WHAT YOU NEED TO KNOW! Marketing

Unit Vocabulary Market Marketing Marketing Mix Price Target Market Product Place Promotion Marketing Functions Market Segmentation Demographics Geographic segmentation Psychographics Use to find definitionswww.businessdictionary.com

Definition of Marketing Marketing :  management process that:  Identifies  Anticipates  Satisfies customer requirements *To make company profits* The right product, in the right place, at the right time, and at the right price

Questions/Implications of Marketing Who are our existing / potential customers?  Target Market What are their current / future needs? How can we satisfy these needs?  Can we offer a product/ service that the customer would value?  Can we communicate with our customers?  Can we deliver a competitive product or service? Why should customers buy from us?

Marketing/Management Analysis Analysis/Audit - where are we now? Objectives - where do we want to be? Strategies - which way is best? Tactics - how do we get there? Implementation - Getting there! Control - Ensuring arrival

Objectives of Market Planning What is Market Planning? Give some examples.

Objectives of Market Planning  Assignment of responsibilities, tasks and timing  Awareness of problems, opportunities and threats  SWOT  If Implementation is not carefully controlled by managers, the plan is worthless! Planning and Design Systematic futuristic thinking by management Acts as a roadmap Better prepare for sudden new developments Apple and IPOD  Informs new participants in the plan of their role and function  Obtain resources for implementation

Demographic Factors  Age  Race  Sex  Income  Occupation  Economic circumstances  Lifestyle  Social influence variables  family background  reference groups  Church  American Legion  Maslow’s Hierarchy of Needs

Five Stages of Product Life Cycle 1. Product development - sales are zero, investment costs are high 2. Introduction - profits do not exist, heavy expense of product introduction 3. Growth - rapid market acceptance and increasing profits 4. Maturity - slowdown in sales growth. Profits level- off. Increase outlay to compete 5. Decline - sales fall-off and profits drop

Pricing Strategy How high, How low High  What does your product offer to charge a higher price? Low  What does your product offer that higher end products offer at a better rate?

Promoting  Personal selling  Telemarketing  Direct mail  Trade fairs and exhibitions  Commercial television  Newspapers and magazines  Radio  Cinema  Point of sale (POS) displays  Packaging New Age Marketing Google Ads YouTube Ads App Ads Ads

Promotion Message GrabATTENTION ExciteINTEREST CreateDESIRE PromptACTION AIDA

Relationship Marketing (What you want to build) Not mass marketing  Aimed at individual Customer retention not attraction Long term, on-going relationships Regular customer contact Spirit of trust Where do we see constant relationship marketing in our daily living??

SWOT Analysis Strengths (internal) Weaknesses (internal) Opportunities (external) Threats (external) Do McDonalds SWOT Analysis as a class