MARKETING
MARKET
A Market is defined as any situation which
the buyer and seller interact in order to
exchange goods and services. The buyer is
the person creating the demand and the
seller is the person supplying the goods.
The good or service is the commodity to be
exchanged. The price is the agreed money
value one is willing to accept or pay for
goods. The exchange process is the
passing over of the commodity or service
from buyer to seller.
VIRTUAL MARKET
VIRTUAL MARKET- transactions taking
place through on-line buying and selling
with the use of the internet. eg. ebay,
amazon
ACTIVITY
John James stopped a bus, bought a ticket
for $50 and was driven to the city?
Does the above constitute a market
situation? Give reasons to support your
answer.
DEFINITION OF
MARKETING
This is all the processes in selling goods and
services in the most profitable and efficient
manner. It begins with examining what
consumers want from a good or service.
After which products are produced.
Marketing is also the management process
responsible for identifying, anticipating,
analyzing and satisfying customers
requirements profitably. This is a two way
process that involves the producer on one
hand and the consumer on another hand.
In order to have a successful marketing
campaign, a producer must take the
following three steps:
Find out what the people want now and in
the future.
Make sure that these products are available
to the customers when they need them and
in the right quantities and price.
Ensure that the end result is profitable.
NEW TRENDS IN MARKEING
SOCIAL MEDIA MARKETING: is the use of
social media platforms and websites to
promote a product or service (Facebook,
Twitter, Instagram, and Pinterest). Social
media marketing includes activities like
posting text and image updates, videos,
and other content that drives audience
engagement.
ADVANTAGES
DISADVANTAGES
You reach large You can receive
audiences negative feedback
2. You build your You open up the
brand potential for
3. You drive traffic to
embarrassment
your website You must spend a
4. You can join social
media networks for
lot of time on your
free campaigns
5. Customer reviews
or feedback
INTEGRATED MARKETING:
Integrated marketing is the process of
delivering a consistent and relevant content
experience to your audience across a range
of communication channels. This GOES
across television, radio, print, Internet, and
in person – is presented in a similar style
that reinforces the brand’s ultimate
message.
INTEGRATED MARKETING
EXAMPLE-A Jewelry store might run a
campaign telling a story about a young man
choosing a diamond ring and proposing to his
girlfriend. The most detail can be made
available on a website, and segments—or
chapters—of the story can be shared through
TV and radio commercials. The videos also
can be available on social media. Print
advertising—including billboards—can be
used to draw people to social media or the
website to find out more.
MARKETING MANAGEMENT
CONCEPTS
Marketing Management is the
process of focusing on the
application of marketing
techniques and the management
of a firm’s resources and
activities.
MARKETING MANAGEMENT
CONCEPTS
The Marketing management concepts are
aimed at satisfying consumer needs and
wants while still making a profit. They are:
The consumer concept is where the firm
chooses to do what consumers want despite
their goals.
Marketing Concept- Marketing concept is
the philosophy that companies should
examine the requirements of their
customers and then make decisions to
satisfy those needs in a better manner
than the competitors. .
MARKETING CONCEPTS
The product concept holds that
consumers will favor products that offer the
most quality, performance, and innovative
features. Marketing strategies are
focused on making continuous product
improvements.
Production concept – “Consumers will
favor products that are available and highly
affordable.” This concept is one of the
oldest Marketing management
orientations that guide sellers.
MARKETING CONCEPTS
The Selling concept holds the idea-
“consumers will not buy enough of the
firm’s products unless it undertakes a large-
scale selling and promotion effort.”
The societal marketing concept holds
“marketing strategy should deliver value to
customers in a way that maintains or
improves both the consumer’s and society’s
well-being.
MARKET SHARE
This is the proportion of the total sales of a
product accounted for by an individual
brand. This when compared to a
competitor's business will indicate the
success of your company.
CALCULATION: TOTAL SALES OF THE
BUSINESSES PRODUCT DIVIDED BY TOTAL
SALES OF THE ENTIRE MARKET TIMES 100.
MARKETING ACTIVITIES
MARKET RESEARCH SALES PROMOTION
PRICING
ADVERTISING
DISTRIBUTION
BRANDING
PACKAGING
MARKETING ACTIVITIES
(a) market research: this is aimed to find
out (i) consumer taste; (ii) competition; and,
(iii) consumer behaviour.
(b) pricing; this is determined by the cost of
making an item as well as the competitors
pricing
(c) packaging; this allows a product to look
more attractive, enables easy stacking and
transport, protects the goods, keep it fresh
and give details on the products and its use.
(d) branding-this is attaching a brand
name, logo or symbol to a product to make
it recognizable.
(e) sales promotion; activities designed
to increase sales using techniques such as:
free samples, buy-one0get-one-free..
usually last for a short period of time
(f) advertising; done via different media to
increase awareness of a product.
(g) distribution- this is the movement of
the goods from source through distribution
channels to final consumers.
MARKET RESEARCH
This is the process of collecting, analyzing
and the evaluation of information relating to
markets and marketing.
BENEFITS OF MARKET RESEARCH
CONSUMER TASTE IDENTIFIED
COMPETITIOIN IDENTIFIED
IT REDUCES THE RISKS ASSOCIATED WITH
THE LAUNCHING OF NEW
IT EXPLAIN PATTERNS IN SALES OF EXISTING
PRODUCTS
STEPS IN MARKET
RESEARCH
1. IDENTIFY THE PROBLEM- EXAMPLE
INVESTIGATE WHY SALE ARE FALLING
2. SELECT DATA SOURCE- PRIMARY/
SECONDARY
3. COLLECT THE DATA- USE, QUESTIONNAIRE,
INTERVIEWS, OBSERVATION ETC
4. ANALYSE AND INTERPRET DATA- LOOK FOR
RELATIONSHIPS/CAUSES AND EFFECTS
5. PRESENT DATA- USE CHARTS, GRAPHS ETC
6. CONCLUDE AND MAKE RECOMMENTATIONS
MARKETING MIX/4P’S
This is a whole range of marketing
activities, techniques and strategies that a
firm uses to reach its target market.
Target market is the consumers that are
likely to purchase a producer’s product.
The variables of marketing mix are normally
referred to as the 4p’s of production, now
the 5p’s. They are: Price, Product,
promotion and Place and newly added
People.
PRICE
THE VALUE ATTACHED TO THE PRODUCT OR
SERVICE.,
PRODUCT: THIS RELATES TO A GOOD OR
SERVICE PRODUCED. CAR, WIGS,FOOD
PROMOTION: STRATEGIES USED TO MAKE
CUSTOMERS AWARE THAT THE GOODS EXIST.
EG:ADVERTISING,SALESPROMOTION,
PERSONAL SELLING
PLACE: HOW THE GOODS ARE DISTRIBUTED.
HOW THE GOODS ARE TRANSFERRED TO THE
CUSTOMERS.
