A Brief Introduction to Marketing

• http://www.youtube.com/watch#playnext=1&playnext_from=TL&videos=25phPiucqpQ&v=tao76O4F4XI

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Marketing

• American Marketing Association

– Activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

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MARKETING

• Marketing is meeting or creating a need for a product/service,

• which results in the product/service being purchased,

• and if done well purchased over and over.

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Goals and Tools

• Sales is the goal of marketing. Sales is where the exchange of product/service for money takes place.

• The tools to accomplish this goal changed dramatically with the advent of the Internet, e-Commerce, etc.

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Marketing Concept

• Marketing is more than promotion and advertising.

• It is strategically planning to anticipate and fulfill customer needs and wants.

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4 P’s of Marketing

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Branding v. Marketing

• Branding - Labeling a product/service with a distinctive word or logo

• that gives an impression of value and leads to the customer needing/wanting the product/service.

WHICH IS A BETTER PRODUCT?

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Cola is Cola

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NO DIFFERENCE HERE

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CERTAINLY NO DIFFERENCE HERE

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Branding

• Branding associates a name and becomes part of the product/service

• Marketing encompasses branding

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Segmentation and Targeting

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THE BUZZ

• VIRAL MARKETING

– A New Concept?

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What is Viral Marketing?

• http://www.youtube.com/watch?v=V0oNNt7d1gY&feature=related

• Like the Flu

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Viral Marketing Defined

• Viral marketing describes any strategy that encourages individuals to pass on a marketing message to others, creating the potential for exponential growth in the message's exposure and influence. Like viruses, such strategies take advantage of rapid multiplication to explode the message to thousands, to millions.

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• Off the Internet, viral marketing has been referred to as "word-of-mouth," "creating a buzz," "leveraging the media," "network marketing.”

• http://www.wilsonweb.com/wmt5/viral-principles.htm

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Viruses• Piggyback on others and use their resources to increase their reach.

• Grow exponentially by replicating, again and again with geometrically increasing power, doubling with each iteration:

• 111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111

• In a few short generations, a virus population can explode into an epidemic all over the world.

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Viral Communities

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Solidarity

• Sharing Experiences with a product and brands with social values– Organic Foods network

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Taste-maker

• Networking by self-promotion in the name of being the first or the coolest– Oprah Winfrey– These people are a sales force.

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Appreciator

• Networking by emulation or imitation of others or the brand personality– Martha Stewart

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Maven

• Networking by educating and broadening horizons– Not a professional, but an enthusiast wanting to

educate others– Review products and have extensive knowledge of

a certain product category– Amazon

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Is a Marketing Budget Important?

• What does it include?– People – Marketers/Strategist– Time – How much will it take

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