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Marketing
Market Planning
Product/Service Development
Pricing
Promotion
Distribution
Selling
Information Management
Finance
Risk Management
Market Planning Developing a strategy to:
achieve company goals
satisfy customer needs better than competitors
Create sales and earn a profit
Product/Service Management Designing, developing, maintaining, improving
and acquiring products and services that meet
customer needs
Distribution Determining the best way for customers to
locate, obtain, and use products and services
Pricing Setting and communicating the value of
products
Promotion Communicating information about products
and services to potential customers.
Selling Communicating directly with customers to
determine and satisfy their needs.
Information Management Obtaining and using information to improve
business decision-making and the
performance of marketing activities.
Finance Budgeting for marketing activities
Obtaining necessary funds for operations
Providing financial assistance to customers
Risk Management Reducing the possibility of financial loss
Ensuring product is safe and meet all guidlines
volunteers?!?
› Your Business
If you make a great product is marketing
necessary?
More important, marketing or a quality
product?
All Costs are per item
Office Supply Store - $100
Cheap Pencils - $15
#1 Supplier - $50
Using the needs of customers as the
primary focus throughout the functions of
marketing
3 Step process: 1. Identify needs of customers.
2. Develop and market product/service to meet
customer needs.
3. Operate the business at a profit
Satisfied or not what's the difference?
Marketing Research gathers and
analyzes information about customers.
› Methods of Information gathering
Surveys
Focus Groups
Observation
Test Markets
Random Sampling
/Experiment
Define these customer wants/needs
STEP 1 – Identify the Target Market Who are we selling our product or service to?
Gatorade
vs.
STEP 2 – Develop Marketing Mix Product, Price, Place (Distribution), Promotion
TARGET MARKET – specific group of
consumers that have similar wants and
needs
Companies can not meet everyone’s
needs with any one product
Focusing on a target market makes it
easier to develop products people want
Product pricing promotion place
What
are we
going
to sell
How
much
will we
charge
How will we
communicate
to our
customers
about our
product or
service
How will
we get
our
product
or service
to
customers
What does the customer want/need from
the product/service?
What features does it have to meet these
needs?
What is it to be called?
How is it branded?
How is it differentiated versus your
competitors?
What is the value of the product or service to the buyer?
How will your price compare with your competitors?
What profit will we earn?
Pricing Factors Supply and Demand
Uniqueness
Age
Season
Complexity
Convenience
Quality
What are the best methods and
procedures to use so customers can find
obtain and use your product?
Where do buyers look for your product or
service?
What do your competitors do?
Direct vs. Indirect Channels of Distribution
Direct – From Producers to Consumer
Indirect – One or more business in between the
producer & consumer .
Transportation Company
Retailers
Where and when can you get across your marketing messages to your target market?
How do your competitors do their promotions? And how does that influence your choice of promotional activity?
Types of Promotion Advertising
Personal Selling
Sales Promotions
Giveaways
Publicity
Word of Mouth
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