Marketing = dynamic of the market + exchange (product v money) and selling of products in order to fulfill one’s desires B2C = business 2 consumer = company produces goods and services for consumers B2B = business 2 business = company produces goods and services for companies
Marketing strategy goes with marketing researches = analyze the demands
Then we can think of advertising
Business philosophy that regards customer satisfaction as the key to successful trading and advocates the use of management practices that help identify and respond to customer needs.
Philosophy & business compatible? Marketing is a mentality, way of thinking = marketing orientation = seek for profit but first thinks of the market THEN of the product (=> better way of thinking)
Customer satisfaction? This is all companies care about!!! Cause they are source of their money.
Management resources? Manage the resources in order to give the market what they need.
Identify to their need? Conception + distribution + promotion (advertising…) of the product. Persuade them: show them it’s the best.
A marketing oriented organization understands that in the long run, meeting the customer’s needs is what leads to success.
Long term goal of the company? LOYALTY with the customer = have him always satisfied
Customer should be always surprised & delighted
Marketing management? Management of demands within & outside the company = make people feel special, have a good service…
It is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals.
Process of planning? Marketing budget + analysis & calculation
Complicated because think of the profit + if the customer could afford it = find the RIGHT price => difficult… There’s the brand of the product: if u price it high, ok, but low = may think it’s a fake
Promotion? Several ways = advertising, events, public relations, social networks…
Have to know who we are talking to + why + find the best way
Accessibility? By the Internet, in malls…?
EFFICIENCY & EFFECTIVENESS
Doing the right things = planning + analyzing + conceiving the product they want… Doing things right = in the execution, do it as the same way it was planned (gap between the paper & the action, or product may not be ready)
PRACTICE OF MARKETING
Analysis: of the means, people, what we can do… Strategy: goals, positioning… Operations: when will the product be on the shelves = timing for everything Management/planning: everyone should be ready to do his thing
Identifies target markets and addresses the needs and wants of customers to formulate an integrated marketing mix.
Target = customers
Marketing mix? The 4 P’s = product + price + plan + promotion
Because strategy focuses on company’s efforts, the quality of a campaign’s strategy and planning is the most important element determining its success of failure
MARKETING IS A SCIENCE (time is money…)
SEGMENTATION, TARGETING MARKETS
SEGMENTING a public of a product consumers means:
Aggregating prospective buyers into groups, or segments, that 1/ have common needs 2/ will respond similarly to a marketing action
= Don’t mean we have to enter competition with other markets
17.10.2011 When to segment markets:
Undifferentiated marketing: one product & multiple market segments = market supposed to be homogenous Differentiated marketing: multiple products & multiple market segments = all customers not the same, different profiles, needs & desires and not looking for the same products (cf. l’iPad) Concentrated marketing: go after one segment of the market and work exclusively on it
GLOBAL MARKETING SEGMENTATION