Chapter 5- Marketing
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Chapter 5- Marketing

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Chapter 5- Marketing Chapter 5- Marketing Presentation Transcript

  • MarketingTuesday, July 3, 12
  • Lesson Objectives State the steps in the marketing process list the different marketing activities and explain the purpose of each activity understand the differences between goods and services explain the importance and use of brands explain the importance and use of packaging explain how pricing is used to market a product or service explain how to promote and advertise a product or serviceTuesday, July 3, 12
  • What is Marketing exactly? A process that involves identifying the needs and wants of chosen customers satisfying these customers’ needs and wants in ways that are better than the competitorsTuesday, July 3, 12
  • 4-step model of marketing Understand Satisfy Identify customers’ Applying customers potential needs and the 4Ps better than customers wants competitorsTuesday, July 3, 12
  • the Marketing Mix A marketing plan is a combination of the tools of marketing called the marketing mix or the 4Ps Product Price Product Price Place Promotion Place PromotionTuesday, July 3, 12
  • Product (Goods/Services or both) In marketing, a product may include the following Good quality Right features, functions and design Familiar name/ brand Attractive packaging Excellent customer service Support services such as warranty / on-site repairTuesday, July 3, 12
  • Differences between Goods & Services Goods Services Physical things that can be felt Intangible, can only be and seen experienced Provided and experienced at the Usually produced in a factory same time Good produced can be Can be customized. standardized Quality & consistency may differ Uncountable, Countable count experience as one experience Own goods after purchase Cannot own services experiencedTuesday, July 3, 12
  • Branding Use of a name, term, symbol or design or a combination of the four to identify a product A brand is a promise by the business to deliver all the benefits and values that are linked to the brandTuesday, July 3, 12
  • Brand loyalty If brand meets customers’ needs all the time Customers will be willing to pay higher price for their preferred brand and remain loyal to itTuesday, July 3, 12
  • Importance of branding Makes marketing of product more efficient Helps customers to clearly recognise a product/ service from their competitors help to build customer loyalty improve image of business easier to introduce new products. Customers are more willing to accept new products under the same brand nameTuesday, July 3, 12
  • What is packaging? The container/ wrapper of a product Usually include a label, printed description of the product and instructions of useTuesday, July 3, 12
  • Functions of Packaging Protects and contains the products/ or include accessories Prevents shoplifting Saves space and easier to handle Promotes image of brand Prevents spoilage Easier or safer to useTuesday, July 3, 12
  • Support Services Services and benefits offered to customers in addition to the product customer rewards programme customer service fast and reliable delivery financing and hire purchase warranty friendly after-sales service product and technical information on-site repair services free installationTuesday, July 3, 12
  • Pricing Refers to the setting of a price for a product Affects revenue of a business Different names for price How much is it? Rent Ikura Desu Ka? Interest Berapa harganya ini? 这个多少钱? Room rates இது எவ்வளவு Fees AirfaresTuesday, July 3, 12
  • How to price (3Cs) Costs Competitors’ prices Customer’s willingness to payTuesday, July 3, 12
  • Pricing Techniques Product-line pricing Optional product pricing Product-bundle pricing Promotional pricing Odd-even pricingTuesday, July 3, 12
  • Product line pricing Setting of different prices for different versions of the same product Example Airtickets - Priced according to economy, business and first class Ipod - Priced according to disk capacity of gadgetTuesday, July 3, 12
  • Optional-product pricing Involves setting prices of optional or accessory products along with the main product Example Choice of adding toppings to ice cream/ pizza Choice of paying extra for guided tours/ additional meals or hotel upgrades in tour packagesTuesday, July 3, 12
  • Product-bundle pricing Involves pricing of a few items of related products into a bundle and offered at a reduced price Example: Set meals at restaurant Sale of desktops/ laptopsTuesday, July 3, 12
  • Promotional pricing Temporarily pricing below usual listed prices in order to increase short-term sales Can be in the form of a percentage off, cash discount or a quantity discount Example: Special discounts during CNY, Christmas.Tuesday, July 3, 12
  • Odd-even pricing Involves setting of prices below an even amount Believed that customers respond better to such prices Example: A product sold at $19.95 or $19.99 instead of $20 A product sold at $99.99 instead of $100Tuesday, July 3, 12
  • Place Refers to how the right product gets to the target customers Possible location of outlets Neighbourhood town centre Shopping centre in neighbourhood/ city Types of outlets Retail shop outlet Pushcart Vending machineTuesday, July 3, 12
  • Location Factors to consider Who are our target customers Who are our competitors in the area Volume of human traffic area has Whether site is centrally located to reach target customers Whether location is easily accessible by public transportTuesday, July 3, 12
  • Promotion Refers to telling the target customers the right product is available at the right place at the right time and the right price Purpose is to influence buying attitudes and behaviorTuesday, July 3, 12
  • Promotion Techniques Refers to methods/ tools to inform customers about the 3Ps Each technique has its advantages and disadvantages Possible to use more than one technique at one time (combination of two or more)Tuesday, July 3, 12
  • Different types of promotion techniques Advertising Public Relations (PR) Sales promotion news Personal Selling websites Direct marketing special events corporate identity materials sponsorshipsTuesday, July 3, 12
  • Lesson Summary State the steps in the marketing process list the different marketing activities and explain the purpose of each activity understand the differences between goods and services explain the importance and use of brands explain the importance and use of packaging explain how pricing is used to market a product or service explain how to promote and advertise a product or serviceTuesday, July 3, 12