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Marketing

This document discusses basic marketing concepts including defining the market and marketing, the differences between marketing and selling, the four Ps of marketing which are product, price, place and promotion, and marketing linkage activities. It provides details on each of these concepts and how they relate to satisfying customer needs.

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21 views20 pages

Marketing

This document discusses basic marketing concepts including defining the market and marketing, the differences between marketing and selling, the four Ps of marketing which are product, price, place and promotion, and marketing linkage activities. It provides details on each of these concepts and how they relate to satisfying customer needs.

Uploaded by

king
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Basic Concepts of

Marketing & Marketing


Linkage

1
1. Concepts of Marketing
1.1. What is Market & Marketing
Mean?
♣Market is a place where buyer and seller coming
together for selling or buying of goods and
services.
♣Marketing is the process of selling and buying a
product or service related overall activities.
♣Broadly Marketing is process by which an
individual or group obtain what they need and
want through creating, offering and exchanging of
product values with others.
2
Cont…….
Marketing is used to:
☂Identify the customer,
☂Satisfy the customer, and
☂Keep the customer.
Marketing Vs Selling
• Marketing is too often confused with selling. Today,
marketing not only sense of making a sale, but it is
satisfying of customer needs.

• Selling is the art of finding clever ways to dispose/sale/


of what you make/produce.

• But Marketing is the art of creating genuine customer


value. It is the art of helping your customers become
better off.
Cont…
Marketing Selling
It focus on customer needs It focus on sellers need

Customer enjoys Product enjoys supreme


supreme/highest/ importance /highest/ importance
Converting customer‘s needs Converting product into cash.
into product.
Profits through customer Profits through sales volume.
satisfaction

5
Generally Marketing answers the following
Questions:
1. Who are your customers?
2. What our customer‘s needs and wants?
Who are your customers?
♣Your customers are the people or other businesses
that want your products/ services and are willing to
pay for them. They include;
People who are buying from you now.
People you hope will buy from you in the future.
People who stopped buying from you but you hope
to get them back.
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2. What our customer‘s needs and wants?

- An important point to note is that customers want to


look at different products so that they can choose
what they like best. Some customers want a different
design and others want high quality and are willing to
pay extra for that.
How can I satisfy my customers’?
You need to find out who are your customers and what they need
and want in order to satisfy them. You need to find out;
− Products/services your customers want.
− Price your customers are willing to pay.
− Place /Location/ of your business in-order to reach your
customers.
− Promotion to use to inform your customers and attract them to
buy your products or services.
What should entrepreneurs know about potential customers?

1. Know the customers


2. Know what different customer groups wants
3. Know where the customer buys
4. Know when the customer buys
5. Know how the customer buys
2. Core Concepts of Marketing
2.1 Needs, Wants and Demand

Need: - is a need that must be required to People /human being/, those needs
are, food, clothing, shelter.

Wants: - Wants are desires for specific satisfiers of needs. Human wants are
continually shaped and reshaped by social forces and institutions including
churches, schools, families and business cooperation.

Demands: - Demands are wants for specific products that are backed by
ability and willingness to buy them. Wants become demand when supported
by purchasing power.
3. Marketing Research

- Marketing research involves the identification, collection,


analysis, and distribution of information for the purpose of
assisting management in decision making process.
Marketing Research Components
- Market
- Market Share
- Market penetration
- Brand equity research
- Buyer decision processes research /motivates people to buy/

11
4. What Is Marketing Strategy?
A Marketing strategy is a process that can allow an organization
to concentrate its limited resources on the greatest opportunities to
increase sales and achieve a sustainable competitive advantage.
Marketing strategy is a method of focusing an organization's
energies and resources on a course of action which can lead to
increased sales and dominance of a targeted market.
5. The Marketing Mix and Marketing Strategies
5.1 The 4 P’s Of Marketing/The Marketing Mix/
These variables are usually classified to four major
decision areas 4Ps:
1) Product ,
2) Price,
3) Place
4) Promotion
1. Product: refers to goods/services produced for sale, the
product /service should relate to the needs and wants of the
customers.
2. Pricing: refers to the process of setting a price for a
product/service. Your prices must be low enough to attract
customers to buy and high enough to earn your business a
profit. To set your price you need to:
 Know your costs.
 Know how much customers are willing to pay.
 Know your competitors price.
 Know how to make your prices more attractive
Price

•Price is what the customer pays for the


product. Four pricing systems are introduced
here:
1. Cost-plus pricing,
2. Fair/Equivalence pricing,
3. Skimming pricing /scanning/, and
4. Penetration pricing

15
Pricing

a. Cost-Plus Pricing/Mark up/


• The product should not be sold for less than the
manufacturing cost. Any amount that is above unit
cost may be considered.
b. Fair/Equivalence Pricing
–This pricing involves setting a price that matches
that of competing brands within the market.

16
Pricing

c. Skimming Price (scanning)


☂This option involves charging a high price relative to
other brands within the product class.
☂The success depends on the high product quality and
differentiated performance. (E.g. Samsung's products
sell well even when the price is 25% higher than other
brand products.)
d. Penetration Pricing
• This system involves charging a low price on the
assumption of selling the brand in huge quantities.

17
3. Place: means the different ways of providing your products or
services to your customers. It is also referred to as distribution
place /location.
4. Promotion: Refers informing to your customers of your
products and services and attracting them to buy. Promotion
includes advertising, sales promotion, and publicity. Some useful
ways of advertising include signs boards, posters, personal
selling, business cards, photos and newspapers.
MARKETING LINKAGE ACTIVITIES:
- Identification of producer and buyer
- Connecting producer with buyer
- Facilitate development and negotiation contacts with buyers
- Educating creating value through development packaging and
brands
- Minimizing brokers or agents
- Creating strong relationship with governmental and private
organizations who can support your marketing.
- Promoting your goods on every ceremonies, conversation, etc.
- Enhancing entrepreneurship through market linkage
Thank you
for your
attention

20

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