business studies topic: the role of marketing
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Business Studies Topic: The Role of Marketing
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The Role of MarketingAs we move through the lesson today we will
have the opportunity to:Explain and DiscussWork in GroupsQuestion and Utilise our ICT skills
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The Role of marketingIntroduction
The key role of marketing is to identify consumer demand and communicate to customers how the products or services of a business can satisfy this demand YouTube - Great Advertising
Marketing is the management process which involves identifying consumer wants and needs, establishing how the business can satisfy those wants
and needs, closing a sale, building the customer relationship,
http://www.youtube.com/watch?v=bilOOPuAvTY&feature=related Philip Kotler (Principles of Marketing Guru)
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The Role of marketingKey Concepts
Identifying the nature and characteristics of products and services desired by the customer What is the most important feature of a product to its
consumer?Anticipating the changing expectations of consumers in
order to be ahead of the market What do consumer expect from our product?
Satisfying their customers which involves offering customer value Does the customer believe that their time, money spent worth
the effort when buying this product?Ensuring profitability, no money no business http://www.youtube.com/watch?v=_l506XT1fxY
(Evolution of Music Devices)http://www.youtube.com/watch?v=X-8tS0d_TOQ&NR=1
(Apple Evolution Ad)
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The Role of marketingWhat is a market?
Three main characteristics
Products or services
Buyers
Location
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The Role of marketingThe Target Market
Identifying a target market is crucial in determining the function of a business
A target market is segmented in terms of: Demographic Factors Geographical Factors Psychographic Factors Behavioural Factor
http://www.youtube.com/watch?v=ugIDVARaTNU&feature=related (Market Segmentation)
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The Role of marketingThe Target Market
Demographic Factors Who is our customer in terms of:
Age Sex Education Income
http://www.youtube.com/watch?v=Jjs_oteF6Ms&NR=1
(Nielsen presentation on demographic segmentation) (Huggies Baby Advert)
http://www.youtube.com/watch?v=ZpclbYghRj8
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The Role of marketingThe Target Market
Geographical Factors Is where contact occurs between the buyer and
seller Country Region/city Neighbourhood http://
www.youtube.com/watch?v=zY2E_NvRow0&feature=related (Coppertone Commercial)
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The Role of marketingThe Target Market
Psychographic Factors This is about understanding why a customer buys It is concerned about lifestyle characteristics
Personality, Values, Attitudes, Interests, or Lifestyles http://
www.youtube.com/watch?v=owGykVbfgUE&feature=channel (Old Spice Advert)
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The Role of marketingThe Target Market
Behavioural Factors Concerned with the motivation behind the buying
decision Value for money Quality of the product Rate of purchase http://
www.youtube.com/watch?v=PrdX3PEcBLc&feature=related (Revlon commercial)
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The Role of marketingThe Marketing Mix
The Marketing Mix forms the foundations upon which a marketing plan is developed
The foundations of the marketing mix are the 4 P’s Product Price Promotion Place
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The Role of marketingThe Marketing Mix (4 P’s)
Product It is the core of the marketing mix It is the good or service Tangible (shape, design, appearance) Intangible (after-sales service, image conveyed by
using the product of service) Key features of products/services are:
Branding/Trademarks Positioning Packaging Warranties After-sales service
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The Role of marketingThe Marketing Mix (4 P’s)
Price Must make the product/service accessible to the
market It should cover all business expenses Price can be affected by but not limited to:
Demand Competition
Pricing strategies Market penetration strategy Market skimming
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The Role of marketingThe Marketing Mix (4 P’s)
Promotion Obtaining a certain position for the product/service in the
market by making the consumer aware of the products features and how it compares to the competition
It attempts to convince consumers to purchase and repurchase
It helps develop customer loyalty Promotion includes:
Introducing a new product/service to the market Build a products image or remind consumers of the product Encourage consumers to switch from a competitor Create a need in the market that did not exist before
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The Role of marketingThe Marketing Mix (4 P’s)
Promotion Tools may include: Advertising (TV, radio, internet, newspapers, mags,
billboards) Sponsorship, coupons, loyalty cards Personal selling Public relations
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The Role of marketingThe Marketing Mix (4 P’s)
Place Is the placement of a product, its transportation,
storage, and distribution to consumers Placement is also achieved through channels
Direct from the producer to consumer Producer to retailer to consumer Producer to wholesaler to retailer to consumer
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