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Marketing

Marketing. What you need to know!. Definition of Marketing. Marketing : management process that: Identifies Anticipates Satisfies customer requirements *To make company profits* The right product, in the right place, at the right time, and at the right price.

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Marketing

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  1. Marketing What you need to know!

  2. Definition of Marketing • Marketing : • management process that: • Identifies • Anticipates • Satisfies customer requirements *To make company profits* • The right product, in the right place, at the right time, and at the right price

  3. Questions/Implications of Marketing • Who are our existing / potential customers? • Target Market • What are their current / future needs? • How can we satisfy these needs? • Can we offer a product/ service that the customer would value? • Can we communicate with our customers? • Can we deliver a competitive product of service? • Why should customers buy from us?

  4. Marketing/Management Analysis • Analysis/Audit - where are we now? • Objectives - where do we want to be? • Strategies - which way is best? • Tactics - how do we get there? • Implementation - Getting there! • Control - Ensuring arrival

  5. Planning and Design Systematic futuristic thinking by management Acts as a roadmap Better prepare for sudden new developments Apple and IPOD Informs new participants in the plan of their role and function Obtain resources for implementation Objectives of Market Planning • Assignment of responsibilities, tasks and timing • Awareness of problems, opportunities and threats • SWOT • Essential marketing information may have been missing • If Implementation is not carefully controlled by managers, the plan is worthless!

  6. Demographic Factors • Age • Race • Sex • Income • Occupation • Economic circumstances • Lifestyle • Social influence variables • family background • reference groups • Church • American Legion • Maslow’s Hierarchy of Needs

  7. Five Stages of Product Life Cycle • Product development - sales are zero, investment costs are high • Introduction - profits do not exist, heavy expense of product introduction • Growth - rapid market acceptance and increasing profits • Maturity - slowdown in sales growth. Profits level-off. Increase outlay to compete • Decline - sales fall-off and profits drop

  8. Pricing Strategy • How high, How low • High • What does your product offer to charge a higher price? • Low • What does your product offer that higher end products offer at a better rate?

  9. Promoting • Personal selling • Telemarketing • Direct mail • Trade fairs and exhibitions • Commercial television • Newspapers and magazines • Radio • Cinema • Point of sale displays • Packaging

  10. Promotion Message Grab ATTENTION Excite INTEREST Create DESIRE Prompt ACTION AIDA

  11. Relationship Marketing(What you want to build) • Not mass marketing • Aimed at individual • Customer retention not attraction • Long term, ongoing relationships • Regular customer contact • Spirit of trust

  12. SWOT Analysis • Strengths (internal) • Weaknesses (internal) • Opportunities (external) • Threats (external) Research SWOT Analysis on the internet, get with your group and create one under the Analyze Market and Competitors section of Business Plan

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