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The Art of Marketing Tasha Brendan Kiesha Christopher Megan The Fundamental Roles of Marketing To sell the product that a business makes To manage the brand or brands of the product Marketing includes Research Development Sales Distribution Advertising Promotion Branding This is creating an image for your The three fundamentals of branding are: A brand name Logo or trademark Slogan Brand name This name is to distinguish your product from other competitors’ products Most important part to identifing the product Logo or trademark When the name of the brand is combined with a special symbol This is used to make consumers aware of the product For example: Nike Slogan This is the catch phrase that is attached to the company’s name and logo For example: McDonalds catch phrase is “I’m loving it” Marketing Concepts Marketing is divided into two main concepts, the product concept and the marketing concept. Product Concepts: Marketers can answer questions about firm’s internal operations. These questions can be about what the company should make or sell as their product, what price will generate more profit, where and how will they sell the product, advertising and promotion. Product concepts basically answers the four P’s of marketing Marketing Concepts: Market concepts are when the company works with the external environment. They work with the external environment by looking into the competitive market and the consumer market. The Consumer Market: Characteristics of people who buy the products and or service of a company or business establishment this is controlled by the consumers demographic and life styles Demographics of the consumer market are: Age, Gender, Family life cycle, Income, Ethnicity and culture. Life Styles of the consumer market are controlled by values belief and motivation The Competitive Market: Other business establishments or companies that compete for consumer dollars this is divided into two different markets there is Direct Competition in which other sellers of a similar product or service compete with the company or establishment compete for consumer dollars, and then there’s Indirect Competition where other spending needs draw away customers’ dollars away from the company’s products The Four P’s Of Marketing Productive marketing campaigns consider the four P’s product, price, place and promotion. Product: Considers the quality of the product because better quality makes better business how ever those who can meet the consumers’ needs with a lower quality and cheaper price will also stand a chance for a successful business. Design, shape and colour of the packaging will attract attention of consumers if the details and design are made attractive to the eye Product: Features, product developers consider the features of the products, the materials used to make the product, the sent, the size and the taste Benefits, people buy most products and services for a particular purpose. Each product or service has benefits that attract different consumers. Consumers but perceive these benefits in order to be interested enough in the product or service to buy it. Price Pricing is what can decide wither the product or service is a success or failure. The product or service can be top quality but if the price is to high it wont sell. Consumers are very price aware in modern days its also important to not drop the price to low other wise you wont generate a profit. Place: (Channels of Distribution) Channels of distribution are the path ways of the ownership the products and services follow from the producer to the consumer. There are three channels of distribution. Direct: The business that produces the product sells it directly to the consumer which allows for direct communication between the producers and the consumers. Indirect: The business that produces the product sells to an intermediary who then sells the product to the consumer this can be a retailer, importer, or wholesaler intermediary’s ass to the cost of the product Specialty: The consumer buys from a place other then a retail store like a website or catalogue Promotion Promotion is an attempt to sell a product by encouraging consumers to buy a product by using things like coupons, contests and premiums, samples and special events Coupons; Used to offer consumers money off of a products price Contests; An exciting way to increase business recognition and sales. Businesses are by law required to organize contests so that anyone can enter and they cannot require consumers to buy a product in order to enter. Premiums; Are giveaways a consumer gets with the purchase of a product, premiums can be un related to the product. Advertising Rules to a good advertisement include: Humour Creativity The brand name Even if an advertisement is really funny or interesting, it is ineffective if you can’t remember the name of the product being sold. An Example The Apple Computer advertisement called “1984” that introduced the Macintosh onto the market during the 1984 Super Bowl had thousands of customers looking for Macs the day after it aired. How to Create a Successful Advertisement 1. Attract Attention 2. Gain Interest 3. Build Desire 4. Get Action Attract Attention You should have a headline that introduces the brand Seven words or less, as that is easier to remember Your headline should introduce the rest of the ad Sprite: Obey Your Thirst Gain Interest Should be simple and easy to read The message should be clear and direct Do not try to be funny right off the bat Have a good image/decriptive words Build Desire Set up a problem that your product solves Sprite created an ad where someone was very thirsty. A cold bottle of Sprite solved the problem. Add benefits with each line and describe them thoroughly Repeat brand names often Get Action Summarize reasons to buy Have logo, brand name, slogan, and contact information prominently placed in your ad Print and broadcast messages should repeat a phone number or simple web address Limited time offers encourage buying now Types of Advertising Advertising Always positive Company pays for this Publicity Can be positive or negative Free More believable Public Relations firms are hired to control this Kinds of Advertising Direct-to-Home Out-of-Home Radio Television Newspaper, magazines Internet Direct-to-home Comes to your home Flyers, catalogues, ads on the internet Consumers do not ask for this Usually discard immediately Out-of-Home Supposed to be received while out of the home Billboards, buses, subways, transit shelters Billboards can reach 100% of traffic Attract commuters to work, school, shopping, and entertainment The Other Forms Radio is a “go anywhere” medium Effective radio ads use words and sounds to draw consumers in Television uses words, sounds, and images TV ads are most expensive A large percentage of viewers will remember the ad itself. The Other Forms Small businesses use classifieds Magazines reach target audiences well Magazines offer colour ads Spamming is unwelcome, but subscribers welcome it There are three types of internet ads: Banners, official websites, email Types of Advertising Reach: The number of people exposed to a message Billboards reach 100% of commuters Frequency: The number of times an audience will receive the messages You must pay for each slot Types of Advertising Selectivity: The ability to focus on a target audience Magazines are very specific Durability: How long the advertisement stays around. Commercials last about 30 seconds, newspapers last a day Types of Advertising Lead-Time: How quickly the ad can be run Mechanical Requirements: How complex the creation of an ad is Radio ads are almost instantaneous Radio ads require very little mechanical work Clutter: The competition for an audiences attention You wouldn’t want to stick a commercial in between 6 other commercials The Two C’s Competitive: The Competitive Market consists of all the sellers of a specific product, and is expressed most often in terms of the total dollars spent annually on this product. Market Share is the percentage of the market that a company or brand has. A Marker Segment is a part of the overall market that has similar characteristics. Competitive Indirect Competition is competition that isn’t directly related between two subjects. Discretionary Income is the money a receiver gets after deductions. Disposable Income is used to pay for necessities. Products that are very similar are in Direct Competition. The Two C’s Consumer: Consumer Market is all the potential users of a product or Service Demographics are the studies of obvious characteristics that categorize human beings. A Gatekeeper is a person who makes buying decisions for others. Lifestyle is the way people live, which includes their values, beliefs, and motivations. Marketing Research Marketing research is the collection and analysis of information that is relevant to the marketing strategy. There are many kinds of marketing research consisting of; consumer, market, motivation, pricing, competitive, product, and advertising. The Types of Marketing Research Consumer research discovers what type of product consumers want and predict the overall sales potential for that product. Market research identifies specific groups of consumers who would use a particular product or service. Motivation research examines both the emotional and the rational motives that influence our buying decisions. The Types of Marketing Research Pricing research helps the marketer determine if the company can sell product for a competitive price and still make a profit. Competitive research looks for opportunities in areas where competition is weak or absent and determines what competitors want. Product research examines each detail of a product or service and analyzes the impact these details might have on the market. Advertising research provides information on the most effective way to get a message about a product to potential consumers . Collecting Data Secondary data is information that had been collected by other people. This can be collected from websites, databases, books, periodicals, indexes, and professionally prepared marketing research reports. Primary data is information that researchers collect and analyze for a specific purpose. Surveying Surveys are a good way for business to collect data from potential consumers. Surveys usually consist of closed-ended questions, (yes and no, agree and disagree, or choose a, b, c, or d) Open ended questions require the surveyor to develop their own answer. (What is your favourite brand of clothing?) Observing Observations are when researchers watch the behaviour of people without them knowing they are being watched. The purpose of observation is to see how people act in real life situation. Focus groups are company arranged meetings of potential consumers. Marketers observe the group talking about the positives and negatives, and offer suggestions and criticism to the product. For payment the company may offer samples of the product, or a nice dinner, or cash. ACTIVITY Each person in the class will team up (groups of 3) to create a marketing pitch to show how much they have learned from this presentation. They will be asked to provide a brand name logo or trademark and a slogan for their product. For example: Brand name- McDonald’s Logo or trademark- The Golden Arches Slogan- I’m loving it. Now create an advertisement using what you have learned from this presentation. Good luck!