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Marketing

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by

L Lai

on 17 September 2014

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Transcript of Marketing

The Importance of Marketing
The Marketing Environment
Market Segmentation
Competition
The Economic Environment
Demographics
Marketing: business activities to plan, distribute goods/services
Marketing crucial for businesses
Quality products/good ideas do not guarantee company's success
Goods/services brought to consumer's attention through marketing

Direct competition: two business produce the same goods/services and compete for consumer’s money
Indirect competition: two businesses selling different products but still competing
Competition good for consumer(better service, choices, prices)

Living in world of rapid change
Constantly exposed to new products/technology
Lots of businesses, they must compete
Market segmentation: division market in specific groups relating to needs
Women drive the automobile market
Manufacturers develop products/marketing plans to suit individuals
Larger market divided into segments (age, gender, income, etc)
Business cycle: changes in economy move prosperity to inflation
Economy always contracting/expanding
Business owners pay attention to business cycle
High unemployment= reduce ads of luxuries, stress goods/services
During times of prosperity, company emphasize luxurious goods
Demographics: characteristics of population, categorized by criteria
Canadian demographics constantly changing
As population ages, price of retirement properties increase
Marketers use demographics to understand markets
If interpreted correctly, demographics can reduce failure
Manjeet, Amy, Lianne
Marketing
Thank you for listening!
Marketing Process
Need/Want
Research
Create Product
Test Product
Price, logo,
packaging, etc
Distribution System
Promotion
System
Engage with targeted audience!
Marketing
Environment
Marketing Segmentation
Economic
Conditions
Social/Cultural
Change
Competition
Demographics
New Technology
Beyoncé L'Oreal Commercial
Dancing Babies-Evian Commercial
Snickers Commercial
Social and Cultural Change
As consumers age, their needs/wants change
Business needs to adjust with these changes
Ex: the “bank machine” and gasoline prices increased dramatically in the 1970’s

Technology
Major impact on our lives and businesses
Technology (e.g. cell phones, TV) can be found in almost any Canadian home
Twenty-five years ago, technologies not widely used
Technological breakthroughs have big impact on marketing


Impacts of New Technology
Creates new industries
Increase growth in other businesses
Change/destroy existing businesses
The Functions of Marketing
Target Market
Two main functions: determine target markets, give consumers' wants
Target market: consumers that the company wants to reach
Businesses have to answer: Who? When? Where? Why?
Market Research
Providing business with info on consumer needs/wants
Rely on valid reasons
Marketing mix: product, promotion, place, price
Bibliography

"Dancing Babies - Evian Commercial | 2013." YouTube.
YouTube, n.d. Web. 10 Sept. 2014.

"New Beyoncé L'Oreal Commercial ." YouTube. YouTube, n.d.
Web. 10 Sept. 2014.

"Snickers Commercial Feat. Robin Williams." YouTube.
YouTube, n.d. Web. 10 Sept. 2014.

Summons, Gail. "The Importance of Demographics to
Marketing." Small Business. Chron, n.d. Web. 13 Sept. 2014.
Brand Names
The Marketing Mix
Identifies the good/service
Packaging
container/wrap for product
Attractive
Protect
Slogans
Trademarks
Brand marks
"Eye appeal
is buy appeal!"
Labeling
Information on packaging for consumers
Nutrition facts
Cooking instructions
Pricing
Price of product determined by demand
Inexpensive
Competitors

Expensive
Manufacturer
Manufacturer
Manufacturer
Manufacturer
Consumers
Consumers
Consumers
Craftspeople, small farmers distribution
Independent
distributor
Door-to-door distribution
Cars, furniture, clothing distribution
Retailer
Groceries, drugs, cosmetics distribution
Retailer
Wholesaler
Promotion
Inform consumers about product/service
Product
Item Name
Packaging
Labeling
Personal
selling
Advertising
Place
Products success=uncertain
Wholesalers buy products and sell them to other businesses
Manufacturers make products and send to wholesalers
Sales
promotion
Publicity
Personal Selling
one-to-one communication to persuade customer to buy
Starts with selling ideas
Advantages
Flexible method
Sales efforts focused on buyers
Sales can be
finalized quickly
Disadvantages
Consumers
Expensive to
maintain staff
Trouble finding
qualified sales staff
Alternatives to Personal Selling
Sales Promotion
covers activities designed for consumers to buy
Free samples
Coupons
Contests
Public Relations
Publicity
Activities which business tries to maintain good reputation
Doesn't involve actually selling products
Act of bringing company activities to attention of public
Not controlled by business
Advertising
Paid sponsor to inform product/service
Product's features, attributes, how it works
Presentation can be oral or visual
Inform
Promote new product
Suggest new uses for existing product

Mail order: send potential customer the catalogue, customer order their goods
Telemarketing, household services
The AIDA Selling Formula
Attract
a
ttention
Hold
i
nterest
Arouse
d
esire
Take
a
ction to close the sale
Newspaper
Timely/flexible medium
Regional and local newspaper to appease target market
Economic and social conditions, low costs, change ad in short notice
Disadvantage: life of newspapers=short
Importance on Demographics to Marketing
Gather demographic info before launching business
Includes geographic area, age, income, etc
Local demographics (e.g. who attends college)
Demographic info avoids hit-and-miss method
Small business needs demographics to determine consumers' goods/services
Business owners adjust marketing plan to country’s changing demographics (e.g. 2010 Nielsen Company report-Hispanic consumers spend more on baby items)
Cannot target marketing to an individual consumer
Marketing
Applications
Demographics avoid costly mistakes in marketing plans
Example: Windshield flyers are poor for errand business
Surveys given to observe demographics
Identify subscribers of city’s newspaper as market for magazine business
Sources of Demographics
Gathered by many sources (e.g. census)
Federal, provincial departments of commerce
Statistical/demographic collections in local library

Persuade
Convince you to buy product vs. competitor
Appeal to your emotions (fear, love, pride)
Use testimonials of famous people
Remind
Ads keep product/organization visible to public
Institutional advertising: Promote goodwill to company
Media
Advertisers receive high-quality medium
Target specific audience, advertisers can be selective on ads
Advantages: Advertiser can send lengthy message , shelf life longer than newspaper, read by number of people
Disadvantage: Published less frequently than newspapers
Magazines
Radio
Popular advertising medium
Advantages: relatively inexpensive, allows advertisers to reach target audience, reaches people everywhere
Disadvantage: Advertisers must repeat message frequently
Television
Offers advertisers combination of sight, motion, sound, colour
Advantages: people tend to remember what they see, allows advertiser to select demographic markets
Disadvantage: expensive to produce commercials
Internet
Marketing pitches include false messages
Banner ads appear top/bottom of website
Ads generated every time someone reaches website
Companies advised to focus attention on big search engines
Direct Mail
Pamphlets, brochures, leaflets, and flyers delivered by mail
Advantages: Can be selective, tailor to target market, opportunity to distribute samples
Disadvantages: Expensive, often thrown out (junk mail), mailing lists can go out of date quickly
Outdoor Advertising
Billboards, bus-shelter, public transit
Medium most appropriate for short messages
Advantage: Seen by large number of consumers
Disadvantage: Impossible for advertisers to target their market
Full transcript