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Transcript of Marketing
Limited questionnaire length
Limited selected samples
No honesty assurance Advantage
Less cooperation Advantage
Long questionnaire possible
Time consuming Advantage
No guaranteed response
slow Selling is a narrow concept while marketing is a wider concept. Selling is a sub function of the marketing process.
Selling is the process of transfer of products from the seller to the buyer, but marketing is a more complex process including number of activities before the selling process and even after it.
Selling focuses on transfer the ownership of a product from the seller to the buyer, whereas marketing also focuses on satisfaction of the customers for a better prospect of the business.
Selling focuses on making the customers flexible and selling their product whereas marketing focuses on making the products flexible according to the customers. How is marketing different from selling? Easy to pronounce, spell and remember.
Logo should have visual impact
Should be distinctive.
Should be adaptable to promotions.
Must accommodate new product line.
Should be consistent and have staying power. Procedures for Positioning It is the process of developing strategy to aim at a particular segment and perceive a product from that of the competitors Strategies of Targeting The Process of Choosing segments who have an interest and attractiveness to the product offered Segmenting Variables The process of dividing larger market into smaller groups with similar interest, on the basis of the segmenting variables Why do we need to target the market? Develops plans to implement the marketing plan.
Monitors how the plan is working. Analysis of a situation.
Sets marketing objectives.
Develops marketing strategies.
Implements marketing strategies.
Monitors and controls the implemented strategies. Defines the ultimate goal of the organization.
Analyzes the environment.
Develop growth strategies. To achieve wider goals.
To capture more share of the market.
To increase sales-More profit
Increase status of the company Targeted Market marketing focuses on satisfying the needs and wants of a specific target market. The selected target can be a cause of many factors, such as demography, culture, environment etc.
Market offering offer for a product or service of a given specification, i.e. size, quantity, taste etc. at a certain price
Customer Value marketing takes place when the buyer purchases a product or service after perceiving its value. Customers will not buy a product if it does not satisfy their needs and wants
Exchange Mechanism Marketing revolves around exchange mechanism. The exchange mechanism defines the seller offering a product against which the buyer pays something of value. Modern Market is referred to a group of people interested In buying a particular product, and have the resources to exchange for it. Traditional meaning of Market is a place where Buying and Selling takes place Media sources
Retailers/Wholesalers & suppliers
Primary or secondary data Sales Report
Financial feed back
History and complaints Anything that has a value to a customer Marketing Mix (the 4 P’s) Political Factors
Psycho-graphic factors How an organization or goals get affected on the bases of marketing Marketing What is a market? What is marketing What can be marketed? Features of marketing What are the functions of marketing? Aims of Marketing Mail Personal Phone Online Sources of Marketing Information Methods for Collecting of Primary Data What are the Processes to Target a Market Segmenting Targeting Positioning Strategic Planning
(top level management) Functional Planning
(top functional staff) Operational Planning
(supervisory managers) Internal Information External Information Traditional Meaning Modern Sense Levels of Market Planning Marketing Research is the process of collecting, analyzing and interpreting data about customers, competitors and business environment Types of Research Syndicate Research Customized Research Data collected by research agencies and sold to interested third parties Primary Date Collected through method of surveys Because of the distinct needs and wants of society Customer Relationship Management (CRM) It is a philosophy that marketing is a process of developing long term relationships with the market and keeping them satisfied with their product Steps to develop CRM Identifying potential customers
Sorting the Best Customers
Customized offering Marketing Planning Marketing Research Targeting the Market Product Development and Management What is a Product Anything tangible or intangible that can satisfy a customer's need and the customer is ready to sacrifice a value to obtain that product Classification of Products On the basis of life length On the basis of Shopping Efforts Consumer Products Industrial Product Convenience Products Shopping Products Specialty Products Frequently used products whose purchase required minimum comparison
e.g. cigarettes, medicines, stationary Considerable time is devoted in comparison, and taking price and style into account before purchasing
e.g. electronic items, furniture, fashion accessories, etc. Special, rare product having unique characteristic and usually have a high price due to their elastic demand
e.g. unique piece of art, unique painting, popular restaurant Durable Non-durable products having a life consumption for more than months or years
e.g. Cars, Furniture, etc. Consumption is immediate
e.g. food item, petrol, etc Material and Parts Capital Items Supplies and Services Raw Materials Manufactured materials and parts Installations Equipments Maintenance and Repairs Operating Supplies Products that enter manufacturing process for the ultimate product farm products
Natural Oil Glass
Plastic car engine
hard drive car
Laptop products used in the making of the final product paint
repair parts machine lubricants
Stationary Developing New Products Need to develop Products Product development is a process of improving the product according to the needs and demands of customers with the objective of retaining on increasing the share of the market Increasing Competition
Rapid Change in Technology
Changing consumer lifestyle Phases of Product Development Branding Brand Brand Name Brand Mark Trademark Name, terms, sign, symbol, logo, or any unique element used to identify the product of one company apart from its competitors its is a verbal component used to identify the brand. e.g. Sony, Faber-Castle. Its is a non-verbal component used to identify the brand, it mostly has a graphical symbol and distinct color etc.. any brand which is given legal protection against infringement or illegal usage is called trade mark. Branding is the process of developing recognizable factors of a product Good brand name Branding Strategies Family Brands Individual Brands Manufacturer Brands Private Label Brands Generic Brands multiple product under same brand name unique brand for each product brands developed by manufacturer brand exclusive to a retailer no brands used. they only compete on price Other Branding Licensing Co-branding Ingredient Branding Agreement in which one company sells rights to use the brand name to another company.
Usually due to lack of access on geographical factors and is for specific time period. When two brands merges to promote a product or enterprise. Using another brand name, whose product is a part of the final product (E.g.. HP laptops prints on its packet “Intel Inside”) Advantages of Branding To Marketers To Customers Product differentiation
Helps advertisement and display
Ease of introduction of new products Product identification
Status symbol Packaging & Labeling Importance of Packaging Attracts customers
Easy identification of brand
Product protection and sanity
Handy usage and facilities
Communication scope and information.
Innovation opportunities Levels of Packaging Primary Package Secondary Package Transit Package Packaging Labeling Labeling is the process of given information about the product to the customer through level or graphical presentation on packages (usually secondary) What are labeled? Importance of labeling Brand name/mark
Country of manufacture and address/contact info
Production date of food items.
Volume weight and other specification
Direction, of use
Safety instruction and hazard warnings
Product code/bar code etc Describes products and provides related information
description, features, specification
Direction of use, handling instructors
Brand identification and information
Brand name/ mark
Product class (e.g. Class B, Class 1 etc.)
Product labels (e.g. books sold in GCC only)
Helps in promotion of product
Captions like 20% extra
50% off Steps of Market Research Types of Exploratory Research Consumer interview Focus on a Group Case Study Projective Techniques Ethnography discussion between a customer and a researcher discussion among a small group of customers by a trained moderator A comprehensive examination of a company tests used to identify customers opinions about a product study based on observation of people in their communities Pricing Price price is the value that a customer is ready to sacrifice to obtain a product Monetary Price Non-monetary price exchange mechanism involves movement of money No money changes hand, but some exchange of value takes place, like the barter system factors determining price pricing objectives estimating demand determining cost market competition legal and ethical factors Price should be fixed after considering the objectives that the company wants to achieve.
Making profit may not be the only objective. Other objectives may include : increasing profit in the long run capture more share of the market satisfying the customers enhancing image of the firm cost of manufacturing product is one of the most important factor in determining price. types of cost fixed cost variable cost cost that does not increase or decrease with the activities of the company. these costs vary according to the activities of the company these are investment on assets like, land, building, furniture used in the long run these are costs put on manufacturing process of the product, like raw materials, wages, etc total cost it is the sum of fixed cost and variable cost used to manufacture a product break-even analysis a technique used to determine, what quantity when sold will cover the total cost Total Revenue Total Cost Cost Fixed Cost Quantity Demanded Price Break-even point demand refers to customer's desire for the product Demand Curve price quantity demanded p2 p1 q2 q1 p3 q3 Shift in Demand Curve price quantity demanded p1 q1 D D1 q2 D2 Elasticity of Demand price quantity demanded p1 q1 q2 elastic demand in-elastic demand price quantity demanded p1 D q1 p2 q2 q1 p2 change of quantity demanded w.r.t. change in price types of market structure monopoly oligopoly perfect competition market structure where one company is the sole manufacturer/supplier of a particular product a market structure where only a few major firms dominate the the entire market for a product multiple small scale manufactures unable to affect the price or demand in the market e.g. DEWA e.g. agriculture suppliers e.g. DU and ETISALAT sharing the telecommunication market competition & prices oligopoly competition price higher price by strong brands lower price by weak brands ceiling price and price flooring price fixing predatory pricing price discrimination govt. intervention to set the maximum price a manufacturer can sell its product at price quantity demand floored price when two or more competitors in the oligopoly market collaborate to set a price for their products, in order to be able to sell them at high price one competitor sets its price very low to drive competition out of the market ceiling price offering product at different customers at different prices Promotion promotion is the process of marketing that covers the dual objective of passing information to users and also persuading them to buy it Functions of Promotions Promotion Mix persuading customers to choose one brand over another
remind customers to continue using a product or sticking to the brand
inform customers about new products
build relationships with customers Advertising Sales Promotion Personal Selling Publicity non personal form of communication.
Usually paid by some identified sponsor using mass media
e.g. Radio, Television, newspaper, etc Merits Demerits it can reach wide audience
creates sense of confidence
economical (low price) less forceful than personal selling
lack of feedback
ethical offenses Short term program designed to build interest and encourage the purchase of a product for a specific time period.
It is a personal form of communication
e.g. trade show, bonus pack, contests, free samples, etc Merits Demerits flexibility
develops relationships with customers More expensive
Requires trained employees with convincing skills Oral presentation of a product information in the form of conversation with one or more prospective
It is a personal form of communication Merits Demerits gains more attention
useful in new product launce
flexibility reflects crisis (feeling that company is in crisis)
spoils product image (doubting product quality) Similar to advertisement but non paid or no approach to media is necessary
attention is gained by a particular achievement
no identified sponsors
usually in news than direct advertisement Distribution Distribution is the process of marketing where products from manufacturer reaches the hands of the customers. Channels of distribution direct channel indirect channel producer wholesaler retailer customer producer retailer customer producer agent wholesaler retailer customer producer customer zero level one level two level three level Functions of Distribution sorting and accumulating allocating movement of goods assorting promotion support goods are sorted into homogenous groups according to their quality and sizes and accumulated into larger groups breaking the accumulated homogenous stock into smaller marketable lots this involves the movement of group between the channel members assorting different products of similar line from several sellers together for convenience of the customers not only the manufacturers, but the middlemen of chain members, take part in activities to promote the product Reducing transaction via intermediaries without intermediaries with intermediaries sugar milk coffee cream Stark Banner Steve Thor sugar milk coffee cream Stark Banner Steve Thor supermarket Logistics It is the process of designing, managing and improving the movement of products through the supply chain Functions of Logistics order processing warehousing material handling transportation process of taking orders from customers or retailers storage of goods for the purpose of matching demand and supply moving products in and out of the warehouses moving products between different channel members Retailing It is the final step of distribution channel where goods and services are sold to the customers for final use Types of Retailers convenience stores supermarkets departmental stores hypermarket factory outlet limited number of convenience goods (frequently used goods) wide selection of edible and non-edible products wide range of durable products, all under one roof very large supermarket combined with departmental store manufacturers stock sold directly to the customers Exploratory Research technique to collect data which are not well defined, i.e. they are of qualitative nature The Chartered Institute of Marketing defines Marketing as the management process responsible for identifying, anticipating and satisfying customer requirements profitably Product
Promotion External Factors The Marketing Philosophies The Production Concept The Product Concept The Selling Concept The Marketing Concept an olden time belief that sales would keep increasing if the production increases. this concept states that, if the product quality or performance is improved, it will attract more customers and hence offer attractive prices this concept states that a customer will not buy, or not buy enough unless they are convinced to buy it this concept states that, companies should focus on satisfying the customers and this is the key to success in the market Group 10 Presentation on Marketing Francy Joe Rakesh
Dan Marshall Nicholas
Habibur Rahman tangible products services ideas experiences people information