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Principles of Marketing
Lecture 1
What is Marketing?
Þ Marketing is a process responsible for identifying, anticipating and
satisfy customer requirements as well as being profitable
...
Business Orientation
1
...
How? - Producing in Large volume the production costs are reduced or new
technology of producing the product
...
If new technology is
introduced, then employees will be laid off
...
Therefore, McDonald introduced a
different experience: consistently producing food and fast service at an
affordable price
...
- Primark
2
...
aims at
improving an existing products’ functions and quality which makes the
business competitive in the market
...
The limitation is that, there is less focus on
the customer’s needs
...
The Selling Orientation - Focuses on to push sales in order for customers
to buy a product
...
For the company to push sales it needs to use
promotional tools such as persuading to buy the product and influence
because the company should aim to sell what they make not what the
market wants
...
Disadvantage: customers may not trust your judgement or sale, it has little
market audience and often despite the persuasive manner and personality of
2
the sales person it fails to convince the buyer to fit the mood or motive to
make a sale
4
...
The business has to conduct
research first and then produce goods and services to satisfy the needs
and wants for the customers
...
Companies may attract new customers which are
turned to repeat customers and a goal of developing many loyal
customers
...
Disadvantage: Challenges of quickly responding to market changes, due
to markets changing it impacts the business’ market orientation
strategy and this is either new business entering or existing and an ever
changing of raw materials of which failing to take an act into
consideration can put a business at a disadvantage
...
They commercials are targeting a younger generation as
well increase sales and to do so they innovated by putting names on
coke cans to attract young people to buy
...
4
Steps in Market Segmentations, Targeting and Positioning
...
Segmentation – identify and describe segments by grouping customers
together with similar needs because not all customers are the same or
have the same needs
...
Targeting- evaluate segments and decide which one to serve because
businesses need to know which segment is best to target with their
product or service
...
Positioning- design a product or service to satisfy and meet a segment’s
needs and develop a marketing mix that will create a competitive
advantage in the minds of customers (selected target market)
...
Consumer-Driven Marketing Strategy
Þ Technique used by businesses not only for profit but also have an edge
against competitors
Þ It’s all about the business’ customer preferences
Þ So, the will have to segmentation, targeting, positioning and
differentiation (the market offering to create superior customer value)
Þ Targeting the market, meeting the need and building the relationship
Þ Customer is always right
Segmentation
Þ Process of grouping customers into small group
Benefits of Segmentation:
Þ Enables marketers to develop product or service benefit to appropriate
to the segment
5
Þ Products and Brands Designed to appeal to particular target segment
Þ Supported by appropriate promotional campaign, customer service,
pricing, place (distribution strategies)
Types of Segmentation
1
...
E
...
nations, states, regions, countries, cities)
2
...
E
...
age, life-cycle, stage, gender, income, occupation, education,
religion, generation
3
...
Psychographic: Social class, personality
5
...
g
...
Undifferentiated Marketing:
Marketing mix -> Whole market
2
...
Focused Marketing
Marketing Mix 1
Segment 1
Segment 2
Segment 3
4
...
Þ The organization designs a single marketing mix meaning, one place,
one price, one product and one promotion to reach the maximum
number of consumers in that target market
Þ Assumers all customers have similar wants and needs
Organization (royal mail) -> Marketing Mix-> Target Market( Everybody)
-Product
-Place
-Price
-Promotion
Differentiated Strategy
Þ An organization direct its marketing efforts towards two or more
market segments
...
Þ Develops a marketing mix for each segment
Þ Can be a natural progression from ‘concentrated strategy’( a strategy is
targeted to one specific market segments )
Focused Strategy
Þ An organization directs marketing efforts towards single market
segment
Þ Creates and maintains one marketing mix
Þ Allows organizations to specialize
Þ Focus on wants and needs of a distinct customer group
Organization (cement manufacturers) -> Marketing Mix -> Builders
Customised Strategy
Þ An organisation directs its marketing efforts towards two or more
customers
Þ Develops a marketing mix for each customer
Positioning
Market positioning
Þ It is not what is done to the product , it is what is created in the minds
of the target customers
10
Þ An effort to influence consumers perception of a brand or product
relative to the perception of competing brand or product