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MARKETING

MARKETING. Enterprise Economics 19 th of November 2009. What is Marketing?. Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others Kotler

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MARKETING

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  1. MARKETING EnterpriseEconomics 19thofNovember 2009

  2. What is Marketing? • Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others Kotler • Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably The Chartered Institute of Marketing (CIM).

  3. What is Marketing • The right product, in the right place, at the right time, at the right price. Adcock • Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends. Palmer • Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems composed of participants, who, interacting under constraints - technical (economic) and ethical (social) - create the transactions or flows which resolve market separations and result in exchange and consumption. Bartles

  4. Marketing Environment • The micro-environment • The macro-environment • The internal environment.

  5. Consumer Buyer Behaviour

  6. Buyer decision Process

  7. Marketing Mix (MM)

  8. MARKETING MIX • the marketing mix to theFour P's • PRICE, PLACE, PRODUCT, PROMOTION • the marketing mix to theFive P's • + PEOPLE • the marketing mix to theseven P's • +PHYSICAL EVIDENCE, PROCESS

  9. PLACE • Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer.

  10. PRICE • Premium Pricing • Penetration Pricing • Economy Pricing • Price Skimming • Psychological Pricing • Product Line Pricing • Optional Product Pricing • Captive Product Pricing • Product Bundle Pricing • Promotional Pricing • Geographical Pricing • Value Pricing

  11. PRODUCT The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline). • The Customer Life Cycle (CLC) has obvious similarities with the Product Life Cycle (PLC). However, CLC focuses upon the creation of and delivery of lifetime value to the customer i.e. looks at the products or services that customers NEED throughout their lives.

  12. The Product Life Cycle (PLC) & Strategies for the differing stages

  13. Three Levels of a Product

  14. Segment – Target - Position • SEGMENTATION • the market has been separated into its segments

  15. Targeting • the marketer will select a segment or series of segments and 'target' it/them • Enter to the segment with the product(s)

  16. Targeting

  17. Targeting

  18. Positioning • The term 'positioning' refers to the consumer's perception of a product or service in relation to its competitors. • What is the position of the product in the mind of the consumer?

  19. Car Market

  20. PROMOTION/ The Promotion Mix 1. Personal Selling 2. Sales Promotion 3. Public Relations / PR 4. Direct Mail 5. Trade Fairs and Exhibitions 6. Advertising 7. Sponsorship

  21. Physical Evidence & People • Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. • People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the 'individual needs' of the person consuming it.

  22. Examples of Physicalevidence • Packaging • Internet/web pages • Paperwork (such as invoices, tickets and despatch notes) • Brochures • Signage (such as those on aircraft and vehicles) • Furnishings • Uniforms • Business cards • The building itself (such as prestigious offices or scenic headquarters) • Mailboxes and many others . . .

  23. Process • There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example - to achieve a 30% market share a company implements a marketing planning process.

  24. Pricing Strategies

  25. The Boston Matrix • Dogs / These are productswith a lowshareof a lowgrowth market. These are thecanineversionof 'realturkeys!'. They do not generate cash forthecompany, theytend to absorbit. Getridof these products. • Cash Cows / These are productswith a highshareof a slowgrowth market. Cash Cowsgenerate more morethanisinvested in them. So keepthem in your portfolio ofproductsforthetimebeing. • ProblemChildren. / These are productswith a lowshareof a highgrowth market. Theyconsumeresourcesandgeneratelittle in return. Theyabsorb most money as youattempt to increase market share. • Stars / These are productsthat are in highgrowthmarketswith a relativelyhighshareofthat market. Starstend to generatehighamountsofincome. Keepandbuildyourstars.

  26. The Boston Matrix

  27. Marketing Plans • Marketing plans are vital to marketing success. They help to focus the mind of companies and marketing teams on the process of marketing i.e. what is going to be achieved and how we intend to do it. There are many approaches to marketing plans. Marketing Teacher has focussed upon the key stages of the plan. It is contained under the popular acronym AOSTC.

  28. Marketing Plans • ANALYSIS • OBJECTIVES • STRATEGIES • TACTICS • CONTROLS

  29. Stage One - Situation Analysis • Marketing Environments • Lawsandregulations • Politics • Thecurrentstateof technology • Economicconditions • Socioculturalaspects • Demandtrends • Media availability • Stakeholderinterests • Marketing plansandcampaignsofcompetitors • Internalfactors such as yourownexperienceandresourceavailability

  30. Stage Two - Set marketing objectives SMART Objectives • Specific - Be precise about what you are going to achieve. • Measurable - Quantify you objectives. • Achievable - Are you attempting too much? • Realistic - Do you have the resource to make the objective happen (men, money, machines, materials, minutes)? • Timed - State when you will achieve the objective (within a month? By February 2010?).

  31. Stage Three - Describe your target market • Which segment? How will we target the segment? How should we position within the segment? • Why this segment and not a different one? (This will focus the mind). • Define the segment in terms of demographics and lifestyle. Show how you intend to 'position' your product or service within that segment. Use other tools to assist in strategic marketing decisions such as Boston Matrix, Ansoff´s Matrix, Porter´s Competitive Strategy, etc.

  32. Stage Four – Marketing Tactics Convert the strategy into the marketing Mix. These are your marketing tactics. • PRICE Will you cost plus, skim, match the competition or penetrate the market? • PLACEWill you market direct, use agents or distributors, etc? • PRODUCT Sold individually, as part of a bundle, in bulk, etc? • PROMOTION Which media will you use?

  33. Stage Five – Marketing Control Remember that there is no planning without control. Control is vital. • Start-up costs. • Monthly budgets. • Sales figure. • Market share data. • Consider the cycle of control.

  34. Marketing Communication Marketing communicationsis 'promotion' fromthe marketing mix • PersonalSelling • SalesPromotion • Public Relations and publicity • Direct Marketing • TradeFairsandExhibitions. • Advertising • Sponsorship • Packaging • Merchandising (and point-of-sale) • E - Marketing (and Internet promotions) • Brands

  35. Thank you for your attention

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