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Principles of Marketing

Principles of Marketing

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Principles of Marketing

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  1. Principles of Marketing

  2. The Course Objectives LEARN PRACTICAL MARKETING KNOWLEDGE AND PRACTICES Module 1 (Day 1) Marketing Definition STP, Principle of Real World Mktg. Module 2 (Day 2 & 3) Marketing Tools From Online Marketing to Direct Marketing Module 3 (Day 4) Marketing Program – Workshop Learn How To Design a Marketing Program

  3. Today’s Objectives What is marketing? STP The Marketing Mix Principles of real world marketing Exercise

  4. What is Marketing? It is not just “selling and advertising”; It is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. “The Whole Firm Taken From A Customer Perspective” Peter Drucker EVERYTHING THAT TOUCHES THE CONSUMER IS MARKETING

  5. What Marketing Does? Reach customers Motivate Them To Buy Use AND REBUY The product

  6. What Marketers Do? Reach customers Motivate Them To Buy Use AND REBUY The product Marketers Should March To The Drums Of The Customers

  7. STP (Segmentation, Targeting &Positioning) • Market segmentation • Identify bases for segmenting the market. • Develop segment profiles Target marketing 3. Develop measure of segment attractiveness 4. Select target segments. Market positioning 5. Develop positioning (differentiation) for target segments. 6. Develop a marketing mix for each segment.

  8. 1. Market segmentation Dividing a market into smaller groups of buyers distinct needs,characteristics, or behavior who might require separate products or marketing mixes

  9. Market segmentation Buyers differ in Wants Resources Locations Buying attitudes Buying practices Through market segmentation, companies divide large,heterogeneous (different) markets into smaller segments that can be reached more efficiently and effectively with products and services that match their unique needs

  10. Geographic segmentation Dividing a market into different geographical units such as nations, states, regions, counties, cities or neighborhoods Al-wasset classifieds (maadi)

  11. Demographic segmentation Dividing the market into groups based on demographic variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race and nationality Most popular because our needs, wants and usage rates depend on the demographics

  12. Age and life cycle segmentation Dividing a market into different age and life cycle groups Kids (corn flakes), adults, magazines (teen stuff) Gender segmentation • Dividing a market into different groups based on gender • Clothing, cosmetics, perfumes

  13. Income segmentation Dividing the market into different income groups Cars, financial services

  14. Psychographic segmentation Dividing a market into different groups based on social class, lifestyle or personality characteristics

  15. Behavioral segmentation Dividing a market into groups based on consumer knowledge, attitude, use, or response to a product Occasion segmentation Dividing the market into groups according to occasions when buyers get the idea to buy

  16. Behavioral segmentation (cont’d) Benefit sought segmentation Dividing the market into groups according to the different benefits that consumers seek from the product (detergent)

  17. Using multiple segmentation bases Using multiple segmentation bases in an effort to identify smaller, better defined target groups

  18. Requirements for effective segmentation Measurable Accessible Differentiable (segment is unique) Actionable (can perform marketing mix to reach this segment)

  19. STP • Market segmentation • Identify bases for segmenting the market. • Develop segment profiles Target marketing 3. Develop measure of segment attractiveness 4. Select target segments. Market positioning 5. Develop positioning (differentiation) for target segments. 6. Develop a marketing mix for each segment.

  20. Target marketing The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

  21. Evaluating market segments Segment size Growth Segment attractiveness Company objectives and resources Competitors Buying power Supplier power

  22. Selecting target market segments Target market A set of buyers sharing common needs or characteristics that the company decides to serve

  23. Targeting Strategies Undifferentiated Strategy One marketing mix for the whole market Concentrated (niche) Strategy One marketing mix and one segment Differentiation Strategy Two marketing mix and 2 different segment Chipsy BMW

  24. STP • Market segmentation • Identify bases for segmenting the market. • Develop segment profiles Target marketing 3. Develop measure of segment attractiveness 4. Select target segments. Market positioning 5. Develop positioning (differentiation) for target segments. 6. Develop a marketing mix for each segment.

  25. Product positioning The way that product is defined by consumers on important attributes - the place the product occupies in consumer’s minds relative to competing products

  26. Perceptual Positioning Map for Automobiles Stylish, prestigious, distinctive Mercedes 400SE Porsche 914 Volvo 850R • • • TM2 TM3 Lexus LS400 Chrysler LHS • • Buick Park Avenue Jeep Grand Cherokee • • Oldsmobile L35 Acura Integra • • Honda Accord Ford Taurus Staid, conservative, older Fun, sporty, fast • • Saturn SC2 • Nissan Sentra • TM1 Plymouth Voyager • Honda Civic Dodge Caravan • • Dodge Neon • Geo Metro • Kia Sephia • Practical, common, economical

  27. Developing the marketing mix Marketing mix: the set of controllable tactical marketing tools: product, price, place and promotion that the firm blends to produce the response it wants in the target market

  28. Consumer products Principles of Real World Marketing

  29. Principles of Real World Marketing Your Customers Aren’t Listening To You Everybody Else Is Shouting At Your Customers The Rest Of Your Organization thinks you are crazy BUT You Cant execute your program without the rest of the company

  30. Principles of Real World Marketing The More You Give; The More You Get Being Good Is Never Good Enough; You Have To Be Better Marketing Should Be The Most Creative and Most Logical Part Of Your Business Everything Is Marketing

  31. Integrated Marketing Communications (IMC) The concept under which a company carefully integrates and coordinates its many communications channels to deliver a clear, consistent, and compelling message about the organization and its products

  32. IMC

  33. Marketing communications mix - promotion mix The mix of Advertising Personal selling Sales promotion Public relations Direct Marketing That the company uses

  34. a. Advertising Any paid form of non-personalpresentation and promotion of ideas, goods, or services Advertising tools Print (newspapers, magazines) TV Radio Outdoor Online

  35. 1. Setting advertising objectives A specific communication task to be accomplished with a specific target audience during a specific period of time Objectives Informative (new product category) Persuading (when competition increases, comparative advertising, comparative advertising AUDI ad) Reminding (coca cola, Pepsi)

  36. 2. Developing advertising strategya. Creating advertising messages Message execution Slice of life: one or more “typical” people using the product in a normal setting. Samna and Oil ads) Lifestyle: how a product fits in with a particular lifestyle. Nescafe Fantasy: creates fantasy around the product or its use. Galaxy (girl in the big chair), 7up tropical Musical: one or more people or cartoon characters singing about the product. (Sunsilk)

  37. Message execution Technical expertise: shows the company’s expertise in making the product. Chipsy Scientific evidence: presents surveys or scientific evidence that the brand is better or better liked than one or more other brands. Crest and the egg ad Testimonial evidence or endorsement Highly believable or likeable source endorsing the product –Celebrity- Nancy Agram

  38. 2. Developing advertising strategy b. Selecting advertising media Deciding on reach, frequency Reach: measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time Frequency: measure of how many times the average person in the target market is exposed to the message

  39. Choose Your Media Type Question How to choose the best medium? Answer Whatever Works for your campaign and reaches your target market Primary Medium Secondary Medium Spread your budget equally on more than one medium

  40. Profiles of major media types Medium Advantages Limitations

  41. Print Advertising (Newspapers, Magazines) Most Advertisers budget more for print than any other media Works mainly to promote sales promotions Anatomy: Headline Sub headline Copy – choose the font that serves the message Visual Caption Trademark Signature Slogan

  42. Exercise Each Team chooses a print ad from the newspaper or magazine and analyze it

  43. Television Used When You Need To Evoke Emotions – surprise, anxiety, excitement, happiness, …

  44. Radio Rely On Sounds – choose cool sound effect, interesting voice, catchy musical phrase, … Choose One Strong Idea Talk To Your Market Right Away – i.e. if you want to advertise for salon’s service; start right away with ex. :”not another bad hair day”

  45. Outdoor – Billboards, Banners and Signs It must be read in a hurry It is geographically specific It directs people to your business location Placing it in front of competitor location IS SMART  Design should include 2 main sections: 1- Header to catch attention from far, 2- essential information

  46. Outdoor – Billboards, Banners and Signs Forms: Vinyl Hand Painted Wood Metal Light Boxes Electronic Display

  47. Online Advertising Types: Website = company brochure Banner Ads = billboard where you use your logo, one simple message and max. couple lines of body copy N.B Refresh Your Content Regularly Deliver fascinating and attractive content

  48. Other Forms of Indirect Advertising Point Of Purchase POP Flags Danglers Roll ups & pop ups Word Of Mouth Virtual WOM Face To Face

  49. b. Sales promotion Short-term incentives to encourage the purchase or sale of a product or service