Introduction to marketing
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Introduction to marketing Presentation Transcript

  • 1. Introduction to Marketing Oran Doherty
  • 2. What is Marketing?
    • Marketing involves a range of processes concerned with finding out what consumers want, and then providing it for them.
    • A useful starting point therefore is to carry out market research to find out about customer requirements in relation to the 4Ps (the right Product , right Price , right Promotions and right Place ).
    • 4Ps also known as Marketing Mix
  • 3. What is Marketing?
    • The Chartered Institute of Marketing defines marketing as 'The management process responsible for identifying , anticipating and satisfying customer requirements profitably ‘.
    • Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process‘.
  • 4. What is Marketing?
    • • Marketing is about meeting the needs and wants of customers;
    • Marketing is a business-wide function – it is not something that operates alone from other business activities.
  • 5. Marketing Management Philosophies /Concepts
    • The Production Concept
    • Early 1900’s. Emphasis on production, make any product it will sell as demand>supply.
    • The Product Concept
    • Emphasis on producing a good product from organisation ‘s point of view.
    • The Selling Concept
    • Large scale advertising and promotions, no research or asking customer.
  • 6. Marketing Management Philosophies /Concepts
    • The Marketing Concept
    • The organisation first of all conducts research, then produces a product the consumer want at a suitable price and place and promote it.
    • The Societal Marketing Concept
    • Show concern for consumer and environment, healthy products.
  • 7. Marketing Vs Selling
    • The terms ‘marketing’ and ‘selling’ are related but not synonymous. While selling starts after production is over, marketing starts with finding out consumers’ needs, wants and preferences.
    • Marketing revolves around the customers, whereas selling revolves around the product.
  • 8. The traditional marketing Mix
    • The traditional marketing mix is the combination of 4 major tools of marketing:
      • Product
      • Price
      • Promotions
      • Place
    • The extended marketing mix has 7Ps with the extra 3 Ps:
      • People
      • Physical evidence
      • Process
  • 9. P1: Product
    • Making the product the customer values is essential to marketing.
    • Research should be conducted to determine consumer preferences.
    • Identifying a product that “fits” consumer preferences is the first step in marketing.
    • Packaging also important here.
  • 10. P2: Price
    • Once the company have determined which product to produce, marketers must decide the best price for their products.
    • Marketers use strategies such as
      • Penetration Pricing (entering market with low prices)
      • Price Skimming (high prices to begin with, then lower)
      • Premium Pricing (constant high prices)
  • 11. P3: Promotions
    • Promotions is the general term that describes all efforts made by a seller to communicate with the market, apart from price.
    • The Promotions Mix is made up of the following elements:
      • Advertising
      • Personal selling
      • Sales promotions
      • Direct marketing
      • Public Relations.
  • 12. P4: Place
    • Determining how products reach the customer, how quickly and in what condition involves place, or distribution strategy.
    • To satisfy customers, products must be available at the right time and at a convenient place.
    • The marketer has to decide on the structure of channels of distribution (direct or indirect).
  • 13. P5: People
    • The majority of services depend on direct personal interaction between customers and the company’s employees, for example a child minder the provider is the service.
    • These interactions with other people in a service situation may influence a customer’s perceptions and expectations of service quality.
  • 14. P6: Physical evidence
    • The design of an appropriate physical environment is essential for the delivery of a service so as to compensate for its intangible nature.
    • Physical evidence includes: uniforms, reception areas, furniture, brochures, equipment and any other visible items.
  • 15. P7: Process
    • This refers to a particular method of operations or series of actions, usually involving steps that need to occur in a defined sequence.
    • Poorly designed processes will result in customer dissatisfaction because of slow and ineffective service delivery.
    • Services therefore need to be easily accessible and conveniently presented.
  • 16. Marketing Services
    • Marketing experts acknowledge that marketing a service is more difficult than marketing a tangible product. They identify the following as being characteristic of services:
    • Intangibility the service cannot be touched or viewed, so it is difficult for clients to tell in advance what they will be getting;
    • Inseparability of production and consumption the service is being produced at the same time that the client is receiving it
  • 17. Marketing Services
    • Perishibility unused capacity cannot be stored for future use.
    • Heterogeneity (or variability ): services involve people, and people are all different. There is a strong possibility that the same enquiry would be answered slightly differently by different people (or even by the same person at different times).
  • 18. Criticisms of Marketing
    • Marketing Encourages People to Purchase What They Do Not Need
    • Marketers exaggerate Product Claims
    • Marketing Contributes to Environmental Waste
    • Marketing infringes on Customers’ Right to Privacy
    • Manipulate easy targets like kids
    • Increases the cost of products?
  • 19. Interesting Marketing Facts
    • An average person sees 625 messages per day.
    • 80% of all the household purchases are made or influenced by a woman.
    • The amount of money companies spend on social media and blogs has nearly doubled in last 2 years.
    • 1 out of 8 minutes spent online is spent on Facebook
  • 20. Interesting Marketing Facts
    • People spend 300% more time on social media than email
    • 81% internet users give their email address for a giveaway, deal, or upcoming sale.
    • Children are influencing family purchases more today than ever. These are the results of more mothers working and children's greater access to media.
  • 21. Interesting Marketing Facts
    • You can't rely on consumers to provide accurate information on their buying behaviour. They don't always do what they say they will! Therefore, be careful in interpreting consumer surveys.
    • It costs 5 to 10 times MORE to attract a new customer than it does to keep a current customer satisfied.