Intro to marketing - Pic.Sell

Satisfy needs profitably

Marketing objectives are designed to help a company attain overall objectives.

The five basic marketing objectives are: • to achieve a viable level of sales or market

share • to increase market share • to maintain market share • to maximize cash flow • to sustain profitability

Dividing a market into different geographical units such as nations , states , regions , countries , cities , or neighborhoods.

Region Upper Egypt , West Delta , North Delta , East Delta ,

South Delta , Sinai Country Size .....A , B , C , D

City Size Under 5,000 ; 5,000-20,000 ; 20,000-50,0000 ; ….

(Population)

Climate Coastal , Sunny , Rainy , Northern , Southern,….

a market into groups based on demographic variables such as : age , gender , family life cycle , income , occupation , education , religion , race , and nationality.

Age Under 6 , 6-11 , 12-19 , 20-34 , 35-49, 50,64 , 65+ Gender Male , Female Family Size 1-2 , 3-4 , 5+ Family Life Cycle Young , Single ; Young , married , no children ;

Young , married , youngest child under 6 ; Young , married , youngest child 6 or over ; other

Income Under $10,000 ; $10,000 – $ 15,000;$15,000-

$20,000;… Occupation Professional and technical ; managers ; craftsmen ;

farmers ; Retired Education Grade school or less; high school graduate; College graduate

Religion Muslim , Catholic , Protestant , Jewish Race

White , black , Asian , Hispanic Nationality Egyptian , American , British , French ,….

Psychographic Segmentation : Dividing a

market into different groups based on 1- Social class 2- Lifestyle 3- Personality characteristics.

Dividing a market into groups based on

consumer knowledge , attitude , use , or response to a product.

Dividing a market into groups according to

occasions when buyers get the idea to buy , actually make their purchase , or use the purchased item.

Dividing a market into groups according to the different benefits that consumers seek from the product

has come to mean the process by which marketers

try to create an image or identity in the minds of their target market for its product, brand, or organization

a slogan is a phrase that supports brand

CONVENIENCE PRODUCTS SHOPPING PRODUCTS SPECIALTY PRODUCT UNSOUGHT PRODUCTS

New Products Pricing

Variety in Existing products

Adjusting price for an existing product

Residency

Healing /doctors

Sales increases To inform current and potential customers about

the existence of products To explain the potential benefits of using the

product To persuade customers to buy the product To help differentiate a product from the

competition To develop and sustain a brand

Stage in the life cycle E.g. advertising is important at the launch stage

Nature of the product

How much information is required by customers before they buy

Competition What are rivals doing?

Marketing budget How much can the firm afford?

Marketing strategy Other elements of the mix (price, product, place, etc)

Target market Appropriate ways to reach the target market

Advertising Personal selling Contests Free Samples sponsorship

Advertising is an expensive method of promotional marketing, wherein, the products are made to reach a large number of people.

Television ads Brochures or flyers Magazines Newspapers Television ads Posters banner ads emails

One of the oldest ways of direct promotion is to sell the products by direct interaction between the seller and buyer.

It is believed to be the most difficult form of marketing, as it requires skills of persuasion and excellent communication skills.

Arrange certain contests for the customers. We all will agree to the fact that winning surprise

prizes in a shopping mall or fashion store is simply exciting.

It’s a brilliant way to promote the products.

Weird and crazy idea for any company However, there is a certain element of truth in

the fact that marketing firms have gained substantial promotion through the idea of free samples.

While, it is not logical to just distribute your products, you can devise a strategy, so that, the idea of free samples doesn't incur losses for your firm.

Overall Cost Leadership This refers to being a low-cost manufacturer and

should not be confused with setting low prices. Cost leadership can be achieved by:

• producing on a large scale • designing products that are easy to manufacture • accessing low-cost raw materials • predicting a broad range of products • pursuing cost reductions in production,

marketing, research and development, customer service, and the avoidance of marginal accounts

Differentiation Differentiation involves changing the product

so it is perceived as unique. Change can be based on: • technical superiority • quality • customer support services

Niche marketing occurs when a product is sold to a small number of total potential customers.

The specialty market is often referred to as niche marketing, since products are marketed to a very small group of buyers.

Niche marketing requires the business owner to identify customers with similar demands and serve their needs extremely well.

Niche marketing implies that a company will

take a lower overall market share, but possibly with higher profits on the product.

Higher profits may be achieved by having higher prices or producing at lower costs.

What products and/or services do you offer? Define the qualities of these services and/or products.

What are the core values of your company?

What is the mission of your company? What is the tagline of your company?

What message does your tagline send to your prospects?

Who is your target audience? Where is your target audience located? What would you like them to think about

your brand? How will you attract them to your products

or services? Who else is competing for their loyalty and

devotion?

How should you determine the price of your product or service?

Who are your biggest competitors? What can you do better than them?

How should you advertise?