Notesale: Turn your study into money

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What is Marketing?
Marketing is :
- the way of a product is designed, tested, produced, branded, packaged, priced,
distributed
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Roles of Advertising within Marketing
- the success of marketing - whether a business can create competitive advantage
- helps a company to match a product's availability & company's production capabilities
- to the consumer's need, desire, or demand for the product

Key Concepts in Marketing
- the marketing concept : focus on costumers
- suggest marketing should focus first on identifying the needs of customers (rather
than finding ways to sell the products but may not meet customers' needs)
- the concept of exchange
- example : the company makes a product & offers it for sale at a certain price, the
customers give the money to but the product (money is the exchange of goods)
- the concept of branding
- branding, brand image
- create a special meaning for a product, make it distinctive in the marketplace & in its
product category
- the concept of added value
- marketing or advertising effort makes the product more valuable, useful & appealing

Key Players in Marketing
- marketer
- the advertiser (the company that produces the product & offer it for sale)
- suppliers or vendors
- the companies that provide materials, ingredients or services
- distributors & retailers
- agencies
- marketing communication companies that help marketers to promote their products

Types of Markets
- consumer markets
- business-to-business (industrial) markets
- institutional markets
- profit & non-profit organizations
- channel markets

The Marketing Process
Step 1 - Research the consumer market, competitive marketplace & develop a situation
Analysis
Step 2 - Set objectives for the marketing effort
Step 3 - Assess consumer needs, relative to the product, segment the market into groups
that are likely to respond, target specific markets
Step 4 - Differentiate and position the product (relative to the competition)
Step 5 - Develop marketing mix strategy (product, place/distribution, price, promotion)
Step 6 - Evaluate the effectiveness of strategy

Marketing Research
- primary & secondary research
- situation analysis
- interpreting marketing information : SWOTs
- strengths
- weakness
- opportunity
- threats

Key Strategic Decisions
- use research to develop strategies - give direction to the planning of advertising
- three key strategic decisions :
- objectives
- segmenting and targeting
- differentiation and positioning

Marketing Mix Strategies
1
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Distribution / Place
- distribution channels
- market coverage

- storage
3
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Marketing Communication / Promotion
- personal selling
- advertising
- sales promotion
- direct marketing
- marketing/PR
- point-of-sale/packaging

Types of Agencies
- full-services agencies (include all staff functions)
- major four staff functions (account management, creative services, media planning &
buying, account planning)
- specialized agencies
- either specialized in certain functions, not follow traditional full-service agency

International Marketing
The Dynamics of Modern Marketing
- integrated marketing - integrate all the marketing mix decisions and communication
- relationship marketing
- permission marketing - invite current customers to sign up or self-select themselves into
a brand's target market



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