1 introduction to marketing chapter 7 what is marketing? ‘ marketing is the management process...
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1
Introduction to Marketing
Chapter 7
What is marketing?
‘Marketing is the management process that
identifies, expects and satisfies customer
requirements profitably’.
‘The right product, in the right place, at the right time, and at the right price’
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The Goal of Marketing is:
To attract new customer by ensuring
superior value, and to keep current
customers by delivering satisfaction.
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Marketing, more than any other business function, deals with customers.
Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice.
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Difference Between - Sales & Marketing ?
Difference Between - Sales & Marketing ?
Sales:trying to get the customer to want what the company produces.
Marketing : trying to get the company produce what the customer wants
Who is a Customer ??
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Anyone who is in the market looking at a
product / service for attention, acquisition,
use or consumption that satisfies a want or a
need
CUSTOMER IS . . . . .
CUSTOMER has needs, wants, demands and
desires
Understanding these needs is starting point of
the entire marketing
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a) Product
b) Price
c) Place
d) Promotion
Marketing Mix (4 P)
The 4 Ps of Marketing
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MarketingMix
Product
Price Promotion
Place
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Anything that is offered to the market for
attention, purchase, or use that satisfies a want
or a need
a. Product is . . . . . a. Product is . . . . .
a) Product
nowadays:
- products have a life cycle
- product range is always expanded
- find out what target market desires
traditional economies: same things produced and consumed
Types of Products
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ConsumerProducts
IndustrialProducts
PRODUCTS
Services
Some Industries - Service Sector
Banking,
Restaurants,
Insurance
News and entertainment
Health care
Education Wholesaling and
retailing dry-cleaning
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b) Price
Pricing strategies:
1. Market determinesthe price
2. Price as an expression
of quality3. Price as a method of
gaining market share
back
c) Place (distribution)
Production site Warehouse Wholesaler
Retailerconsumerback
d) Promotion
Aims: communicate with customers influence customers
4 major tools:1. Sales force
2. Advertising
3. Sales promotion
4. Public relations
1. Advertising
Presents a reason to buy a product/service
Media:
back
2. Sales promotion
is a short-term motivationto buy a product/service
Techniques:
3. two for one
2. loyalty reward points
1 price reduction
3. Public relations
Does not aim to increase sales directly but tries to enhancement the image of the company
- - community events - charitable events
Techniques:
- press conferences
The Marketing Plan
A written document that acts as a
guidebook of marketing activities for the
marketing manager
A written document that acts as a
guidebook of marketing activities for the
marketing manager
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CONTENTS of MARKETING PLAN CONTENTS of MARKETING PLAN
Business Mission Statement Objectives Situation Analysis (SWOT) Marketing Strategy Marketing Mix
Product Promotion Price Place – Distribution
Implementation, Evaluation and Control
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The Marketing ProcessThe Marketing ProcessBusiness Mission Stateme
nt
Objectives
Situation or SWOT Analysis
Implementation Evaluation,
Control
Target Market Strategy
Marketing Strategy
Product
Promotion
Place/Distribution
Price
Marketing Mix
Marketing Environment All the forces influencing the
company’s ability to conduct business effectively with it’s target market.
Market Environment Includes:
Micro-environmentMicro-environment - forces close to the company that affect its ability to serve its customers.
Macro-environmentMacro-environment - larger societal forces that affect the whole microenvironment
Company
Demographic
Economic
Natural
Technological
Political
Cultural Company
Customers
Intermediaries
Suppliers
Competitors
Public
PEST analysis
Political factors Economic factors Socio-cultural factors Technological factors
Political/legal Environmental protection laws Taxation policy Employment laws Government policy Legislation
Economic Factors
Inflation Employment Disposable income Energy availability and cost
Sociocultural factors
Demographics Distribution of income Social mobility Lifestyle changes Levels of education
Technological
New discoveries and innovations Speed of technology transfer Internet Information technology
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