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Institute of Marketing) ‘Marketing is the human activity directed at satisfying human needs and wants through an exchange process’ (Kotler 1980) Implication of Marketing: Who are our existing / potential customers? What are their current / future needs? How can we satisfy these needs? Can we offer a product/ service that the customer would value? Can we communicate with our customers? Can we deliver a competitive product of service? Why should customers buy from us? Types of Marketing: Lots of people are talking about all the new forms of marketing a company can pursue. It’s true, certain traditional marketing has been around for a long time and is still used today, but with the Internet now playing such a huge role in any company’s success, people are coming out with more and more ways to market their products or services. The more we thought about all the different varieties of marketing, the more we realized there are so many different ways to promote something. Here’s a list of marketing terms that we hope you find useful: Internet Marketing: Internet marketing is any marketing strategy that takes place online. Also referred to as online marketing, it encompasses a variety of marketing forms like video advertisements, search engine marketing and e-mail marketing. It is the opposite of offline marketing, and can also fall under digital marketing. Internet marketing needs a good approach in areas of design, development and advertising. A company with a total web site marketing plan will have more success online than one that has just designed a web site without thinking of how to market their company through it. Offline Marketing: Offline marketing, the opposite of online marketing, includes all forms of marketing that aren’t done on the Internet. Examples of offline marketing are local advertising in newspapers and on television. In today’s marketing world, companies are finding ways to leverage their offline marketing campaigns with their online ones, making them complement each other.
1 Lecture notes/ Unit – 02/ TMM660/ Dr N.S.Bohra/ Faculty of Management/ GEU
telemarketing and direct selling. inbound marketing is the search engine optimization (SEO) part of web marketing. The important thing to remember here is that a person starts out with the want/need to purchase a product or service. Niche Marketing: When a product or service is not being readily supplied to a certain portion of a market.S. the majority of companies today are using different types of outbound marketing to reach their potential customers. Direct marketing is often preferable because the results can be easily measured. but trade shows allow companies to demonstrate new products and examine what is going on in the industry. Trade shows and other forms of event marketing are often a large investment to participate in. and they go out to find it. When they search for that product/service on a search engine. the search engine results page will show inbound marketing results. Direct Marketing: Direct marketing’s main goal is to send a message directly to consumers. Instead of using paid advertisements. and banner ads on different web sites.Bohra/ Faculty of Management/ GEU . without having to use any third party outlets. In fact. billboards. This targeted marketing is successful because the marketer has identified a need that isn’t being resolved by mainstream providers. Social Media Marketing: Social network marketing and social media campaigns provide a window to market a product or service on the Internet through different social networks. Companies can use these outlets for their marketing. Inbound Marketing: Inbound marketing focuses on having your company found by customers. Some examples are cold calling. as opposed to reaching out to them directly like in outbound marketing. customer service and 2 Lecture notes/ Unit – 02/ TMM660/ Dr N. Examples of direct marketing include mail marketing. the different forms you come up with are mostly outbound marketing (also called traditional marketing). sending newsletters. Outbound marketing includes any marketing efforts that are taken to introduce a product or service to someone who isn’t looking for that product or service. Trade Show Marketing: Companies that want to reach a large number of potential customers can participate in public or private trade shows. a company can focus their efforts on that niche to address a need that isn’t currently being addressed. giving the marketer a better understanding of the success of that campaign.Outbound Marketing: When you think of marketing. Sometimes it is beneficial for a company to focus on a niche instead of trying to compete in a larger market.
However. there is a more personal relationship that needs to be established between businesses. LinkedIn. and can not be solely relied on because results aren’t very predictable. government or other institution that markets to other businesses is involved in business to business marketing. referral marketing relies on a company’s customers to refer new customers to that company. whether an organization. guerrilla marketing makes a splash by relying on energy. YouTube and even company blogs. B2C Internet marketing is becoming more important to reach consumers. television marketing and radio marketing. B2C marketing can involve different marketing techniques such as door to door marketing. including holding contests to win a prize. and make a lasting brand image in the consumer’s mind.sales. Twitter. timing and unusual approaches to get the consumer’s attention. especially in the social media community where communication travels freely. which focuses on specific companies. promotion marketing. B2C Marketing: Business to consumer marketing campaigns try to reach a category of people that will be likely to purchase their product or service. newspaper marketing. The marketing efforts the company takes should be more broad than B2B. individual. In today’s marketing world. B2B Marketing: Any type of business. Also called word of mouth marketing. your marketing efforts will most likely be more direct. mobile marketing is part of the newest groups of marketing activities. Companies have been experimenting with the 3 Lecture notes/ Unit – 02/ TMM660/ Dr N. There are a number of ways that businesses will promote a product or service. Promotional Marketing: Promotional marketing is a common form of marketing strategy that companies use to motivate a consumer to make a decision and purchase their product. Mobile Marketing: Along with Internet marketing.Bohra/ Faculty of Management/ GEU . offering coupons for purchasing a product at a discount. The unconventional marketing involved tries to get the most out something small.S. The most common and successful means of social media marketing are found on sites like Facebook. word of mouth is still a powerful part of a company’s efforts to bring in new business. Guerrilla Marketing: With a smaller budget. Referral Marketing: One of the less strategic types of marketing. Since B2B marketing involves companies trying to sell mass quantities of product to one another. this is a more spontaneous way of receiving new business. If your company sells to other businesses. and having samples of the product so people can experience it before they purchase.
The goal of reverse marketing is to market a product in a way that will cause the consumer to seek the firm doing the marketing. because the customers receiving the mail aren’t expecting it and usually don’t want to open it. You DONT need a good smelling soap.Bohra/ Faculty of Management/ GEU . the products which fall under the needs category of products do not require a push. Most of what we thing of as telemarketing is cold call marketing. which is unpopular and has lead to laws being created against it. so many brands have come up with the same offering satisfying the needs of the customer. FMCG.S.Example of wants category products / sectors – Hospitality industry. But you will definitely use it because it is your want. 4 Lecture notes/ Unit – 02/ TMM660/ Dr N. Telemarketing: A form of direct marketing. Generally.certain ways to reach consumers through their phones. An extended part of needs today has become education and healthcare. they will have more success using reverse marketing because they will seek out that product. Some ways to marketing a product or service through a mobile phone include SMS marketing. For example. Instead the customer buys it themselves. the baby needs milk but it WANTS candy. that even the “needs category product” has to be pushed in the customers mind. Without these humans cannot survive. If a company has a product that solves a problem in the market. etc. Needs -Human needs are the basic requirements and include food clothing and shelter. you need to take a bath. especially with the rise of Apple’s iphone. But i am sure you take baths with the best soaps. Reverse marketing can be conducted through such means as television. Wants – Wants are a step ahead of needs and are largely dependent on the needs of humans themselves. Reverse Marketing: This form of marketing is similar to inbound marketing. Consumer Durables etc. print and Internet marketing. Thus Wants are not mandatory part of life. telemarketing can be effective if the right person is reached on the phone at the right time. But in todays tough and competitive world. banner marketing on different web pages and location based marketing. In the above image. in-game marketing. Companies will send paper mail with promotions or other information to a list of addresses. usually in a common geographical area. Electronics. telemarketing’s focus is on reaching consumers by phone. which is considered direct mail marketing. Direct Mail Marketing: Most people receive large quantities of marketing material in the mail. FMCG. Real Estate (land always appreciates). etc. Example of needs category products / sectors – Agriculture sector. This form of marketing is also called junk mail by some. However.
When an individual wants something which is premium. object. information. manufacturing. Market. functions. But can you actually buy a BMW or go on a cruise? You can provided you have the ability to buy a BMW or go on a cruise. 5 Lecture notes/ Unit – 02/ TMM660/ Dr N.Example of demands – Cruises. It is usually a bundle of tangible and intangible attributes (benefits.Bohra/ Faculty of Management/ GEU . Value & Satisfaction Product: A good. Definition of Product as per Law: A commercially distributed good that is (1) tangible personal property.S. Relationship between Need. A customer may desire something but he may not be able to fulfill his desire. features. Thus a step ahead of wants is demands. 5 star hotels etc. or service that is the end result of a process and serves as a need or want satisfier. (2) output or result of a fabrication. Demand. or production process. but he also has the ability to buy it. method. and (3) passes through a distribution channel before being consumed or used. Wants. then these wants are converted to demands. uses) that a seller offers to a buyer for purchase. idea. The basic difference between wants and demands is desire. BMW’s.Demands – You might want a BMW or a Mercedes for a car. You might want to go for a cruise.
or service.Definition of Product as per Marketing: A good or service that most closely meets the requirements of a particular market or segment and yield enough profit to justify its continued existence. Commonly practised in the industrial product marketing. economic and competitive condition. location. with a real distinction on ingredient. client. Customers form expectations about the value of various marketing offers and buy accordingly. Collectively these are called the marketing mix. or park visitor price . where the manufacturer and the user are in direct contact and the product gets customised to the requirements of the customer. which are neither suggested by the customer nor expected by them.Customer specific requirements are taken into account while developing the product. Dissatisfied customers often switch to competitors and disparage the product to others. or it may be ‘psychological’ brought about through subtle sales appeals. client. quality. or program . The marketer on his own augments the product. The differential claimed may be ‘real’.something of value you are offering the customer. Consumers make choices based on their perceptions of the value and satisfaction that various products and services deliver.Bohra/ Faculty of Management/ GEU . or park visitor pays (direct costs are financial. More comprehensively they are viewed as: product. The customised product . The potential product – The potential product is tomorrow’s product carrying with it all the improvements and finesse possible under the given technological. price. by adding an extra facility or an extra feature to the product. utility. perhaps in a park 6 Lecture notes/ Unit – 02/ TMM660/ Dr N. Types of Product: The differentiated product – The differentiated product enjoys a distinction from other similar products/brands in the market. There are no limits to the ‘potential product’.what the customer. Marketing Mix: Marketing mixed include: product. Only the technological and economic resources of the firm set the limit. place.Consumers usually face a broad array of products and services that might satisfy a given need. Value and Satisfaction . Satisfied customers buy again and tell others about their good experiences. distribution.where the transaction takes place. service. or accessibility . and promotion. indirect or alternative costs are such things as time it takes and the things people give up if they choose your offering) place.S. The augmented product – The augmented product is the result of voluntary improvements brought about by the manufacturer in order to enhance the value of the product.
Bohra/ Faculty of Management/ GEU . feel. In setting its strategy. or program.promotion or communication . The place of delivery. touch.this is how you inform the target market about the benefits in your marketing mix Product: The product.S. Place: The place is where the customer receives the product. or program. 7 Lecture notes/ Unit – 02/ TMM660/ Dr N. service..and vice versa). It includes direct and indirect costs as well as opportunity costs. The term promotion mix is commonly used to refer to the types of communication that are available: advertising. service. or an interpretive exhibit along a trail. personal selling. are those things that the customer can see. public relations. taste. The tangible. The objective is to persuade the customer in such a way that he or she recognizes that your offering is uniquely qualified to meet his or her needs. a visitor center in the park. the organization must determine how much the target market is willing to pay for atmosphere and physical resources of place. or program includes both tangible and intangible elements. the psychological aspects of pricing (high price to many customers is equated with high quality . or smell. service. including all of its resources. The intangible include such things as the image of the offering . The place may be a park. A place that meets his or her needs better may be worth more.. Promotion: Promotion includes all forms of communication you use to communicate the benefits of your offering to the target market(s). is part of what the consumer buys. of course. Price: The price is what the customer pays. Price includes all costs associated with the product. which includes the image of the organization making the offering. The benefits of the product have to be great enough to warrant the price.
and sales promotion. Word of mouth. Some authors include direct marketing. though seldom discussed.S. is powerful promotion. 8 Lecture notes/ Unit – 02/ TMM660/ Dr N.Bohra/ Faculty of Management/ GEU .publicity.
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