ENTREP [SEM1Q2] - LESSON 1

MARKETING

Marketing

An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.

Peter Drucker

An Austrian writer, consultant, entrepreneur, and journalist. The Father of the Management to which he devoted more than 60 years of his professional life.

“The aim of marketing is to make selling unnecessary”

What did Peter Drucker said about marketing?

Selling

Are these qualities under selling or marketing?

• Inward focus on business

• Define business by goods and services

• For everybody or the average consumer

• Profitability through sales volume

• Less favorable in a competitive environment

Marketing

Are these qualities under selling or marketing?

• Outward focus on customer

• Define business by benefits for customer

• To a specific group of customers

• Profitability through customer satisfaction

• More favorable in a competitive environment

1. product

2. price

3. place

4. promotion

5. process

6. people

7. physical evidence

What are the 7Ps in the marketing mix?

Product

• Value proposition, features/innovations, positioning statement

• This represents an item or service designed to satisfy customer needs and wants. To effectively market a product or service, it's important to identify what differentiates it from competing products or services.

  • Unique selling proposition/value proposition

  • Branding

  • Packaging

  • Innovations

+ Product life cycle

Product life cycle

• The stages of growth and decline a product experiences between being introduced to consumers and being discontinued

1. Introduction

2. Growth

3. Maturity

4. Decline

1. Introduction

2. Growth

3. Maturity

4. Decline

Stages in the product life cycle

Price

• Market share, revenue, profitability

• one of the most crucial elements in any business strategy, regardless of the industry or product. It plays a significant role in determining a company's revenue, market share, and profitability.

Place

• Distribution channels, brick or mortar, online market

• This in the marketing mix encompasses the entire process of taking a product from the manufacturer and making it accessible to the consumer, which can include all intermediaries and distributors.

Promotion

• Traditional, contemporary

• It is the communication component of the marketing mix. It is opening a channel for conversation with your target market. Through promotion, the goal is to attract the customer’s attention and provide enough information about the product to build interest and motivate them to purchase.

process

• Customer service, workflow

• This as part of the extended marketing mix, refers to the systems and procedures that a company uses to produce and deliver its products or services to customers. It encompasses the entire process of creating, delivering, and managing the customer experience.

people

• Providers, stakeholders

• This in the marketing mix, refers to anyone directly or indirectly involved in the business side of the enterprise. That means anyone involved in selling a product or service, designing it, marketing, managing teams, representing customers, recruiting and training.

physical evidence

• Proof of purchase, logo, branding

• This means more than just proof of purchase - it encompasses the overall existence of your brand. Think about website, branding, social media, the logo on your building, your store’s decor, the packaging of your product, the post- purchase thank you email, even the ambience of your store.

What are the pricing strategies?

1. exclusive

2. intensive

3. selective

4. indirect

5. direct

What are the distribution strategies?

Exclusive

What is this distribution strategy?

intensive

What is this distribution strategy?

selective

What is this distribution strategy?

indirect

What is this distribution strategy?

direct

What is this distribution strategy?

1. ATL - Above the line

2. BTL - below the line

3. TTL - through the line

What are the different advertising?

BTL - behind the line

what is this advertising?

TTL - Through the line

what is this advertising?

ATL - above the line

what is this advertising?

READ

Small Business Start-Up Flow Chart

READ

Job Analysis

READ

Physical Evidence Elements