Introduction to Marketing

Definition

Evolution

Importance

Marketing Mix

What can brown do for you?

www.priceinspector.co.uk

www.unbossed.com

The Most Important Question?

IS THERE A NEED (WANT) FOR MY PRODUCT, SERVICE, IDEA, ETC.!!!

Marketing Defined

● What is Marketing?● A strong interest in consumers● anticipating, managing, and satisfying demand via

the exchange process● Satisfaction of demand involves:

● Product availability● Performance of product● Safety Perception● After sale service

Evolution of Marketing

● Sequence of Stages● Barter Production Sales Marketing

● Modern Marketing begins with the industrialization of society

● As competition grows better designs, distribution, promotion and pricing develop

● All key decisions are made following consumer analysis

Consumer Analysis

● Demographics● Target Market

● Feedback● Needs Assessment

● What is lacking from current products● Has a brand new need developed

Selling vs. Marketing

● Selling- tries to increase consumption of a product

● Marketing- stresses consumer analysis and satisfaction, adapts to changes in consumer traits and needs

● Describe a product that has changed to meet consumer traits and needs?

Customer Service & Satisfaction

● Customer Service- ● Customer Satisfaction-

Importance of Marketing

● New and Improved Products● Lower Prices● Added Value and Utility

Demands

● Consumer Demand● The attributes and needs of final consumers,

wholesalers, and retailers

● Publics’ Demand● The attributes and needs of employees,

stockholders, government agencies, etc

● EXCHANGE- their money or promise to pay for the good, service, idea, etc.

Markets

● Consumer● Personal use

● Looking to: ● save money, ● make life easier ● improve status

● Industrial● Business to business● Used in company

operations

● Looking to● Improve profits● Increase sales● Change efficiency

Share, segmentation and targeting

● Share- your piece of the total sales volume● Your sales/market sales *100= Percentage share

● Target market- group identified for a specific marketing program● Consumer vs. Customer

● Customer profile- Info about the TM● Age, gender, occupation, ethnicity, lifestyle,

residence, etc.

Marketing Mix- 4P’s

● Product● Price● Place (distribution)● Promotion

Product

Poland Spring

● Brand● Value/Taste● Multiple Distribution sites

Stop and Shop Water

● Generic● Price● Stop and Shop Markets

Price

BMW

● Quality● Prestige● Service

Daewoo

● Functional● Inexpensive

Place

● Distribution Outlets● Wholesalers● Resellers● Outlets● Specialty Stores

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Promotion

● Delivering information about a product● Paid for media (TV, radio, newspaper, internet ads)● Sponsorship, direct mail, trade shows● A promotional plan can have a wide range of

objectives, including: ● sales increases, ● new product acceptance, ● competitive retaliations● creation of a corporate image