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Marketing Preview 1. What is marketing? 2. How are markets analysed? 3. What product can I sell where at what price? 4. Have my marketing measures been effective? Definition MARKETING includes all the activities needed to direct the flow of goods and services from producers to consumers. at least two parties each has something to offer must be able to communicate must be able to deliver parties must be free to accept or reject offers Roles of marketing main roles: • advertising (advertising and promotion managers) • selling (sales representatives/sales force) but also: • product development (brand and product managers) • packaging (packaging designers) • pricing (pricing specialists) • distribution (sales personnel) Marketing Process three elements: 1. Market analysis (Who will buy?) 2. Marketing-mix planning (What? Where? How much? How?) 3. Marketing control (Have we been successful?) 1. Market analysis (STP) a) Segmentation niche segment individuals b) Targeting: Who are my customers? c) Positioning: What is my main selling point? 2. Marketing mix planning (4 P) = developing a tactics to achieve strategic aims aim: to make customers from the target group buy elements: a) Product b) Price c) Place d) Promotion 3. Evaluation and control = looking back at the entire process to find out whether or not it was successful Why control? • planning is no guarantee for profit • markets change constantly • strategies not always effective Tools: a) b) c) d) Annual-plan control Profitability control Efficiency control Strategic control Review 1. Market analysis (STP) Segmentation Targeting Positioning 2. Marketing-mix planning (4 P) Product Place Price Promotion 3. Marketing control Annual-plan control Profitability control Efficiency control Strategic control a) Product Product development traditional economies: same things produced and consumed nowadays: - products have a life cycle - product range is constantly expanded - find out what target market desires Consequence is adjustment of: - production - research & development - personnel administration - finance - public relations Packaging Branding • • • • • create clear message create credibility involve emotionally motivate invite user loyalty back b) Price Pricing strategies: 1. Market determines the price 2. Price as an expression of quality 3. Price as a method of gaining market share back c) Place Production site - (distribution) Warehouse Wholesaler factory outlet mail order house internet TV shopping door-to-door selling consumer Retailer back c) Promotion Aims: communicate with customers influence customers 4 major tools: 1. 2. 3. 4. Sales force Advertising Sales promotion Public relations back 1. Sales force Representatives who advertise for and sell products they personalize the promotion process effective at selling complex goods most expensive promotion back 2. Advertising Presents a reason to buy a product/service Media: back 3. Sales promotion is a short-term incentive (Anreiz) to buy a product/service Techniques: 1 price reduction 2. loyalty reward points 3. two for one attracts brand switchers back 4. Public relations Does not aim to increase sales directly but tries to boost the image of the company Techniques: - press conferences contests community events charitable events ecological projects foundations back a) Annual-plan control Tools: 1. Sales analysis (Did we sell as much as we planned?) 2. Market-share analysis (Have we lost or gained market share?) 3. Marketing expense-to-sales analysis (Did the marketing efforts pay?) back b) Profitability control Do we have more earnings than expenditures? Strategies: • few expensive products and few customers • many cheap products and many customers Aim: Which of my products is the most profitable? back c) Efficiency control Are my marketing methods profitable? Example: Avon Lady (sales representative) how many doors in what time? how many products sold? back d) Strategic control Is my marketing program effective over a long period of time? marketing philosophy Positioning USA: “big and powerful” after few years: Is this positioning still OK? information policy - enough advertisement? - enough promotion? back 1. Sales analysis Comparison sales goals (100 units) actual sales (20 units) _____________ discrepancies??? reasons better product of the competitors decline of the economic situation wrong calculation back 2. Market share analysis analysis of the competition on the market Rates of selling beauty cases 17% 28% Gucci Joop 13% Dolce & Gabbana Kuniberg 42% back 3. Marketing expense-to-sales analysis • How much did my marketing activities cost? • What sales numbers have these activities generated? Example: expenses (costs): € 200.000 sales revenues: € 200.001 => We have a problem!!! back