Marketing

1
Marketing

• Group 2

2
Marketing is Important

• Success is based on the ability to build a
  growing body of satisfied customers

3
Not an Exact Science

• Ad campaign could be a record-breaking success
  one month, the next it bombs

4
Elements of Marketing Ch. 8

• Advertising
• Promotion
• Public Relations
• Publicity
• Sales

5
Marketing Procedures

• Marketing Concept
• Rests on the importance of customers to a firm
• Market Research
• Determine good information about the market

6
Marketing Procedures Cont.

• Market Strategy
• identifying customer groups, tailoring its
  product offerings, prices, distribution,
  promotional efforts and services towards that
  particular market segment

7
Marketing Procedures Cont.

• Marketing Mix
• 4 Key areas
• Products and Services,
• Promotion,
• Distribution, and
• Pricing.
• used to describe how owner-managers combine these
  four areas into an overall marketing program

8
Marketing Procedures Cont.

• Marketing Performance
• Evaluate how well decisions have turned out

9
Marketing Blunders

• Lookout for That Hole

10
Presumptions That Are Guaranteed to Send You to
the Flop House

• Customers will buy our product because we think
  its a good product.
• Your likes and dislikes are very different from
  other people so you should always test the
  market.
• Customers will immediately perceive that our
  product is vastly different form all others on
  the market.
• Your customers dont have ESP, you have to show
  them how your product is superior to the others
  on the market and you have to prove it too. Even
  then they may still not buy it.

11
More Presumptions

• Distributors will be desperate to stock our
  product.
• First you need to get past the gatekeeper then
  you have to prove your product is good enough.
  Distributors get bombarded with new products
  constantly.
• Our product will roll out on the precise date
  that weve projected and we wont spend a penny
  more than weve budgeted.
• Hurricane Katrina, or 911 these are two
  examples (ok extreme examples) of what could go
  wrong that is out of your hands. So you should
  always have a net to fall back on especially when
  it comes to money.

12
More Presumptions

• Customers wont feel its risky to buy from us
  and cut off their past suppliers.
• Most people dont like change, if it aint broke
  dont fix it mentality. Why should they change
  especially if you dont have a reputation or
  history built with them, they dont know you.
  You have to give them a reason to change, better
  deals or longer payment plans for example make it
  worth their while.
• Our product will sell itself.
• If surely wont sell its self. It will easily
  get lost in the sea of other new products. You
  need to your market research and testing and them
  promote it.

13
More Presumptions

• We wont have to worry about competitors. And
  Competitors will react to our product predictably
  and with dignity and respect.
• Your competitors are not going to roll over dead
  to your product. If is a hot seller they dont
  care about you, money is money. Move over here
  comes competition.
• We will have no problem attracting a talented
  staff that's as committed to our products success
  as we are.
• That is not true, You are the only one who is as
  excited about the product. You employees maybe
  cheering you or the company on, but when it comes
  down to it they have no sweat, tears and money
  involved. At the end of the day they can just go
  home and forget about work. You as an employer
  should make it worth their while to work hard for
  you.

14
Never Assume

• So in the end I guess what all this is saying is
  never assume. Do your home work diligently.

15
I'm The Boss, That's Why

• A mistake that some entrepreneurs make is trying
  to be the shot caller all the time.
• Example The Colgate Palmolive Company launched a
  new after shave lotion. It was a dark green
  color, but next to its competitor, Mennen Skin
  Bracer, it turned an ugly urine yellow color
  losing its appeal to impulse buyers. The new hot
  shot called all the shots and didnt get any
  advice from others. Presented his prototype to
  the boss and the boss hated it because it was
  blue. He hated all shades of blue and trashed
  the product.
• Just because you are the boss and can call all
  the shots dont. Listen to others who have more
  experience than you cause chances are they know
  what they are talking about.

16
Thou Shall NOT Deceive

• Marketing is the art of causing others to feel a
  preceived need for your product.
• To a lot of people this is done using a
  creative technique, deception.
• This can be seen everyday and everywhere.
• Examples Most common are hair products and food.
• Tell your products best features, but DONT lie!

17
Buy This If Youre A Loser

• People buy products and services to fix problems
  they have.
• However, people dont want to be reminded of
  their shortcomings.

18
Loser Example

• Gillettes For Oily Hair Only Shampoo
• Produced in 1982
• Spent 12 Million in Advertising

19
Loser Example Cont.

• Boldly stated For Oily Hair Only
• People would rather have for oily hair only or
  for sensitive skin places in small print.

20
Go With The Flow

• Sometimes, the market you aim for isnt the right
  market for your product or service.
• Dont be afraid to adjust your target market if
  its working.

21
The Flow Example

• Kleenex, produced in 1924, originally advertised
  itself as a cold-cream remover.
• However, sales were very poor.
• Kleenex found their products were being used as a
  disposable handkerchief.

22
The Flow Example Cont.

• They quickly changed their advertising to message
  to support blowing their nose.
• Kleenex quickly became a house hold name.