KEY CONSUMER MARKETS

Transcription

1 KEY CONSUMER MARKETS

2 Key Customer Markets Consumer Markets Consumer goods and services such as soft drinks and cosmetics, spend a great deal of time trying to establish a superior brand image.

3 Key Customer Markets Business Markets Companies selling business goods and services often face welltrained and wellinformed professional buyers who are skilled in evaluating competitive offerings.

4 Business markets

5 Key Customer Markets Global Markets Companies face challenges and decisions regarding which countries to enter, how to enter the country, how to adapt their products/services to the country, and how to price their products.

6 Key Customer Markets Nonprofit/ Government Markets Companies selling to these markets have to price carefully because these organizations have limited purchasing power.

7 CORE MARKETING CONCEPTS

8 Core Marketing Concepts Needs States of felt deprivation Physical: Food, Clothing, Warmth, Safety Social: Belonging & Affection Individual: Knowledge & Self Expression Wants Form that human needs take as shaped by culture & individual personality. Demand Human wants backed by buying power.

9 Core Marketing Concepts Segmentation Dividing the markets into segments of customers Targets Markets Which segment to go after Positioning Consumer s perception of the product.

10 Core Marketing Concepts Offerings & Brands Offering: Intangible Value proposition made physical by an offering. Brand: Offering from a known source Value & Satisfaction Value: Sum of perceived tangible or intangible benefits and cost to customer. Satisfaction: Reflects a person s judgments of products perceived performance in relation to expectations. Marketing Channels Communication Channel: Distribution Channel Service Channels

11 Core Marketing Concepts Supply Chain Channel stretching from raw material to components to final products that are carried to final buyers Competition Includes all the actual and potential rival offerings and substitute a buyer might consider. Marketing Environment Task Environment Broad Environment

12 MARKETING MIX

13 Marketing MIX Marketing Mix is defined as the elements that an organization controls that can be used to satisfy or communicate with customers.

14 4 Ps of Marketing

15 Product A product, service or idea is that which satisfies the needs & wants of the customers Product Variety Quality Level Design Packaging Warranties Product Lines Branding Services

16 Price Price is the amount a consumer pays in exchange for the product or service. 1. List Price 2. Discounts & Allowances 3. Payment period 4. Credit terms

17 Promotion Promotion activities are meant to communicate & persuade the target market to buy the company s products. Sales Promotion Advertising Sales Force Public Relations Direct Marketing

18 Place Place represents the location where a product can be purchased. Channels Coverage Assortments Locations Inventory Transport

19 Extended 3 Ps People Physical Evidence Process

20 People All people who directly or indirectly influence the perceived value of the product or service, including knowledge workers, employees, management and consumers.

21 Physical Evidence The direct sensory experience of a product or service that allows a customer to measure whether he has received value.

22 Physical Evidence Packaging. Internet/web pages. Paperwork (such as invoices, tickets and despatch notes). Brochures Furnishings. Signage (such as those on aircraft and vehicles). Uniforms. Business cards. The building itself (such as prestigious offices or scenic headquarters).

23 Process Procedures, Mechanisms and Flow of Activities which lead to an exchange of value

24 7Ps & 7Cs The 7Ps Organization Facing Product Price Place Promotion People Process Physical Evidence The 7 Cs Customer Facing Customer Cost Convenience Communication Caring Co-ordinated Confirmation

25 Marketing Debate: Take a Position! Does marketing shape consumer needs? or Does marketing merely reflect the needs and wants of consumers?