What is Marketing?
Understanding what consumers want and how to deliver it.
Social and managerial process which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others
- identify needs through market research
- target market
- product management
- develop appropriate pricing strategy
- identify distribution networks
- value added - improve customer experience through value added benefits
What can be marketed?
- goods
- services
- events
- experiences
- personalities
- places
- organisations
- properties
- information
- ideas and concepts
marketing is a creative process - each marketer has their own approach but there are some universally agreed and fundamental principles to be considered when strategising for a successful campaign
4 P's of Marketing
- Product
- Price
- Place
- Promotion
Product- is a tangible good or intangible service
Price - Price paid for product or service
Promotion - encompasses all methods of communication used to inform all parties about the product
Place - refers to the arena or context in or through which the consumer can access the product
= target market
Benefits
- allows you to sell
- allows you to analyse your product/service
- sell underlying philosophy/message
- helps differentiate from other market competitors
- identify audience
- inform new and existing customers on new product/service and where to access it
How?
- Market research
- Primary research
- Secondary research
factual - Quantitative research
opinions - Qualitative
SWOT
- strengths
- weaknesses
- opportunities
- threats
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