There are two main functions of Marketing:

Transcription

1 There are two main functions of Marketing: 1. Helps business determine its target markets & market research 2. Give consumers what they want with the marketing mix: Product, promotion, place and price Marketing mix: Product what is sold and its Brand name, trademarks, packaging and labelling Pricing is what the consumer will pay and determine the profit Place: where the consumer is able to obtain the product determines its success. The path for the product or its Chanel of distribution, wholesalers and retailers all determine and the place of the product. Promotion: informs the consumers about a product or service and encourage them to buy it. Promotion includes personal selling, telemarketing, sales promotion and the AIDA sales formula, attract attention, hold interest, arouse desire and take action to close the sales. Public relations all activities a business tries to maintain its good reputation and promote good will with the public. Publicity: is the act of bring company activities to the attention of the public.

2 Q. for understanding: In a chart format select three products that you use everyday and identify the following: the product name, the manufacturing company s name, and the brand name. # product name company s name brand name 1 Aveo GM Cheverolet 2 3 Advertising Advertising is any paid use by an identified sponsor to inform a target market about a product, service, idea or organization. The presentation of the message -the advertisement- can be oral, visual, or a combination of the two. Advertising has three objectives: 1. Inform: tell about the product 2. Persuade: convince you to buy a particular product, this is where the use of Maslow hierarchy of needs comes to play, for you often are persuaded to by something to fulfill one of your basic human needs. Chewing gum might appeal to fear of being alone because you have bad breath.

3 3. Remind: Keep a well known product visible to the public, like the Kleenex ad. Media Media is the means of communication. Basically where your advertisement be placed. The medium is the message is a phrase coined by Marshall McLuhan meaning that the form of a medium embeds itself in the message, creating a symbiotic relationship by which the medium influences how the message is perceived. It could also mean that people are more interested in the gadget they use than what the message it is saying. For example, people are more interested in the ipod rather than the songs they listen to. Wikipedia Nov. 9, 2010 Question for thinking Look on p and fill in the table Media type advantages disadvantages Newspapers magazines radio television internet direct mail outdoor advertising

4 Techniques of persuasion: motivating the consumer Stacking: list of reasons why the product or service is good Repetition: makes product or service familiar to consumer Slogan: identifies product or service with an idea Logo: identifies product or service with a symbol Snob Appeal: associates product or service with a personality or lifestyle Cause and Effect: use this product or service and your problems will disappear Price Appeal: consumers will be getting something extra for less money Testimonial: someone endorses the product Sex Appeal: the product will enhance you sexual attractiveness. Confusion: gains the consumers attention by confusing them, and then retains the attention as the consumer tries to figure out the message. Technical Jargon: uses technical words to impress the consumer Transfer: associates the product with words or ideas that may or may not be related to the product. The association seeks to transfer certain qualities to the product. Name Calling: the advertiser compares its product or service to the competition in a way that is favorable to the advertiser.

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