Download HND/C BUSINESS & ANAGEMENT MARKETING

UNIT 4:
MARKETING PRINCIPLES
HNC Introduction to Marketing Principles
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Aim of Lecture
The aims of this lecture are: to provide you with an overview of the key
concept of what is marketing and market
research
 To illustrate an introduction to the module
in view of the specification.
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Objectives of this lecture are:
 To be able to interpret and understand the Marketing
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unit specification in terms of outcomes.
To explain what is Marketing using practical examples.
To explain what is Market Research using practical
examples.
It identify the differences between Marketing and
Market Research.
To be able to adopt to Marketing concept and its
principles through the aid of classroom activity.
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Marketing
What is the difference between Marketing
and Market Research?
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Definitions:
Marketing
1.
Marketing activities involve getting goods
from the producer to the consumer. (Gross 1994)
2.
‘Marketing is the management process that identifies,
anticipates and satisfies customer requirements
profitably’
(The Chartered Institute of Marketing)
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3.
‘Marketing is the human activity directed at
satisfying human needs and wants through
an exchange process.’ (Kotler 1980)
4.
Marketing really is about “getting the right
product to the right people at the right price
and at the right time.” (Fardon et al. 1995)
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Definition: Market Research
1.
Marketing research involves the use of
surveys, tests, and statistical studies to
analyse consumer trends and to forecast the
quantity and locale of a market favourable to
the profitable sale of products or services.
(Gross 1994)
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The Importance of Marketing
 Finding out what people want
 Finding out what people will pay
 Organising the company to meet customer
needs
 Supply customers with what they want
 Do Marketing Research
 Interpret information
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cont
 Provide customer care
 Establish company profile
 Planning strategies and campaigns
 Consider financial implications
 Advertising, promotion and being creative
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Implications of Marketing
 Who are our existing / potential customers?
 What are their current / future needs?
 How can we satisfy these needs?
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Can we offer a product/service that the
customer would value?
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Implications of Marketing
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Can we communicate with our
customers?
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Can we deliver a competitive product
of service?
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Why should customers buy from us?
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The Marketing Concept
 Choosing and targeting appropriate
customers
 Positioning your offering
 Interacting with customers
 Controlling the marketing effort
 Continuity of performance
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Successful Marketing Requires:-
 Profitable
 Offensive
 Integrated
 Strategic
 Effective
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Marketing Management Process
 Analysis / Audit
 Objectives
 Strategies
 Tactics
 Implementation
 Control
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There are several marketing tools and
models in which management would
use to assess and implement this
process.
 SWOT ANALYSIS
 PEST / SCLEPT ANALYSIS
 PRODUCT LIFE CYCLE
 BOSTON MATRIX
 ANSOFF MATRIX
 PORTER FIVE FORCES
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Marketing Activities
Advertising
Research
Public relations
THE MARKETING FUNCTION
Distribution
Forecasting
New Product
Development
Selling
Pricing
Promotion
Brand
Management
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