1. First off…..First off…..  Access our Wiki and begin the Class Quiz (find in the page for today’s lesson - 20/03)

2. From last week – Marketing:  What is it?  When do we encounter it?  Who uses it?

3. Definition  Marketing is the process that provides the link between producers or providers of goods and services, and consumers

5. AOS 2AOS 2 Marketing Basics Definition Marketing Evolution Marketing function Relationship with business objectives and strategies Research process Market attributes Marketing Plans Establishing objectives Market description The marketing mix and related strategies Product life cycle Performance Indicators Relevant indicators Use in evaluation of marketing strategies Contemporary Issues & Ethics Role of technology Global business context Legal requirements Social and ethical marketing

6. Get out your notepads and a pen

7. What is a Market?What is a Market?  A group of potential customers with similar needs who are willing to exchange something of value with sellers offering needs-satisfying goods or services. 4 major types: 1.Consumers – mass consumer goods, e.g. Coke 2.Businesses – sales between businesses, e.g. Legal services 3.Global – businesses that export their product 4.Not-for-profit (NFP) or Government (Gov) – often ‘tender’ for services or goods

8. The Marketing ProcessThe Marketing Process  A continuous study of the market by a business to ensure it is always meeting the needs of its customers 1. Market Research – ID potential customers and profile them 2. Marketing Strategy – long-term, coordinated and consistent 3. Marketing Mix – tools available: product, price, place and promotion 4. Evaluation – judge the prior three steps and their effectiveness

9. Marketing StrategiesMarketing Strategies  A set of ideas and actions that outline marketing decisions. Four main factors: 1.Overall strength of the business – what is the core activity? 2.Resources available – do we have enough money, people, facilities etc. 3.Competition – what are the competitors doing 4.Objectives – what does the business want to achieve from this?

10. Market SegmentationMarket Segmentation  An approach that saddles mass-marketing and individualised marketing. 1.Geographic 2.Demographic 3.Psychographic 4.Behavioural See page 268 (you should have already for h/w!)….on that notes…..

11. H/w CheckH/w Check http://www.netmba.com/marketing/market/segmentatio n/

12. Market SegmentationMarket Segmentation  Check out pages 270 ‘Why is Target Marketing Important?’ to 271.  Don’t complete any exercises – just read over and take notes on the main points.

13. Market Segmentation Exercise Take a look at the following homepages and describe how each of these firms is zeroing in on a definable individual market:  Tiger Airways – http://www.tigerairways.com.au/http://www.tigerairways.com.au/  Louis Vuitton - http://www.louisvuitton.com.au/front/#/eng_AU/Homepagehttp://www.louisvuitton.com.au/front/#/eng_AU/Homepage  Nivea for Men - http://www.niveaformen.com.au/index.htmlhttp://www.niveaformen.com.au/index.html  Australian Financial Review - http://afr.comhttp://afr.com  Aldi - http://www.aldi.com.au/http://www.aldi.com.au/  Ralph Lauren - http://global.ralphlauren.com/worldofralphlauren/auhttp://global.ralphlauren.com/worldofralphlauren/au Provide a description of the overall market environment in which each company operates, followed by a profile of the individual market segment or "niche" each company is trying to carve out. What are the potential pitfalls of such an approach? What are the strategic advantages? If these companies found their market segment definitions too restrictive, what could each of them do to expand their market share?

14. Marketing  From Madmen:  http://www.youtube.com/watch?v=R-8s_nu3bls http://www.youtube.com/watch?v=R-8s_nu3bls  http://www.youtube.com/watch?v=5y4b-DEkIps http://www.youtube.com/watch?v=5y4b-DEkIps