MARKETING

What do marketers do? Match the two columns. identify anticipate create develop persuade modify design research a product a consumer need a need the target market consumers’ wants target customers Check your answers in RB, p.71

A few simple messages … Don’t sell what you can make! Make what you can sell! Know your market! Be different! Everything matters!

… and a few specialist terms! (RB, p.71) SELLING CONCEPT VS. MARKETING CONCEPT (pg.1) Don’t sell what you make! Make what you can sell! MARKET RESEARCH, R&D (pg.3) Know your market! DIFFERENTIAL ADVANTAGE Be different! MARKETING MIX (4 Ps) (pg. 4) Everything matters!

Is it all marketing? ADVERTISING PR MARKET RESEARCH R&D BRANDING PROMOTION 4Ps MARKET SEGMENTATION PRODUCT LIFE CYCLE Beginning: Market research,part of R&D, includes m. segmentation (analysing customers and their buying habits, e.g. shoes) Then: when done, needs to be promoted, which includes advertising, which is expensive, so PR is very welcome 2 aspects cover all marketing effort: 1. what? (4Ps), 2.when? Product Life Cycle Letis first have a look atmarket reseacrh, (MK), then 4 Ps (p.71. ), life cycle (MK – stages)

Which of the 4 Ps do the following belong to? Guarantee Brand name Transport POS Publicity Credit terms Quality Distribution channels Basic list price Advertising Size Sales promotion Discounts Standard features RB: p.71

Read more about the following: Market research methods (MK, p.63) Stages of the product life cycle (MK, p.65)

What is the difference between the following? needs vs. wants selling concept vs. marketing concept business market vs. consumer market, B2B vs. B2C RB: p.71, MK: p.60 products vs. brands corporate/individual branding, multibranding brand switching vs. customer loyalty MK: pp.60, 61

The advertising agency or the client company? Who does what? ... creates advertisements. … gives a set of the objectives of the advertising campaign (a brief), an overall advertising strategy, and a budget. … develops a media plan.

What words do the numbers stand for? BUDGET/AGENCY/ MARKETING/CUSTOMERS Advertising informs 1 about the existence and benefits of products and services, and attempts to persuade them to buy them. Large companies could easily set up their own 2 departments, but they tend to hire the services of an 3. The client company decides on its advertising 4, which is the amount of money it plans to spend in developing its advertising and buying media time and space. Based on MK (2010):p.69/70

What words do the numbers stand for? BUDGET/AGENCY/ MARKETING/CUSTOMERS Advertising informs CUSTOMERS about the existence and benefits of products and services, and attempts to persuade them to buy them. Large companies could easily set up their own MARKETING departments, but they tend to hire the services of an AGENCY. The client company decides on its advertising BUDGET, which is the amount of money it plans to spend in developing its advertising and buying media time and space. Based on MK (2010):p.69/70

What words do the numbers stand for What words do the numbers stand for? BRIEF, CAMPAIGN TARGET, MEDIA PLAN, WORD-OF-MOUTH, VIRAL, BUDGET The client company also provides a 5, or a statement of the objectives of the advertising, as well as an overall advertising 6. The choice of how and when to advertise, and in what proportions, is called a 7. The set of customers that a company wants to expose to an advertisement are known as the 8 market. The advertising of a particular product or service during a particular period of time is called an advertising 9. However, the best form of advertising has always been 10 advertising which today has been much used in 11 marketing. MacKenzie (2010):p.69-70

What words do the numbers stand for What words do the numbers stand for? BRIEF, CAMPAIGN TARGET, MEDIA PLAN, WORD-OF-MOUTH, VIRAL, BUDGET The client company also provides a BRIEF (a statement of the objectives of the advertising), as well as an overall advertising BUDGET. The choice of how and when to advertise, and in what proportions, is called a MEDIA PLAN. The set of customers that a company wants to expose to an advertisement are known as the TARGET market. The advertising of a particular product or service during a particular period of time is called an advertising CAMPAIGN. However, the best form of advertising has always been WORD-OF-MOUTH advertising which today has been much used in VIRAL marketing. Based on MacKenzie (2010):p.69-70

How to speak about advertising in a coherent manner? (MK) Advertising is ... The process can be described as follows: first, ..., second, ..., and finally, ... One important issue advertisers may have a dilemma about is ... They may choose either to ... or to ... New forms of advertising try to avoid the disadvantages of traditional advertising. For example, ... will benefit from ... . In other words, .... will avoid traditional problems such as ...