Professional Documents
Culture Documents
What Is Marketing?
Process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives
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Value is the relative comparison of a products benefits versus its costs Benefits include the functions of the product and the emotional satisfaction associated with owning, experiencing or possessing it
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Marketing strategy that emphasizes lasting relationships with customers and suppliers
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environmental factors:
PoliticalLegal Environment SocialCultural Environment Technological Environment Economic Environment Competitive Environments
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Competitive Environment
Substitute products differ from those of competitors but can fill the same need
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Competitive Environment
Brand competition occurs between similar products
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Competitive Environment
International competition matches domestic products against foreign products e.g. Tapal vs Lipton
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Combination of product, pricing, promotion and distribution (place) strategies used to market products
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What Is a Product?
A product is a good, service or idea designed to fill a consumer need or want.
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What Is a Product?
Product differentiation is the creation of a product feature or product image that differs enough from competing products to attract consumers
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What Is Pricing?
Pricing is the process of selecting the best price at which to sell a product.
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What Is Promotion?
Promotion is the techniques for communicating information about products. There are different promotional tools e.g.
Advertising Personal Selling Sales Promotions Public Relations
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What Is Target Marketing and Market Segmentation? Target markets are groups of people with similar wants and needs Market segmentation is the process of dividing a market into categories of customer types
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Demographic variables are characteristics of populations e.g. Age, Gender, Education, Income, Occupation, Marital Status, Parental Status etc.
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Behavioral variables are consumer characteristics based on the use of a product, benefits sought from it, reasons for its purchase and brand loyalty Toothpaste with: -Whiteners
-Fluoride -Mouth Freshener - Medicaments
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Research Methods
Observation involves watching and recording consumer behavior
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Research Methods
Focus group involves a small gathering of people who are presented with an issue and asked to discuss it in depth
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Experimentation compares the responses of the same or similar people under different circumstances under a controlled environment
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What Is Consumer Behavior? Study of the decision process by which people buy and consume products
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Personal influences: lifestyle, personality and economic status Social influences: family, opinion leaders and reference groups Cultural influences: culture, subculture and social class
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