Unit 7MARKETING

Unit 7 MarketingLearning Outcome

Know the basic marketing to manage a business activities.

Able to practise the marketing strategies in the business activity.

Unit 7 Marketing

Marketing is the survey of consumers needs & wants and produce the necessary product/service to satisfy the needs & wants. At the same time achieve the organizations objectives.

Marketing objectives: to create customers satisfaction and generate profit to the business. (win-win situation)

Marketing is defined as the effort done systematically toProvide goods & services to fulfill the needs & wants of customersto create customers satisfaction to improve the sales of goods and servicesgenerate profit to the business.

1) Market Research

Market research is conducted to collect information about the market, in order to know the wants & needs of consumers.

The information is significant to the preparation of the marketing plan.

1) Market Research

The information collected are such as:i) market demand What products are needed? Who are the potential customers?How much do the customers willing to spend?

ii) types of marketGovernment market, Seller market, Consumer market or Industry market

1) Market Research

The information collected are such as: iii) size of market the total amount of sales/potential customers in a market. - market size can be measured by using numbers of goods sold or total amount of sales in money value.

iv) competition level who are the competitors? - Are there any similar (or substitute) products in the market?

1) Market Research

The information collected are such as:

v) Market share - Market share is the percentage of an industry or market's total sales that is earned by a particular company/ product/ brand.

Market share = x 100%Sales of a company/ product/ brand Total sales in the market

2.) Major Components of a Marketing Plan 2.1 Market segmentation & choosing the target market Market Segmentation is a process to categorise the consumers with similar characteristics into small segment. They are grouped by : - geographic factors (area) - demographic factors (gender, age) - psychographic factors (preference)

2) Major Components of a Marketing Plan2.1 Market segmentation & choosing the target market cont. Target market is the specific group of potential customers toward which venture aims its marketing plan. Basic elements of choosing target market - size of the market - potential selling - market share - strengths & weaknesses of the firms

2) Major Components of a Marketing Plan2.2 Sales Forecast Sales Forecast is the projection (predict) of likely sales. The sales forecasting is important to make decisions e.g. - promotion mix, - production level, - investment in production capacity, and - employment level required.

2) Major Components of a Marketing Plan2.3 Marketing Mix: Product Product is the good/service offered to the consumers. In product planning, entrepreneurs must consider more than just the physical characteristics of product. Other areas to incl. are quality, quantity, packaging, warranty, brand name, customer service etc.

2) Major Components of a Marketing Plan2.4 Marketing Mix: Price Price is usually set by considering the objective, costs, profit margin, competition & consumer. Price set must be able to cover costs and generate profit for a company. This component explains unit price (high / low price), group price, discount, price variation, etc..

2 Major Components of a Marketing Plan2.5 Marketing Mix: Promotion Promotion is used to inform & influence potential customers in order to increase sales.

Promotion tools : advertisement, sales promotion, personal selling & public relation.Factors to consider when choosing the promotion tools are e.g. costs, types of promotion and products characteristics.

2) Major Components of a Marketing Plan2.5 Marketing Mix: Promotion cont. The promotion section should describe: - How to promote? (promotion tools) - When to promote? - Media used (e.g. t.v., newspaper, radio, internet) - Message convey in the promotion - Costs incurred, etc.

2) Major Components of a Marketing Plan2.6 Marketing Mix: Place Place refers to the channel of distribution that deliver products to the end users (consumers).Entrepreneur may choose direct channel (no intermediates) or indirect channel (with intermediates) to distribute the products. The decision to choose the right channel will depends on factors e.g. market condition, product, cost benefits and company condition.

2) Major Components of a Marketing Plan2.6 Marketing Mix: Place cont. Place section should describe:How to sell? Any intermediates needed? e.g. wholesaler, agent, middleman, retailer.. delivery service costs of distribution, etc.

Opportunity to do online sale

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Assignment

Prepare a draft of Marketing Strategies (4P) for the product or service during the APK Expo.

Thank You