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BSBMKG501
IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES
PRESENTATION 1
2
PRESENTATION OUTLINE
At the end of this presentation you will know about:
• Identifying marketing opportunities
• Marketing terms and considerations to start:
• Value, customer satisfaction, exchange and transaction
• What are markets?
• The marketing mix
• Analyse information on market and business needs to identify marketing
opportunities
• Research potential new markets and assess opportunities to enter, shape or
influence the market in terms of likely contribution to the business
• Explore entrepreneurial, innovative approaches and creative ideas for business
application
• Develop ideas into potential marketing opportunities
3
MARKETING
The purpose of marketing is to create, communicate and deliver value to
customers, and for that value to also benefit the business, and everyone interested
in the business.
• Marketing is a social science related to why humans behave the way do
• Work with or modify that behaviour to make a profit for our business
What makes people purchase goods? To answer this question you need to
undertake these steps:
Ask a question
Do background
research
Construct a
hypothesis
Test your
hypothesis by
doing an
experiment
Analyse your
data and draw a
conclusion
Communicate
your results
4
PRINCIPLES OF MARKETING
In general we could consider the following to be the principles of marketing:
• Clarify your business objectives
• Use innovation and creativity to know and understand:
• Your target group and your customers behaviour
• Your USP (unique selling proposition) unless you can do this you cannot
target your marketing properly and effectively - understand what makes
your business or product different or unique
• The business purpose
• The market needs and how they will access your product, company and
brand
• Segment your customers, where do they belong, what matters to them?
• Know your consumer buying behaviour – successful brands encourage the
participation of their customers
5
WHAT IS VALUE?
Each person values something different. Don’t make assumptions about customers’
values. According to Kotler et. al., value is generally determined by a customer’s:
• Needs - a state of felt deprivation. When you are not having a need met, you
will try to either reduce the need, or look for something to fill that need
• Wants - the form taken by human needs as they are shaped, how people
choose to fill their needs
• Demands - human wants backed by buying power, the product or service the
customer thinks provides them the best possible value they can afford
Consumers make buying choices based on perceptions of the value products
deliver. Customers usually act on perceived value whether or not it is this accurate.
Customer value is the difference between the value the customer gains from
owning and using a product and the cost of obtaining the product. This perception
of value can be changed by a number of forces, including the media, marketing,
peer opinion, trends, price etc.
6
CUSTOMER SATISFACTION
Depends on a product’s perceived performance in delivering value
relative to a buyer’s expectations:
• What do buyers expect?
• What was the perceived performance of the product?
• How did these two compare?
• If the performance is higher than the expectation, the customer is
satisfied - if not, they are dissatisfied
• Satisfied customers make repeat purchases, and tend to tell
others about their good experience. Therefore, it is important to
match customer expectations with product performance
7
EXCHANGE AND TRANSACTION
Exchange
The act of obtaining desired object or service from someone by offering something
of value in return. Central to marketing, and requires a few important conditions:
• Two parties must be involved
• Each must have something of value to the other
• Each must want to deal with the other
• Each must be able to accept or reject the other’s offer
• They must be able to communicate with each other
Transaction
• The unit of measurement used in marketing
• It is a trade of units of value between two parties
• one party gives X to another party and gets Y in return
• Not always involve money – sometimes we exchange goods or services (barter)
8
WHAT ARE MARKETS?
• A market is the set of all
the actual and potential
buyers of a product
• Members of a market
share common needs or
wants
• The size of a market will
depend on the number of
people who have a
particular need or want
and have the resources
and willingness to
exchange for them
• When creating a marketing
campaign you would look
at these five market areas
before product launch:
Potential market - all the
people who could buy your
product
Available market - all the
people who can afford
your product
Qualified available market -
those who can legally buy
your product
Target market- people
your business is trying to
service with your product
Penetrated market
current customers
9
S.W.O.T ANALYSIS
Strengths, weaknesses, opportunities and threats is a method for
considering the pros and cons of a situation:
• Internally we look at strengths and weaknesses (factors that
belong to the organisation)
• Externally examine opportunities and threats (factors that belong
to the situation and environment)
• This is a first step to developing a strategy for achieving specific
objectives and is useful for generating new ideas and
opportunities
10
THE PRODUCT LIFE CYCLE
Product Development
A strategy for promoting company growth by offering modified or new products to
current market segments is developed
Introduction
New product is first distributed and made available for purchase
Growth
If successful, sales will start climbing quickly. Growth amongst competitors,
distribution, profits etc. begin to grow
Maturity
Sales growth slows or levels off
Decline
Sales decline. Company must identify declining product and decide whether it
should be maintained, harvested or dropped
11
PRICING: INTERNAL FACTORS
Marketing objectives
• Price is often largely determined by the target market and
positioning for the product. The clearer a firm is about its
objectives, the easier it will be to set price
Marketing-mix strategy
• Pricing decisions must be coordinated with product design,
distribution and promotion decisions to form a consistent and
effective marketing program
Costs
• The company must cover all of its costs for producing, distributing
and selling the product, and also deliver a fair rate of return for its
effort and risk
12
THE MARKETING MIX
“…the set of controllable marketing variables the company blends to produce the
response it wants in the target market.” – Kotler et al (2007)
It refers to the various elements making up the practice of marketing in its totality. Often
referred to as the ‘Four P’s’:
• Product - Quality and features. Why do your customers need what you are selling?
What are the perceived benefits of your product? Product is a good service, idea,
place or person - whatever is for sale whatever we are selling. Considered to include
core - benefits the product offers the customer, actual which is the physical product
and augmented the whole package including warranty, delivery and after sales
options for example
• Price - List price, discounts, allowances etc. what will make them part with their
money? What the customer is willing to exchange for the product that they want.
Consider price as well as all the costs, time, social, lifestyle for example
• Place - Retailers, locations, warehousing where do your customers go to fulfil their
needs? How available is the product to your customers? This relates to channels of
distribution as well as actual places the product is available from
• Promotion - Advertising, personal selling, sales promotions. All activities, actions
taken to let customers know about the product benefits and how this product fits
their needs
13
THE MARKETING MIX
The extended marketing mix
In recent years, the marketing
mix has been extended to
include people, process and
physical evidence. This is largely
as a result of the marketing of
services:
• People: important
particularly in the marketing
of services
• Process: customers migrate
to other service providers
when the process is not
providing customer value
• Physical evidence: entails
examining every aspect that
customers use in their
perceptual field to assess
such a service
Target
market
intended
position
Price
People
Product
Process
Place
Physical
evidence
Promotion
14
ETHICS AND REGULATION IN MARKETING
Marketing imposes a great deal of influence on the social landscape. The
onus is on you to behave in a responsible way to use your power wisely.
Your decision as a business owner or operating in business is to be
ethical and to do the right thing, always. You cannot use your position to
disadvantage any person or group of people.
Good ethical practice involves providing accurate and balanced
information, fair prices to encourage competition and reasonable
inclusive behaviour.
There are a range of ethical and legal boundaries in the Australian
marketing landscapes. Ethical issues include:
Unfair pricing
Financial
responsibility and
accountability
Planned
obsolescence and
deceptive
practices
Consumerism Environmentalism
Globalisation
Corporate social
responsibility
15
LAW AND REGULATION IN MARKETING
Marketing is governed by various legislation and peak body
regulations:
Australian Consumer
Law 2011
Competition and
Consumer Act 2010
- commonwealth law
formerly Trade
Practices 1974
Fair Trading Acts Privacy laws
Protection of
Intellectual
Property,
Trademarks and
Copyright
Australian
Competition and
Consumer
Commission (ACCC)
Australian
Communication and
Media Authority
(ACMA) Do Not Call
Register
Australian
Advertising
Standards Bureau
(ASB)
ACMA Australian e-
marketing Code of
Practice
Australian Direct
Marketing
Association (ADMA)
Code of Practice
Australian Marketing
Institute (AMI) Code
of Conduct
Australian
Association of
National Advertisers
(AANA) Code of
Ethics
Australian and New
Zealand Standard
Industrial
Classification
Anti-Discrimination
Act
National
Classification
Scheme
SPAM Act enforced
by ACMA
16
LAW AND REGULATION IN MARKETING
Advertising media is regulated by internal and external bodies:
Internal regulators
•Australian Publishers
Bureau (APB)
•Australian Association of
National Advertisers (AANA)
•Advertising Federation of
Australia (AFA)
•Federation of Australian
Radio Broadcasters (FARB)
•Commercial Television
Industry Code of Practice
External regulators
•Australian Competition and
Consumer Commission
(ACCC)
•Competition and Consumer
Act 2010 (replaces Trade
Practices Act 1974)
•Privacy Legislation
•Australian Communication
and Media Authority (ACMA)
17
MARKETING OPPORTUNITIES
• The aim of marketing is to attract customers
• Good information is the foundation for good marketing
• In the real world, marketers collect and analyse data to
understand the requirements of their markets and find products to
match them
• Finding new markets can provide opportunities to improve sales
volume, growth, market share and profitability
• Before entering a new market, thorough research must be done to
balance potential advantages against risks in entering the new
market
• New markets can be similar to, or radically different from the
existing market the organisation currently operates in
18
MARKETING OPPORTUNITIES
• Organisations seeking to penetrate new markets must first define the
market and research its characteristics
• They must then find new or existing products which match the
requirements of this market
• Alternatively, an organisation can start with a product and find new
markets for it
• Organisations sometimes create new opportunities by entering a
market with deliberate intentions of changing it.
• E.g. Apple introduced the iPad into the personal computer market with
the intention of changing the market
• An organisation will only make the decision to enter new markets if
the benefits outweigh the risk, a risk versus benefit analysis must be
part of any research into a new market
19
INNOVATION
• Entrepreneurs have ideas and see opportunities which they
develop into businesses
• Anyone can adopt an entrepreneurial approach to their marketing
by developing their ideas and being alert for new opportunities
For Example:
• In 1938 Heublein purchased the U.S. rights to Smirnoff vodka
• At that time, sales were slow until they changed the product to
use whiskey corks
• In Kentucky, sales rocketed as the distributor started marketing
Smirnoff as ‘white whiskey, no taste, no smell’
20
INNOVATION
Entrepreneurial ideas come from creative thinking.
Generating entrepreneurial ideas can come from a range of activities:
• Brainstorming, mind mapping and other idea generation
techniques
• Looking at an organisation’s competitors
‘What are they trying to achieve, and how can we do it better?’
• Customers, sales representatives, other personnel and
suppliers
These and other sources foster ideas that have the potential to be
turned into marketing opportunities.
21
INNOVATION
Once an organisation has explored entrepreneurial, innovative ideas it must then
develop them into marketing opportunities. This requires them to:
• Identify the market and its requirements
• Specify the product if a new product is being developed
• Plan the marketing campaign
• Test the marketing plan
• Refine the marketing plan
• Implement the marketing plan
What is a marketing plan? A written plan to describe and direct the marketing
activities of the organisation. It is a road map that helps business decide where
they are, where they want to go and how they will get there. It helps clarify how to
appeal to your audience and what they need. It can include strategies, budgets and
goals.
22
PRESENTATION SUMMARY
Now that you have completed this presentation you will know about:
• Identifying marketing opportunities
• Marketing terms and considerations to start:
• Value, customer satisfaction, exchange and transaction
• What are markets?
• The marketing mix
• Analyse information on market and business needs to identify marketing
opportunities
• Research potential new markets and assess opportunities to enter, shape or
influence the market in terms of likely contribution to the business
• Explore entrepreneurial, innovative approaches and creative ideas for business
application
• Develop ideas into potential marketing opportuniti

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309545719 bsbmkg501-presentation-1

  • 1. 1 BSBMKG501 IDENTIFY AND EVALUATE MARKETING OPPORTUNITIES PRESENTATION 1
  • 2. 2 PRESENTATION OUTLINE At the end of this presentation you will know about: • Identifying marketing opportunities • Marketing terms and considerations to start: • Value, customer satisfaction, exchange and transaction • What are markets? • The marketing mix • Analyse information on market and business needs to identify marketing opportunities • Research potential new markets and assess opportunities to enter, shape or influence the market in terms of likely contribution to the business • Explore entrepreneurial, innovative approaches and creative ideas for business application • Develop ideas into potential marketing opportunities
  • 3. 3 MARKETING The purpose of marketing is to create, communicate and deliver value to customers, and for that value to also benefit the business, and everyone interested in the business. • Marketing is a social science related to why humans behave the way do • Work with or modify that behaviour to make a profit for our business What makes people purchase goods? To answer this question you need to undertake these steps: Ask a question Do background research Construct a hypothesis Test your hypothesis by doing an experiment Analyse your data and draw a conclusion Communicate your results
  • 4. 4 PRINCIPLES OF MARKETING In general we could consider the following to be the principles of marketing: • Clarify your business objectives • Use innovation and creativity to know and understand: • Your target group and your customers behaviour • Your USP (unique selling proposition) unless you can do this you cannot target your marketing properly and effectively - understand what makes your business or product different or unique • The business purpose • The market needs and how they will access your product, company and brand • Segment your customers, where do they belong, what matters to them? • Know your consumer buying behaviour – successful brands encourage the participation of their customers
  • 5. 5 WHAT IS VALUE? Each person values something different. Don’t make assumptions about customers’ values. According to Kotler et. al., value is generally determined by a customer’s: • Needs - a state of felt deprivation. When you are not having a need met, you will try to either reduce the need, or look for something to fill that need • Wants - the form taken by human needs as they are shaped, how people choose to fill their needs • Demands - human wants backed by buying power, the product or service the customer thinks provides them the best possible value they can afford Consumers make buying choices based on perceptions of the value products deliver. Customers usually act on perceived value whether or not it is this accurate. Customer value is the difference between the value the customer gains from owning and using a product and the cost of obtaining the product. This perception of value can be changed by a number of forces, including the media, marketing, peer opinion, trends, price etc.
  • 6. 6 CUSTOMER SATISFACTION Depends on a product’s perceived performance in delivering value relative to a buyer’s expectations: • What do buyers expect? • What was the perceived performance of the product? • How did these two compare? • If the performance is higher than the expectation, the customer is satisfied - if not, they are dissatisfied • Satisfied customers make repeat purchases, and tend to tell others about their good experience. Therefore, it is important to match customer expectations with product performance
  • 7. 7 EXCHANGE AND TRANSACTION Exchange The act of obtaining desired object or service from someone by offering something of value in return. Central to marketing, and requires a few important conditions: • Two parties must be involved • Each must have something of value to the other • Each must want to deal with the other • Each must be able to accept or reject the other’s offer • They must be able to communicate with each other Transaction • The unit of measurement used in marketing • It is a trade of units of value between two parties • one party gives X to another party and gets Y in return • Not always involve money – sometimes we exchange goods or services (barter)
  • 8. 8 WHAT ARE MARKETS? • A market is the set of all the actual and potential buyers of a product • Members of a market share common needs or wants • The size of a market will depend on the number of people who have a particular need or want and have the resources and willingness to exchange for them • When creating a marketing campaign you would look at these five market areas before product launch: Potential market - all the people who could buy your product Available market - all the people who can afford your product Qualified available market - those who can legally buy your product Target market- people your business is trying to service with your product Penetrated market current customers
  • 9. 9 S.W.O.T ANALYSIS Strengths, weaknesses, opportunities and threats is a method for considering the pros and cons of a situation: • Internally we look at strengths and weaknesses (factors that belong to the organisation) • Externally examine opportunities and threats (factors that belong to the situation and environment) • This is a first step to developing a strategy for achieving specific objectives and is useful for generating new ideas and opportunities
  • 10. 10 THE PRODUCT LIFE CYCLE Product Development A strategy for promoting company growth by offering modified or new products to current market segments is developed Introduction New product is first distributed and made available for purchase Growth If successful, sales will start climbing quickly. Growth amongst competitors, distribution, profits etc. begin to grow Maturity Sales growth slows or levels off Decline Sales decline. Company must identify declining product and decide whether it should be maintained, harvested or dropped
  • 11. 11 PRICING: INTERNAL FACTORS Marketing objectives • Price is often largely determined by the target market and positioning for the product. The clearer a firm is about its objectives, the easier it will be to set price Marketing-mix strategy • Pricing decisions must be coordinated with product design, distribution and promotion decisions to form a consistent and effective marketing program Costs • The company must cover all of its costs for producing, distributing and selling the product, and also deliver a fair rate of return for its effort and risk
  • 12. 12 THE MARKETING MIX “…the set of controllable marketing variables the company blends to produce the response it wants in the target market.” – Kotler et al (2007) It refers to the various elements making up the practice of marketing in its totality. Often referred to as the ‘Four P’s’: • Product - Quality and features. Why do your customers need what you are selling? What are the perceived benefits of your product? Product is a good service, idea, place or person - whatever is for sale whatever we are selling. Considered to include core - benefits the product offers the customer, actual which is the physical product and augmented the whole package including warranty, delivery and after sales options for example • Price - List price, discounts, allowances etc. what will make them part with their money? What the customer is willing to exchange for the product that they want. Consider price as well as all the costs, time, social, lifestyle for example • Place - Retailers, locations, warehousing where do your customers go to fulfil their needs? How available is the product to your customers? This relates to channels of distribution as well as actual places the product is available from • Promotion - Advertising, personal selling, sales promotions. All activities, actions taken to let customers know about the product benefits and how this product fits their needs
  • 13. 13 THE MARKETING MIX The extended marketing mix In recent years, the marketing mix has been extended to include people, process and physical evidence. This is largely as a result of the marketing of services: • People: important particularly in the marketing of services • Process: customers migrate to other service providers when the process is not providing customer value • Physical evidence: entails examining every aspect that customers use in their perceptual field to assess such a service Target market intended position Price People Product Process Place Physical evidence Promotion
  • 14. 14 ETHICS AND REGULATION IN MARKETING Marketing imposes a great deal of influence on the social landscape. The onus is on you to behave in a responsible way to use your power wisely. Your decision as a business owner or operating in business is to be ethical and to do the right thing, always. You cannot use your position to disadvantage any person or group of people. Good ethical practice involves providing accurate and balanced information, fair prices to encourage competition and reasonable inclusive behaviour. There are a range of ethical and legal boundaries in the Australian marketing landscapes. Ethical issues include: Unfair pricing Financial responsibility and accountability Planned obsolescence and deceptive practices Consumerism Environmentalism Globalisation Corporate social responsibility
  • 15. 15 LAW AND REGULATION IN MARKETING Marketing is governed by various legislation and peak body regulations: Australian Consumer Law 2011 Competition and Consumer Act 2010 - commonwealth law formerly Trade Practices 1974 Fair Trading Acts Privacy laws Protection of Intellectual Property, Trademarks and Copyright Australian Competition and Consumer Commission (ACCC) Australian Communication and Media Authority (ACMA) Do Not Call Register Australian Advertising Standards Bureau (ASB) ACMA Australian e- marketing Code of Practice Australian Direct Marketing Association (ADMA) Code of Practice Australian Marketing Institute (AMI) Code of Conduct Australian Association of National Advertisers (AANA) Code of Ethics Australian and New Zealand Standard Industrial Classification Anti-Discrimination Act National Classification Scheme SPAM Act enforced by ACMA
  • 16. 16 LAW AND REGULATION IN MARKETING Advertising media is regulated by internal and external bodies: Internal regulators •Australian Publishers Bureau (APB) •Australian Association of National Advertisers (AANA) •Advertising Federation of Australia (AFA) •Federation of Australian Radio Broadcasters (FARB) •Commercial Television Industry Code of Practice External regulators •Australian Competition and Consumer Commission (ACCC) •Competition and Consumer Act 2010 (replaces Trade Practices Act 1974) •Privacy Legislation •Australian Communication and Media Authority (ACMA)
  • 17. 17 MARKETING OPPORTUNITIES • The aim of marketing is to attract customers • Good information is the foundation for good marketing • In the real world, marketers collect and analyse data to understand the requirements of their markets and find products to match them • Finding new markets can provide opportunities to improve sales volume, growth, market share and profitability • Before entering a new market, thorough research must be done to balance potential advantages against risks in entering the new market • New markets can be similar to, or radically different from the existing market the organisation currently operates in
  • 18. 18 MARKETING OPPORTUNITIES • Organisations seeking to penetrate new markets must first define the market and research its characteristics • They must then find new or existing products which match the requirements of this market • Alternatively, an organisation can start with a product and find new markets for it • Organisations sometimes create new opportunities by entering a market with deliberate intentions of changing it. • E.g. Apple introduced the iPad into the personal computer market with the intention of changing the market • An organisation will only make the decision to enter new markets if the benefits outweigh the risk, a risk versus benefit analysis must be part of any research into a new market
  • 19. 19 INNOVATION • Entrepreneurs have ideas and see opportunities which they develop into businesses • Anyone can adopt an entrepreneurial approach to their marketing by developing their ideas and being alert for new opportunities For Example: • In 1938 Heublein purchased the U.S. rights to Smirnoff vodka • At that time, sales were slow until they changed the product to use whiskey corks • In Kentucky, sales rocketed as the distributor started marketing Smirnoff as ‘white whiskey, no taste, no smell’
  • 20. 20 INNOVATION Entrepreneurial ideas come from creative thinking. Generating entrepreneurial ideas can come from a range of activities: • Brainstorming, mind mapping and other idea generation techniques • Looking at an organisation’s competitors ‘What are they trying to achieve, and how can we do it better?’ • Customers, sales representatives, other personnel and suppliers These and other sources foster ideas that have the potential to be turned into marketing opportunities.
  • 21. 21 INNOVATION Once an organisation has explored entrepreneurial, innovative ideas it must then develop them into marketing opportunities. This requires them to: • Identify the market and its requirements • Specify the product if a new product is being developed • Plan the marketing campaign • Test the marketing plan • Refine the marketing plan • Implement the marketing plan What is a marketing plan? A written plan to describe and direct the marketing activities of the organisation. It is a road map that helps business decide where they are, where they want to go and how they will get there. It helps clarify how to appeal to your audience and what they need. It can include strategies, budgets and goals.
  • 22. 22 PRESENTATION SUMMARY Now that you have completed this presentation you will know about: • Identifying marketing opportunities • Marketing terms and considerations to start: • Value, customer satisfaction, exchange and transaction • What are markets? • The marketing mix • Analyse information on market and business needs to identify marketing opportunities • Research potential new markets and assess opportunities to enter, shape or influence the market in terms of likely contribution to the business • Explore entrepreneurial, innovative approaches and creative ideas for business application • Develop ideas into potential marketing opportuniti