4. Definition of Marketing
Theoretically:
A process of continuously & profitable satisfying customers
needs and wants and expectation superior than competition.
Technically:
“Putting the right product in the right place, at the right
price, at the right time.”
6. MARKETING MIX
The marketing mix is the set of controllable, tactical
marketing tools that a company uses to produce a desired
response from its target market.
The four Ps of marketing
product
price
place
promotion
8. Here are some questions:
• What does the customer want from the product/service? What
needs does it satisfy?
• What features does it have to meet these needs?
• Are there any features you've missed out?
• Are you including costly features that the customer won't actually
use?
• What does it look like?
• What is it to be called?
• How is it differentiated versus your competitors?
10. • What is the value of the product or service to the buyer?
• Are there established price points for products or services
in this area?
• Is the customer price sensitive? Will a small decrease in
price gain you extra market share? Or will a small increase be
indiscernible, and so gain you extra profit margin?
• What discounts should be offered to trade customers, or to
other specific segments of your market?
• How will your price compare with your competitors?
Here are some questions:
12. • Where do buyers look for your product or service?
• If they look in a store, what kind? A specialist boutique or
in a supermarket, or both? Or online? Or direct, via a
catalogue?
• How can you access the right distribution channels?
• Do you need to use a sales force? Or attend trade fairs? Or
make online submissions? Or send samples to catalogue
companies?
• What do you competitors do, and how can you learn from
that and/or differentiate?
Here are some questions:
14. • Where and when can you get across your marketing messages to
your target market?
• Will you reach your audience by advertising in the press, or on
TV, or radio, or on billboards? By using direct marketing mailshot?
Through PR? On the Internet?
• When is the best time to promote? Is there seasonality in the
market? Are there any wider environmental issues that suggest or
dictate the timing of your market launch, or the timing of
subsequent promotions?
• How do your competitors do their promotions? And how does
that influence your choice of promotional activity?
Here are some questions:
15. • Does it meet their needs? (product)
• Will they find it where they shop? (place)
• Will they consider it's priced favorably? (price)
• And will the marketing communications reach them?
(promotion)
Result…
17. Target Marketing
involves breaking a market into segments and then
concentrating your marketing efforts on one or a few key
segments.
The beauty of target marketing is that it makes the
promotion, pricing and distribution of your products and/or
services easier and more cost-effective. It provides a focus to
all of your marketing activities.
18. Common Market Segmentation..
• Geographic – based on location such as home addresses;
• Demographic – based on measurable statistics, such as age
or income;
• Psychographic – based on lifestyle preferences, such as
being urban dwellers or pet lovers.
20. Product Strategies
a product is anything that can be offered to a market to
satisfy a want or need.
In other words, a product is the item(s) or service(s) that
you are offering your customers.
What is Product?
21. Products have 3 components:
• Core product – this is the end benefit
• Formal product – this is the actual physical or perceived
characteristics of your product
• Augmented product – the support items
23. Pricing Strategies
If your business is planning to launch a new
product, penetration pricing and price skimming are
two marketing strategies you should consider.
24. Penetration Pricing
Penetration pricing occurs when a company launches
a low-priced product with the goal of securing market
share.
Skimming Pricing
A price skimming strategy focuses on maximizing
profits by charging a high price for early adopters of a new
product, then gradually lowering the price to attract thriftier
consumers.
25. Product Positioning
- is the way a product or service is seen by consumers and
how they view its important attributes in relation to
competitor’s products.
27. Promotion Strategies
- is one of the key elements of the marketing mix,
and deals with any one or two-way communication that
takes place with the consumer.
Segmentation
Targeting
Positioning
Messaging
