Definition of Marketing
Marketing consists of the strategies
and tactics used to identify, create
and maintain satisfying relationships
with customers that result in value for
both the customer and the marketer.
Strategies and Tactics
Strategy – the direction the marketing
effort takes over a period of time
Examples:
Begin selling product to a new country
Begin selling product to a new target market
Buick repositioning to a younger generation
That's not a Buick
Strategies and Tactics
Tactics
Will involve the marketing decisions to carry
out the strategies.
Commercials
Advertising
Other ways to get information to customers
Identify
Need to gain knowledge of:
Customers
What are you a customer of?
Competition
Think about those products and who is the
competition?
Markets
Where is it taking place (Online vs Brick and
Mortar
Create
With competition creative people are a must
when it comes to marketing.
If you do the same old thing you will have the
same old thing
Think of some your favorite commercials and
why are they your favorite commercials.
Maintain
Once marketers get you to purchase a product it
is just as important that marketers get you to
purchase again.
What products do you find as routine
purchases?
Why?
What do you do if you have a bad experience
with a product?
Satisfying Relationships
Very important to make customers feel very
important and to provide them with the products
that they want/need
Need vs. Want
Need – You can not live without
Want – Something that you don’t need to survive
Customer becomes a partner.
Value for customer and
Marketer
Value For Customer – perception that people
believe they are getting form the product.
Why do you purchase the items that you purchase?
Phone
Clothing
Value for Marketers – is measured by the amount
of profit that the business receives.
What Marketers Do
(Marketing Mix)
1. Target Markets
2. Products
3. Promotion
4. Place
5. Pricing
6. Supporting Services
Target Markets
Who are you selling your product to
Example:
Female
15-17
What products could you sell to this group?
Where could you advertise to this group
Target Markets
Example:
Male
25 – 30
What products could you sell to this group?
Where could you advertise to this group
Products
Consist of tangible and intangible to fulfill
marketers needs
Tangible – physical goods
Intangible - services
Promotion
Means of communicating information about the
marketers organization and products being sold.
Do all commercials sell something?
Other than TV commercials what are other ways
that you get information?
Place
Ways marketers get the product to the customer
Not all items are sold the same way
Online vs. Physical Store
Pricing
Selling the product to the customer
Must have the right price to sell to the customer
or the product will fail
Can you think a product that was priced too high
and did not sell?
Supporting Services
Additional options that enhance a products
value
Examples:
Warranties
Extended Features
Functions of Marketing
Distribution
Financing
Marketing Information Management
Pricing
Functions of Marketing
Product/Service Management
Promotion
Selling