Module 6- Marketing and Promotion

NUTR 466

Identify the components of the marketing cycle. ???

Describe 2 ways to segment the market with examples.

o   Segmentation- dividing total market into groups of people that have similar wants, needs, values, buying behaviours

o   Geographic- country, region, natural resources, population density, cultural values that influence needs, size, rural/urban, spending patterns

o   Demographic- age, sex, gender, ethnicity, income, education, occupation, family size, family lifecycle, religion, social class, sensitive to prices or not

o   Psychographic- social class, personality, lifestyle, important to them and mode of living

o   Behaviouristic- purchase volume, purchase readiness, brand loyalty, shopping behaviours

Marketing Concepts

o   Production Concept- belief that customers favour products that are available and highly affordable; focus on production and distribution efficiency

o   Product Concept- customers prefer existing products and organizations should develop good/high quality versions of these products

o   Selling Concept- customers will not buy enough of the product unless the company takes on large promotion/selling effort; sales

o   Marketing Concept- organizations should determine needs and wants of target market segment and determine desired satisfaction of those products than competitors

o   Societal Marketing Concept- organizations should determine wants and needs of target markets but provide products efficiently and effectively in a way that improves consumers/society’s wellbeing

Identify the components of the marketing mix.

o   Product- quality, brand, warranty, service/support, packaging

o   Price- discounts, payment period, credit terms, list price, bundling

o   Place (location where food/services offered)- retail, wholesale, direct sales, eCommerce, distribution

o   Promotion (persuade customers to buy product, renew interest in product waning in popularity)- advertising, special offers, digital marketing, direct mailing, leaflets/posters

Discuss environmental forces that may be impacting your marketing plan.

o   Marketing environment gonna influence customer preferences and needs, influence how manager should perform different marketing activities, these forces influence how we market

o   Political- country’s economic and political stability, trade agreements, who we’re gonna do business with

o   Legal- legislation, interpreting laws

o   Societal- consumers wanting sustainable products, buy Canadian movement

o   Economic- if we can bring something into the market, can consumers afford luxury items

o   Technological- what products we’re offering (e.g., Telehealth increasing)

Why might marketing research be important?

o   Create effective marketing plan- executive summary, corporate connection, environmental analysis and forecasting, segmentation and targeting, next year’s objectives and quotas, action plans, strategies, and tactics, resources needed, marketing control, presenting and selling, preparing for the future

o   Market research process: