Marketing The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P's of marketing: 1.Identification, selection and development of a product, 2.Determination of its price, 3.Selection of a distribution channel to reach the customer's place, and 4.Development and implementation of a promotional strategy.
Marketing Evolution: Key dates 1450: Gutenberg's metal movable type, leading eventually to mass-production of flyers and brochures 1836: first paid advertising in a newspaper (in France) 1864: earliest recorded use of the telegraph for mass unsolicited spam 1867: earliest recorded billboard rentals 1880s: early examples of trademarks as branding 1908: Harvard Business School opens 1922: radio advertising commences 1941: first recorded use of television advertising 1950s: systematization of telemarketing 1980s: development of database marketing as precursor to CRM 1980s: emergence of relationship marketing 1980s: emergence of computer-oriented spam 1990s CRM and IMC (in various guises and names) gain dominance in promotions and marketing planning, : the Dot-com bubble temporarily re-defines the future of marketing 2000s: Integrated marketing gains acceptance and in 2002 its first dedicated academic research centre
Marketing Approaches Value Customer Focus Exchange Transaction Focused Either approach involves providing a Product or Service the buyer perceives as valuable
Customer Orientation SIVA (Solution, Information, Value, Access). Renames four Ps to provide a customer focus. The SIVA Model provides a demand/customer-centric alternative to the well- known 4Ps of marketing management. Product→Solution Promotion→Information Price→Value Place (Distribution)→Access
Product That which provides value to customer Constructive Criticism helps marketers adapt product offerings to meet changing customer needs
Promotion: Marketing vs. Advertising Advertising: The paid, public, non-personal announcement of a persuasive message by an identified sponsor; the non- personal presentation or promotion by a firm of its products to its existing and potential customers. Marketing: The systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products.
Advertising Single component of the marketing process. Part of Promotion - getting the word out Includes the placement of an ad in such mediums as newspapers, direct mail, billboards, television, radio, and the Internet. Largest expense of most marketing plans, with public relations following in a close second and market research not falling far behind.
Successful Ad Campaigns Just Do It Nike adopted this slogan in 1988 while in the midst of financial difficulties.
Successful Ad Campaigns Think Small Volkswagen has produced what seems like an infinite number of clever advertising slogans and campaigns over the years, but perhaps the most highly regarded of them was their 1959 slogan, "Think Small." Volkswagen was trying to sell their small Beetle in a time when big cars were the norm.
Successful Ad Campaigns Have You Had Your Break Today? McDonald's is another company that has come up with a phenomenal number of catchy slogans over the years. In 1995, McDonald's asked consumers a simple question in their advertisements: "Have You Had Your Break Today?" This catchy slogan provided a revamp to the successful 1980 slogan, "You Deserve a Break Today."
Successful Ad Campaigns A Diamond Is Forever This simple slogan was launched back in 1947, and is still in use today.
Successful Ad Campaigns Got Milk? This long-running slogan was first launched in 1993 to encourage consumers to drink more milk. Many of the ads that use this slogan feature celebrities with milk mustaches, or individuals trying to swallow sticky food items that are in need of a refreshing drink to wash it down.
Price Cost of Product Value the Product provides to Customer Depends on Economic Factors Take into Account Marketing Mix
Place Where product is available or where transaction takes place With Internet, Place is everywhere for most non-essential goods If you do not have the proper place you cannot compete in some industries Make it easy to buy a product