Chapter 28: Effective Marketing. Purposes of Marketing Anticipating customers’ wants (Market research) Satisfying customers’ wants in a way that delights.

Slides:



Advertisements
Similar presentations
The 4 “P”s of Marketing Product, Price, Place, and Promotion
Advertisements

Introduction to Marketing
Ind – Develop a foundational knowledge of pricing to understand its role in marketing. (Part II) Entrepreneurship I.
The Five Generic Competitive Strategies
5 P’s.
The Main Idea To ensure success, entrepreneurs need to understand the industry and the market.   They should define areas of analysis and conduct effective.
Goal 1: Define marketing and the marketing process.
What is Marketing? Marketing Defined:
Building Competitive Advantage Through Business-Level Strategy
Marketing for Hospitality and Tourism, 3e©2002 Pearson Education, Inc. Philip Kotler, John Bowen, James MakensUpper Saddle River, NJ Chapter 1.
Mass V’s Niche Marketing Unit 1: Developing Business Ideas.
MARKETING Strategies MARKETING Process.
1.1 INTRODUCTION to PROMOTION and INTEGRATED MARKETING COMMUNICATIONS Chapter 1:
Building Competitive Advantage Through Business-Level Strategy
Electronic Commerce Creating a Successful Web Presence Marketing Strategy.
Glencoe Entrepreneurship: Building a Business Doing Market Research SECTION SECTION 6.1 Chapter 6 Market Analysis Defining Areas of Analysis The entrepreneur.
Building Competitive Advantage Through Business-Level Strategy
Generic Strategies at the Business Level
Strategic Planning: Making Choices in a Dynamic Environment
Chapter 1 marketing dynamics.
Marketing. Today…  What is a market?  What is marketing?  Role of Marketing  Marketing Objectives  Marketing Activities.
Introduction to Marketing
Learning Goals Define marketing and the marketing process.
Chapter One Marketing: Managing Profitable Customer Relationships.
1 Business and Marketing Strategies
1 1 Chapter 9 Pricing: Understanding and Capturing Customer Value.
Chapter Five Building Competitive Advantage Through Business- Level Strategy.
Chapter 1.2 & 1.3 Review. Economic Utility Assembling parts to build an engine is adding value through (Not directly related to marketing) Form utility.
Marketing Management 18 April 2011.
Chapter 21 Nature & Scope of Marketing
Target I can explain the characteristics of each stage of the product life cycle.
Marketing identify, anticipate & satisfy consumer wants and needs - profitably Overall Aim of Marketing:
Retail Value Creations- 1 By Dr. U. Srinivasa Raghavan.
If the primary determinant of a firm's profitability is the attractiveness of the industry in which it operates, an important secondary determinant.
2.13 Effective Marketing Marketing and the Competitive Environment Effective Marketing “Marketing is not something you do to people, it’s something you.
Important Marketing Concepts. 1. Segmentation A market segment is a sub group of a whole market in which consumers have similar characteristics. Identifying.
MARKETING MIX. What is Marketing Mix? The marketing mix is the combination of marketing activities that an organisation engages in so as to best meet.
Theme 1: Marketing & People This theme enables students to understand how businesses identify opportunities and to explore how businesses focus on developing.
Theme 1: Marketing & People This theme enables students to understand how businesses identify opportunities and to explore how businesses focus on developing.
Effective marketing Candidates should be able to: Define marketing (i.e. explain the purpose) Define niche and mass marketing Analyse the benefits and.
IGCSE Business Studies Unit Product i-study.co.uk.
THE ROLE OF ADVERTISING IN MARKETING Topic 1 Introduction to Advertising.
Starter (3 minutes): 1.Define ‘marketing’ 2.What different aims do you think a marketing department would be set by the business? 3.What is the difference.
STRATEGIC MANAGEMENT AND BUSINESS POLICY
© 2012 South-Western, a part of Cengage Learning Business-Level Strategy and Competitive Positioning Chapter 5 Essentials of Strategic Management, 3/e.
PRICING PRODUCTS PRICING CONSIDERATIONS &APPROACHES.
Niche v Mass Marketing.
Effective Marketing.
3.1 – Setting marketing objectives
The Marketing Mix.
Theme 1: Marketing & People
Pricing Considerations
Principles of Marketing
McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
What is Marketing? Marketing is societal process by which individuals and groups obtain what they need and want through creating, offering and freely.
Chapter 8: Selecting an appropriate price level
Chapter 4: The pricing model
11BST 1.4 Marketing.
SEGMENTATION, TARGETING AND POSITIONING
Mass and niche markets What is the difference between the two?
Product, Services, and Branding Strategy
Building Competitive Advantage Through Business-Level Strategy
CHAPTER 1 World of Marketing: Creating and Delivering Value
The 4 “P”s of Marketing Product, Price, Place, and Promotion
Pricing Strategies CHAPTER 10.
INTERACTION OF FIRMS IN THE MARKET - COMPETITION
Porter’s Generic Strategies
SEGMENTATION, TARGETING AND POSITIONING
The 4 “P”s of Marketing Product, Price, Place, and Promotion
Introduction to Marketing Miss Mary Lynn Mundell.
Presentation transcript:

Chapter 28: Effective Marketing

Purposes of Marketing Anticipating customers’ wants (Market research) Satisfying customers’ wants in a way that delights customers (Marketing Mix 4 Ps – plan a suitable product, charge an attractive price, put the product into the right location or place, and use promotion to make customers aware of the product.) Meeting the needs of the organisation (enables a business to satisfy its own wants – corporate aims and objectives) MARKETING – the anticipating and satisfying of customers’ wants in a way that delights the consumer and also meets the needs of the organisation.

Marketing Objectives The goals of the marketing function in an organisation Types of marketing objectives: –Size (measured by sales or market share) –Market Positioning (a company’s appeal to particular market segments) –Innovation / Increase in Product Range –Creation of Brand Loyalty / Goodwill –Security / Survival

Business-to-business (B2B) marketing Where a firm sells its products to another business Main features of B2B marketing: –Larger transactions –Specialist buyers and sellers –Quality –Informative advertising –Pricing –Buyer-seller relationships

Niche Marketing Targeting a product or service at a small segment of a larger market Advantages: –Less competition –Costs –Small-scale production –Tailor-made products –Targeting customers Disadvantages: –Lower profits –Changes in demand –Market entry

Mass Marketing Aiming a product at all (or most) of the market In order to compete in a mass market, a business needs to make sure its product is different from competitors’ products. If consumers value this difference, it will benefit the firm in two ways: 1) Increased sales volume; 2) Greater scope for charging a higher **This is often achieved through Product Proliferation – when a variety of products are produced to serve different tastes AdvantagesDisadvantages Large-scale production High revenues Barriers to entry Research & development Brand awareness Fixed capital Changes in demand Effects of standardisation Competition Adding value