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Marketing Basics

Marketing Basics

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Marketing Basics

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  1. Marketing Basics

  2. What is Marketing? • Process of meeting needs/demands • Needs – Essentials – Generally not taxed • Demands – Wants, Luxuries, usually taxed • Market– All that do or could buy a product – customer must have - • Ability • Authority • Willingness

  3. Marketing Process • Mission Statement • Why are we in business? Sets the tone. • Organizational Objectives • What do we want to achieve? • Marketing Objectives • What can marketing achieve to help Org. goal?

  4. Marketing Plan • Situation Analysis • BCG matrix • SWOT analysis • Balanced Scorecard • Develop Goals for each SBU • Strategies • Segmentation – Demographics, Usage • Targeting – Undifferentiated, Differentiated • Positioning – Manage perception – Toyota, Lexus

  5. Marketing Mix (4 Ps) • Product • Price • Place (Distribution) • Promotion

  6. Product Types • ConvenienceProduct • Little or no shopping around, inexpensive – eg. Soap • ShoppingProduct • Lot of shopping for deals, expensive – eg. house, car • SpecialtyProduct • Loyalty, not easily found – eg. South Indian Restaurant

  7. Product Life Cycle • Introduction • Growth • Maturity • Decline

  8. Price • Skim • Innovator can charge high price, skim profits • Penetration • Low price to penetrate market dominated by others • Competitive • Match competition in a mature, highly competitive market • Cost-based • Based on cost plus a percentage • Target-profit • Similar to cost based – based on targeted profit • Others – geographical, segmented (eg. Airline prices) • Price Elasticity • Elastic products – non-essential, cheap – demand sensitive to price • Inelastic products – essential – water, gas, etc. – demand relatively stable

  9. Place (distribution) • Physical Distribution (Ops. Mgt.) • Channels • Direct –producer sells to customers • Indirect –producer to wholesalers to retailers to customers

  10. Promotion • Goals • Provide Information • Increase demand • Differentiate • Stabilize Sales (e.g. coupons) • Accentuate Value (why high price needed)

  11. Promotion Strategies • Advertising • Trade Sales • Public Relations • Direct Marketing • Sponsorship