Marketing Your Ideas

What Is Marketing?

Kotler Says Marketing is a social & managerial process by which individuals & groups obtain what they need & want through creating & exchanging products & value with others.

What Can be Marketed?

Solutions Products Ideas

Services Experience

Innovations

Qualifications

Events

Types of Goods Goods

Tangible Goods (Products)

Ex.: cars, grocery, mobiles, accessories, TVsetc.

Intangible Goods (Services)

Ex.: insurance, training, hotel stay, haircutetc.

Customers
A customer can be identified as The individual or organization that actually uses or consumes the product & actually makes the exchange or purchase. The conditions of eligible customer are: - Need - Purchasing Power - Authority to buy Customers can be external & internalhow?

Customers at a Restaurant

Need, Want, & Demand Needs

States of felt deprivation.

Wants
The form human needs take as shaped by culture & individual personality.

Demands
Human wants that are backed by buying power.

Customer Needs

Abraham Maslow

The 4-Self Image Theory

The Real Self

The Real Social Self The Ideal Self

The Ideal Social Self

Markets
A Market is the forum for an exchange between parties, the buyer & the seller.

By bringing a seller & a buyer together , a market facilitates the exchange process. The exchange can be either for money or for a barter, which the oldest exchange form.

Selling Concept Vs. Marketing Concept

Societal Marketing Concept

A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers wants, the companys requirements, consumers long-run interests, & societys long-run interests.

Relationship Marketing

Customer-Friendly Organizations
A customer-friendly organization is the one that puts the needs & comfort of its customers at the front of its operation, starting from the product planning. Product planning with the initial idea & goes through designing prototypes, market testing & final model design. The same testing & refinement procedure needs to be followed for both products & services.

C-SMART Plans & Objectives

Customer centered Specific Measurable Agreed Realistic

Timely

Useful Rules for Marketers

Rule 1: people do not buy a product or service but they buy a tool to solve their problems Rule 2: Do not blindly fall in love with your product
Marketing myopia: The mistake of paying more attention to the specific products a company offers than to the benefits & experiences produced by these products.

Rule 3: satisfied customer tells three to six others about his good experience, while dissatisfied customer tells ten others about his bad experience.

Short-term , Long-term & Strategic Marketing

The short-term plan are usually considered to be less than 1 year.

Medium-term plans are put for 1-5 years.

Long-term (strategic) plans are drawn for periods over 5 years.

N.B.
All types of plans should be objective-based.

SWOT Analysis
A SWOT (Strengths, Weaknesses, Opportunities & Threats) analysis is a common component of organisational planning & marketing.

The analysis is in two parts: Internal analysis that looks at the strengths & weaknesses of the organization External analysis that considers the threats & opportunities facing the organization from the external environment, which are derived from the, i.e. STEEPLE analysis. The aim should always be to use strategies that build on strengths, minimise weaknesses, exploit opportunities & defend against threats.

SWOT Analysis
Strengths
Things it does particularly well, especially when viewed against the operations of it competitors

Weaknesses
Areas in which it is weaker than the competition.

Opportunities
External factors on which the organization can use its strengths to outclass the competition

Threats
Factors from the external environment from which the organization may suffer because of its weaknesses.

SWOT Analysis

Actors in the Microenvironment

Macro-environment Forces

Managing Marketing Information

Marketing Information System (MIS)

The Marketing Information System (MIS) consists of people, equipment, & procedures used to gather, sort, analyze, evaluate, & distribute needed, timely & accurate information to marketing decision makers.

Marketing Information System (MIS)

Market Research

Market research is the systematic design, collection, analysis & reporting of data & findings relevant to any marketing situation facing the organization.

Planning Market Research

Any research project should follow the five-step procedure given below:
1. Correctly identifying the problem or the area of research. 2. Devising the most suitable method of carrying out the research.

3. Collecting the data.

4. Analyzing the data using the most relevant technique to convert data into useful information. 5. Presenting the report with the information in a relevant format.

Consumer Buying Behavior

Hierarchy of Needs

Abraham Maslow

Meeting Wants & Needs

Organizations sell Products, while Customers buy Benefits. Each customer will have his/her own perception of the benefits of a certain product. What the customer needs may vary from what they actually wantCan you give an example? One of the most important benefits is to give the customer a certain image.

Factors Motivating Customers

Customers are complex people. They can see themselves as four different people.
The Real Self

The Real Social Self The Ideal Self

The Ideal Social Self

Products & Benefits

Examples of Various Products & their associated Benefits

Types of Buying Decision Behavior

High Involvement Significant Differences between brands
Few Differences between brands

Low Involvement

Complex Buying Behavior

Variety-Seeking Buying Behavior

DissonanceReducing Buying Behavior

Habitual Buying Behavior

The Buyer Decision Process

The buying process starts long before the actual purchase & continues long after it.

The following diagram shows that consumers pass through 5 stages with every purchase.

However for routine purchases, the consumer may skip some of these stages. Effective marketers need to focus on the entire process.

Segmentation,
Targeting, & Positioning

Profiling Its the process of trying to paint the picture of the companys typical (ideal) customer for each of its products.

Can you paint the typical customer for your company products?

The Marketing Mix

The Marketing Mix the 7Ps & 7Cs.

Producer Perception
Product

Customer Perception
Customer Value

Price
Place (Distribution) Promotion Physical Evidence

Cost
Convenience Communication Confirmation

People
Process

Consideration
Co-ordination & Concern

The Marketing Mix Funnel

1st P: Product (Customer Value)

Customers actually acquire benefits to satisfy their various needs rather than a product.

In modern markets, it is THE CUSTOMER who should at the center of all the organizations operations. Accordingly, all customer-driven (oriented) organizations must make it their business to understand the value that the customer places on a certain product.

New Product Development (NPD)

The Onion Model

Potential Augmented Expected Basic

Core Benefit

The Product Life Cycle (PLC)

Branding
A brand is a name, term, sign, symbol, design or any combination of these features which intended to identify the goods & services & differentiate them from those of the competitors. Customers can become very loyal to a particular brand names, thus they should be protected against copying.

Branding offers a number of advantages to both the manufacturers & the customers.

Brand Names Aspects

It must be easy to pronounce & to remember. It should e distinctive & different from those of competitors. It should be capable off being registered for legal protection.

Ideally, it should give some indication of the products nature.

It should be translatable (with proper meaning) to other languages.

The Power of Branding

2nd P: Price (Cost)

Three terms are often confused, & yet they have different meanings are value, price & cost.
A true value of anything is what somebody is prepared to pay for it. Costing is the determination of the price of the resources that are used in the process of manufacturing & delivering a product or a service. Pricing is the process of deciding the amount of money the customer will be charged to get the product/service.

Value Expectations

The Price Quality Matrix

3rd P: Place (Convenience)

With the recent market changes & the variety of facilities used by customers to reach their products, the place of the supplier-to-customer interface has become much more diverse. The change of concept from (Place) to (Convenience) reflects that its the customer who is able to make the delivery decisions based on his/her circumstances rather than being imposed by the supplier.

Channels of Distribution

Push & Pull Strategies

4th P: Promotion (Communication)

The Communication Process

Unique Selling Points (USP)

Every product should have attached to it a real or perceived unique selling point, distinguishing it from that of the competitors. This may include:

Ease of use Price differential Extra functions Compatibility High quality at little extra costs

Online purchasing High quality after care Delivery methods Credit terms Unique method of operation

The AIDA Model

Sponsorship
Its the financial or material support given an individual, group or organization to another individual, group or organization as assistance in the pursuit of a specific activity. It ranges from World wide (global) events, such as the FIFA World Cup, to local national events, or even smaller. A wide range of benefits could be obtained by linking the company image to the image of certain eventscan you think of some?

5th P: Physical Evidence (Confirmation)

The intangible benefits obtained from a product are what is usually promoted. All services can be related to one of 3 categories:
Service to people. (ex. haircuts, dentistry) Service to peoples properties. (ex. dry cleaning, car repairs)
Service & information about people or events. (ex. 140, weather forecast)

Customers have no guarantee about the quality of a service unless they have a previous experience.
In most services operations, the customer has to move, be present, & spend some time to receive the service.

Its important to offer reasonable amount of tangible (physical) evidence t reduce the feeling of risk about the service quality.

6th P: People (Consideration)

Its essential that organizations recruit the right type of persons for a service position. Staff need to be
Smart in appearance Interested in people & good communicators Sympathetic & understanding of customers needs Pleasant & courteous Happy to provide a service to other people & be responsive to their needs Competent to perform the service Knowledgeable about the company, its service standards, & routines. Well motivated & rewarded for providing a good service.

7th P: Process (Co-ordination/Concern)

A process can be defined as the steps & actions that need to be implemented to ensure that a particular task is completed efficiently & effectively.

The following operational parameters should be considered when processing a service: Order processing Service delivery Standardization of processes Queuing models & theories Complaint handling Flexibility

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