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Marketing 101: An Introduction to Reaching Your Target Market

Consumer Behavior

Staley’s Accounting Service Firm

April 2013 Grow Your Business Seminar

Sociocultural influences

  • Reference groups
  • Family
  • Social class
  • Culture
  • Subculture

Marketing mix influences

  • Product
  • Price
  • Place
  • Promotion

Situational influences

  • Type of purchase
  • Social surroundings
  • Physical surroundings
  • Previous experience

Psychological influences

  • Perception
  • Attitudes
  • Learning
  • Motivation

Decision-making process

  • Problem recognition
  • Info search
  • Alternative evaluation
  • Purchase decision or no purchase
  • Post purchase evaluation

The 5 Factors of the Marketing Environment

Sociocultural

  • Population shifts
  • Values
  • Attitudes
  • Trends

Competitive

  • Speed
  • Service
  • Price
  • Selection

Technological

Price

Product

  • Computers
  • Telecommunications
  • Bar codes
  • Data interchange
  • Internet changes

Consumer

Promotion

Place

Economic

Global

  • GDP
  • Disposable income
  • Competition
  • Unemployment
  • Trade agreements
  • Competition
  • Trends
  • Opportunities
  • Internet

Recent Business Philosophies in Marketing

CRM

Marketing concept

  • Customer orientation
  • Service orientation
  • Profit orientation

Customer Relationship Management

Market Segmentation

The process of learning as much as possible about customers and doing everything you can to satisfy them--or even exceed their expectations--with goods and services over time.

The Marketing Process

(Marketing Mix)

Product

  • Find opportunities
  • Conduct research
  • Identify target market
  • Design product to meet need based on research
  • Do product testing
  • Determine brand name, design package, and set price
  • Select a distribution system
  • Design a promotional program
  • Build relationship with customers

Price

Place

Promotion

Consumer

B2B

Common Data Collection Methods for Marketing Research

Reaching Smaller Market Segments

  • Niche marketing
  • One-to-one marketing
  • Mass marketing
  • Relationship marketing

Breakdown

  • Geographic
  • Demographic
  • Psychographic
  • Benefit
  • Volume

Sizeable

  • Reachable
  • Profitable
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