WHAT YOU NEED TO KNOW! Marketing. Unit Vocabulary Market Marketing Marketing Mix Price Target Market Product Place Promotion Marketing Functions Market.

WHAT YOU NEED TO KNOW!

Marketing

Unit Vocabulary

Market MarketingMarketing MixPriceTarget MarketProductPlacePromotion

Marketing Functions

Market Segmentation

DemographicsGeographic

segmentationPsychographics

Use www.businessdictionary.com to find definitions

Definition of Marketing

Marketing : management process that:

Identifies Anticipates Satisfies customer requirements

*To make company profits*

The right product, in the right place, at the right time, and at the right price

Questions/Implications of Marketing

Who are our existing / potential customers? Target Market

What are their current / future needs?How can we satisfy these needs?

Can we offer a product/ service that the customer would value?

Can we communicate with our customers? Can we deliver a competitive product or service?

Why should customers buy from us?

Marketing/Management Analysis

Analysis/Audit - where are we now?Objectives - where do we want to be?Strategies - which way is best?Tactics - how do we get there?Implementation - Getting there!Control - Ensuring arrival

Objectives of Market Planning

What is Market Planning? Give some examples.

Objectives of Market Planning

Assignment of responsibilities, tasks and timing

Awareness of problems, opportunities and threats

SWOT If Implementation is

not carefully controlled by managers, the plan is worthless!

Planning and Design• Systematic futuristic

thinking by management• Acts as a roadmap

• Better prepare for sudden new developments• Apple and IPOD

Informs new participants in the plan of their role and function

Obtain resources for implementation

Demographic Factors

Age Race Sex Income Occupation Economic

circumstances Lifestyle Social influence

variables family background reference groups

Church American Legion

Maslow’s Hierarchy of Needs

Five Stages of Product Life Cycle

1. Product development - sales are zero, investment costs are high

2. Introduction - profits do not exist, heavy expense of product introduction

3. Growth - rapid market acceptance and increasing profits

4. Maturity - slowdown in sales growth. Profits level-off. Increase outlay to compete

5. Decline - sales fall-off and profits drop

Pricing Strategy

How high, How lowHigh

What does your product offer to charge a higher price?

Low What does your product offer that higher end

products offer at a better rate?

Promoting

Personal selling Telemarketing Direct mail Trade fairs and

exhibitions Commercial

television Newspapers and

magazines Radio

Cinema Point of sale (POS)

displays Packaging New Age Marketing Google Ads YouTube Ads App Ads E-Mail Ads

Promotion Message

Grab ATTENTIONExcite INTERESTCreate DESIREPrompt ACTION

AIDA

Relationship Marketing(What you want to build)

Not mass marketing Aimed at individual

Customer retention not attractionLong term, on-going relationshipsRegular customer contactSpirit of trust

Where do we see constant relationship marketing in our daily

living??

SWOT Analysis

Strengths (internal)Weaknesses (internal)Opportunities (external)Threats (external)

Do McDonalds SWOT Analysis as a class