Marketing

Definition of Marketing (it’s not just selling)

Marketing is…

… the strategy of bringing consumers and products together…

…from product development to product delivery.

The marketing mix is the combination of PRODUCT, PRICE, PLACE and PROMOTION (the 4 Ps) chosen to satisfy buyers.

The Marketing Mix

Companies segment buyers into groups to define what they respond to…

… so they can target them effectively and increase sales.

Market Segmentation

4 Ps: Pricing Strategies

1. High Pricing- Contributing Pricing- Demand-based Pricing- Skimming Pricing

2. Competitive Pricing

3. Low Pricing- Penetration Pricing- Competitive Pricing- Promotional Pricing

4 Ps: Pricing Strategies (Cont’d)

4 Ps: Place

The Channel of distribution…

…the way it is sold.

The Method of Distribution…

…how it gets there.

4 Ps: Promotion

Promotion is maximising sales by raising product awareness…

… and encouraging consumers to buy it.

4 Ps: Promotion (Cont’d)

Informative advertising…

…simply gives consumers facts.

Persuasive advertising…

…focuses on unique selling points.

Methods of Advertising

• Broadcast (TV, Radio, Internet)

• Print (Newspapers, Magazines)

• Outdoor (Billboards, Posters, Buses)

Promotional Activities…

Encourage buyers to buy with a special offer.

Main methods include:Vouchers, Special Offers, Discounts and Free Gifts.