What Is Marketing


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What Is Marketing

  1. 1. What is Marketing? <ul><li>‘ Marketing is the management process involved in identifying, anticipating and satisfying customer wants profitably.’ (Institute of Marketing) </li></ul><ul><li>Marketing is not just selling. it is about knowing and understanding your customer </li></ul><ul><li>‘ The aim of marketing is to make selling superfluous. The aim is to know and understand the customer so well that the product or service sells itself.’ (Peter Drucker) </li></ul>
  2. 2. The Marketing Process Gather information through market research (secondary and primary) Analyse market research findings Implement marketing strategy using Marketing Mix Review marketing strategy Set business & marketing objectives
  3. 3. Appendices 13 References 12 SWOT analysis and Evaluation of Marketing Plan 11 Promotional Material 10 <ul><li>Marketing Plan: </li></ul><ul><li>Marketing Strategy </li></ul><ul><li>Product </li></ul><ul><li>Price </li></ul><ul><li>Promotion & Promotional Budget </li></ul><ul><li>Placement </li></ul>9 Business Environment 8 Analysis & Evaluation of Market Research Findings 7 Market Research 6 The Importance of Marketing 5 Aim, Mission Statement, Objectives and Constraints 4 Company Name 3 Business Proposal 2 Action Plan 1 Contents page Contents page Title page Title page HEADING SECTION
  4. 4. The Marketing Mix Product Price Promotion Place
  5. 5. Production or Consumer Led? <ul><li>PRODUCT ORIENTATION an approach to business which places the main focus of attention upon the production process and the product itself </li></ul><ul><li>MARKET ORIENTATION an approach to business which places the wants of the consumers at the centre of the decision making process </li></ul>
  6. 6. Analysing the Market <ul><li>MARKET SEGMENTATION: the process of dividing a market into sub-groups (segments & niches) which share similar characteristics </li></ul><ul><li>MARKET SEGMENT: Part of the market which contains a group of buyers with similar characteristics, ie, age, income </li></ul><ul><li>MARKET NICHE: a very small segment of the market </li></ul>
  7. 7. Ways to Segment a Market <ul><li>Age </li></ul><ul><li>Gender </li></ul><ul><li>Education level </li></ul><ul><li>Occupation </li></ul><ul><li>Socio-economic group </li></ul><ul><li>Income </li></ul><ul><li>Lifestyle </li></ul><ul><li>Family </li></ul><ul><li>Geographical </li></ul><ul><li>Ethnicity & culture </li></ul><ul><li>Religion </li></ul><ul><li>Type of purchase – planned or impulse </li></ul>
  8. 8. STP Model of Marketing MARKET SEGMENTATION MARKET TARGETING PRODUCT POSITIONING The process of dividing a market into segments and niches Choose particular segment or niche as target market Use marketing mix to develop Unique Selling Proposition for product to differentiate it from rivals
  9. 10. PRODUCT POSITION MAPS <ul><li>Market research helps identify your position in the market  </li></ul><ul><li>Think about your MARKET RESEARCH DESIGN </li></ul><ul><li>e.g. age group 10 - 30 - not a lot of use </li></ul><ul><li>Break down further </li></ul><ul><li>This will help you identify gaps </li></ul>
  10. 11. Positioning Map 1 High price Low price High quality service Quick, standard service Frank’s Toni & Guy Vidal Sassoon Maria’s Splitz Hollywood Hair Kojak Hairstylists
  11. 12. Positioning Map 2 Premium price Budget price Aspirational (image) Commodity (function) Barratt K shoes Bally Shelleys Ravel Clarks Crest Church’s Dolcis
  12. 13. Positioning Map 3 Adult Child Refreshment Indulgence Bounty Tropical Solero Twister Calippo Opal fruits Starburst Cornetto Feast Mars Magnum Vanilla tubs Mini milk Mini juice