1 MARKETING ENT 12

2 What is Marketing? Marketing Activities directing the flow of goods and services from producer to consumer or user. Marketing consists of those business activities that relate directly to: Identifying a target market Determining target market potential Preparing, communicating, and delivering a bundle of satisfaction to the target market

3 Marketing Includes... Research Product development Pricing Packaging Branding Sales Physical distribution Inventory management Storage Promotion

4 Marketing Activities Revolve Around the Target Market Target Market Product Distribution Pricing Promotion

5 WHAT IS A TARGET MARKET? Those individuals or organizations that are likely to want to use what you can provide.

6 The Marketing Concept Focus on Customer Wants and Needs Integrate Organization’s Activities to Satisfy Customer Needs and Wants Achieve Organization’s Long Term Goals by Satisfying Customer Wants and Needs

7 Market Research Market research can be used to: 1.Provide data about customers- how many customers there are, who they are and what they actually want or need! 2.Tell entrepreneurs what products or services are in demand, what main characteristics or features should be, and how the product or service should differ from the competition’s. 3.Help redefine and adapt products or services to appeal to customers more and project future sales.

8 MARKETING PLAN A good marketing plan should answer these questions: What needs will be satisfied? Whose needs will be satisfied? How many people could benefit from my product or service? How will consumers choose which product to buy? Who are my competitors? What will my competitors be doing? What other factors could affect a business like mine?

9 THE MARKETING MIX FOUR P’S OF MARKETING.The successful marketing strategy depends on whether the entrepreneur has planned the right combination of marketing elements, referred to as the marketing mix, or as the FOUR P’S OF MARKETING.

10 THE 4 P’S OF MARKETING PPRODUCT (OR SERVICE) PPLACE PPRICE PPROMOTION An entrepreneur has to ask the right questions.

11 PRODUCT (OR SERVICE) Is the product or service something customers will want to buy? Will it be of benefit to them? Will it meet their needs? Why is your product or service better than what the competition offers? How easy is it to get the product or service? Exactly how much will it cost?

12 PLACE How will the product or service get to the customer? What channels of distribution are needed? When should the product or service be in stock or ready? Where will the product or service be made available?

13 PRICE How much are customers willing and able to pay? What is the best price to charge to earn a maximum profit?

14 PROMOTION How will customers be made aware that the product or service is available? Which of the following promotional activities will be best for this venture: Advertising? Personal selling? Publicity? Sales promotion? E-marketing?

15 MARKET SEGMENTATION The market is made up of people who fit into many different groups. When a product or service is targeted toward groups of people who share common characteristics, the group is called a market segment.

16 People may be grouped in a market segment because they: Belong to the same culture Have similar tastes and preferences Share the same values or goals Have the same socioeconomic background Respect their group’s norms or rules of conduct MARKET SEGMENTATION Market segmentation helps entrepreneurs match their products and services to the needs of a specific group.

17 COMMON MARKET SEGMENTS 1.Demographic: people of the same...  Sex  Age  Marital status  Family size  Stage of family life cycle

18 COMMON MARKET SEGMENTS 2.Socioeconomic: people of similar...  Occupation  Education  Income  Social class  Culture

19 COMMON MARKET SEGMENTS 3. Geographic  People who live in regions of the country that could be defined by a specific climate, or by provincial or regional boundaries

20 COMMON MARKET SEGMENTS 4. Psychographic  people with similar lifestyles or personality attributes

21 COMMON MARKET SEGMENTS 5. Behaviour patterns  People who can be identified by when, where, and how often they shop, as well as by their media habits

22 COMMON MARKET SEGMENTS 6.Consumption patterns  People who can be identified by their knowledge about, and loyalty to, particular products or brands

23 Why Study Marketing Plays an important role in society Vital to business Offers outstanding career opportunities Affects your life every day

24 Career Opportunities Professional selling Advertising Retail Product management Brand management Manufacturing Service Marketing Sport and Entertainment Market Research Event Planner