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Transcript of FIMM-Diffrence S&M.pdfsdfhjkl;kjbvr
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The Difference between
Selling and Marketing
Presented by Mike Lee, CFP,RFPChartered Marketer, Dip. M, MCIM
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Product vs. Service
TANGIBLE
Something you cansee and touch example: Shoes,
Cars, Houses,Computers,
Apparels etc
INTANGIBLE
Something youcannot see and
touch examples:Services relating to
Accounting,Taxation,
Management
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Product vs. ServiceTANGIBLE
Shoes
Cars
HousesComputers
Apparels
Food, Drinks
FEATURES
Separable
Returnable
Perishable
Warranties
Not Heterogeneous
Less Perceivable Risk
Evaluation before buying
Competition within location
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Product vs. ServiceINTANGIBLE
Accounting
Taxation
Management
Airline Service
Advertising
FEATURESNot Separable
Not Returnable
Not Perishable
No WarrantiesHeterogeneous
Greater Perceivable Risk
Evaluation after buyingCompetition in differentlocation
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What about these?(Are they products or services?)
Fast Food Business
Laundry Business
Petrol Stations
Cinema, Astro, Playboy Magazine?
Unit Trust
InsuranceFinancial Planning
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What is Selling?
SELLING is a process oftransferring a product or
service to a buyer at a priceregardless of his or her need
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What is Marketing?
MARKETING is a process oftransferring a product or
service to a buyer at acompetitive price in order tosatisfy his or her need
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Selling vs. Marketing
SELLING
Sells what the
producer has and
need not necessarybe a product orservice that the
Buyer wants
MARKETING
Markets a product orservice that meetsthe needs of theBuyer and is not
what the producer
has to sell
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Selling vs. Marketing
SELLING
Focus on the needsof the Producer
example, selling allthe funds of a fundhouse because they
are available.
MARKETING
Focus on the needsof the Buyer
example, a growthfund for childeducation or
income fund for aretirement plan
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Selling vs. MarketingTACTICS
Selling makes use ofshort-term tactics
to get sales
examples are freegifts, discounts,
rebates, bribes, etc.
STRATEGIES
Marketing makes
use of long-termstrategies to get
sales examples,value-added
service, customer
education, meetingobjectives
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Marketing ConceptsTraditional vs. Modern Approach
The Traditional Ps
1. Product
2. Price
3. Place
4. Promotion
5. People
6. Process 7. Physical Evidence
The Modern Cs 1. Customer Benefits
2. Customer Values
3. Convenience &
Channels 4. Communications
5. CustomerPreferences
6. Current Affairs
7. Competencies
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Marketing ConceptsTraditional vs. Modern Approach
The Modern Cs 1. Customer Benefits 2. Customer Values 3. Convenience &
Channels 4. Communications 5. Customer
Preferences
6. Current Affairs 7. Competencies
Rationale1. Meeting Objectives2. Add Values not costs3. Business can be done
anywhere4. Keep Clients informed5. Do Asset Allocation to
balance risk-return6. Education and sharing7. How are you
Different?
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How the benchmark has moved
Previously -The Cs
Career
Cash
Credit Cards
Car
Condominium
Now -The Ps
Professional
Plentiful Cash
Platinum Card
Porsche
Penthouse
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Marketing Tip 1 for Success
Market Creation
or Development
(find out where themoney is and focus on
that sector)
What are you good at cash or EPF, individual
or corporate, city orindustrial or kampong?
Create a categorywhere you are good
at your nichemarket.
If you fail, shift yourbattle ground and
fight where you are
strongest.
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Marketing Tip 2 for Success
Dont Try to Be
Better, Try to beDifferent!
Not all products arecreated equal so
are consultants
But if everything
becomes equal,
the Difference
will be YOU
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Marketing Tip 3 for Success
Go beyond
Database Marketing
(everyone starts with adatabase, usually a
limited one)
Marketing is notnetworking alone, you
need technicalknowledge, skills too.
Your Success =
Your Network +Technical and
Marketing Knowledge
and Skills(This gives you theconfidence to get new
sales and referrals toexpand your database)
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Marketing Tip 4 for Success
Motivating YourCustomers
(what is going on in themarket place am Iupdated on current
affairs?)
How do I share this with
my customers to getthem interested?
Always keep your
customersinformed whenthey understand
the situation better,your marketing
function is made
easier.
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Marketing Tip 5 for Success
RelationshipMarketing
(A good relationshipallows you to
understand the needsof you customer
better)
Regular
communication
will help you buildthat relationship the customer is lessconcerned of how
much you know but
more of how much youcare.
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Marketing Tip 6 for Success
Positive Thinking(Make your closingspeech simple and
assertive never askinvest or not or buy
now or later)
Use the
1-egg or 2-eggsapproach to secure
a sale.
Always close by
asking Cash orEPF, Fund A or B,
RM100,000 or
RM200,000(whichever option the
customer chose,you still make a
sale)