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Marketing
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Definition of Marketing (it’s not just selling)
Marketing is…
… the strategy of bringing consumers and products together…
…from product development to product delivery.
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The marketing mix is the combination of PRODUCT, PRICE, PLACE and PROMOTION (the 4 Ps) chosen to satisfy buyers.
The Marketing Mix
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Companies segment buyers into groups to define what they respond to…
… so they can target them effectively and increase sales.
Market Segmentation
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4 Ps: Pricing Strategies
1. High Pricing- Contributing Pricing- Demand-based Pricing- Skimming Pricing
2. Competitive Pricing
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3. Low Pricing- Penetration Pricing- Competitive Pricing- Promotional Pricing
4 Ps: Pricing Strategies (Cont’d)
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4 Ps: Place
The Channel of distribution…
…the way it is sold.
The Method of Distribution…
…how it gets there.
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4 Ps: Promotion
Promotion is maximising sales by raising product awareness…
… and encouraging consumers to buy it.
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4 Ps: Promotion (Cont’d)
Informative advertising…
…simply gives consumers facts.
Persuasive advertising…
…focuses on unique selling points.
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Methods of Advertising
• Broadcast (TV, Radio, Internet)
• Print (Newspapers, Magazines)
• Outdoor (Billboards, Posters, Buses)
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Promotional Activities…
Encourage buyers to buy with a special offer.
Main methods include:Vouchers, Special Offers, Discounts and Free Gifts.