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BSBMKG603B Manage the marketing process Marketing: An Overview

BSBMKG603B Manage the marketing process Marketing: An Overview. By: Oimi Tam. What is a Market. 2. Marketing.

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BSBMKG603B Manage the marketing process Marketing: An Overview

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  1. BSBMKG603B Manage the marketing processMarketing: An Overview By: Oimi Tam

  2. What is a Market 2

  3. Marketing • According to Kotler, Marketing as a social managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. • Marketing deals with identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitably.”

  4. Marketing • The AMA defines marketing as an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

  5. Selling is only the tip of the iceberg ‘There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available’. Peter Drucker

  6. Marketing Vs Selling 6

  7. The marketing process

  8. Understanding the marketplace and customer needs • Needs: States of felt deprivation • Example: Physical (food, safety,clothing, shelter); social (belonging and affection); individual (knowledge and self-expression). • Wants: The form taken by human needs as they are shaped by culture and individual personality • Example: A hungry person in Australia might want a hamburger, chips and a cola but a hungry person in the South Pacific might want mangoes, coconuts and beans. • Demands: Human wants that are backed by buying power • Consumers view products as bundles of benefits and choose products that give them the best bundle for their money.

  9. What is Marketed? Market offerings – goods, services and experiences

  10. Goods • Physical goods constitute the bulk of most countries’ production and marketing effort. Not only do companies market their goods, but thanks in part to the Internet, even individuals can effectively market goods.

  11. Services • As economies advance, a growing proportion of their activities is focused on the production of services. The US economy today consists of a 70:30 services-to-goods mix. • Many market offering consist of a variable mix of goods and services.

  12. Experiences • By orchestrating several services and goods, a firm can create, stage, and market experiences. • The goal of experiential marketing is to establish the connection in such a way that the consumer responds to a product offering based on both emotional and rational response levels. 

  13. Example • Samuel Jackson's movie, Snakes on a Plane, had an interactive feature on their website. A person could enter the name and phone number of a friend, and they would receive a pre-recorded message inviting them to see the movie. It worked. Opening night for the movie was a huge success.

  14. Video What is marketing http://stomach-tube/watch?v=2NRXz5bkgiQ&feature=related 14

  15. Events • Marketers promote time-based events, such as major trade shows, artistic performances, and company anniversaries.

  16. Persons • Marketing activity aimed at creating targetmarket awareness, and a favorable opinion, of a particular person • Celebrity marketing is a major business.

  17. Places • Cities, states, regions, and whole nations compete actively to attract tourists, factories, company headquarters, and new residents.

  18. Properties • Properties are intangible rights of ownership of either real property or financial property.

  19. Organizations • Organizations actively work to build a strong, favorable, and unique image in the minds of their target market. Companies spend money on corporate identity ads.

  20. Information • Information can be produced and marketed as a product. • Example: Information on a particular good / service / company may actually be marketed and actually sold.

  21. Ideas • Every market offering includes a basic idea. Goods and services are platforms for delivering some idea or benefit. • Example: “A mind is a terrible thing to waste” (an example of idea being promoted by social marketers )

  22. Summary • Marketing is a social and managerial process by which individuals and organisations obtain what they need and want through creating and exchanging value with others. • The four steps of the marketing process focus on • creating value for customers, • designing a marketing strategy, • constructing an integrated marketing plan and • designing promotion programs that communicate the value proposition to target consumers. • In the face of today’s changing marketing landscape, companies must take into account three additional factors: marketing technology, global opportunities, and ethical and social responsibility.

  23. Any Questions??? 25

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