what you need to know! marketing. unit vocabulary market marketing marketing mix price target market...
TRANSCRIPT
Unit Vocabulary
Market MarketingMarketing MixPriceTarget MarketProductPlacePromotion
Marketing Functions
Market Segmentation
DemographicsGeographic
segmentationPsychographics
Use www.businessdictionary.com to find definitions
Definition of Marketing
Marketing : management process that:
Identifies Anticipates Satisfies customer requirements
*To make company profits*
The right product, in the right place, at the right time, and at the right price
Questions/Implications of Marketing
Who are our existing / potential customers? Target Market
What are their current / future needs?How can we satisfy these needs?
Can we offer a product/ service that the customer would value?
Can we communicate with our customers? Can we deliver a competitive product or service?
Why should customers buy from us?
Marketing/Management Analysis
Analysis/Audit - where are we now?Objectives - where do we want to be?Strategies - which way is best?Tactics - how do we get there?Implementation - Getting there!Control - Ensuring arrival
Objectives of Market Planning
Assignment of responsibilities, tasks and timing
Awareness of problems, opportunities and threats
SWOT If Implementation is
not carefully controlled by managers, the plan is worthless!
Planning and Design• Systematic futuristic
thinking by management• Acts as a roadmap
• Better prepare for sudden new developments• Apple and IPOD
Informs new participants in the plan of their role and function
Obtain resources for implementation
Demographic Factors
Age Race Sex Income Occupation Economic
circumstances Lifestyle Social influence
variables family background reference groups
Church American Legion
Maslow’s Hierarchy of Needs
Five Stages of Product Life Cycle
1. Product development - sales are zero, investment costs are high
2. Introduction - profits do not exist, heavy expense of product introduction
3. Growth - rapid market acceptance and increasing profits
4. Maturity - slowdown in sales growth. Profits level-off. Increase outlay to compete
5. Decline - sales fall-off and profits drop
Pricing Strategy
How high, How lowHigh
What does your product offer to charge a higher price?
Low What does your product offer that higher end
products offer at a better rate?
Promoting
Personal selling Telemarketing Direct mail Trade fairs and
exhibitions Commercial
television Newspapers and
magazines Radio
Cinema Point of sale (POS)
displays Packaging New Age Marketing Google Ads YouTube Ads App Ads E-Mail Ads
Relationship Marketing(What you want to build)
Not mass marketing Aimed at individual
Customer retention not attractionLong term, on-going relationshipsRegular customer contactSpirit of trust
Where do we see constant relationship marketing in our daily
living??