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Developing a Business Idea taking a Marketing Perspective

Developing a Business Idea taking a Marketing Perspective. A Process? A Concept? A Philosophy? An Orientation? Some Definitions

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Developing a Business Idea taking a Marketing Perspective

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  1. Developing a Business Idea taking a Marketing Perspective

  2. A Process? A Concept? A Philosophy? An Orientation? Some Definitions “…a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others”. P. Kotler “…the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives.”American Marketing Association “…getting the right goods and services to the right people at the right place at the right time at the right price with the right communication and promotion.” What is Marketing

  3. The Marketing Function

  4. The Marketing Concept The key to achieving organisational goals lies in • Determining the NEEDS and WANTS of • TARGET MARKETS, and • DELIVERING required SATISFACTIONS more effectively and efficiently than competitors • Consistent with PROFIT and SOCIAL / ENVIRONMENTAL responsibilities

  5. Customer Satisfaction • Expectations fulfilled • The promise / The product How? • Segmentation • Targeting • Positioning

  6. Measuring Customer Satisfaction • Customer satisfaction analysis • Monitoring transactions • Pareto’s Law

  7. Understanding our Buyers Marketing Information Technology Buyers Characteristics Economy Politics Social Environment Cultural Environment Cultural Social Personal Psychological

  8. Cultural Culture Subculture Social Class Social Reference Groups Family Roles and Statuses Factors Influencing Behaviour • Personal • Age and stage in cycle • Occupation • Economic circumstances • Lifestyle • Personality and Self concept • Psychological • Motivation • Perception • Learning • Beliefs and attitudes

  9. LifestylesThe AIO Framework: has a wide application across many markets. • Taken from Plummer (1974) “The Concept and Application of Lifestyle Segmentation” • Activity How would you segment the market for the product/service that your company provides?

  10. Socio-Economic Groups

  11. Geographic Demographic Psychographic Geodemographic To be viable, segments must be: MEASURABLE SUBSTANTIAL ACCESSIBLE STABLE Segmentation

  12. TARGETING Decide which segments to enter POSITIONING Understand the consumers’ perceptions Position the product in THEIR minds Appropriate marketing mix POSITIONING = SEGMENTATION + DIFFERENTIATION Targeting and Positioning

  13. Consumer’s Decision Process Problem Recognition Information Search Evaluation of Alternatives Purchase Decision Post Purchase Behaviour

  14. Product Vs Market Definitions COMPANYPRODUCTMARKET DEFINITION ESSO We sell petrol We provide energy Mattesons We sell processed meat We provide tasty food (“Mmm…”) Columbia Pictures We make films We provide entertainment Virgin Trains We run a railway service We are a people and goods mover Elastoplast We sell plasters We help to make you better Hairdresser We sell haircuts We provide image and esteem

  15. quality features / benefits brand name packaging sizes services guarantee list price discounts credit terms allowances The Marketing Mix PRODUCT PRICE PLACE PROMOTION channels of distribution coverage inventory transport retailers advertising sales promotion public relations personal selling direct marketing

  16. The Buyer’s View Should correspond with

  17. The Product Augmented Product Basic Product Core Benefit

  18. The Product Life Cycle Introduction Growth Maturity Decline Time

  19. Managing the Product Life Cycle Demand Curve

  20. Price: Quality Strategies High Medium Low High Medium Low PRODUCT PRICE

  21. Manufacturer Consumer Channels of DistributionConsumer Markets Zero – level Channel One – level Two - level Three - level Retailer Wholesaler Retailer Wholesaler Jobber Retailer

  22. Museum Customer Channels of Distributione.g. Tourism Zero – level Channel One – level Two - level Three - level Schools/Tour Operator Museum Members/ Agents Schools/Tour Operator Website Museum Members/Agents Schools/Tour Operator

  23. Analysing Distribution Channelse.g. A Stately Home

  24. Promotional Strategy Awareness Interest Desire Action • State marketing and promotional objectives: • to inform / persuade / remind • Define the target market • Develop • Establish a budget • Decide on the promotional mix • Measure results

  25. Communications Mix

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