Chapter-1 Marketing (1).ppt
- 1. MARKETING MANAGEMENT 1st Sem – Marketing Management By Prof Anitha
- 2. What is marketing? Marketing is the process of developing, promoting, and distributing products to satisfy customers’ needs and wants.
- 3. Marketing defined Marketing is...the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create exchanges that will satisfy individual and organizational objectives. (AMA 1985)
- 4. Key ideas in the definition Process involving strategy and tactics 4 Ps More than goods Exchange is central Satisfy consumer and organizational needs
- 5. What besides goods can we market? People Places Causes Events Organizations profit nonprofit
- 6. What value is created by marketing? Form utility Place utility Time utility Possession utility
- 7. What value is created by marketing? Form utility Place utility Time utility Possession utility
- 8. What value is created by marketing? Form utility Place utility Time utility Possession utility
- 9. The ‘eras’ of business Production era Sales era Marketing era Relationship era
- 10. The production era/concept “Consumers will buy whatever we produce.” Often feasible with excess demand (a seller’s market)
- 11. The sales era/concept “We need to work at selling what we produce.” Often motivated by excess supply (a buyer’s market) String
- 12. What is marketing myopia? A focus on products or processes rather than on customer groups and needs Examples: trains and trucks slide rules and calculators natural and artificial fibers
- 13. The marketing era/concept “We need to understand consumers needs and wants in order to decide what to produce.” Focus externally: on the market Company wide orientation
- 14. The marketing relationship era/concept Movement away from the single transaction as cornerstone of marketing A focus on building long term relationships with customers Why? cost of getting a new customer cost of keeping an old customer Activities that build long term relationships
- 15. The Marketing Mix The marketing mix consists of four basic marketing strategies known as the 4 P’s. Product Promotion Place Price
- 16. The 4 P’s of Marketing explained Product Promotion Place Price 1. Is there a demand for the product or service? 2. How to make the product appeal to consumer 3. Packaging— includes the design, color, size, and brand names 1. Making customers aware of a product 2. Advertising 3. Coupons 4. Rebates 5. Sales 6. Free give aways 7. Publicity 1. Distribution is getting the right product to the right place at the right time in the right amount and in the right condition 2. Storage 3. Warehousing 4. Transporting 1. How much are customers willing to pay? 2. Is the price competitive with other products? 3. Can the company make a profit?
- 17. The Marketing Mix – 4 P’s Complete Worksheet 1 – The Marketing Mix Taaza Tindi Restaurant. List and define the 4 P’s. P P P P P The Marketing Mix
- 18. Grab bag product development Organize into teams of 4 to 5 students. Grab a bag from your teacher. The bag is filled with several different items. Your challenge is to create a new product using the items in your bag. You do not have to use all of the items in the bag, but you are limited to what is in it.
- 19. Product Development Step 1: Look at the items in your bag. Begin to generate ideas of what product you can develop. Be creative! Workers often get together to think of new products. This is called brainstorming. Complete Worksheet – Product Development
- 20. Create Product Create your product now.
- 21. Company Name Creating a winning company name takes some thought but is one of the most important things you’ll do during the process of starting a company. So how do you create a winning company name? Get together for a company name brainstorming session. Many company names are incorporated into the logo. Work through these five rules for choosing a company name:
- 22. 5 rules for choosing a company name. A winning company name has to be memorable – but easy to spell. A winning company name needs a visual element. A winning company name should have a positive connotation. A winning company name may include information about what your company does. A winning company name has to be fairly short.
- 23. Logos The word logo means: a name, symbol or trademark designed for easy recognition. A logo is a graphical representation of the company. It consists of symbols, illustrations and / or graphic print design. The logo should attract attention. It produces a first impression of your product. How many logos are you familiar with on this slide?
- 24. Logos Create your company name and logo now Keep in mind the 5 Principles of effective Logo Design.
- 25. Target Market A specific group of consumers at which a company aims its products and services is called a target market. Your target customers are those who are most likely to buy from you.
- 26. How to identify your target market Ask some of these questions when identifying your target market: Are your target customers male/female or both? How old are they? Where do they live? Is geography a limiting factor for any reason? What do they do for a living? How much money do they make? This is most significant if you're selling relatively expensive or luxury items. What other aspects of their lives matter? If you're launching a roof- tiling service, your target customers probably own their homes. What are they willing to pay for your product?
- 27. Complete Target Market Survey Identify your target market. Complete worksheet #4 in Excel. TARGET MARKET SURVEY Worksheet #4 Company Name: Transforms Product Name: The Wand (when running the wand over clothes it changes to a different outfit) Survey at least 10 class members regarding your product. Ask students if your product is suited towards a particular gender, age group, and price range. You may change age group ranges if needed. Determine 3 different price ranges and type them in the fields below. Type a 1 in the columns that best completes the answer. If the product is for an older population, students would state whether a parent or sibling might buy the product. Sum totals in row 18. Complete the worksheet. Gender Age group of potential customers Price Range Would Purchase Male Female 10-20 21-30 31 and up $40-$50 $51-$60 $61-$80 Yes No 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5 5 7 2 1 4 2 5 8 2
- 28. Advertising Now the target market survey is complete you are ready to create an advertisement. Why do companies advertise? To promote their products and services. There are many forms of advertisements including newspapers, magazines, TV, radio, bill boards, flyers, web, etc. After analyzing your target market survey, create an advertisement aimed at your customers.
- 29. Creating Advertisements Catchy slogans are great forms of advertisement. Your logos can also be used as advertisement. Advertisements need to catch the interest of the target market and create a desire for consumers to buy your product!
- 30. Logos and Slogans Complete Worksheet #5 – Logos and Slogans Complete Worksheet #6 – Create your team slogan
- 31. Create a Print Advertisement Create an advertisement for your product in Microsoft Office Publisher or Word. Refer to the 4 P’s. Use words and graphics to identify and explain how the product fits into the 4 P’s. Use an 8.5 X 11 inch paper. Include a picture of your product on the poster. Include your company name, logo, and slogan. Use the Print Ad Rubric, for guidelines.
- 32. Commercials Create a commercial advertising your product. Your commercial should be only one minute long and may be videotaped. This will be presented in front of the class.
- 33. Commercial Complete Worksheet Use the Commercial Video Rubric for guidelines while planning and producing your commercial. Produce commercial. Present commercial to class.