Marketing Report PDF

MARKETING REPORT MARKETING CONCEPT -satisfying customers needs and wants -contributing towards profit for the business MARKETING DEFINITION Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and va...

MARKETING REPORT MARKETING CONCEPT -satisfying customers needs and wants -contributing towards profit for the business MARKETING DEFINITION Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others -Kotler- MARKETING DEFINITION carried out systematically to encourage and increase sales of products/services as long as the activities are in line with religious and ethical practices -MEDEC-  MARKET The set of actual and potential buyers of a product or service CONSUMER BUSINESS CONSUMER MARKET All the individuals and households who buy or acquire goods and services for personal consumption. BUSINESS MARKET The organizations that buy goods and services for use in the production of other products and services or for the purpose of reselling or renting them to others at profit. Lesson Outline: Product People Price Process Place Packaging Promotion  1. Product Anything a business sells that solves a market problem or fulfill a customer’s need or desire Product is the “heart” of Marketing Mix The Important Characteristics in Product Strategies BRAND  BRAND SHOULD QUALITY High product quality describes a product that is well-made, reliable, and performs as expected. It is often associated with durability, effectiveness, and customer satisfaction. A product of high quality is typically built to last and designed to meet or exceed the needs and expectations of the customer.  DESIGN Product design: Service package: needs to understand the comprehensive and function of the product attractive  2. PRICE A price is the quantity of payment or compensation expected, required, or given by one party to another in return for goods or services  PRICING STRATEGIES PENETRATION PRICING PRICE SKIMMING a high initial price introduced the price is initially set low gradually lowers the price to attract more price-sensitive initiate word of mouth@viral customers, used by a first mover@ little to no competition What is the strategy or expectation from the company ? not a viable long-term pricing strategy, as competitors eventually launch rival products PSYCHOLOGICAL PRICING PRODUCT LINE PRICING to set prices for different products within a product range involves adjusting prices based on features, quality, or sizes of items in the product line, rather than using a single price for all products  3. PLACE AND DISTRIBUTION CHANNELS factors to be considered DISTRIBUTION CHANNELS  4. PROMOTION a marketing tool, used as a strategy to communicate between the sellers and buyers. Through this, the seller tries to influence and convince the buyers to buy their products or services PROMOTION @ SOCIAL MEDIA viewers copywriting content soft sell hard sell colours etc  5.PEOPLE a group of people who work together, like a neighborhood association, a charity, a union, or a corporation  6. PROCESS a series of steps or actions that are taken to achieve a particular outcome processes are used to help streamline operations, improve productivity, and achieve better outcomes for customers 7. PACKAGING Packaging is the science, art and technology of enclosing or protecting products for distribution, storage, sale, and use. Packaging also refers to the process of designing, evaluating, and producing packages  FACTORS TO CONSIDER IN PACKAGING PROTECTION EASE TO USE PRODUCT DIFFERENTIATION ATTRACTIVE PRODUCT SAFETY  Label should indicate: Quality/grade of products Description of manufacturer Promotion of product Expiry date Instruction for usage Product Nutritional Warning of potential hazards Certification Ingredient  THANK YOU SO MUCH! QUESTIONS ? Innovation Management - Marketing