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Marketing

Marketing is a critical management process that identifies, anticipates, and satisfies customer needs while aiming to generate company profits. It involves strategic planning, market analysis, and effective communication to ensure the right product is delivered to the right audience at the optimal time and price. Understanding your target market, analyzing competitive positioning, and leveraging the product life cycle are essential. Additionally, implementing strong promotional strategies and maintaining customer relationships fosters long-term business success.

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Marketing

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Presentation Transcript

  1. Marketing What you need to know!

  2. Definition of Marketing • Marketing : • management process that: • Identifies • Anticipates • Satisfies customer requirements *To make company profits* • The right product, in the right place, at the right time, and at the right price

  3. Questions/Implications of Marketing • Who are our existing / potential customers? • Target Market • What are their current / future needs? • How can we satisfy these needs? • Can we offer a product/ service that the customer would value? • Can we communicate with our customers? • Can we deliver a competitive product of service? • Why should customers buy from us?

  4. Marketing/Management Analysis • Analysis/Audit - where are we now? • Objectives - where do we want to be? • Strategies - which way is best? • Tactics - how do we get there? • Implementation - Getting there! • Control - Ensuring arrival

  5. Planning and Design Systematic futuristic thinking by management Acts as a roadmap Better prepare for sudden new developments Apple and IPOD Informs new participants in the plan of their role and function Obtain resources for implementation Objectives of Market Planning • Assignment of responsibilities, tasks and timing • Awareness of problems, opportunities and threats • SWOT • Essential marketing information may have been missing • If Implementation is not carefully controlled by managers, the plan is worthless!

  6. Demographic Factors • Age • Race • Sex • Income • Occupation • Economic circumstances • Lifestyle • Social influence variables • family background • reference groups • Church • American Legion • Maslow’s Hierarchy of Needs

  7. Five Stages of Product Life Cycle • Product development - sales are zero, investment costs are high • Introduction - profits do not exist, heavy expense of product introduction • Growth - rapid market acceptance and increasing profits • Maturity - slowdown in sales growth. Profits level-off. Increase outlay to compete • Decline - sales fall-off and profits drop

  8. Pricing Strategy • How high, How low • High • What does your product offer to charge a higher price? • Low • What does your product offer that higher end products offer at a better rate?

  9. Promoting • Personal selling • Telemarketing • Direct mail • Trade fairs and exhibitions • Commercial television • Newspapers and magazines • Radio • Cinema • Point of sale displays • Packaging

  10. Promotion Message Grab ATTENTION Excite INTEREST Create DESIRE Prompt ACTION AIDA

  11. Relationship Marketing(What you want to build) • Not mass marketing • Aimed at individual • Customer retention not attraction • Long term, ongoing relationships • Regular customer contact • Spirit of trust

  12. SWOT Analysis • Strengths (internal) • Weaknesses (internal) • Opportunities (external) • Threats (external) Research SWOT Analysis on the internet, get with your group and create one under the Analyze Market and Competitors section of Business Plan

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