Introduction To Business - Yorkville University - PDF

Introduction to Business Instructor: Aida Kazemi Week 9: Managing Marketing and Promotion Chapter 14 CHAPTER 14 Managing Marketing and Promotion  Chapter Objectives 1. Define the terms marketing, marketing concept, and marketing strategy. 2. Outline the tasks i...

Introduction to Business Instructor: Aida Kazemi Week 9: Managing Marketing and Promotion Chapter 14 CHAPTER 14 Managing Marketing and Promotion  Chapter Objectives 1. Define the terms marketing, marketing concept, and marketing strategy. 2. Outline the tasks involved in selecting a target market. 3. Identify the four P’s of the marketing mix. 4. Explain how to conduct marketing research. Key Term marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It isn’t just advertising and selling. It includes everything that organizations do to satisfy customer needs.  Ways Organizations Satisfy Customer Needs Offer products Define product features and benefits Setting the price Identifying the target market Making customers aware of product Getting people to buy Delivering purchased product Managing relationships with customers after delivery The Marketing Concept 1. Find out what customers or potential customers need (targeting market). 2. Develop products to meet those needs (4ps). 3. Engage the entire organization in efforts to satisfy customers. Tesla Cybertruck event Key Term target market Specific group of customers who should be interested in your product, have access to it, and have the means to buy it. Targeting Market  Identifying Your Market Consumer market Industrial market Key Term market segment Group of potential customers with common characteristics that influence their buying decisions. www.sailingdirection.com www.fashionunited.com  Market Segmentation Categories Demographic – Age, marital status, gender, ethnic background, income, occupation, education Geographic – Climate, region, population density Behavioral – Attitudes toward product, user status, usage rate Psychographic – Interests, activities, attitudes, values Marketing Strategy- The Marketing Mix  Branding A word, letter, sound, or symbol that differentiates products on the market. Trademarking requires registering the name with the Canadian Intellectual Property Office. Kraft Foods, for example, established a separate brand for Nabob Coffee Branding Strategies Private Branding Generic Branding Manufacturer Branding  Packaging/Labeling Packaging – Container that holds the product Labeling – What is said about the product on the packaging  Product Pricing New Product Pricing Strategy Skimming Penetration Other Pricing Strategies Prestige Odd/Even  Distribution Intermediary – A wholesaler or retailer who helps move products from their original source to the end user. Each intermediary in the channel of distribution requires a profit margin, thus increasing the cost of the product. Distribution Channels Key Term promotion mix Various ways to communicate with customers, including advertising, personal selling, sales promotion, and publicity. Promotion Tools Ad y & ve i c i t l r tis in PubPubliocns g l a ti Re Pe l es r so Sa tion Se nal o ll in m g Pro Advertising Downtown Toronto at night | AILAFA | flickr licensed CC BY-NC-SA Personal Selling Personal selling at Best Buy Sales Promotions Sales promotion at Walmart  Publicity and Public Relations Customers perception of a company is important and companies try to have strategies to obtain publicity Sponsoring an event Fund raising Interacting with Customers consumer-relationship management Strategy for retaining customers by gathering information about them, understanding them, and treating them well. Interacting with Customers social media marketing The practice of including social media as part of a company’s marketing program.  Market Research Data Need for Data: 1.What information? 2.Methods to collect data 3.Who do you get information from? Secondary Already Collected Company Documents Government Data Primary New Information Surveys Personal Interviews Focus Groups Exercise:Online Marketing Exercise: 4Ps