Marketing Fundamentals PDF

FUNDAMENTALS OF MANAGEMENT OF BUSINESS MARKETING CONT’D UNIT 2  2 Agenda ❑ The Concept of Marketing ❑ Implications of Different Marketing Concepts...

FUNDAMENTALS OF MANAGEMENT OF BUSINESS MARKETING CONT’D UNIT 2  2 Agenda ❑ The Concept of Marketing ❑ Implications of Different Marketing Concepts ❑ The Marketing Environment ❑ Market Research Topic four ❑ Principles of Market Segmentation Monday, February 1, 20XX Sample Footer Text  3 THE MARKETING CONCEPT A COMPANY’S APPROACH  THE MARKETING CONCEPT 4 ❑Emphasis on finding out about customers and understanding their needs and requirements. Most companies that are successful focus on this marketing concept. ❑If a company loses touch with this concept, it could lose customers and sales. Monday, February 1, 20XX Sample Footer Text  5 Role of Marketing Businesses cannot exist without customers, so it is important to identify customers wants and needs. Businesses need to satisfy the four P’s ❑Product – the right goods and services ❑Price – at the right price ❑Place –where customers want them ❑Promotion – by providing the right sort of encouragement  Key Elements of Marketing 6 Marketing Marketing Orientation Analyse current Persuade customers to Obtain information position and in the market buy opportunities MARKETING MIX: MARKET Product, Price, MARKETING AUDIT RESEARCH Promotion, Place  7 Key Elements of Marketing Marketing Audit – to identify what it does well (or badly) and to identify new opportunities. Market Research – into customers wants and use of this information to design a marketing mix to persuade customers to buy its products. Monday, February 1, 20XX Sample Footer Text  8 Implications of Marketing Concept What is the Marketing Concept? A focus on anticipating identifying and meeting customer requirements at a profit Implications of Marketing Concept Suppliers in the exchange process focus on for Consumers meeting their needs and requirements Implications of the Marketing To be successful suppliers need to meet the Concept for Suppliers needs and requirements of customers ( by applying an appropriate marketing mix)  9 Summary Table : Marketing Concepts Marketing Concept Description and Focus Production Producing low cost /available products Product Producing better quality products and products that improve over time Selling Selling activity (e.g. advertising and promotion) to support sales Marketing Seeking to identify customer requirements and then to meet them Societal Marketing Meeting wiser needs of society using an ethical approach.  10 Exercise 1 : Identify the Ethics lies at the heart of our marketing process. We seek to provide beauty products that people tell us they see as approach to being good for them, for others with whom they interact marketing that is and for the environment. being used based on each of the The key to our success lies in telling customers about our following excellent luxury hotel facilities. We know that we are the statements by best in Jamaica and seek through strong promotional company messages to convince thousands of customers that this is managers : the best place to stay for all their holiday needs.  11 ❑We are the most efficient mass producers of canned drinks in the Caribbean. By producing large quantities of canned products we are able to benefit customers through the low prices that we charge to them. ❑Our unique selling point is the high quality of the wind turbines that we manufacture. The detailed specifications and attention to technology are what separate us from other manufacturers. ❑We are a successful company because we engage in painstaking market research. Through detailed research with our customers we are able to find out exactly what they want and then provide them with the benefits for which they are looking.  12 ❑ Which of these approaches do you think are likely to be the most successful? ❑ Why? Monday, February 1, 20XX Sample Footer Text  13 Exercise 2. Based on your observation of their marketing activities identify the marketing concepts utilised by the following companies…  14 Exercise 2. Based on your observation of their activities identify the marketing concepts utilised by the following companies… 15