MARKETING presenting, advertising and selling a company’s products in the best possible way
Give the customer what they want and make a profit.
MARKETING COMBINES: • market research • new product development • distribution • advertising • promotion • product improvement
TYPES OF MARKETS • Consumer market - B2C People buy for direct consumption • Producer/industrial/business market - B2B Organisations buy goods and services needed for the production of other goods or services: - raw materials - manufactured parts/components - capital equipment (buildings, machines, energy, services from cleaning to management consultancy)
THE MARKETING CONCEPT Make what you can sell Find wants and fill them Create new needs THE SELLING CONCEPT Sell what you make
the right product in the right place at the right price at the right time
MARKETING MIX(elements of a marketing programme) The four Ps: 1. Product 2. Price 3. Place 4. Promotion If a firm gets them right it will be easy to sell the product!
PRODUCT (must fulfil some of the customer’s needs or wants) • quality • features/functionality • style/appearance • brand name • size • packaging • service/support • guarantee/warranty
PRICE (the price must be good value for money/not cheap) • basic list price • discounts • length of the payment period • credit terms Market –skimming pricing – a high price for a new product before competition Price elasticity – the extent to which people want to buy a product/service when its price changes Market penetration - a low price to sell larger quantities
PLACE(the product must be available for sale in a convenient place) • distribution channels/channel members • locations of points of sale • transport/logistics • inventory size
PROMOTION (potential customers must be aware that the product exists) • advertising • public relations • sales promotion • personal selling publicity
MARKET SEGMENTATION 1. Age – the teenage market/grey power 2.Social class– class A (professionals) down to E (the unemployed) 3. Location – cities/the provinces 4.Culture or religion - own unique products
MARKET OPPORTUNITIES • profitable possibilities of filling unsatisfied needs • creating new needs • defining a target market • identifying/monitoring/defeating competitors • searching for loyal customers
1. MK: p. 65: Find out which stages the sentences describe. 2. MK: p. 64: Match up the words to their definitions.
http://www.youtube.com/watch?v=KkBvzS_fJ2g 1. What is Consumer-Side Marketing?2. What is a positioning?3. What does targeting include?4. What are demographic measures?http://www.youtube.com/watch?v=4H678nYI-jQ&feature=related1. A brand is any: n_______________ t_______________ s_______________ s_______________ d_______________ intended to differentiate the goods or services of one seller from those of another.2. What are the 4 Cs of Consumer-Side Marketing?http://www.youtube.com/watch?v=qLn1rAuZuVA&feature=related1. Listen and repeat!