Presentation on theme: "Introduction to Marketing. Marketing: the 5Ps The on-going process of planning and executing the: (1) the product (2) the pricing (3) the promotion (4)"— Presentation transcript:
Marketing: the 5Ps The on-going process of planning and executing the: (1) the product (2) the pricing (3) the promotion (4) the placement of ideas, goods or services to meet and satisfy (5) (People's) needs or wants
The Marketing Mix The 5 P’s Product /Service/ Idea description / purpose what are you selling? Placement where are you going to sell it Location, Location, Location Geographic location in what forum: store/online/a selected retailer
3. Price how much is it worth how valuable is it to TM how can you make a profit: Mark-up % What is your pricing strategy compared to competition Demand and Price relationship (elastic/inelastic) 4. Promotion What forms of promotions will you use how will you reach you TM how will you convince your TM to buy this service or good
People – Who is the Target Market ? Know the Demographics:' population characteristics' – Age Range – Gender – Education Level – Income Range – Where are these people located? – Psychographics : personality traits / likes and dislikes – Accurate Information can be attained through the US Census Bureau: http://www.census.gov/ http://www.census.gov/
Demographic Data Source –http://quickfacts.ce nsus.gov/qfd/states /42000.htmlhttp://quickfacts.ce nsus.gov/qfd/states /42000.html
Target Market Segmentation: breaking down your TM into smaller groups Variables 1.Demographics 2.Geography 3.Psychographics Key questions 1.What do they buy? 2.How do they buy? 3.Where do they buy? 4.When do they buy? 5.Why do they buy? 6.Who buys?
Market Panera Bread to 5 different Segments 1. 2. 3. 4. 5.
Market Research understanding consumers and their needs/wants Psychology of who is the TM the core competence at the heart of any company with a vision for the future. the process of collecting and analyzing information about the customers you want to reach, called your target market. –This information provides you with the business intelligence you need to make informed decisions. Google Analytics as an excellent, leading market research tool
Most Popular Market Research Methods 1.Google Analytics – ONLINE….where is your TM shopping, what are they reading, what are they “clicking” on! 2.Surveys 3.Focus Groups – putting together a TM and asking for feedback 4.Personal Interviews
Calculate the Market Potential: Market Potential: The amount of customers that are potentially willing to buy your product/service Math Calculation The total amount of customers that are willing to purchase the product * % of market you could own
% of Market Ownership You must look at who are you competing with –Use www.yellowpages.comwww.yellowpages.com List them Break down who owns what % of the market See where you could fit in
Calculate the Sales Potential Sales Potential: The maximum percentage of Revenue that can be earned Math Calculation: Market Potential * usage rate (how many units sold per month / per year) * $$/per unit
Advertising and Promotions a “paid for” way of promoting products, services or information It is a form of communication between the company (manufacturer, organization, etc) and consumer or the targeted market Use all known media forms and constantly seek new media, new channels of communication.
Types of Promotions Direct Promotions –Website –Emails –TV commercials –Magazine ads –Newspapers ads –Internet ads on relevant websites –Billboards Indirect Promotions –Product Placement in movies, tv shows, video games, celebs Every award show…”who are you wearing tonight?” Have celebrities wear your clothes/use your product…
Public Relations Helps raise awareness about the company through a variety of different means the management of relationships between an organization and the public Image development and control
Internet / E-Commerce Advertising your business through the internet, email and Social Networking Reaching your TM through YOUR website AND websites that your TM uses Selling your product / service online instead of OR in addition to, a physical location Expert in website design Expert in knowing where your TM is “clicking”
Primary Marketing Tool: Your Website Important Pages –Homepage –About Us –Contact Us –Product/Service List
Other Marketing “Musts” online 1.Search Engine Results! What Google Looks for: Link Popularity Content of Page Domain Name If you “pay them an extra fee” to be on top results Pay Per Click (pay Google/Yahoo everytime your link is clicked on) Pay for Performance (pay to be on top of reulsts page) 2.Banners and Pop-up Ads on OTHER websites where your TM goes 3.Online video commercials on OTHER websites where your TM goes Primarily news websites (before a person would watch a video, they’d have to see your commercial)
Important Qualities for your Website 1.Strong Brand Awareness –Logo and slogan in the same place on every page 2.Appeal to Many Segments within your Target Market 3.Promotions offered to get them in the door and keep them checking your website for updates 4.Easy navigation and menu bars (left and bottom) 5.Many ways to contact them –Email, phone, address, social networks 6.Clear pricing strategy (inexpensive, moderate, or premium) or have actual prices listed