1. Marketing IN practice

2. What is a market?
Fundamental principal on which marketing programs are designed, is that they recognize and anticipate unmet needs in the market and develop product to meet those needs
What is a market?
The ultimate consumer, organizational buyer, or both
Consumer Market
A market is a group of people who have a similar need for a product, the resources to purchase the product or service, and willingness and ability to buy it
Business to Business
A market is an organizational buyer (industry, wholesaler, or retailer) that buy goods and services for its own use or for resale

3. Marketing in practice
The essential elements in the practice of marketing are as follows:
Assessing customer needs by doing marketing research. Discover unmet needs and determine potential for new products
Identifying and selecting a target market to pursue
Developing a strategic marketing plan that embraces the various elements of the marketing mix
Evaluating the marketing strategy to ensure that goals set out in the plan are achieved

4. Assessing the CUSTOMERS NEEDS
The first step in the marketing process is a needs assessment
In a needs assessment, a company will collect information about consumer needs and determine whether or not if a market is worth pursuing
Companies will conduct both a market analysis and a consumer analysis

5. Assessing the customers needs
Market Analysis
Companies will conduct research on the following factors
Market demand
Sales volume potential
Production capabilities
Resources available
Consumer Analysis
Demographics
General behavior trends
Consumer tastes, attitudes, preferences
Lifestyle and sexuality

6. Identifying and selecting the target market
It is impossible to focus on all consumers, pick a segment of the population and focus your effort on them. The specific group is known as a target market
While not everyone in a target market is the exact same, they usually have a few qualities that bring them together (Age, sex, location…)
Example: Coffee
3/4 Canadians drink coffee
Looking further, half of coffee drinkers in Canada are between 35-64
Overwhelming majority of people who own cappuccino/espresso maker have a university degree
Therefore, if you were market an espresso machine you would focus on highly educated individuals between 35-64

7. Developing market strategy (the marketing mix)
The Marketing Mix refers to:
Product
Price
Distribution
Marketing Communications
When developing a marketing strategy all these elements are what companies must focus on
Moving into contemporary marketing and its influence on being socially responsible, public image, is increasingly important

8. Marketing mix: product
What product or service are you going to sell?
Product strategy can be further divided on the basis of tangibility (characteristics perceptible by touch or any of the senses) and intangibility (characters not perceptible by the senses)
Example
Brands like Molson Canadian are not very distinguishable from competing brands by tangible characteristics (taste and appearance)
Molson Canadian, therefore, focuses on intangible characteristics such as heritage or lifestyle choices to market its product (I AM CANADIAN)
Red Bull?
Product differentiation is another factor marketers can use to sell their product
What makes your product stand out?
Flavor, packaging?
Eg Minute Maid Orange Juice Container

9. Market mix: price
Price strategy is based on a number of factors that usually start with the product itself
For example, the less your product stands out often limits you to pricing your product very low. The opposite is true.
Price can also be limited by what the market situation is. For example is your company competing in a monopoly or near monopoly situation?

10. Marketing Mix: Distribution
The selection and management of marketing channels and physical distribution of products
A marketing channel is a series of firms or individuals that participate in the flow of goods and services from the producer to the consumer
Example: Kraft Peanut Butter
Manufacturer: Kraft > Wholesaler: National Grocers of Canada > Retailer: IGA > Consumer: You
Products can also bypass wholesalers entirely and be shipped to warehouse outlets such as Costco (Kraft>Costco>You)
With the introduction of the internet and e-commerce companies are becoming more direct in sales with their customers and getting rid of both wholesalers and retailers

11. Marketing mix: Communications
Marketing communications includes:
Advertising
Sales Promotion
Event Marketing
Personal Selling
Public Relations
Most visible aspect of an organization’s marketing strategy
It is crucial that companies create a consistent message in each medium to achieve the highest impact
This is known as integrated marketing communications

12. Evaluating Marketing ACTIVITY
Products are usually tested for acceptance in a small area of the market prior to a full scale launch
Test Marketing involves placing a product for sale in one or more geographic locations and observing it performance
When testing is complete, companies will roll out their product regionally, provincially, or nationally
When the product is rolled out, the final step in the marketing process is to reach out to customers and receive feedback on their product