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Marketing Basics
What is Marketing?
Process of meeting needs/demands Needs – Essentials – Generally not taxed Demands – Wants, Luxuries, usually taxed
Market – All that do or could buy a product – customer must have - Ability Authority Willingness
Marketing Process
Mission Statement Why are we in business? Sets the tone.
Organizational Objectives What do we want to achieve?
Marketing Objectives What can marketing achieve to help Org. goal?
Mission Statement
Marketing Plan
Situation Analysis BCG matrix SWOT analysis Balanced Scorecard Business Canvas
Develop Goals for each SBUStrategies
Segmentation – Demographics, Usage Targeting – Undifferentiated, Differentiated Positioning – Manage perception – Toyota, Lexus
BCG Matrix
Marketing Mix (4 Ps)
CRM – Customer Relationship Management CLV – Customer Lifetime Value
Product Types
Convenience Product Little or no shopping around, inexpensive – eg. Soap
Shopping Product Lot of shopping for deals, expensive – eg. house, car
Specialty Product Loyalty, not easily found – eg. South Indian Restaurant
Product Life Cycle
Introduction Growth Maturity Decline
Price
Skim Innovator can charge high price, skim
profits Penetration
Low price to penetrate market dominated by others
Competitive Match competition in a mature, highly
competitive market Cost-based /Target-profit Based on cost plus a percentage
Others – geographical, segmented
(eg. Airline prices)
Price Elasticity Elastic products – non-essential, cheap –
demand sensitive to price Inelastic products – essential – water,
gas, etc. – demand relatively stable
Place (distribution)
Physical Distribution (Ops. Mgt.) Channels
Direct – producer sells to customers Indirect – producer to wholesalers to retailers to customers
Promotion
Goals Increase demand Stabilize Sales
Provide Information Differentiate
Promotion Strategies
Advertising Trade Sales Public Relations Direct Marketing Sponsorship
Source: http://www.teleread.com/publishing/book-promotion-what-works-what-doesnt/
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