Scribd Logo
Upload

Welcome to Scribd!

  • 30 views

    Module 7 - Marketing

    Uploaded by

    Ankit Agrawalla
    This document provides an overview of key marketing concepts including segmentation, targeting, the marketing mix (4Ps), branding, customer relationship management, and social media marketing. It discusses how to identify and satisfy customer needs through product development, pricing, placement, and promotion strategies. The relevance for project managers and business owners is also highlighted.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Module 7 - Marketing

    Uploaded by

    Ankit Agrawalla
    30 views23 pages
    This document provides an overview of key marketing concepts including segmentation, targeting, the marketing mix (4Ps), branding, customer relationship management, and social media marketing. It discusses how to identify and satisfy customer needs through product development, pricing, placement, and promotion strategies. The relevance for project managers and business owners is also highlighted.

    Original Title

    Module 7 - Marketing (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides an overview of key marketing concepts including segmentation, targeting, the marketing mix (4Ps), branding, customer relationship management, and social media marketing. It discusses how to identify and satisfy customer needs through product development, pricing, placement, and promotion strategies. The relevance for project managers and business owners is also highlighted.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    30 views23 pages

    Module 7 - Marketing

    Uploaded by

    Ankit Agrawalla
    This document provides an overview of key marketing concepts including segmentation, targeting, the marketing mix (4Ps), branding, customer relationship management, and social media marketing. It discusses how to identify and satisfy customer needs through product development, pricing, placement, and promotion strategies. The relevance for project managers and business owners is also highlighted.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 23

    MGMT 6057

    CONTEMPORARY
    BUSINESS MANAGEMENT

    MODULE 7: MARKETING
    AGENDA
    • Marketing definition
    • Segmentation
    • Target market
    • The Marketing Mix (“4 P’s of Marketing”):
    Product, Place, Promotion, Price
    • Brands, branding strategies, brand equity
    • Customer relationship management
    • Social media marketing
    • Relevance for project management and
    business ownership
    MARKETING

    • More than advertising and sales!


    • Activities that organizations do to identify and
    satisfy customer needs, including:
    • Defining a product/service’s features and benefits
    • Setting the price
    • Identifying the target market
    • Making potential customers aware
    • Getting people to buy
    • Delivering it to people who buy
    • Managing relationships with customers after
    product/service has been delivered
    SEGMENTATION
    • First, identify your overall market: potential
    customers who could be interested in your
    product, who would have access to it, and who
    have the means to buy it
    • Then, divide the market into sub-groups
    (segmentation) based on one or more
    categories, such as:
    • Demographic segmentation
    • Geographic segmentation
    • Behavioural segmentation
    • Psychographic segmentation
    SEGMENTATION
    How might you segment these markets?
    – Cars
    – Cereal
    – Footwear
    – Shampoo
    TARGET MARKETS
    • Once you have completed market
    segmentation, identify your target market …
    because it may be challenging (and expensive)
    to sell your product/ service to your entire
    market!

    Target Market: The market


    segment(s) that you will
    focus your marketing
    activities on
    THE MARKETING MIX (4 P’S OF MARKETING)
    PRODUCT

    • Derived from customer needs and wants


    • Determined from secondary and primary
    research
    • Includes product features and characteristics
    that deliver value to customers
    • Includes packaging
    • Functional and promotional purposes
    • Must follow labelling laws
    BRANDS AND BRANDING
    Brand: what differentiates your product (or
    company) from similar products (or companies) in
    the market
    • Brand identity: words, letters, sounds, symbols
    • Brand image: impressions or beliefs regarding
    the brand
    • Branding strategies: private, generic, or
    manufacturer branding
    • Brand equity: any added value generated by
    favourable consumer experiences
    TOP CANADIAN BRANDS
    PLACE (DISTRIBUTION)
    How the final product/service gets to the customer

    Common Distribution Channels


    Agent /
    Producer Wholesaler Retailer Consumer
    Broker

    Producer Wholesaler Retailer Consumer

    Producer Retailer Consumer

    Producer Consumer
    TYPES OF RETAILERS
    • Category killer
    • Convenience store
    • Department store
    • Discount store
    • Specialty store
    • Supermarket
    • Warehouse club
    PROMOTION

    Educating and persuading the target market

    • “Push” strategy
    – Stimulate sales by increasing awareness of
    the product
    • “Pull” strategy
    – Stimulate demand from potential customers
    TYPES OF PROMOTION
    • Advertising
    • Personal selling
    • Sales promotion
    • Public relations (PR)

    Your promotional strategy will depend on:


    purpose of promotion, target market, product
    features to emphasize, budget, competitor
    promotion strategies

    FYI…International Awards for Best Promotions: The Clio Awards


    ADVERTISING
    • Paid non-personal communication designed to
    create awareness of product or company
    • Not as effective because of over-saturation of
    messaging
    • Most common form of promotion
    • Includes:
    • TV, radio
    • Newspapers, magazines
    • Internet, social media
    • Limited only by imagination
    (e.g., product placement in movies, space billboards,
    Shanghai QR code with drones)
    PERSONAL SELLING

    • One-on-one communication with


    (potential) customers
    • Common for expensive items or complex
    purchasing arrangements
    SALES PROMOTION
    • Designed to motivate people to buy now
    • Includes:
    • Discounts (sales)
    • Samples
    • In-store displays
    • Loyalty programs
    • Contests or sweepstakes
    PUBLICITY AND PUBLIC RELATIONS
    Increasing public awareness of your company in the
    media at little or no cost
    • Public relations is actively managing the positive
    messaging/image of the company
    • Often involves issuing press releases/ statements
    • May be proactive or reactive
    • Publicity is like ‘free advertising’ but is typically
    outside of your control
    • May be positive or negative
    • Examples: Your company is profiled in
    a magazine, a journalist writes
    a blog article that mentions your firm
    PRICING STRATEGIES

    • Price skimming: Price high to get customers


    with highest willingness to pay
    • Penetration pricing: Price low to build market
    share
    • Cost-based pricing: Good or bad?
    • Demand-based pricing: Use supply/demand
    • Dynamic pricing: Price varies with time and
    circumstances
    PRICING STRATEGIES (CONT’D)

    • Prestige pricing: Give impression of high


    quality
    • Bundling: Combine multiple products or
    services
    • Odd-even pricing: $9.99 viewed as a better
    value than $10.00
    • Loss leaders: Price one item low, to entice
    customer to buy other products
    CUSTOMER RELATIONSHIP MANAGEMENT (CRM)

    • Keep customers happy, treat them well, give


    them what they want, listen to them, reward
    them for their loyalty, deal with their complaints
    • Goal is to retain customers
    • It costs more to attract/sell to a new customer
    (compared to an existing customer)
    • Repeat customers more likely to recommend your
    business/products
    • Requires collection of customer information
    (e.g., contact information, purchasing history)
    SOCIAL MEDIA MARKETING
    • Your presence on Twitter, Facebook, Instagram,
    LinkedIn, etc.
    • Increasingly important - more people online, fewer
    people watching television commercials or reading
    newspapers
    • Advantages: increases brand awareness, two-way
    communication, opportunity for promotional
    activities, customers interact with each other,
    channel for public relations, low cost
    • Challenges: privacy issues (collecting
    data about customers), time-intensive,
    ‘big data’ overload
    RELEVANCE FOR PROJECT MANAGEMENT
    AND BUSINESS OWNERSHIP
    • Many marketing activities are project-based,
    including:
    • New product development
    • Product launches
    • Promotional campaigns
    • Marketing research studies
    • Business owners must make decisions about:
    • Identifying customers
    • The 4 P’s
    • Social media marketing
    • Customer relationship management

    You might also like