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HSC BUSINESS REVISION DAY
Want to be like this guy?
Then let’s talk about marketing!
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What is marketing?
• Many people believe that marketing is: Advertising or a form of selling• These answers are probably due to the amount of advertising that we
are exposed to. The average person may be exposed to 5,000 advertisements/day 1.
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What is marketing?Marketing takes a day to learn.Unfortunately it takes a lifetime to master - Phil Kolter
And I'm not an actress. I don't think I am an actress. I think I've created a brand and a business - Pamela Anderson
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Building profitable relationships with your target customers
Marketing:
A short sentence but let’s talk this through.
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ProductCore, actual, augmented productProduct life cycleSignificance of Packaging (Apple vs Dell, Donut time, LV)
Price
Place
Promotion
What is the right price?Effect on profitFactors affecting price decisionsPricing strategies
The 4 Ps
Dell versus AppleIntensive, selective, exclusive distributionFactors to consider for distribution decisions (The Iconic)
Objectives of promotionElements of promotion (Advertising, product placement, public relations etc)Integrated marketing communication (importance of consistency)
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What does marketing involve?
Marketinginvolves
• Becoming customer focussed rather than product/service focussed
• Understanding the market
• Finding out what customers value
• Developing a value proposition that satisfies thecustomer’s idea of value
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The value proposition – a promise of value that states why a customer should buy your product
Valueproposition
• Producing the right amount, of the right quality,
to the right customer at the right price.• Setting the right price so that its attractive to
customers and profitable for the company
• Making sure the customer is aware of the
product/service
• Ensuring the product is available in a suitable
format and location
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CRM – Customer Relationship ManagementWhy is loyalty so important today?
Demographics are
changing
Production
overcapacity
More sophisticatedcompetitors
Fewer
customers
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Its now about building relationships & loyaltyCRM ‐ Customer Relationship Management
No, these people are not homeless!
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So to be successful an organisation now needs to:
• Target those customer groups whose needs are most consistent with thefirm’s resources and capabilities (Segmentation/Targeting )
• Develop products and services that meet the needs of the target marketbetter than the competitors (Product)
• Make its products and services readily available to potential customers (Distribution/Place)
• Develop customer awareness and appreciation of the value provided by the company’s offerings (Price & Promotion)
• Work to build long-term relationships with satisfied and loyal customers (CRM)
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Marketing environments are dynamic or changing so marketers have to constantlyreview the environments their business operates in. This is called environmentalscanning or analysis
The marketing environment
Macroenvironment
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The microenvironment
Forces close to the organisation that affect its ability to serve its customers.The organisation has some degree of control over these environments.Also known as the “near environment”.
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The macro‐environment
A company’s macro- environment consists of forces that are larger societal forces that may be either difficult or impossible to control
We do want to understand, anticipate and pre-empt it!
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Internal to external Environmental Analysis• SWOT analysis– Incorporates key points from the macro environment analysis
(Opportunities and threats) and Micro environment (Strengths and weaknesses).• It is a snap shot of where the company is at in relation to its environment.
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Segmenting, targeting, positioning and branding
• Market segment – individuals, groups or organisations withone or more similar characteristics that cause them to havesimilar product needs
• Market segmentation – the process of dividing a total market intogroups with relatively similar product needs to design a marketingmix that matches those needs
Name a product that’s for everyone.
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Segmentation Variables
• Segmentation variables –characteristicsof individuals,groups or organisations used to divide a market into segments
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TargetingSegmenting the market, choosing which segments of the market are appropriate, and determining the products that will be offered in each segment.
‐ Forever 21, ‐ Apple
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PRODUCT POSITIONING
• Repositioning can be done through:
• Changing the product physically
• Revising its pricing and/or distribution strategy
• Changing the product image
• Targeting a different market
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PERCEPTUAL MAPPING
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BRANDING• Brand – A name, term, design, symbol or other feature that identifies one marketer’s product
as distinct from those of other marketers Ford GTP, Holden Monaro
• Brand Name – The part of a brand that can be spoken – including letters, words and numbersMUA, AFL, Cricket Australia, Heinz 57
• Brand Mark – Part not made up of words, such as a symbol or design Nike swoosh,Mercedes tri-star, McDonald’s golden arches
*Branding is endowing products and services with the power of the brand.
Brand equity is the added value endowed on products and services, which may be reflected in the way consumers, think,
feel, and act with respect to the brand.
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Elements of Brand EquityAdvantages
Improved perceptions of product performanceGreater loyaltyLess vulnerability to competitive marketing actionsLess vulnerability to crisesLarger marginsMore inelastic consumer responseGreater trade cooperationIncreased marketing communications effectiveness
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References1 Marketing p245 – Kotler, Brown, Adam Burton & Armstrong 7th edition2 www.marketingteacher.com3 Marketing p7 – Kotler, Brown, Adam Burton & Armstrong 7th edition4 http://www.entrepreneur.com5 ,6,7 Marketing p7, p9, p21 – Kotler, Brown, Adam Burton & Armstrong
7th edition6 Pride, W. M., Ferrell, O. C., Lukas, B. A., Schembri, S., & Niininen, O.
(2015). Marketing Principles: Asia Pacific Edition. Cengage Learning.
QUESTIONS