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Definitions

Definitions. “ Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably.” The Chartered institute of Marketing. ‘Marketing makes selling superfluous ’. Marketing is not simply:. Selling Advertising Public relations

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Definitions

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  1. Definitions “Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably.” The Chartered institute of Marketing. • ‘Marketing makes selling superfluous’

  2. Marketing is not simply: • Selling • Advertising • Public relations • Promotion • Smooth-talking salespeople • Glossy, ‘jazzy’ media coverage • The spending of vast amounts of money • However

  3. Marketing is: • A strategy or a plan for successful business • An overall focus on the customer • A total approach to running an organisation and building up business • The involvement and combination of sometimes simple, occasionally complex decisions into effective action • Looking outside the organisation for the primary direction • Dynamic

  4. Marketing is • Getting products that don’t come back • To customers who do • And MAKING A PROFIT

  5. 4Ps of Marketing Right Price Right Place Right Product Right Promotion Or 7Ps??

  6. Different Approaches to Marketing Henry Ford - 1905 Production orientation – focus on the product ……. ‘any colour as long as it is black’ Ford Motor Company – 2001 Market orientation – focus on the market (consumer) everything we do is driven by you’ Asset Led Marketing – using strengths and expertise

  7. The Importance of Marketing External forces exist that make effective marketing essential for most firms. These forces are: • Greater wealth (economic growth and rising disposable income) • Fashion • Technology • Competition

  8. Objectives of Marketing • To increase market share • To improve corporate image • To increase profitability • To find and benefit from new markets and new market segments

  9. Free – how come?? Price • Limited stocks Just In - order yours NOW!This mobile phone package includes: • FREEConnectionFREEDeliveryFREE3 Months InsuranceFREE 10 mins TMTI Mobile Phone Support handset FREE!

  10. Pricing Strategies • Psychological Pricing – keeping price below barriers that make consumers think they are getting a good deal £99.99, £9,995 • Competitor Pricing – keeping price just below the competition. • Cost Plus Pricing – work out the full cost of a product and ‘add some on’ (margin) so to make a profit • Promotional Pricing – an special low price used to introduce new products or get rid of old stock. • Price Skimming – a high price, used to emphasise quality • Penetration Pricing – a low price, used to increase sales volume • Loss Leader Pricing – selling a product below cost to encourage sales of something else eg mobile ‘contracts’ • Destroyer Pricing – temporary low prices used to put the competition out of business.

  11. Promotion • Advertising, informative, persuasive, targeted, within budget, advertising elasticity, celebrities, bogof schemes, sponsorship, above the line, below the line

  12. Place

  13. Product • Market research • New inventions • Me too developments • Extending product life

  14. Ansoff Matrix

  15. Ansoff Matrix The Ansoff Matrix is a tool that helps businesses decide their product and market growth strategy Ansoff’s product/market growth matrix suggests that a business’ attempts to grow depend on whether it markets new or existing products in new or existing markets.

  16. Ansoff Matrix

  17. Boston Matrix

  18. The Boston Matrix

  19. The Boston Matrix

  20. BALANCED PORTFOLIO • APPROPRIATE MIX OF CASH COWS, STARS, DOGS AND QUESTION MARKS. WITH A BALANCED PORTFOLIO A FIRM CAN ‘MILK’ ITS CASH COWS TO FINANCE AND BUILD THE QUESTION MARKS AND SUPPORT THE STARS

  21. A Balanced Portfolio Sales Qty/$ Product B Product C Product A Time

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