Introduction to marketing principles week 1


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Introduction to marketing principles week 1

  1. 1. Introduction to MarketingPrinciples Week 1
  2. 2. What is Marketing? Marketing is the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large. It is more than just selling and advertising. A good understanding of the customer is inherent to successful marketing.
  3. 3. Marketing is… Understanding the customer, designing a strategy that focuses on the customer and managing customer relationships are all key aspects to marketing management.
  4. 4. Customers and the Market Marketing involves meeting needs, wants and demands.- A need is when an individual feels as through they are going without something important.- A want is shaped by culture, personality, understandings and personality. Consumers need to see the perceived benefits they will receive using the product, the features alone do not sway purchases. Marketers therefore need to research and identify a target market and the overall needs and wants presented from a group with some similarities. Marketers ensure their product and services offers perceived benefits that are suited to a particular market.
  5. 5.  When a marketer understands their customers in their target market , they are better able to meet the needs and wants. Also customers are satisfied and the business can enjoy continued sales and loyalty from it’s consumers.
  6. 6. Marketing Process… Once a target market has been identified through a process of researching and analysing data, the marketer can then turn attention to the relationship with the customer = Exchange relationship. A positive relationship between the seller and buyer increases potential for a business to retain customers. Transaction Marketing = applied to marketing approach centred on one particular sale. Relationship Marketing = is more customer-centred leads to more satisfied customers and repeat business.
  7. 7.  A customer driven strategy is the focal point of the marketing concept. Businesses who take consideration of marketing concept ensure customers are understood and all activities are carried out with this in mind.
  8. 8. A value proposition answers thequestion of “Why should I buy yourproduct service?”= Benefits of the purchase= Perceptions and feelings associated with the brand= Positioning of the product or service** Businesses that use the marketing concept and valueproposition are focussing their activities strongly on meetingthe needs and wants of consumers.= Strategy of marketing suggests maintaining a relationshipwith existing customers is easier than finding new customers;loyalty, retention and overall increased market share.
  9. 9. Marketing ManagementPhilosophies Marketing philosophies and perspectives have developed over the years, generally being either production or sales orientated. Production Orientation was prevalent before 1960s in Aus = focused on producing basic goods and services on a large scale in the most efficient manner. A Sales Orientation developed after 1960s it was characterised by the aggressive sales techniques utilised by organisations to push products on consumers – disregards customer needs and wants.
  10. 10. The Four P’s (Extended MarketingMix) Includes, product, price, promotion and Place.1. Product =- tangible & Non tangible features- they have a life cycle and increase and decrease in popularity depending on societal, political and economic factors.- Product positioning – will it be positioned as expensive, luxury, exclusive or conversely a budget option? Positioning correctly ensures no competition from a superior product
  11. 11.  Pricing =- Takes into consideration the consumers, organisations and economy- Economic conditions will also impact pricing decisions- Product Position affects pricing- Strategic pricing will consider the financial and marketing objectives of the business as well as external factors.
  12. 12.  Promotional =- Is communication channel for business; advertising, selling, sales promotion and publicity.- May include special offers, displays, samples and any other tool that will help sell the product
  13. 13. Place =- Distribution of the product- Physical movement and logistics involved in moving product from manufacturer along the distribution channel via the market to consumer.
  14. 14. New Marketing Landscape Marketing management has been influenced by globalisation, increased technology and strong demand for businesses to be ethically and socially responsible. Essential for consideration in marketing