Introduction to Marketing

1. Introduction to Marketing November 24th 2016

2. Teaching and Learning Expectations • In industry: • Be on time. • Attendance. • Participation. • Proactive approach.

3. Assessment • Facilitation of a 20 minute seminar pitching the marketing campaign developed for the individuals unique business. • 800 word essay on the effectiveness of the advertising campaign developed – explaining the reasoning.

4. Lesson Outcomes • To discuss the concept of marketing and its importance in new business enterprise. • To give a clear definition of marketing in business enterprise. • To critically compare a range of marketing definitions.

5. Guess the ad… https://www.youtube.com/watch?v=TnzFRV1LwIo https://www.youtube.com/watch?v=owVXyuR8JOE https://www.youtube.com/watch?v=UDTZCgsZGeA https://www.youtube.com/watch?v=eBlD2N_AwgI

6. The power of Marketing… • https://www.youtube.com/watch?v=wHDMeW_LsOU • https://www.youtube.com/watch?v=1UpUcgPP-YY

7. Definition of Business Enterprise: “Any endeavour where the primary motive is profit and not mere employment of oneself or others.” www.businessdictionary.com

8. Definitions of Marketing

9. Definition one... Chartered Institute of Marketing “Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” “Identifying something that people or businesses want and are prepared to pay for, or a problem that they would like solved (it could be an easy way to make a cup of tea, it could be getting the latest music). Developing a product or service (anything from teabags to iTunes) that meets that need and then promoting it so that the audience is aware of its existence. Working out the details and making sure you’re charging the right price for the product or service. If the price is too low, you won’t make any money, if it’s too high, people won’t buy it.” Chartered Institute of Marketing - http://www.cim.co.uk/more/get-into-marketing/

10. Definition two…. • “The managementprocess through which goods and services move from concept to the customer. It includes the coordination of four elements called the 7 P's of marketing.” • Product – A product/service that people want to buy. • Price – correct pricing in line with target market and competition. • Place – Distribution. • Promotion – Sales promotions. • People – customer relations – people associated with the product or service. • Process – investing in an entire experience. • Physical Evidence – help the customer see what they are buying – creatinga certain image using a certain setting. www.businessdictionary.com

11. Definition three…. “Satisfying needs and wants through an exchange process.” Customers will only undertake the exchange, if they feel that their needs are being satisfied, clearly the transactional value can not be more than the amount customers are prepared to pay to satisfy their need. Philip Kotler

12. Definition four… 'Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer' (P.Tailor 7/00). www.learnmarketing.net

13. American Marketing Association Definition Five... “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

14. The key to all marketing… • Meet customers needs whilst making profit – if you don’t meet the needs of your customer, you will not make profit long term. • To understand and cater to your customers needs and demands. • To stay 5 steps ahead of your competitor – competitive advantage. • ALWAYS approach every aspect of a marketing strategy from your customers perspective (target market). Bear all of this in mind when putting together your marketing pitch.

15. Why is marketing important? • Helps the business to understand customer needs and develop products to meet the customers needs - e.g. market research. This allows the business to constantly evolve and adopt to market trends which in turn will increase profit. • Effective marketing increases profit share. • Boosts unit sales – therefore increasing profit. • Increased brand awareness/recognition and therefore recall. • Helps new product launches.

16. Why is marketing important? • Enables businesses to expand – establish and sell in new markets. • Encourages customer retention and brand loyalty. • Reputation management – builds and enhances reputation.

17. Group activity • Pick 1 of your favourite brands, and discuss, from your understanding of marketing, how they have successfully planned and executed their marketing strategy. • What elements of the marketing mix have they successfully delivered and how?

18. Homework • Take one of your chosen brands and research their advertising campaigns. • Present to class in next lesson – how has this brand established and considered the importance of what their customer want? • How have they positioned themselves ahead of their competitors in the market?