Introduction to Marketing

Miss. Suha Saad

Business English, Faculty of Languagess
Third Year
What are the Marketing Mix( 4Ps)of
?Marketing
Marketing Mix is a combination of
marketing tools that a company uses to
satisfy their target customers and
.achieving organizational goals
Product
Product is the actual offering by the company to its 
targeted customers which also includes value added stuff.
.Product may be tangible (goods) or intangible (services)
While formulating the marketing strategy, product 
:decisions include
?What to offer 
Brand name 
Packaging 
Quality 
Appearance 
Functionality 
Price
Price includes the pricing strategy of the company for 
its products. How much customer should pay for a
product? Pricing strategy not only related to the profit
margins but also helps in finding target customers.
Pricing decision also influence the choice of marketing
 .channels
:Price decisions include 
Pricing Strategy List Price 
payment period 
Discounts 
Financing 
Credit terms 
Using price as a weapon for rivals
is as old as mankind. but it’s risky
too. Consumers are often sensitive
for price, discounts and additional
offers. Another aspect of pricing is
that expensive products are
.considered of good quality
Place (Placement)
It does not only include the place where the
product is placed,  all those activities
performed by the company to ensure the
availability of the product to the targeted
customers. Availability of the product at the
right place, at the right time and in the right
.quantity is crucial in placement decisions
:Placement decisions include
Placement
Distribution channels
Promotion
Promotion includes all communication and
selling activities to persuade future prospects to
:buy the product. Promotion decisions include
Advertising
Media Types
Message
Budgets
Sales promotion
Personal selling
Public relations
Direct marketing
Accessories
Installation
After sale services
Warranty
Key Elements of a Marketing Plan Situation
Analysis

SWAT.
Strengths
Strengths include the elements that strategically
position an organization to succeed. When
performing situation analysis it is important to
understand the market strength of the organization.
Assets that should be evaluated include employees,
physical infrastructure, brand reputation and
operating capital. All internal assets should be
evaluated.
Weaknesses
A weakness is anything that that may impede a
successful outcome. Just as a team well-trained
employees can be the biggest asset and greatest
strength of an organization, a staff of unmotivated
and inadequately trained or equipped workers can be
a weakness. Other elements that should be
considered in the review of potential weaknesses are
brand reputation, physical infrastructure and
.financial position of the company
Opportunities
Analysis of external variables includes an
examination of opportunities -- such as those
presented by emerging markets -- that may influence
your marketing plan's success. One example is e-
commerce marketing, which is expected to continue
to create new opportunities for businesses to expand
current markets or create new ones. According to the
website Marketing Teacher, other opportunities
include the formation of strategic alliances and the
creation of new market segments.
Threats
Threats are those external variables that might derail
marketing and business activities. Just as burgeoning
markets may create potential for your company, if
your primary revenue source is a product that is
dwindling in demand, you must consider the impact
on future growth and operations. If you have a niche
product, it might require a narrowly focused
marketing plan. Other threats may include
competitors whose products could replace yours -- as
the Apple iPod replaced the Sony Walkman.
Market Segmentation

Market segmentation can be defined as

the process of dividing a market into
different homogeneous groups of
.consumers
Market consists of buyers and buyers
vary from each other in different ways.
Variation depends upon different factors
like wants, resources, buying attitude,
locations, and buying practices
Criteria for selecting Market Segments

Measurable
A segment should be measurable. It means
you should be able to tell how many
potential customers and how many
.businesses are out there in the segment
Accessible
A segment should be accessible through
channels of communication and distribution
like: sales force, transportation, distributors,
 .telecom, or internet
The success of a marketing plan depends on strong
and accurate data. Reliable information is obtained
through situational analysis, which is an essential
aspect of establishing your organization's operating
climate. The American Marketing Association says
situation analysis includes "an examination of both
the internal factors (to identify strengths and
weaknesses) and external factors (to identify
opportunities and threats)." It is often called SWOT
analysis
Benchmarking
A measurement of the quality of an 
organization's policies, products, programs,
strategies, etc., and their comparison with
standard measurements, or similar measurements
.of its peers
The objectives of benchmarking are (1) to 
determine what and where improvements are
called for, (2) to analyze how other organizations
achieve their high performance levels, and (3)to
.use this information to improve performance
Marketing tactics
A set of strategic methods intended to 
promote the goods and services of a
business with the goal of increasing sales
and maintaining a competitive product.
Good marketing tactics typically result in
substantial customer satisfaction while
facilitating the business in focusing its
limited financial resources in the most
efficient manner to maximize the effective
.promotion of its products
What Is an Implementation Plan?
An Implementation Plan refers to detailed
listing of activities, costs, expected
difficulties and schedules that are
required to achieve the objectives of the
strategic plans. It is based around the
future-state map and should comprise the
objectives, to-do lists and other devices
.that will help develop the process
 
 
Competitor analysis
 
Competitor analysis in marketing and
strategic management is an assessment of
the strengths and weaknesses of current
and potential competitors.
 
The Importance of Marketing for the
Success of a Business
 Getting Word Out
For a business to succeed, the product or service it 
provides must be known to potential buyers. Unless your
business is known in the community and have
communication with your customers readily available,
you have to use marketing strategies to create product or
service awareness. Without marketing, your potential
customers may never be aware of your business offerings
and your business may not be given the opportunity to
progress and succeed. Using marketing to promote your
product, service and company provides your business with
a chance of being discovered by prospective customers
Higher Sales
Once your product, service or company gets on the
radar screen of your prospects, it increases your
chances that consumers will make a purchase. As
awareness becomes a reality, it is also the point where
new customers start to spread the word, telling
friends and family about this amazing new product
they discovered. Your sales will steadily increase as
the word spreads. Without employing marketing
strategies, these sales may not have ever happened;
without sales, a company cannot succeed
Company Reputation
The success of a company often rests on a solid
reputation. Marketing builds brand name recognition
or product recall with a company. When a company
reaches the high expectations of the public, its
reputation stands on firmer ground. As your
reputation grows, the business expands and sales
increase. The reputation of your company is built
through active participation in community programs,
effective communication--externally and externally--
and quality products or services, which are created or
supported by marketing efforts.
Considerations
Although marketing is hugely important for a
business to succeed, it can also be very expensive.
In its first year, a company might spend as much as
half of its sales on marketing programs. After the
first year, a marketing budget can reach as much as
30 percent--sometimes more--of the annual sales. A
marketing program that gives your company the
best chance is a healthy mix of different forms of
marketing, such as website development, public
relations, print and broadcast advertising, design
and printing for all print materials, trade shows and
other special events.