WHAT YOU NEED TO KNOW!

Marketing

Definition of Marketing

Marketing : management process that:

Identifies Anticipates Satisfies customer requirements

*To make company profits*The right product, in the right place, at the

right time, and at the right price

Questions/Implications of Marketing

Who are our existing / potential customers? Target Market

What are their current / future needs?How can we satisfy these needs?

Can we offer a product/ service that the customer would value?

Can we communicate with our customers? Can we deliver a competitive product of service?

Why should customers buy from us?

Marketing/Management Analysis

Analysis/Audit - where are we now?Objectives - where do we want to be?Strategies - which way is best?Tactics - how do we get there?Implementation - Getting there!Control - Ensuring arrival

Objectives of Market Planning

Assignment of responsibilities, tasks and timing

Awareness of problems, opportunities and threats

SWOT Essential marketing

information may have been missing

If Implementation is not carefully controlled by managers, the plan is worthless!

Planning and Design• Systematic futuristic

thinking by management

• Acts as a roadmap• Better prepare for

sudden new developments• Apple and IPOD

Informs new participants in the plan of their role and function

Obtain resources for implementation

Demographic Factors Age Race Sex Income Occupation Economic

circumstances Lifestyle Social influence

variables family background reference groups

Church American Legion

Maslow’s Hierarchy of Needs

Five Stages of Product Life Cycle

Product development - sales are zero, investment costs are high

Introduction - profits do not exist, heavy expense of product introduction

Growth - rapid market acceptance and increasing profits

Maturity - slowdown in sales growth. Profits level-off. Increase outlay to compete

Decline - sales fall-off and profits drop

Pricing Strategy

How high, How lowHigh

What does your product offer to charge a higher price?

Low What does your product offer that higher end

products offer at a better rate?

Promoting

Personal selling Telemarketing Direct mail Trade fairs and exhibitions Commercial television Newspapers and magazines Radio Cinema Point of sale displays Packaging

Promotion Message

Grab ATTENTIONExcite INTERESTCreate DESIREPrompt ACTION

AIDA

Relationship Marketing(What you want to build)

Not mass marketing Aimed at individual

Customer retention not attractionLong term, ongoing relationshipsRegular customer contactSpirit of trust

SWOT Analysis

Strengths (internal)Weaknesses (internal)Opportunities (external)Threats (external)

Research SWOT Analysis on the internet, get with your group and create one under the Analyze Market and Competitors section of Business Plan