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Chapter 5 Marketing

Marketing-Marketing is an exchange
activity that takes place between a business
entity and its customers
Definition
Activities that are carried out systematically to
encourage and increase sales of products/services as
long as the activities are in line with religious and
ethical practices.
Customer

Individual
Other business entity (e.g.
wholesaler & retailer)
Support organization (eg. Bank and
government agencies)

Human Needs - Basic physologica requirements in


ones life (eg. Food, drink, clothing, accomodatyion
and security)
Wants - The different forms of unfuklfilled needs
Wants are often influenced by ones culture, social
upbringing, personality and religion.
Marketing Concept
-

All marketing activities must satisfy


customer needs and wants, and at the same
time achieve the targeted profits
The focus for long term business: customer
satisfaction first and then profit
Satisfied customers will repeat to buy while
unsatisfied customers will not.

Target Market - Is the group of customers with


needs and wants that can be satisfied by the business
through the supply of goods and/or services
IMPORTANCE OF TARGET MARKET
1.

Its impractical and almost impossible for a


business to offer a product that can satisfy
the needs and wants of the entire population

2.

Businesses have limited resources in term of


time, money and man power

IDENTIFYING THE TARGET MARKET


1. Identify the product or service to be offered
2. Focus the marketing effort :
i)
Identify the market area and
business location
ii)
Collect information and data of
customers
iii)
Segmenting the market
3.

SaleForecast - Sales forecast is the expected sales


potential from the selected target market.
MARKET SEGMENTATION

2.

A market is a phisical place where


buyers and sellers exchange goods
and services

Human being
Government
Ngo
Bussiness Entity

Demographic
Age
Occupation
Genmder
Eduication
Income
Social Class
Family
Race
Sub culture

A market is any entity that has


purchasing power to acquire goods
and services to fullfill its need and
wants

Market Categories
1.
2.
3.
4.

Geographic
District
Residency
Division
State
Contry
Climate

Defining Market
1.

Determine the target market from identified


market segments.

Phsycographic
Personal taste
Status

Preferences
Ego
Hobbies
Political attitude
Sensitivity to price
Motives of purchase
Loyalty to product
STEPS IN SALES FORECASTING

differetiation, attarctive to customer, safety and


labelling

After sales service

Pricing Startegy
1.

Cost Based Pricing

Decision based on :
1)
2)
3)
4)
5)

Determine Market Size


Identify the Competitors
Estimate Market Share
Forecast Sales :
Customer Awareness Of The
Existence Of The Business
6) Seasonal Factors
7) Pre-Sales Period
PREPARING A MARKETING PLAN
1)
2)
3)
4)
5)
6)
7)
8)

Define the product concept


Identify the target market
Determine marlet size
Identify competitiors
Determine market share
Develop sale forecast
Develop marketing strategies
Prepare a marketing budget

DEVELOPING MARKETING STRATEGIES


Four Ps Strategies:
1.
2.
3.
4.

Product
Price
Place (distribution)
Promotion

PRODUCT/SERVICE STRATEGY
Special attention should be given on :

Brand

Choose a brand name that is unique and not already


in use or protected by copyright

Quality:

Can be in terms of performance quality and


conformace quality

Design

Packaging :

Consider packaging in term of: Protection, ease of


use, product

-Average profit margin of the industry


-The number and strenght of competitors
Formula :
Price = Total cost per unit + Mark Up
2.

Value-Based Pricing

3.

Competition-Based Pricing