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 marketDetermining target market potentialPreparing, communicating, and delivering a bundle of satisfaction to the target market
3 Marketing Includes... Research Product development Pricing Packaging BrandingSalesPhysical distributionInventory managementStoragePromotion
4 Marketing Activities Revolve Around the Target Market DistributionProductTarget MarketPricingPromotion
5 WHAT IS A TARGET MARKET?Those individuals or organizations that are likely to want to use what you can provide.
6 Focus on Customer Wants and Needs MARKETINGThe Marketing ConceptFocus on Customer Wants and NeedsAchieve Organization’s Long Term Goals by Satisfying Customer Wants and NeedsIntegrate Organization’s Activities to Satisfy Customer Needs and Wants
7 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?
8 THE MARKETING MIXThe 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.PromotionProductPlacePrice
9 An entrepreneur has to ask the right questions. THE 4 P’S OF MARKETINGPRODUCT (OR SERVICE)PLACEPRICEPROMOTIONAn entrepreneur has to ask the right questions.
10 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?
11 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?
12 PRICE How much are customers willing and able to pay? What is the best price to charge to earn a maximum profit?
13 PROMOTIONHow 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?
14 MARKET SEGMENTATIONThe 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.
15 MARKET SEGMENTATIONPeople may be grouped in a market segment because they:Belong to the same cultureHave similar tastes and preferencesShare the same values or goalsHave the same socioeconomic backgroundRespect their group’s norms or rules of conductMarket segmentation helps entrepreneurs match their products and services to the needs of a specific group.
16 COMMON MARKET SEGMENTS Demographic: people of the same . . .SexAgeMarital statusFamily sizeStage of family life cycle
17 COMMON MARKET SEGMENTS Socioeconomic: people of similar . . .OccupationEducationIncomeSocial classCulture
18 COMMON MARKET SEGMENTS 3. GeographicPeople who live in regions of the country that could be defined by a specific climate, or by provincial or regional boundaries
19 COMMON MARKET SEGMENTS 4. Psychographicpeople with similar lifestyles or personality attributes
20 COMMON MARKET SEGMENTS 5. Behaviour patternsPeople who can be identified by when, where, and how often they shop, as well as by their media habits
21 COMMON MARKET SEGMENTS Consumption patternsPeople who can be identified by their knowledge about, and loyalty to, particular products or brands
22 Why Study Marketing Plays an important role in society Vital to businessOffers outstanding career opportunitiesAffects your life every dayWhere? Where else? Where, where else?
23 Career Opportunities Professional selling Advertising Retail Product managementBrand managementManufacturingService MarketingSport and EntertainmentMarket ResearchEvent Planner