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Buzzwords of confusion Sales versus Marketing Market Research & Marketing Research Event Marketing SWOT, PEST, KPIs, USPs, DINKYs etc
Radio Events
Internet
Television
Print Media
Outdoor
People
Events
Agenda
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus Events (Face to Face Communication)
What is Marketing ?
Marketing History
The agrarian economy was largely self sufficient and trade was mostly through barter The industrial revolution in early 19th century suddenly created surplus putting pressure on manufacturers to find markets that could absorb the produce The need for labeling the produce, brands, trademarks and patents gradually began to come in Mid 19th Century traveling salesman to organized distribution
Marketing History
The Sales Era lasted till the 2nd world war Post war boom started the consumerist wave money in the hands of people, and larger number of enterprises making similar products Product proliferation made business very competitive It was this that paved the way for Marketing
Orientation Stages
Production Oriented Firms tend to manufacture and offer goods that they are good at producing Sales Oriented The Hard Sell, firms now realise that due to competition the goods have to be sold. Sales volume becomes the most important criterion Marketing Oriented The firm ascertains the genuine needs and wants of specifically defined target markets and then produce goods and services that satisfy the customer requirements
The right product, in the right place, at the right time, at the right price
Marketing Definitions
Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably
Chartered Institute of Marketing
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives
American Marketing Association
Presentation Status
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus Events (Face to Face Communication)
2. Price
Financial aspects of the process; price levels, profit margins etc.
4. Promotion
The communication and selling to potential customers
Presentation Status
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus Events (Face to Face Communication)
The Environment
Components of Communication
Channel
Encoder Message
Decoder
Market Analysis
PEST A framework to scan the external macroenvironment in which a firm operates Political
Product
Technological Company
Place
Economic
Price
Promotion
Socio-Cultural
Target Markets
One of the reasons why marketing arose was because of the diversity of markets and complex human needs and wants As competition increased and more producers started producing similar goods, the need to carve out exclusive niches arose This could be done by changes to the product DIFFERENTIATION, or to the market definitions - SEGMENTATION
Why Segment?
Better matching of customer needs Enhanced profits, margins for the business Better opportunities for growth Retain loyalty of customers Targeted marketing communications Gain share in the segment
1. Market Segment
Segmentation is essentially the identification of subsets of buyers within a market who share similar needs and who demonstrate similar buyer behavior. by geography region, climate, population density and growth by demographics - such as age, gender, occupation, income, education and family status by psychographics - such as values, lifestyle or beliefs by behaviour such as class, brand loyalty, price sensitivity
3. Position in Market
After segmenting a market and then targeting a consumer, you would proceed to position a product within that market Positioning is all about 'perception Products or services are 'mapped' together on a 'positioning map'. This allows them to be compared and contrasted in relation to each other
Presentation Status
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus Events (Face to Face Communication)
Marketing Plan
Marketing plans are vital to marketing success. They help to focus the mind of companies and marketing teams on the process of marketing i.e. what is going to be achieved and how we intend to do it.
SWOT ANALYSIS
A tool for identifying and analysing the (internal) strengths and weaknesses of a corporation and the (external) opportunities and threats. STRENGTHS
Strong brand / reputation Industry expertise Natural resources Patents New product / service Location Quality process or procedure
WEAKNESSES
Poor quality of goods or service Damaged reputation Lack of marketing expertise Location of business Competitors have superior resources Weak HR and personnel
OPPORTUNITIES
Developing market Mergers or strategic alliances Moving into new attractive market segments New international markets Loosening of regulations Removal of international trade barriers Market is led by weak competitor
THREATS
New competitor in home market Price war Innovative product/service from competitor New regulations Increased trade barriers Taxation on product / service
PRICE. Will you cost plus, skim, match the competition or penetrate the market? PLACE. Will you market direct, use agents or distributors? PRODUCT Sold individually, as part of a bundle, in bulk? PROMOTION Which media will you use? e.g sponsorship, radio advertising, sales force, point-of-sale, etc? Think of the mix elements as the ingredients of a 'cake mix
Marketing Budgets
Gear your marketing efforts to the most cost effective use Budgets include everything from equipment investments to soft company support of community events Keys areas could be: (mix)
Advertising; public relations Product packaging Sales force / commercial incentives
Marketing budget should anticipate results; internally sell the expenditures for each piece; support most important objectives Some marketing organizations have P/L responsibility You cant make a buck, without spending a buck
Campaign Framework
Marketing Communication Objectives & Strategy Specific Marketing Communication Tactics Campaign Implementation Campaign Evaluation & Control
Budgets
Creative
Media selection Below the line promotions Sales force
Public relations
Distribution channels & management
Presentation Status
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus Events (Face to Face Communication)
People
Events
Price reductions, Coupons Free samples/demos in stores Competitions Buy one get one free, Packaging, Point of Sale displays, Consumer Advertising Sponsorship
Sponsorship Events
Direct Mail
Advertising
Advertise make knownTo inform An advertisement to be successful; Must be seen Must be read Must be believed Must be remembered Must be acted upon
Presentation Status
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus In progress Events (Face to Face Communication)
Presentation Status
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus In progress Events (Face to Face Communication)
Presentation Status
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus Events (Face to Face Communication)
An Overview of Events
Award Ceremonies Carnivals Concerts Conferences Corporate Events Exhibitions Festivals Fashion Shows Product Launches Promotions
Events
Award Ceremonies
Carnivals
Concerts
Conferences
Car Launch
Exhibitions
Festivals
Fashion Show
Opening Ceremony
Product Launch
Sporting Event
Tourist Events
Weddings
Presentation Status
Marketing What is it? The Marketing Mix The Environment The Marketing Plan The Promotion Focus Events (Face to Face Communication)
Product Displays
Personal Selling
Brand Awareness
Tangible Sales
Events
Merchandising
Promotions
Product Sampling
Entertainment
Event Communication
Advantages Clean and customer direct Direct benefit to the user (even enjoyment) It is suggested that the advertising arena (while growing in terms of size) is slowing down and being replaced by the Face-to-face style medium of communication.
Marketing Dictionary
Above the Line Advertising for which a payment is made and for which commission is paid to the advertising agency. See also 'below the line' and 'push versus pull promotion Advertising Promotion of a product, service, or message by an identified sponsor using paid-for media. Brand The set of physical attributes of a product or service, together with the beliefs and expectations surrounding it - a unique combination which the name or logo of the product or service should evoke in the mind of the audience.
Brown Goods Electrical goods such as TVs, videos, stereo systems etc, used for home entertainment. So called because they were originally cased in bakelite, a brown plastic.
Marketing Dictionary
Buzz marketing uses 'word-of-mouth' advertising: potential customers pass round information about a product. See also 'viral marketing Channels The methods used by a company to communicate and interact with its customers Copyright The law that protects an author's original material, usually (in the UK) for 70 years after the author's death. Similar law covers logos and brand names Copywriting Creative process by which written content is prepared for advertisements or marketing material
Marketing Dictionary
Customer Relationship Management (CRM) The coherent management of contacts and interactions with customers. (This term is often used as if it related purely to the use of IT, but IT should in fact be regarded as a facilitator of CRM.) Decision Making Unit (DMU) The team of people in an organisation who make the final buying decision Differentiation Ensuring that products and services have a unique element to allow them to stand out from the rest DINKY Double Income No Kids Yet - a demographic grouping
Marketing Dictionary
Direct Marketing All activities which make it possible to offer goods or services or to transmit other messages to a segment of the population by post, telephone, e-mail or other direct means Electronic Point of Sale (EPOS) System A system whereby electronic tills are used to process customer transactions in a retail outlet Endorsement Affirmation, usually from a celebrity, that a product is good FMCG Fast Moving Consumer Goods - such as packaged food, beverages, toiletries, and tobacco
Marketing Dictionary
Focus Groups A tool for market research where small groups of customers are invited to participate in guided discussions on the topic being researched Grey Marketing (also called Parallel Importing) The illicit sale of imported products contrary to the interests of a holder of a trademark, patent or copyright in the country of sale Guerrilla Marketing The strategy of targeting small and specialised customer groups in such a way that bigger companies will not find it worthwhile to retaliate
Logo A graphic, usually consisting of a symbol and/or group of letters, that identifies a company or brand
Marketing Dictionary
Macro Environment The external factors which affect a companys planning and performance, and are beyond its control: for example, socio-economic, legal and technological change. Compare 'micro environment Market Penetration The attempt to grow one's business by obtaining a larger market share in an existing market - see 'market share' and 'market development Micro Environment The immediate context of a company's operations, including such elements as suppliers, customers and competitors - compare 'macro environment Personal Selling One-to-one communication between seller and prospective purchaser
Marketing Dictionary
PIMS Profit Impact of Marketing Strategies: a US database supplying data such as environment, strategy, competition and internal data with respect to 3000 business. This data can be used for benchmarking purposes Point of Sale (POS) (also called Point of Purchase) The location, usually within a retail outlet, where the customer decides whether to make a purchase. See also 'EPOS - Electronic Point of Sale' Portfolio (and Portfolio Analysis) The set of products or services which a company decides to develop and market Product Life Cycle A model describing the progress of a product from the inception of the idea, via the main period of sales, to its eventual decline
Marketing Dictionary
Promotional Mix The components of an individual promotional campaign, which are likely to include advertising, personal selling, public relations, direct marketing, packaging, and sales promotion Relationship Marketing The strategy of establishing a relationship with the customer which continues well beyond the first purchase. Return on Investment (ROI)/Return on Capital Employed (ROCE) The value that an organisation derives from investing in a project
Skimming Setting the original price high in the early stages of the product life cycle in an attempt to get as much profit as possible before prices are driven down by increasing competition
Marketing Dictionary
Supply Chain The network of suppliers, manufacturers and distributors involved in the production and delivery of a product Unique Selling Preposition (USP) The benefit that a product or service can deliver to customers that is not offered by any competitor: one of the fundamentals of effective marketing and business Value Preposition The set of qualities of a good or service that allows it to fulfill the customer's needs and desires, as opposed to simply benefiting the seller
White Goods Large electrical devices for domestic use, such as fridges, freezers and dishwashers. Used to be cased in white enamel, hence the name