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AQUACULTURE MARKETING: GETTING DOWN TO THE BASICS Kwamena Quagrainie Purdue University, West Lafayette, IN Email: [email protected] Tel: 765-494-4200 WHAT IS MARKETING? Marketing is a planning process: The conception, pricing, promotion, and distribution of goods, services, and ideas To create exchanges that satisfy individual and company objectives ELEMENTS OF THE MARKETING MIX (4Ps) Fundamentals of Selling, Charles M. Futrell SELLING INVOLVES MARKETING Selling is just one of many marketing components Personal selling includes: Personal communication of information Persuasion Helping others Goods Services Ideas DIFFERENCE BETWEEN SELLING AND MARKETING CONCEPTS Selling Concept Marketing Concept 1. Emphasis is on the product. 1. Emphasis is on customers’ wants. 2. Company first makes the product and then 2. Company first determines customers’ wants figures out how to sell it. and then figures out how to make and deliver a product to satisfy those wants. 3. Management is sales-volume-oriented. 3. Management is profit-oriented. 4. Planning is short-run, in terms of today’s 4. Planning is long-run, in terms of new products and markets. products, tomorrow’s markets, and future growth. 5. Stresses needs of seller. 5. Stresses wants of buyers. YOU NEED TO BE GOOD AT BOTH Awareness of offerings Awareness of the motivators involved in buying A plan WHAT ARE YOU OFFERING (PRODUCT)? Need Want Satisfying some consumers’ ideal or desire “Eating fresh food” Satisfying needs through culturally / socially influence. “Eating local fresh food” Benefit Meeting outcome that motivates buying behavior. “Eating fish for heart health” PEOPLE BUY MORE THAN THE PRODUCT People buy - satisfaction: Image of eating fresh vs. frozen shrimp What vs. sardines the product will do Its perceived quality STRESS PRODUCT FEATURES Feature Many – product characteristics sales people emphasize features Examples: What Size, Color, Price, Shape features can a fish farmer emphasize Price, size, quality, etc STRESS PRODUCT’S ADVANTAGES Advantage The – a performance characteristic chances of making a sale are increased by describing the product’s advantages How product compares with others How a product can be prepared Examples: Local & Fresh; Hormone-free production STRESS PRODUCT’S BENEFITS Benefit – a result of advantage People are interested in what the product will do for them Benefits can be both practical and psychological Benefits should be specific statements, not generalizations Emphasizing benefits increases sales STRESS “FAB” - EXAMPLE “… my fish are bigger than what you will find on the market (advantage); they are grown with a nutritionally balanced feed without any growth hormone (benefit); and is available fresh (feature)” PRICING Price affect consumer purchases – price conscious Price as an Indicator of Value = So for a given price, value decreases as perceived benefits decrease and vice versa Price can affect perceptions of quality; prices send signals to customers about quality and value MARKETING CHANNEL Makes products available when and where they are wanted Reduces consumer’s cost Reduces transaction costs Transportation and storage CONSUMER DISTRIBUTION CHANNELS Direct Channel Channel 1 Producer Consumer Channel 2 Indirect Channel Producer Channel 3 Producer → Retailer Consumer Retailer Consumer Indirect Channel Wholesaler BENEFITS OF DIFFERENT CHANNELS Direct Channel Indirect Channel Producers can serve customers better. Producer gets much of what the consumer pays. Customers are used to buying from certain retailers. Intermediaries help by: Control of pricing, service and delivery. creating utility and transaction efficiencies. PROMOTION Inform / remind consumers of available products; Inform consumers of locations; Reduce search time for alternatives; Persuade consumers to select your product over others; Build relationships with consumers. PROMOTION AND ITS GOALS Informs Coordination of Marketing Communication Builds Relationships Efforts to Influence Attitudes or Behaviors Persuades Reminds WHAT ARE THE OPTIONS? Marketer Mass Media Personal Advertising, Sales promotions Personal selling Other Public relations Word of mouth Which is the most credible? RECAP Marketing Selling is just one of many marketing components Marketing Be is a planning process mix elements – 4Ps aware of customer motivations Stress product FAB – Features, Advantages & Benefits Price affects purchases but is also an indicator of value Contact: Kwamena K. Quagrainie Email: [email protected] Tel: 765-494-4200