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Marketing

Marketing . An Introduction. Marketing Defined. Markets. Set of actual and potential buyers Potential markets for…????? Textbooks Sporting event tickets Hiking boots Sports enhancement facilities BMW. Mass Marketing.

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Marketing

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  1. Marketing An Introduction

  2. Marketing Defined

  3. Markets • Set of actual and potential buyers • Potential markets for…????? • Textbooks • Sporting event tickets • Hiking boots • Sports enhancement facilities • BMW

  4. Mass Marketing • Seller mass produces, mass distributes & mass promotes one product to all buyers • Examples??? • Weaknesses of mass marketing for non-mass products

  5. Market Segmentation • Divides a heterogeneous group into smaller homogenous segments • Groups have similar wants & responses • Basic to all marketing efforts • Better than mass marketing. Why?

  6. Target Marketing • Seller identifies market segments, selects 1 & develops products and marketing mixes for them • Marketing Mix – product, price, place, promotion (4 P’s)

  7. 4 Bases of Segmentation • Demographics • Psychographics • Product usage • Product benefits

  8. Demographics • Geography • Proximity – closeness to location • Geoclusters

  9. Demographics • Income • Determines lifestyle • Influences advertising market for certain products • Age • One of the most effective variables • Age & stage of lifecycle similar • Income, education, family lifecycle

  10. Demographics • Age • Mature Market – 55+ • Stereotyped as inactive & thrifty – untrue! • Living longer & more active • 23% are over 55…. • & have 75% of the wealth • & 50% of the discretionary income • Per capita income is 25% higher than national average • Spends 1+ trillion per year on goods & services • Senior discounts

  11. Demographics • Gender • Race • Shared genetic make-up, biological differences • Ethnicity • Commonalities passed down through history & tradition, culture, morals, beliefs

  12. Demographics • Sexual Orientation • Higher income & education

  13. Demographic Descriptors for Consumer Markets

  14. Psychographics • Lifestyle characteristics

  15. Psychographics • How do we use these? • Meijer’s coupons • Shows at Braden • Club membership – campus, fitness • Political affiliation • Donations • Activities – biking, running • Professional associations

  16. Product Use • Use rates • Frequency • Ability • Specialization

  17. Product Benefits Segmentation • Divide by desired benefits • What do the following want from a tennis shoe? • Runner • Avid walker • Cycler

  18. Promotions Defined • Communication designed to facilitate exchanges with members of potential client groups by communicating the benefits offered by the program/service.

  19. Promotions Mix Sales Promotions & Incentives Advertising Personal Selling Publicity

  20. Personal Selling • Using direct, face to face oral presentation for the purpose of facilitating exchange

  21. Sales… • Sponsors • Service clubs • Every day participants • Media

  22. Personal Selling • Expensive but allows for relationship marketing • Build relationship with the customer • Allows for benefit selling • Can create new benefits to offset negativity toward product

  23. Promotions Mix Sales Promotions & Incentives Advertising Personal Selling Publicity

  24. Sales Promos & Incentives • Something of financial or non-financial value offered to encourage participation • Free offers • Promotional pricing • Celebrities • Prizes

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