Marketing Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably. Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends.
Marketing The 4 P’s of Marketing: Product Price Place Promotion This is also known as the Marketing Mix What are the key components of Marketing?
Marketing Why is the Product important? What are the key aspects you need to be aware of concerning your Product? The 4 Ps of Marketing: Product
Marketing Brand name, Functionality, Styling, Quality, Safety, Packaging, Support, Warranty, Accessories/Add-ons The 4 Ps of Marketing: Product
Marketing What is important about the Price? Pricing strategy, Suggested Retail Price, Volume discounting, Cash and Early Payment Discounts, Bundling, Price Flexibility, Price Discrimination. The 4 Ps of Marketing: Price
Marketing Place (also known as distribution) Distribution is about getting the product to the customer. Distribution Channels Market Coverage Specific Channel Members Inventory Management Warehousing/Distribution Centers Order Processing Transportation Reverse Logistics The 4 Ps of Marketing: Place
Marketing Promotion In the context of the marketing mix, promotion represents the various aspects of marketing communication; the communication about the product with the goal of generation a positive customer response. Promotional Strategy (push, pull), Advertising, Personal Selling, Public Relations & Publicity, Marketing Communication budget. The 4 Ps of Marketing: Promotion
Marketing: The 4 Ps Brand name, Functionality, Styling, Quality, Safety, Packaging, Support, Warranty, Accessories/Add-ons Do all products use all of these attributes? Which of these attributes do you consider to be the most important? Product: Brand Name
Marketing: The 4 Ps Of the 9 attributes of a Product, Brand Name is the most important! What are some Famous brands and what makes them famous? Product: Brand Name
Marketing: The 4 Ps Brand name: iPhone Functionality: Lots of functionality: Unique, first in market user interface, Phone, calendar, MP3 player, games, internet, chat and many more. Styling: Unique styling. Quality: High quality, great screen, metal body, feels good in your hand. Safety: overall, not a huge issue, but it has outlet for Hands free/Blue tooth headset, battery will not explode. Packaging: Interesting in store packaging. Support: lots of on-line help and Apple toll free number, plus store support from phone carrier. Warranty: available warranty Accessories/Add-ons: Tons of accessories! Product
Marketing : The 4 Ps Break into groups of 3 Choose a Product Identify the 9 attributes of the product and be prepared to discuss what decisions may have been made about the attributes as they relate to the product. Product
Marketing Research What is the difference between Market Research and Marketing Research? Market Research is the research of the Market Environment and is a part of Marketing Research.
Marketing Research What is Market Research? Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. The purpose of any market research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organisations, whether they be large or small.
Marketing Research Definition Market research: Identification of a specific market and measurement of its size and other characteristics. Product research: identification of a need or want and the characteristic of the good or service that will satisfy it. Consumer research: identification of the preferences, motivations, and buying behavior of the targeted customer.
Marketing Research Methods of Research There are two primary Methodologies: Research based on questioning, Research based on observations.
Marketing Research Methods of Research Methods based on questioning: Qualitative marketing research: generally used for qualitative purposes – small sample – can not be applied to larger populations. Not statistically significant. Methods – Focus Groups, in-depth interviews. Quantitative marketing research: generally used to draw conclusions. Used to test a hypothesis. Uses random sampling to make inferences about a large population. Methods – Surveys, questionnaires.
Marketing Research Group Activity Break into groups of 3 to 4. Choose a product. Write a 10 question questionnaire with the object being to understand why people purchase that product.