MarketingEssentials and Practice

What is Marketing?

What is Marketing?

• the action or business of promoting and selling products or services, including market research and advertising.

Marketing

Market Segmentation

Market Segmentation

• Market segmentation is a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.

Market Segmentation

Market Segmentation

Targeting a Market Segment

• Marketers have outlined four basic strategies to satisfy target markets: undifferentiated marketing or mass marketing, differentiated marketing, concentrated marketing, and micromarketing/ nichemarketing.

Positioning

• identifying and attempting to occupy a market niche for a brand, product or service utilizing marketing placement strategies:– price, – promotion, – distribution, – packaging, and – competition

Positioning• influence consumer perce

ption of a brand or product relative to the perception of competing brands or products.

• Its objective is to occupy a clear, unique, and advantageous position in the consumer's mind.

Positioning

Process Flow

Process Flow

Growth

• Identifying • Sources of Sales Growth• Growing Markets• Market Share

Market Growth• An increase in the demand for a

particular product or service over time. Market growth can be slow if consumers do not adopt a high demand or rapid if consumers find the product or service useful for the price level.

• For example, a new technology might only be marketable to a small set of consumers, but as the price of the technology decreases and its usefulness in every day life increases, more consumers could increase demand.

Share

Deriving Value from Customers

• Customer Information• Apple and trouble

reports• Coke Heavy users

– 20% drink 80%– Pareto Principle

• Tracking Behavior• Cookies• Analytics• Focus Groups

Creating Great Customer Experience

• Consumers evaluate providers foremost on the experience that company provides, more so than on the company’s loyalty program, or even its products or services. It’s time for companies to acknowledge that loyalty is neither permanent, nor under their control. Companies don’t “own” loyalty; they simply have it on loan for short periods of time, from one interaction to the next. Digital has confirmed the need to delight or surprise customers on an ongoing basis. Every experience makes a difference. And satisfying experiences, delivered over time, are what build long-term relationships and drive profitable growth.

Creating Great Customer Experience

Customer Experience Process Flow

Creating Great Customer Experience

Customer Experience

Branding Strategy

• Long-term marketing support for a brand,

• based on the definition of the characteristics of the target consumers.

• It includes understanding of their preferences, and expectations from the brand.

Pricing Strategy

• A business can use a variety of pricing strategies when selling a product or service.

• The Price can be set to maximize profitability for each unit sold or from the market overall.

• It can be used to defend an existing market from new entrants, to increase market share within a market or to enter a new market.

• Businesses may benefit from lowering or raising prices, depending on the needs and behaviors of customers and clients in the particular market.

• Finding the right pricing strategy is an important element in running a successful business

Pricing Strategy

Marketing Communications• Marketing

communications are messages and related media used to communicate with a market.

• Marketing communications is the "promotion" part of the "marketing mix" or the "four Ps": price, place, promotion, and product

• Content Marketing• Messaging

The Mix

Social Media Marketing

• Social media marketing is the process of gaining website traffic or attention through social media sites.

• Google• Facebook• Twitter• Websites• Mobile• PPC Advertising

Social Media Marketing

Social Media Marketing

Google

• Adwords• Keyword generator• A/B testing• Analytics

Marketing Research