Principals of Marketing Lec 2 PDF

Principals of marketing lec. 2 Dr. Usama Abood 2024 1 Difference Between Marketing and Sales: Marketing  Goal: Attract potential customers, build brand awareness, and generate desire for the product or service.  Focus: On customer needs and wants, understanding the market, an...

Principals of marketing lec. 2 Dr. Usama Abood 2024 1 Difference Between Marketing and Sales: Marketing  Goal: Attract potential customers, build brand awareness, and generate desire for the product or service.  Focus: On customer needs and wants, understanding the market, and developing strategies to attract customers.  Tools: Advertising, public relations, content marketing, social media marketing, market research, visual identity design.  Time: Long-term, aims to build a long-term relationship with customers.  Designing a Customer-Driven Marketing Strategy 2 Sales  Goal: Converting prospects into customers, closing the sale.  Focus: Convincing customers to buy the product or service, overcoming objections, and closing deals.  Tools: Presentations, negotiations, customer relationship management, sales techniques, customer follow-up.  Time: Short-term, focused on achieving specific sales goals within a given time period. 3 The Relationship Between Marketing and Sales Despite their differences, marketing and sales work together to achieve a company’s goals. Marketing attracts qualified leads, and sales converts them into paying customers. Marketing paves the way for sales: By building brand awareness and generating desire for the product, marketing makes it easier for the sales team to close deals.  Sales provide feedback to marketing: The information the sales team gathers about customer needs and preferences helps the marketing team refine its strategies 4  Marketing Management Process Marketing management is a comprehensive process that aims to plan, organize, implement and monitor all activities related to the delivery of a product or service to the target market. It includes a set of tools and techniques aimed at understanding the needs and desires of customers, building strong relationships with them, and achieving the organization's goals by increasing sales and making profits. 5 Elements of the marketing management process: Marketing research: Collection and analysis of data related to customers, market and competitors. Product development: Designing products or services that meet customer needs and outperform competitors. Price Determination: Setting an appropriate price for the product or service so that it attracts customers and makes profits. Promotion: Using various marketing channels to communicate with customers and convince them to buy the product. Distribution: Provide the product to customers in the right place and time. Customer Relations: Building strong customer relationships through excellent customer service and listening to their opinions. 6 Importance of Marketing Management Growth: Marketing management helps companies grow and expand in the market. Survival: It helps companies stay competitive and overcome challenges. Profitability: Contributes to higher profits for the company. Customer satisfaction: Helps build strong relationships with customers and increase their loyalty. 7 Selecting Customers to Serve Market segmentation and targeting help select the right customers to serve. Market segmentation refers to dividing the markets into segments of customers. Target marketing refers to which segments to go after. Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it. 8 Choosing a Value Proposition Value Proposition: The heart of any successful marketing The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs. A value proposition is a clear and statement that explains the specific benefits that a product or service offers to its customers, and how that product or service differs from its competitors. In other words, it is the compelling reason that drives the customer to choose your product or service over others. 9