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MARKETING Enterprise Economics 19th of November 2009 What is Marketing? Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others Kotler Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably The Chartered Institute of Marketing (CIM). What is Marketing The right product, in the right place, at the right time, at the right price. Adcock Marketing is essentially about marshalling the resources of an organization so that they meet the changing needs of the customer on whom the organization depends. Palmer Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems composed of participants, who, interacting under constraints - technical (economic) and ethical (social) - create the transactions or flows which resolve market separations and result in exchange and consumption. Bartles Marketing Environment The micro-environment The macro-environment The internal environment. Consumer Buyer Behaviour Buyer decision Process Marketing Mix (MM) MARKETING MIX the marketing mix to the Four P's PRICE, PLACE, PRODUCT, PROMOTION the marketing mix to the Five P's + PEOPLE the marketing mix to the seven P's +PHYSICAL EVIDENCE, PROCESS PLACE Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer. PRICE Premium Pricing Penetration Pricing Economy Pricing Price Skimming Psychological Pricing Product Line Pricing Optional Product Pricing Captive Product Pricing Product Bundle Pricing Promotional Pricing Geographical Pricing Value Pricing PRODUCT The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline). The Customer Life Cycle (CLC) has obvious similarities with the Product Life Cycle (PLC). However, CLC focuses upon the creation of and delivery of lifetime value to the customer i.e. looks at the products or services that customers NEED throughout their lives. The Product Life Cycle (PLC) & Strategies for the differing stages Three Levels of a Product Segment – Target Position SEGMENTATION the market has been separated into its segments Targeting the marketer will select a segment or series of segments and 'target' it/them Enter to the segment with the product(s) Targeting Targeting Positioning The term 'positioning' refers to the consumer's perception of a product or service in relation to its competitors. What is the position of the product in the mind of the consumer? Car Market PROMOTION/ The Promotion Mix 1. Personal Selling 2. Sales Promotion 3. Public Relations / PR 4. Direct Mail 5. Trade Fairs and Exhibitions 6. Advertising 7. Sponsorship Physical Evidence & People Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the 'individual needs' of the person consuming it. Examples of Physical evidence Packaging Internet/web pages Paperwork (such as invoices, tickets and despatch notes) Brochures Signage (such as those on aircraft and vehicles) Furnishings Uniforms Business cards The building itself (such as prestigious offices or scenic headquarters) Mailboxes and many others . . . Process There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example - to achieve a 30% market share a company implements a marketing planning process. Pricing Strategies The Boston Matrix Dogs / These are products with a low share of a low growth market. These are the canine version of 'real turkeys!'. They do not generate cash for the company, they tend to absorb it. Get rid of these products. Cash Cows / These are products with a high share of a slow growth market. Cash Cows generate more more than is invested in them. So keep them in your portfolio of products for the time being. Problem Children. / These are products with a low share of a high growth market. They consume resources and generate little in return. They absorb most money as you attempt to increase market share. Stars / These are products that are in high growth markets with a relatively high share of that market. Stars tend to generate high amounts of income. Keep and build your stars. The Boston Matrix Marketing Plans 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. There are many approaches to marketing plans. Marketing Teacher has focussed upon the key stages of the plan. It is contained under the popular acronym AOSTC. Marketing Plans ANALYSIS OBJECTIVES STRATEGIES TACTICS CONTROLS Stage One - Situation Analysis Marketing Environments Laws and regulations Politics The current state of technology Economic conditions Sociocultural aspects Demand trends Media availability Stakeholder interests Marketing plans and campaigns of competitors Internal factors such as your own experience and resource availability Stage Two - Set marketing objectives SMART Objectives Specific - Be precise about what you are going to achieve. Measurable - Quantify you objectives. Achievable - Are you attempting too much? Realistic - Do you have the resource to make the objective happen (men, money, machines, materials, minutes)? Timed - State when you will achieve the objective (within a month? By February 2010?). Stage Three - Describe your target market Which segment? How will we target the segment? How should we position within the segment? Why this segment and not a different one? (This will focus the mind). Define the segment in terms of demographics and lifestyle. Show how you intend to 'position' your product or service within that segment. Use other tools to assist in strategic marketing decisions such as Boston Matrix, Ansoff´s Matrix, Porter´s Competitive Strategy, etc. Stage Four – Marketing Tactics Convert the strategy into the marketing Mix. These are your marketing tactics. PRICE Will you cost plus, skim, match the competition or penetrate the market? PLACE Will you market direct, use agents or distributors, etc? PRODUCT Sold individually, as part of a bundle, in bulk, etc? PROMOTION Which media will you use? Stage Five – Marketing Control Remember that there is no planning without control. Control is vital. Start-up costs. Monthly budgets. Sales figure. Market share data. Consider the cycle of control. Marketing Communication Marketing communications is 'promotion' from the marketing mix Personal Selling Sales Promotion Public Relations and publicity Direct Marketing Trade Fairs and Exhibitions. Advertising Sponsorship Packaging Merchandising (and point-of-sale) E - Marketing (and Internet promotions) Brands Thank you for your attention