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"Marketing" - A Commonly Misunderstood Term
 

"Marketing" - A Commonly Misunderstood Term

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"Marketing" - A Commonly Misunderstood Term

"Marketing" - A Commonly Misunderstood Term

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    "Marketing" - A Commonly Misunderstood Term "Marketing" - A Commonly Misunderstood Term Presentation Transcript

    • “ MARKETING ” A Commonly Misunderstood Term By: Carter McNamara, MBA, PhD. http://managementhelp.org/mrktng/mrktng.htm Prepared by: GREGAR DONAVEN E. VALDEHUEZA, MBA Lourdes College Instructor
    • Learning Objectives
      • Define what is marketing.
      • Differentiate the two marketing activities, the inbound and outbound.
      • Illustrate the differences between advertising, promotion, marketing, public relations, publicity, and sales.
    • Two Activities of Marketing
      • Inbound Marketing Includes Market Research
        • What specific groups of potential customers/clients (markets might have which specific needs) ( market segmentation )
        • How those needs might be met for each group (target market), which suggests how a product might be designed to meet the need ( product analysis )
        • How each of the target markets might choose to access the product or service, etc. (packaging)
        • How much the customers/clients might be willing to pay and how much (pricing analysis)
        • Who the competitors are (competitor analysis)
        • How to design and describe the product such that customers/clients will buy from the organization, rather than from its competitors (unique value proposition)
        • How the product should be identified – its personality – to be most identifiable (naming and branding)
      • Outbound Marketing
        • Advertising and promotions (focused on the product)
        • Sales
        • Public and media relations (focused on the entire organization)
        • Customer service
        • Customer satisfaction
    • Basic Definitions
      • One Definition of Advertising
        • Advertising is bringing a product (or service) to the attention of potential and current customers. Advertising is focused on one particular product or service. Thus, an advertising plan for one product might be very different than that for another product. Advertising is typically done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, etc .
      • One Definition of Promotion
        • Promotion keeps the product in the minds of the customer and helps stimulate demand for the product. Promotion involves ongoing advertising and publicity (mention in the press). The ongoing activities of advertising , sales , and public relations are often considered aspects of promotions .
      • One Definition of Marketing
        • Marketing is the wide range of activities involved in making sure that you're continuing to meet the needs of your customers and getting value in return. Marketing is usually focused on one product or service. Thus, a marketing plan for one product might be very different than that for another product. Marketing activities include “ inbound marketing ” and “ outbound marketing ”.
      • One Definition of Public Relations
        • Public relations includes ongoing activities to ensure the overall company has a strong public image. Public relations activities include helping the public to understand the company and its products. Often, public relations are conducted through the media, that is, newspapers, television, magazines, etc . As noted above, public relations is often considered as one of the primary activities included in promotions.
      • One Definition of Publicity
        • Publicity is mention in the media. Organizations usually have little control over the message in the media, at least, not as they do in advertising. Regarding publicity, reporters and writers decide what will be said.
      • One Definition of Sales
        • Sales involves most or many of the following activities, including cultivating prospective buyers (or leads) in a market segment; conveying the features, advantages and benefits of a product or service to the lead ; and closing the sale (or coming to agreement on pricing and services) . A sales plan for one product might be very different than that for another product.
    • Activity:
      • “ If the circus is coming to town and you paint a sign saying 'Circus Coming to the Fairground Saturday', that's ____________ . If you put the sign on the back of an elephant and walk it into town, that's _____________ . If the elephant walks through the mayor's flower bed, that's ____________ . And if you get the mayor to laugh about it, that's ______________ . If the town's citizens go the circus, you show them the many entertainment booths, explain how much fun they'll have spending money at the booths, answer their questions and ultimately, they spend a lot at the circus, that's ___________ .”
      • Reference:
      • Reader's Digest , a quote found in "Promoting Issues and Ideas" by M. Booth and Associates, Inc.
    • Answer:
      • “ If the circus is coming to town and you paint a sign saying 'Circus Coming to the Fairground Saturday', that's advertising . If you put the sign on the back of an elephant and walk it into town, that's promotion . If the elephant walks through the mayor's flower bed, that's publicity . And if you get the mayor to laugh about it, that's public relations . If the town's citizens go the circus, you show them the many entertainment booths, explain how much fun they'll have spending money at the booths, answer their questions and ultimately, they spend a lot at the circus, that's sales .”
      • THE END
      • Questions?
      • Comments?
      • HAVE A GOOD DAY! 