Marketing

Marketing

1. Is about identifying and meeting human and social needs

2. Marketers market 10 main types of entities:

   • Goods Services Events Experiences People Ideas Places Properties Organizations Information

3. Work alongside other functional areas

   • Production
     • Will work closely with the marketing department in using sales forecasts to prepare their production schedules.
   • Finance
     • They have to set appropriate budgets
   • Human Resources
     • in order to set appropriate budgets

4. Core concepts

   • Needs, Wants and Demands – Target markets, Positioning, and Segmentation – Offerings and Brands – Value and Satisfaction – Marketing Channels

5. Market

   • is a place or process whereby customer and suppliers trade.
     • Individuals
       • General public
     • Organizations
       • Businesses and the government)

6. Market size

   • Customer base
     • The total potential number of customers
   • Barriers to entry
     • The number of suppliers in the market
   • Location
     • Area, country or region

7. Market growth

   • Refers to an increase in the size of a market over a period of time, usually per year.

8. Market share

   • It refers to an organization’s share of the total value of sales of all products within a specific market

9. Major societal forces

   • Network information technology – Globalization – Deregulation – Privatization – Heightened competition – Industry convergence – Retail transformation – Consumer participation

10. Network information technology

    • More accurate levels of production, more targeted communications, and more relevant pricing.

11. Globalization

    • Technological advances in transportation, shipping, and communications.

12. Deregulation

    • The deregulated industries to create greater competition and growth opportunities.

13. Retail transformation

    • Store-based retailers face competition from ecommerce.

14. Consumer participation

    • Consumers have found an amplified voice to influence peer and public opinion

15. Marketing realities

    • Can use the Internet as a powerful information and sales channel. Can collect fuller and richer information about markets, customers, prospects, and competitors – Marketers can facilitate and speed external communication among customers . Companies can improve their cost efficiency by skillful use of the Internet

16. Marketing Mix

    • Product, Price, Promotion, Place (Traditional)
      • Product
        • Products variety ▪ Quality ▪ Design ▪ Characteristics ▪ Brand ▪ Packaging ▪ Size ▪ Services ▪ Warranties
      • Price
        • List price, Discounts Subsidies Credit Terms Pay Period
      • Promotion
        • Sales Promotion Advertising Public Relations Direct Marketing
      • Place
        • Distribution Channels Location Transport Inventory Product Assortment
    • People, Process, Programs and Performance (Modern)
      • People
        • The provision of services relies on the goodwill of all employees
      • Process
        • Way in which a service is provided or delivered
      • Programs
        • Way in which a service is provided or delivered
      • Performance
        • The tangible aspects of a service.

17. Packaging

    • Packaging refers to the ways in which a product is presented to the consumer.

18. Brand

    • A brand refers to a name that is identifiable with a product of a particular business

19. Warranties

    • A type of guarantee that a manufacturer or similar party makes regarding the condition of its product.

20. Subsidies

    • A company whose voting stock is more than 50% controlled by another company,

21. Credit

    • Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future

22. Advertising

    • The science of arresting the human intelligence long enough to get money from it”

23. Public Relations

    • Refers to business activities aimed at stablishing and protecting the desired image on an organization.

24. Direct Marketing

    • Direct marketing refers to promotional activities that aim to sell a product straight to a customer rather than using an intermediary

25. Distribution channel

    • The channel of distribution refers to the means used to get a product to the consumer

26. Inventory

    • Portion of a business's assets that are ready or will be ready for sale.

27. Branding

    • It’s the perception that a consumer has when they hear or think of your company name, service or product.
      • The objectives are: Clearly, delivers the message, confirms your credibility, emotionally connects your target prospects with your product and or service, motivates the buyer to buy, creates user loyalty
    • Serves as a guide to understanding the purpose of business objectives and it enables you to align a marketing plan with those objectives and fulfill the overarching strategy.
    • Basic Checklist to Evaluate your Brand
      • Does your brand relate to your target audience? Will they instantly "get it" without too much thought? Does your brand share the uniqueness of what you offer and why it's important? Does it reflect the brand promise that you are making to who you are targeting as well as to your internal audience? Does your brand reflect the values that you want to represent as a customer?