Marketing in a nutshell
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Transcript of Marketing in a nutshell
From Technical Talk to Marketing Walk
Marketing
In a nutshell …
From Technical Talk to Marketing Walk
What is Marketing ?Marketing Activities
Competitive Analysis
Market Research
Agenda
From Technical Talk to Marketing Walk
What is Marketing ?
From Technical Talk to Marketing Walk
What is Marketing ?
"Next to doing the right thing the most important thing is to let people know you are doing the right thing."
John D. Rockefeller
Simply stated marketing is everything you do to place your product or service in the hands of potential
customers
From Technical Talk to Marketing Walk
Marketing Objectives
Regardless of product, the marketing objective is
to reach the targeted customer with the appropriate messages
that answer its needs
From Technical Talk to Marketing Walk
Marketing Position in an OrganizationBridging The Gap
From Technical Talk to Marketing Walk
Marketing Position in an Organization The Human Body Metaphor
The Heart is connected to all human organs It is responsible for supplying the body with
oxygenated blood through blood vessels
In a similar way the marketing is connected to the entire company pumping information and materials and feeding from marketing inputs Development – Product definition and monitoring Sales – Marketing communications, training,
assisting and getting feedbacks Management – Market & product strategic view
From Technical Talk to Marketing Walk
Marketing Types Offline (traditional) Marketing
Offline marketing refers to the strategies that are used to market a product or service offline such as Printed material, Ads, commercials and more
Word of mouth - one of the most powerful forms of advertising on the planet. The best word of mouth comes from satisfied customers
Online (Internet) Marketing Internet marketing refers to the strategies that are used to market a
product or service online such as, web site & search engine optimization, online promotions, direct emails, blogs and more…
Social Networks marketing refers to engaging with customers and gaining attention and traffic through the various social network platforms such as facebook, twitter etc.
From Technical Talk to Marketing Walk
Marketing Activities
From Technical Talk to Marketing Walk
Marketing Activities
Marketing activities are numerous and varied because they basically include everything needed to
get a product off the drawing board and into the hands of the customer
From Technical Talk to Marketing Walk
Marketing Activities In A Nut Shell
Knowing the market/customer Developing a marketing/product strategy Defining the product so it will be desirable to customers Creating marketing material Promoting the product so potential customers will know about it
Marketing can vary significantly based on
business' size, corporate culture, industry context
etc.
From Technical Talk to Marketing Walk
Marketing Activities Knowing the Market/Customer
Marketing is all about understanding your customers' needs and developing a plan that surrounds those needs
From Technical Talk to Marketing Walk
Marketing Activities Knowing the Market/Customer
What is the need answered by the product ?
What is the target market ? Size, growth, seasonality, profitability, threats, opportunities …
What are the environmental factors ? Political, economical, regulatory, social, timing
Who are the target customers ? Location, segments, preferences…
Who is the competition ? ….
From Technical Talk to Marketing Walk
Marketing Activities Developing a Marketing Strategy
Marketing strategy one of the biggest factors which determines the success or failure of your business Identifies the company marketing goals, and
explains how they will be achieved within a stated timeframe.
The result is a marketing plan A Written plan, which determines the choice
of target market segment, positioning, marketing mix, and allocation of resources
Combines product development, promotion, distribution and pricing approach
From Technical Talk to Marketing Walk
Marketing Activities Marketing Plan
Marketing plan should include at least the following topics: Market Segmentation – division of the market into consumer groups (based
on application, location …) Positioning - a clear, unique, and advantageous 'position' in the consumer's
mindValue proposition for the customer - The unique value that is offered to the
customers. It's why he will want to do business with youDifferentiation from competitors- Drawing attention to distinct, unique features,
aspects and qualities that distinguish one from competitors. Targeting – how do we target the particular segments
Placement - Distribution Channels to the targeted customers Promotion - Marketing communication plan: Trade shows, Web site, Public
Relations, brochures, advertising, White papers…Pricing – list price, discounts, bundling , special offers…
From Technical Talk to Marketing Walk
Marketing Activities Defining the product
Product definition is a critical starting point in the development of any new product Translating customer needs into a technical set of
product requirements that can be acted upon by EngineeringFunctionality - technical characteristics, performance
requirementsLife cycle costsLook & Feel – ergonomics, styling and aesthetics,
dimensions, packaging, ease of useOperating environment or conditions of useReliability and servicingRobustness ...
From Technical Talk to Marketing Walk
Marketing Activities Creating Marketing Collaterals
First step: Messaging Defining market, company & product messages to be implemented in all
marketing collateralDifferentiators & value proposition per every application/market segment
Setting a consistent and coherent basis for all marketing collateral
Next step: implementation – setting your footprint in the market Company profile, brochures & datasheets Marketing documents - Case studies, white papers, presentations… Web site Flash / Videos Posters & advertisement …
From Technical Talk to Marketing Walk
Marketing Activities Promoting the Product
Letting potential customers know about your product through Marketing Communications (MARCOM) Branding - The marketing practice of creating a name, symbol or
image that identifies and differentiates a product, service or a company PR - public relations – using the media (traditional and Internet based)
for press releases, articles, advertisements etc. Opinion leaders – consultants, analysts… Personal mailings Exhibitions Conferences Customer events, road shows …
From Technical Talk to Marketing Walk
Competitive Analysis
From Technical Talk to Marketing Walk
“If you are ignorant of both your enemy and yourself,then you are a fool and certain to be defeated in every
battle.
If you know yourself, but not your enemy,for every battle won, you will suffer a loss.
If you know your enemy and yourself, you will win every battle.”
Sun Tzu (the great Chinese military strategist) - Art of War - ~500 BC
From Technical Talk to Marketing Walk
Knowing the MarketCompetitive Analysis
An assessment of the strengths and weaknesses of current and potential competitors
From Technical Talk to Marketing Walk
Competitive Analysis Who are the competitors? Competitor strengths and weaknesses How do their prices compare to yours? How do you plan to compete ?
From Technical Talk to Marketing Walk
Competitive AnalysisWho are your competitors?
How are they doing overall? Financial status Market share
What are their competitive product ? What is their positioning ? What are their sales channels ?
From Technical Talk to Marketing Walk
Competitive AnalysisCompetitor strengths and weaknesses
What are the similarities and differences between the competitor products/services and yours?
What are the competitor’s strengths and weaknesses ?
From Technical Talk to Marketing Walk
Competitive AnalysisPricing
What is their price structure ? How do their prices compare to yours?
From Technical Talk to Marketing Walk
Competitive AnalysisHow do you plan to compete?
How are you uniquely suited to compete with them? Offer better quality services? Lower prices? More support? Easier access to services?
How do you take advantage over their weaknesses?
How do you tackle your weaknesses ?
From Technical Talk to Marketing Walk
Competitive Analysis Collecting Competitive Data
Website Press Releases Blogs Customer feedbacks Sales force ...
From Technical Talk to Marketing Walk
Market Analysis
From Technical Talk to Marketing Walk
Market Analysis is a thorough examination of your target market :
the one you intend to sell your products or services to
From Technical Talk to Marketing Walk
Market analysis Why ?
Businesses need information Information about customer requirements, market demand,
competition, distribution channels etc. This information needs to be updated regularly because
businesses operate in a dynamic environmentChanges in technologyChanges in consumer tastesChanges in the competitors productsChanges in economic conditions
From Technical Talk to Marketing Walk
Market AnalysisThe Goal
The goals of market analysis is to determine the attractiveness of the market
to understand its evolving opportunities & threats to realize the strengths & weaknesses of your business
From Technical Talk to Marketing Walk
Market Analysis#1 Tool for Business Decisions
Objective description of business and marketing environment is the most important tool for getting informed business decisions To determine if there is a market for your products or services To gain a more detailed understanding of consumers’ needs To forecast future trends To ascertain the best marketing and sales strategy for selling your
products or services
Investing in market analysis is worthwhile … Saves time and money Enables better competitive advantage Reduce the risk of product/business failure
From Technical Talk to Marketing Walk
Market Analysis What do I need to know ?
Mapping the Customer behavior and needs What defined market am I trying to reach? What is the need I am answering ? Is there a need for my product or service? What do customers expect from this type of product or service? What core competencies must the product or service have? How much will customers be willing to pay for this type of product
or service? …
From Technical Talk to Marketing Walk
Market Analysis What do I need to know ?
Mapping and analyzing the target market entrance borders and risks What is the size of the market? Is it a growing market? Is the industry stable, volatile, growing or trendy? Is the market saturated or wide open? If so, why? Profitability Trends …
From Technical Talk to Marketing Walk
Market Analysis What do I need to know ?
Mapping the Competition What specific companies are servicing this
market? What are the products ? What is their market share? What is my competitive advantage? How do my competitors reach the market? …
Mapping and analyzing the marking channels What is the most effectives way to get to the
market ? …
From Technical Talk to Marketing Walk
Market AnalysisSources
Market analysts Market research Statistical research Internet Interview target customers Trade shows …
From Technical Talk to Marketing Walk
Summary (1)
Marketing is all about Knowing your customer
Understanding your market Realizing your competition
and …
From Technical Talk to Marketing Walk
Summary (2)
…and making informed business decisions: Developing a coherent marketing/product strategy
Defining a customer oriented product Creating focused marketing material
Promoting the product
From Technical Talk to Marketing Walk