Marketing

identify, anticipate & satisfy consumer wants and needs - profitably Overall Aim of Marketing:

Aim of Marketing (continued): Identify – using market research, following trends Anticipate – Finding the “Next Big Thing”, what is important to consumers, what they are willing to pay, creating new products Satisfy – selling products and services that fit their wants and needs, quality products, customer service, warranty, creating brand loyalty Profitably – use the least expensive marketing tools to reach the most people in your target market

The Marketing Mix - the 4Ps and 2Cs These elements MUST work together for the best marketing strategy: Target Customer Competition

The Marketing Mix The 4 P’s and 2 C’s Product – developing new or changing existing products e.g. New flavour of Coca-Cola

The Marketing Mix The 4 P’s and 2 C’s Promotion – promoting and selling products e.g. TV, internet ads, viral marketing, contests, sales

The Marketing Mix The 4 P’s and 2 C’s Price – determining what price they want to sell it for AND how much the customer is willing to pay for it! e.g. price the same as other drinks or lower?

The Marketing Mix The 4 P’s and 2 C’s Place (Distribution) – figuring out how to get the product to the customer and where it should be sold E.g. store, vending machines, events

The Marketing Mix The 4 P’s MUST be focused on: Customers (target market) – satisfying what customers want/need, always keeping an eye on how they are changing Competitors – analyzing what the competition is doing at all times 10