth stage of the product life cycle. • Period of time when sales begin to slow and level out. A business must develop new ways to ensure continued success.

  11. SITUATIONAL ANALYSIS • There are four components of a situational analysis

  12. MARKETING 1. REVIEW: NATURE and ROLE of MARKETS & MARKETING 2. REVIEW: TYPES OF MARKETS 3. ELEMENTS OF A MARKETING PLAN 4. ELEMENTS OF A MARETING PLAN

  13. Situational Analysis • Market Analysis • Product analysis (PRODUCT LIFE CYCLE) • Competitor Analysis • SWOT

  14. Establishing MARKET OBJECTIVES • http://www.youtube.com/watch?v=Can7K7BD0CQ • http://www.youtube.com/watch?v=J61dCTWzgCk AN EFFECTIVE BUSINESS will develop goals that relate to the specific needs of its organisation.. . But there are three general objectives that every business that most businesses may adopt…. OBJECTIVE ONE: EXPAND INTO NEW GEOGRAPHICAL MARKETS OBJECTIVE TWO: EXPAND THE PRODUCT RANGE OBJECTIVE THREE: INCREASE MARKET SHARE

  15. Tuesday 10, 2009 Wedding Clip: http://www.youtube.com/watch?v=4-94JhLEiN0 Useful Link: http://www.hsc.csu.edu.au/business_studies/marketing/marketing/marketing.html

  16. Product Depth: the number of similar products in a specific product line (sub products or variety), e.g. e.g. bonds........1. hipster knickers 2. boy-leg knickers etc. Product width : different products or product lines. E.g. Pacific brands has various ‘clothing products’: Bonds, Berlie etc. DIVERSIFYING THE PRODUCT MIX WE DEFINED ONE MARKETING OBJECTIVE 2B …. EXPAND THE PRODUCT RANGE WE CAN DO THIS IN ONE OF TWO WAYS…. DEPTH OR WIDTH

  17. OBJECTIVE ONE: EXPAND INTO NEW GEOGRAPHICAL MARKETS OBJECTIVE TWO: EXPAND THE PRODUCT RANGE OBJECTIVE THREE: INCREASE MARKET SHARE J You are to… identify an appropriate objective and note reason for applying this objective 1. Objective: 2. Rational for objective:

  18. Identifying Target Market NOTE THE THREE DIFFERENT TYPES OF CONSUMER MARKETS AND PROVIDE TWO EXAMPLES OF BUSINESSES OR PRODUCTS THAT OPERATE WITHIN THESE MARKETS… For example: Niche Market: Fernwood Gym or Club Pink (womans’ only gym)

  19. MARKET SEGMENTATION • Marketing segmentation is: • The process of breaking down a total market into small markets based on the similar characteristics of a customer group, or more specifically • the process of identifying niche markets within mass markets Marketing resources can then be focused on the particular section of the market

  20. When the target market is identified, marketing resources can then be focused on the particular section of the market More appropriate pricing and promotional, strategies can be identified Best distribution channels can be identified Needs of the target market is more easily identified The preferred features of a product can be more easily identified A general awareness of how to best gain and sustain interest in the product is achieved

  21. In what way can we divide the market… Methods of market segmentation

  22. GEOGRAPHIC SEGMENTATION • Geographical factors are about knowing where customers make purchase decisions and dividing the market accordingly. • Examples of geographic features are: • Metropolitan • Suburban • Regional • Climate • Topography

  23. DEMOGRAPHIC SEGMENTATION • Demographic factors are about knowing the customer. The most common forms of demographic market segmentation are based on characteristics such as.... • Household size Race/Religion • Income • Occupation • Family structure • Age • Sex

  24. PSYCHOGRAPHIC SEGMENTATION • These are about understanding why a consumer buys different products and services. They are concerned with LIFESTYLE characteristics, including personality types of consumers and their perceived social class. Examples: • Culture of community/society * Interests • Beliefs * Aspirations • Lifestyle

  25. BEHAVIOURIAL SEGMENTATION • These describe the purchase situation and purchase characteristics of the market segment. It analyses factors such as consumer loyalty, the rate at which consumers use a given product (frequent users vs. less frequent users)and the purchase occasion.

  26. http://www.youtube.com/watch?v=9kGAcmC9FEU • http://www.youtube.com/watch?v=S382RoO6s8A

  27. Developing Marketing Strategies Developing marketing strategies is the process of developing a ?????? that meets the needs of ??????? and then implementing a series of PROMOTOINAL, PRICING AND DISTRIBUTIONS strategies to encourage ????????? to purchase the product.

  28. Developing Marketing strategies: MARKETING MIX • What attracts people into clothes shops like Dotti, Sportsgirl and Cotton On? Is the price? Is it the place? Is it the product? Is it the promotion? Perhaps it is a combination of all four. Your Task: In teams of 3, select a product and identify or design a set of meaningful differences to distinguish that product from its competitors products (refer to example provided) Product Differentiation is the act of designing a set of meaningful differences to distinguish a product from that of its competitors

  29. The marketing mix • Blend of the mix depends upon: • Marketing objectives • Type of product • Target market • Market structure • Competitors behaviour • Global issues – economic environment/culture, etc. • Marketing position • Product portfolio • Product lifecycle

  30. Implementation, Monitoring & Controlling YOUR TASK: What is….What is the purpose… • Implementation: • Monitoring & Controlling:

  31. Monitoring & Controlling

  32. Financial Forecast • Actual & planned results • Revising the marketing Strategy

  33. MARKETING REVIEW: NATURE & ROLE OF MARKETS & MARKTING REVIEW: ELEMENTS OF A MARKETING PLAN MARKET RESEARCH PROCESS

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