Identify Marketing Opportunities

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OHT1.1

|SGA592 |Marketing Research | |National Code/Competency | |BSBMKG301A |Research the market | |BSBMKG302A |Identify marketing opportunities |

OHT 1.2

DEFINITIONS

|Selling |If your company creates a product or service, and then tries to persuade customers to buy it, that | | |is selling. | | | | |Marketing |BUT if the company finds out what a customer wants or needs, and then develops the product or | | |service to match (including the way it is priced, packaged, distributed or delivered and its | | |benefits communicated), this is marketing. | | | | |Advertising |Mass media presentation and promotion of the benefits to consumers if they adopt the ideas, or | | |purchase the goods or services of a specific sponsor. | | | | |Target Market |Who is the customer, what do they want and what are they willing to give in return for the product? |

|Source: Kotler et al 2003, Principles of Marketing, 2nd edn, Prentice Hall, Sydney | OHT 1.3

EXAMPLES OF DIFFERENT TYPES OF MARKETING

← Product marketing
← Services marketing

But also

← Event marketing
← Cause marketing (e.g. environmental marketing)
← Political marketing
← Educational marketing
← Travel marketing
← Franchise marketing
← Non-profit marketing
← Idea or concept marketing
OHT 1.4

“A business has to plan how it is going to make products for its customers; it has to determine the price at which it can sell its products to customers for a profit; it has to promote its products so customers are aware of them; and finally, it has to figure out how its customers are actually going to get its products.”

|Source: Chan, N 2002, Identifying Marketing Opportunities, Software Publications, Sydney. |

OHT 1.5

MARKETING MIX

- a set of marketing tools that the firm uses to pursue its marketing objectives in the target market

• Product
• Price
• Promotion
• Place

OHT 1.6

| | |MARKETING MIX | | | | | | | | | | | | | | | | | | | | | | | | | | | |Product | | | | | |Place | |...
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