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Marketing

Marketing. BioBusiness. What is marketing?. Many people think of marketing as advertisements.

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Marketing

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  1. Marketing BioBusiness

  2. What is marketing? • Many people think of marketing as advertisements. • Marketing is 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.” • Simply, marketing is the process of planning, pricing, promoting, selling, and distributing products to satisfy customers’ needs and wants.

  3. Marketing Strategies • There are 4 basic strategies that are collectively known as the marketing mix (4 P’s): • Product • Price • Place • Promotion • Marketing begins with a product (good or service designed to fill a consumer need or want)

  4. Products • Developing new products is a challenge since marketers must always factor in change. • Meeting needs many times requires that existing products change to keep pace with emerging competitors. • Product differentiation is the creation of a feature or image that makes a product differ enough from existing products to attract consumers.

  5. Pricing • Pricing a product (selecting best price to sell it at) can be difficult. • They must support a variety of costs (operating, administrative, research, marketing), however, they can’t be too high to turn consumers away. • Low prices lead to larger sales, while high prices lead to larger profits.

  6. Place • Place refers to distribution (placing the product in the proper outlet) • Decisions must also be made regarding: • Warehouse • Inventory control • Transportation

  7. Promotion • Promotion is the most visible component of the marketing mix. • This refers to techniques for communicating information about products. • These include: • Advertising • Personal selling • Sales promotions • Publicity • Public relations

  8. Market Research • Market research helps businesses make decisions. • It is the gathering and analysis of information on the size, location, and makeup of a market. • A market is a set of people who share similar wants or needs and who are capable of buying products.

  9. Market Research • Market researchers ask shoppers to answer questions or give an opinion about new foods or watch a new commercial. • This helps companies attract customers. • The marketing concept involves determining the wants and needs of customers and providing them more efficiently and effectively than competitors.

  10. Market Segmentation • Market segmentation is the division of a market for a product into groups of customers who have the same needs and traits. • Three main types of characteristics identify market segments of consumers: • Demographics • Geographics • Psychographics

  11. Demographics • Demographics (facts about the population) are gathered and analyzed regarding a market. • These facts include: • Age • Gender • Location • Income • Ethnic background • Marital status • Religion • Social class

  12. Demographics • This information usually comes from surveys, sales figures for current products, databases, and the census. • A market segment may be a single classification of the groupings above, or it may be a combination of categories. • Children • Young women aged 18 - 35 • Single Indian men in N.J.

  13. Geographics • Geographicvariables are important to consider when looking at a market since buying decisions are affected by places that people call home. • Those in Washington state have more of a need for umbrellas because of the heavy rainfall. • Urban residents do not need agricultural equipment. • Sailboats sell better along the coasts. • Not all products must be geographically sensitive.

  14. Psychographics • Psychographics includes the study of consumers based on social and psychological characteristics, such as attitudes, interests, and opinions. • Psychological identities include: • Family-oriented • Conservative • Liberal • Other groupings may include single moms, soccer moms, or even those who enjoy extreme sports.

  15. Target Marketing • Companies can aim their product or service at a group of potential customers after studying a market. • Target marketing helps companies focus on people most likely to buy their goods or services.

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