Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download What is Marketing?
Document related concepts
Market segmentation wikipedia , lookup
Visual merchandising wikipedia , lookup
Planned obsolescence wikipedia , lookup
Marketing research wikipedia , lookup
Consumer behaviour wikipedia , lookup
Multi-level marketing wikipedia , lookup
Marketing communications wikipedia , lookup
Product placement wikipedia , lookup
Digital marketing wikipedia , lookup
Viral marketing wikipedia , lookup
Grey market wikipedia , lookup
First-mover advantage wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Marketing plan wikipedia , lookup
Product lifecycle wikipedia , lookup
Food marketing wikipedia , lookup
Youth marketing wikipedia , lookup
Supermarket wikipedia , lookup
Direct marketing wikipedia , lookup
Market penetration wikipedia , lookup
Dumping (pricing policy) wikipedia , lookup
Price discrimination wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Neuromarketing wikipedia , lookup
Predictive engineering analytics wikipedia , lookup
Perfect competition wikipedia , lookup
Service parts pricing wikipedia , lookup
Street marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Multicultural marketing wikipedia , lookup
Target audience wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Green marketing wikipedia , lookup
Pricing strategies wikipedia , lookup
Target market wikipedia , lookup
Advertising campaign wikipedia , lookup
Global marketing wikipedia , lookup
Sensory branding wikipedia , lookup
Marketing strategy wikipedia , lookup
Transcript
What is Marketing? - all of the activities involved in the planning, pricing, promoting, distributing and selling of goods and services TO SATISFY CONSUMERS’ NEEDS AND WANTS. Which Types of Businesses Need Marketing? All businesses need marketing: Manufacturers market their products to potential consumers. Service businesses market their expertise to potential customers. Not-for-profit organizations market their cause to potential donors True marketing starts out with the customers, their demographics, related needs and values. It does not ask, “What do we want to sell?” It asks , “What does the customer want to buy?” It does not say, “This is what our product or service does.” It says, these are the satisfactions the customer looks for.” Peter Drucker The Marketing Mix (4 P’s of Marketing) Major marketing management decisions can be classified into four categories: Product Price Place (distribution) Promotion These are the variables that marketing managers can control in order to best satisfy their target customers. They must be combined properly to be effective. Product -factors dealing with developing the RIGHT product/service for the Target Market: What need or want does this product meet*? High / low quality Taste / smell / size Services included: delivery? Place -factors dealing with getting the RIGHT product/service to the Target Market: Direct Distribution – sells to consumers at a farm, bakery or factory outlet Indirect – wholesalers, retailers Specialty – vending machine, catalogue, web site (Jones Cola) Urban / suburban / rural Price -factors dealing with establishing the RIGHT price. Estimate likely profit at various prices How price sensitive (elastic) is this product? What are prices of competitive products? want to price higher than competition, must promote additional value) Is this a luxury or value product? (if Promotion -factors dealing with communicating to the Target Market about the RIGHT product, at the RIGHT place to find it, for the RIGHT price. Advertising Sales Promotion: Coupons (redemption rate indicates success) Contest, e.g. “Roll Up the Rim to Win” Premiums – consumer gets free with purchase of product (includes loyalty cards, e.g. 10th purchase free) Sampling – encourages product trial Publicity
