Marketing Basics
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Transcript of Marketing Basics
Marketing Insights
Marketing Basics & Social MediaFor Small & Medium Businesses
RENEE CLYDESDALE – OWNER &MARKETING STRATEGIST
Prepared and Presented by:
Topics What is Marketing?
Marketing Mix (7 P’s) Research (what do you research) Marketing Plan Elements
Understanding Consumers
Promotion Channels
Establishing a Marketing Budget
Social Media
Conclusion
THE WHO WHAT WHEN HOW WHERE & WHY
Marketing Overview
What is Marketing?
Basic Definition:
Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems composed of participants, who, interacting under constraints - technical (economic) and ethical (social) - create the transactions or flows which resolve market separations and result in exchange and consumption.
Bartles
Traditional v InteractiveTraditional Marketing Promoting a product or service through USP Impression of greed and profit hungry Lack of interest in consumer
Interactive Marketing Establishing a relationship Identify with you consumer’s needs Promote your product based on consumer needs
Importance of MarketingResearch and development
Developing products that meet the needs of clients.
Production team Keep up with demand created and live up to promises
Your human resources Hiring and training staff to sell and create a strong image
Your financial experts Discussions around pricing your product.
Your legal team Privacy implications of various marketing techniques
Your environmental team Attractive and low impact on the environment.
Importance of MarketingPromotes product awareness to the public
A company must invest in marketing so not to miss opportunities
Helps boost product sales Sales are generated once the public are aware of the product/service Increasing sales, marketing department must STRATEGICALLY PLAN
Helps builds company reputation Aim to create brand awareness/recognition Takes time and money Once established easy to grow!
Marketing Mix
Marketing Mix
People
Packaging
Positioning
Research Demographics Geographics Physcographics Competitors Distribution Strengths Weaknesses Opportunities Threats Industry Trends
Constructing a Plan
Introduction Marketing Mix SWOT Analysis Marketing Budget Action Plan
YESTERDAY TODAY & TOMORROWToday’s Consumer
Yesterday’s Consumer Today’s marketplace consists of:
Baby Boomers Generation X Generation Y Generation Z
Baby Boomers (born 1946 – 1964)
Generation X (born 1964 – 1977)
Generation Y (born 1978 – 1990)
Generation Z (born 1991 – 2010)
METHODS TO GET YOUR MESSAGE OUT THERE
Promotions Mix
Promotions Methods Advertising Word of Mouth Social Media Cross Promotion Public Relations Trade Shows Networking Direct Sales In-store Demos Seminars Signage
INVESTING YOUR MONEY TO MAKE BUSINESS GROW
Establishing a Marketing Budget
Guides to Setting a Budget % of expected revenue
Not the most reliable!
Everything you can afford Risky but quick growth
Desired customer growth Very specific, accurate
Industry specific Accurate but big players included
Spend nothing Is it really costing you nothing
THE WAY OF THE FUTURESocial Media
What Social Media Does Social Media is NOT Interactive Marketing Helps with SEO People meet and start conversations Become a real member of the community Add value to the community No boundaries of time or space Other people can easily participate Share ideas, thoughts and information Publish articles Network and build relationships Create and join groups so much to do and so little time!!!!!
Availability
Websites Facebook Twitter linked-IN You Tube Blogs E-newsletters Applications Online AdvertisingSquidooFlickr
WHAT WE DISCUSSED AND QUESTIONS
Summary & Questions