Presentation Transcript

1. Business Studies Topic: The Role of Marketing

2. The Role of Marketing As we move through the lesson today we will have the opportunity to: Explain and Discuss Work in Groups Question and Utilise our ICT skills
3. The Role of marketing Introduction The key role of marketing is to identify consumer demand and communicate to customers how the products or services of a business can satisfy this demand YouTube - Great Advertising Marketing is the management process which involves identifying consumer wants and needs, establishing how the business can satisfy those wants and needs, closing a sale, building the customer relationship, http://www.youtube.com/watch?v=bilOOPuAvTY&feature=related Philip Kotler (Principles of Marketing Guru)
4. The Role of marketing Key Concepts Identifying the nature and characteristics of products and services desired by the customer What is the most important feature of a product to its consumer? Anticipating the changing expectations of consumers in order to be ahead of the market What do consumer expect from our product? Satisfying their customers which involves offering customer value Does the customer believe that their time, money spent worth the effort when buying this product? Ensuring profitability, no money no business http://www.youtube.com/watch?v=_l506XT1fxY (Evolution of Music Devices) http://www.youtube.com/watch?v=X-8tS0d_TOQ&NR=1 (Apple Evolution Ad)
5. The Role of marketing What is a market? Three main characteristics Products or services Buyers Location
6. The Role of marketing The Target Market Identifying a target market is crucial in determining the function of a business A target market is segmented in terms of: Demographic Factors Geographical Factors Psychographic Factors Behavioural Factor http://www.youtube.com/watch?v=ugIDVARaTNU&feature=related (Market Segmentation)
7. The Role of marketing The Target Market Demographic Factors Who is our customer in terms of: Age Sex Education Income http://www.youtube.com/watch?v=Jjs_oteF6Ms&NR=1 (Nielsen presentation on demographic segmentation) (Huggies Baby Advert) http://www.youtube.com/watch?v=ZpclbYghRj8
8. The Role of marketing The Target Market Geographical Factors Is where contact occurs between the buyer and seller Country Region/city Neighbourhood http://www.youtube.com/watch?v=zY2E_NvRow0&feature=related(Coppertone Commercial)
9. The Role of marketing The Target Market Psychographic Factors This is about understanding why a customer buys It is concerned about lifestyle characteristics Personality, Values, Attitudes, Interests, or Lifestyles http://www.youtube.com/watch?v=owGykVbfgUE&feature=channel (Old Spice Advert)
10. The Role of marketing The Target Market Behavioural Factors Concerned with the motivation behind the buying decision Value for money Quality of the product Rate of purchase http://www.youtube.com/watch?v=PrdX3PEcBLc&feature=related (Revlon commercial)
11. The Role of marketing The Marketing Mix The Marketing Mix forms the foundations upon which a marketing plan is developed The foundations of the marketing mix are the 4 P’s Product Price Promotion Place
12. The Role of marketing The Marketing Mix (4 P’s) Product It is the core of the marketing mix It is the good or service Tangible (shape, design, appearance) Intangible (after-sales service, image conveyed by using the product of service) Key features of products/services are: Branding/Trademarks Positioning Packaging Warranties After-sales service
13. The Role of marketing The Marketing Mix (4 P’s) Price Must make the product/service accessible to the market It should cover all business expenses Price can be affected by but not limited to: Demand Competition Pricing strategies Market penetration strategy Market skimming
14. The Role of marketing The Marketing Mix (4 P’s) Promotion Obtaining a certain position for the product/service in the market by making the consumer aware of the products features and how it compares to the competition It attempts to convince consumers to purchase and repurchase It helps develop customer loyalty Promotion includes: Introducing a new product/service to the market Build a products image or remind consumers of the product Encourage consumers to switch from a competitor Create a need in the market that did not exist before
15. The Role of marketing The Marketing Mix (4 P’s) Promotion Tools may include: Advertising (TV, radio, internet, newspapers, mags, billboards) Sponsorship, coupons, loyalty cards Personal selling Public relations
16. The Role of marketing The Marketing Mix (4 P’s) Place Is the placement of a product, its transportation, storage, and distribution to consumers Placement is also achieved through channels Direct from the producer to consumer Producer to retailer to consumer Producer to wholesaler to retailer to consumer