Chapter -13_-_marketing_strategy


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Chapter -13_-_marketing_strategy

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  • Chapter -13_-_marketing_strategy

    1. 1. Introduction to Business MARKETING STRATEGY Chapter # 13 Shafayet Ullah SECTION: A3 and A4
    2. 2. Marketing Marketing is the process of determining customer needs and wants and then providing customers with goods and services that meet or exceed their expectations.
    3. 3. Market Market is a place where Actual Buyers and Actual Sellers interact with each other in order to exchange something of value.
    4. 4. Who Purchases Products and Services? People Who Show NeedS Resources to Exchange Willingness to Exchange Actual Buyers Market – Buyers who share a particular need or want that can be satisfied through exchange Actual Sellers
    5. 5. Exchange The process by which parties provide something of value to one another to satisfy the needs of each. People with the authority, financial ability and willingness to purchase a product or service.
    6. 6. The Exchange Process Provides a needed product  Goods  Services  Ideas Seller Buyer Offers something in return
    7. 7. Consumer Market People who purchase products for personal use. Industrial Market Those who purchase products to use in the production of other products or to resell.
    8. 8. Selecting a Target Market Market Segment A group of individuals with one or more similar product needs Target Market A group to which a firm directs its marketing activities Marketing Mix The marketing mix is the set of marketing tools the firm uses to pursue its marketing objectives in the target market.
    9. 9. Marketing Mix There are four tools which are used by the firms  Product  Price  Place / Distribution  Promotion These four factors are also called four P’s. The FOUR P’s are used to satisfy the needs of the target market.
    10. 10. Marketing Mix
    11. 11. Marketing Mix Product A product can be a good, a service or an idea. Manufacturing a product is a production function. But marketing managers have the responsibility to inform the production people about products consumers would find appealing and about existing products that need to be changed or that are no longer needed.
    12. 12. Marketing Mix Price Once a firm develops a product, it must set a price. Pricing requires crucial decision making because price is very visible to the consumer and is closely tied a company profit.
    13. 13. Marketing Mix Place / Distribution Even a terrific product, priced right, can fail if it is not available where and when the consumer wants it. Distribution of products, a complex process, involves decisions about transportation, storage and store selection.
    14. 14. Marketing Mix Promotion Before consumer can purchase a product, consumers must know about its availability, its characteristics or benefits and where it can be purchases. Promotion, consisting of advertising, personal selling, sales promotion and publicity informs or reminds the target market about a product and tries to persuade consumers to buy or adopt it.
    15. 15. Product Life Cycle The theoretical life of a product, consisting of four stages: introduction, growth, maturity and decline.
    16. 16. Product Life Cycle Introduction A period of slow sales growth as product is introduced in the market. Profits are nonexistent because of heavy expenses incurred with product introduction. Growth A period of rapid market acceptance and substantial profit improvement.
    17. 17. Product Life Cycle Maturity A period of a slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits stabilize or decline because of increased competition. Decline The period when sales slow a downward drift and loss occurs.
    18. 18. Product Promotion The communication of favorable, persuasive information about a firm or product in order to influence potential buyers Promotion Mix The combination of advertising, personal selling, sales promotion and publicity used to promote a specific product.
    19. 19. Product Promotion Advertising A paid form of non-personal communication to a target audience through a mass medium such as television, newspaper or magazines Personal Selling Person-to-person communication with one of more prospective customers in order to make a sale
    20. 20. Product Promotion Sales Promotion An activities that offers customers or marketing intermediaries direct incentives for purchasing a product Publicity A non-personal form of communication transmitted on news story form and not paid for directly by a sponsor.
    21. 21. THE END