1 MARKETING ENT 12. 2 What is Marketing? Marketing Activities directing the flow of goods and...

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MARKETINGMARKETING

ENT 12

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What is Marketing?What is Marketing?

• MarketingActivities directing the flow of goods and services from producer to consumer or user.

• Marketing consists of those business activities that relate directly to:Identifying a target marketDetermining target market potentialPreparing, communicating, and delivering a bundle of satisfaction to the target market

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Marketing Includes...Marketing Includes...

• Research• Product development• Pricing• Packaging• Branding• Sales• Physical distribution• Inventory management• Storage• Promotion

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Marketing Activities Revolve Marketing Activities Revolve Around the Target MarketAround the Target Market

Marketing Activities Revolve Marketing Activities Revolve Around the Target MarketAround the Target Market

Target MarketTarget Market

Product Distribution

Pricing Promotion

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WHAT IS A TARGET MARKET?WHAT IS A TARGET MARKET?

• Those individuals or organizations that are likely to want to use what you can provide.

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The Marketing ConceptThe Marketing Concept

Focus on Focus on Customer Wants Customer Wants

and Needsand Needs

Integrate Organization’s Integrate Organization’s Activities to Satisfy Activities to Satisfy Customer Needs and Customer Needs and

WantsWants

Achieve Organization’s Achieve Organization’s Long Term Goals by Long Term Goals by Satisfying Customer Satisfying Customer

Wants and NeedsWants and Needs

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MARKETING PLANMARKETING PLAN

• A good marketing plan should answer these questions:

What needs will be satisfied?

Whose needs will be satisfied?

How many people could benefit from my product or service?

How will consumers choose which product to buy?

Who are my competitors?

What will my competitors be doing?

What other factors could affect a business like mine?

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THE MARKETING MIXTHE MARKETING MIX

• The successful marketing strategy depends on whether the entrepreneur has planned the right combination of marketing elements, referred to as the marketing mix, or as the FOUR P’S OF FOUR P’S OF MARKETINGMARKETING..

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THE 4 P’S OF MARKETINGTHE 4 P’S OF MARKETING

• PPRODUCT (OR SERVICE)

• PPLACE

• PPRICE

• PPROMOTION

An entrepreneur has to ask the right questions.

An entrepreneur has to ask the right questions.

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PRODUCT (OR SERVICE)PRODUCT (OR SERVICE)

• Is the product or service something customers will want to buy?

• Will it be of benefit to them?

• Will it meet their needs?

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PLACEPLACE

• How will the product or service get to the customer?

• What channels of distribution are needed?

• When should the product or service be in stock or ready?

• Where will the product or service be made available?

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PRICEPRICE

• How much are customers willing and able to pay?

• What is the best price to charge to earn a maximum profit?

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PROMOTIONPROMOTION

• How will customers be made aware that the product or service is available?

• Which of the following promotional activities will be best for this venture:

Advertising?Personal selling?Publicity?Sales promotion?E-marketing?

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MARKET SEGMENTATIONMARKET SEGMENTATION

• The market is made up of people who fit into many different groups.

• When a product or service is targeted toward groups of people who share common characteristics, the group is called a market segment.

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• People may be grouped in a market segment because they:

Belong to the same culture Have similar tastes and preferencesShare the same values or goalsHave the same socioeconomic backgroundRespect their group’s norms or rules of conduct

MARKET SEGMENTATIONMARKET SEGMENTATION

Market segmentation helps entrepreneurs match their products and services to the needs

of a specific group.

Market segmentation helps entrepreneurs match their products and services to the needs

of a specific group.

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COMMON MARKET SEGMENTSCOMMON MARKET SEGMENTS

1. Demographic: people of the same . . .

Sex Age Marital status Family size Stage of family life cycle

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COMMON MARKET SEGMENTSCOMMON MARKET SEGMENTS

2. Socioeconomic: people of similar . . .

Occupation Education Income Social class Culture

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COMMON MARKET SEGMENTSCOMMON MARKET SEGMENTS

3. GeographicPeople who live in regions of the

country that could be defined by a specific climate, or by provincial or regional boundaries

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COMMON MARKET SEGMENTSCOMMON MARKET SEGMENTS

4. Psychographic

people with similar lifestyles or personality attributes

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COMMON MARKET SEGMENTSCOMMON MARKET SEGMENTS

5. Behaviour patternsPeople who can be identified by when,

where, and how often they shop, as well as by their media habits

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COMMON MARKET SEGMENTSCOMMON MARKET SEGMENTS

6. Consumption patterns People who can be identified by

their knowledge about, and loyalty to, particular products or brands

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Why Study MarketingWhy Study Marketing

• Plays an important role in society• Vital to business • Offers outstanding career

opportunities• Affects your life every day

• Where? Where else? Where, where else?

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Career OpportunitiesCareer Opportunities

• Professional selling

• Advertising

• Retail

• Product management

• Brand management

• Manufacturing

• Service Marketing

• Sport and Entertainment

• Market Research

• Event Planner