Marketing Topic One

Marketing

ITS ALL ABOUT THE SALE!

DefinitionAmerican Marketing AssociationThe process of planning and executing the pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizations.Marketing develops and maintains satisfying exchange relationships between business and consumers.

Functions of Marketing

Target Market & Call to ActionTarget market - customers are those who are most likely to buy from you.male or female?How old are they?Where do they live? Is geography a limiting factor for any reason?What do they do for a living?How much money do they make? This is most significant if you're selling relatively expensive or luxury items.

A call-to-action (usually abbreviated as CTA) prompts your target market to take action. It is, quite literally, a "call" to take an "action."The action could be anythingdownload an ebooksign up for a webinar,attend an event

The Marketing MixThe 4 Ps of Marketing

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Travel and Tourism MarketingConsumers demand the best of luxury products and services - from hotels and destinations to resort developments and cruise lines. Their choices are emotionally charged with the promise, anticipation, delight and gratification that come from exclusive experiences and high - end services.T & T Marketing identifies the benefits and will trigger the customers emotionsThe 4 Ps of Marketing apply to T & T.

ProductThe tourism product differs from other products due to the wide range it covers, including such areas as accommodations, transportation, food, recreation and attractions. Often the product includes intangibles such as history, culture and natural beauty.Many times the hospitality or tourism product is viewed as more of a service in the customers eyes.The closer we can determine how to satisfy the customers needs, the more successful the destination will be

PriceThis refers to the amount customers pay for the product or service provided. A quality tourism experience at a fair price is what the customer is looking for in most cases.Pricing should be based upon clear-cut goals and objectives: survival, profit maximization, market share, competition or positioning.

PlaceThe place where the customer buys the tourism productTravel agents, tour operators and tour wholesalers are a few examples of the distribution points for tourism products.For example: web sites like http://www.jamaicatoursltd.com/item_list.php?com=show&type=tours&cat=1&affiliateid=

PromotionA range of activities can be used to convince customers to buy the product, including information kits, web sites, advertising, personal selling, sales promotion, travel shows, and public relations.Utilize tourist information centers, such as welcome centers.Participation with your state, regional and local tourism offices and associations.

Travel and Tourism Worksheet

Entertainment MarketingInfluencing how people choose to spend their time and money on entertainmentEntertainment as the productUsing entertainment to attract attention to other products Television, movies, theater, music (concerts), amusement parks, circus, etcProfessional Wrestling? Sports or Entertainment?

Sports MarketingUsing sports to market productsWho is the TARGET MARKET?Spectators of sports potential customers for what products? (List)Finding their interests and planning your marketing around itsports marketing!

Financial Impact of Professional Sports

How much did the Great Recession impact pro sports? Many teams have suffered downturns in revenue and valuation, but for the richest franchises, life is still good.

ActivityEconomist believe the economic value (how much it costs) of a professional sports team does not measure up to the social and psychological significance the team brings to that city. Brainstorm and list benefits, including financial that might come to a community acquiring a professional sports team.Group of two or three

E-CommerceA business model, or segment of a larger business model, that enables a firm or an individual to conduct business over an electronic network, typically the internet. E-commerce operates in all four of the major market segments: business to business, business to consumer, consumer to consumer consumer to business. It can be thought of as a more advanced form of mail-order purchasing through a catalog. Almost any product or service can be offered via ecommerce, from books and music to financial services and plane tickets.

E-BusinessE-Business (electronic business) is using technology to improve your business processes. managing internal processes human resourcesfinancial and administration systemsexternal processes sales and marketing, supply of goods and services, and customer relationships

Internet Businesses - a Marketing ToolSelling Goods and services ONLY On-line examples?Proving access for others to advertise examples?

Selling subscriptions to a website

Selling admissions to a website-

Activities using E-Business

trading of goods or services onlineelectronic retailing (eTailing)website marketingonline communications, such as emailonline training for staff (eLearning).

Advantagesquicker and easier communicationsstrengthened marketing capabilities and reachincreased hours of operation (a website provides 24 hour 7 day information to existing and potential customers)access to broader information through researchreducing the cost of doing business by lowering transaction costs and increasing efficient methods for payment, such as using online banking and reducing stationery and postage coststhe opportunities to adopt new business models and develop tailored customer support.

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International MarketingA series of activities that creates an exchange across national bordersIndentify the customers needsPlan to meet those needsMore complicated WHY ?Goods and Services desired vary across culturesGeographic competition, cultural, and legal differences

Global Marketing Strategies Importing and ExportingGiving foreign companies the right to sell the productJoint VenturesCompanies in other countries getting togetherWholly Owned SubsidiaryIndependent company owned by a parent companyHalmark>Binney & Smith >Crayola

What is making International Marketing easier these days?The World is getting smaller. Meaning?Jet TravelAdvances in TechnologyInternetNew Transportation SystemsShippingNew Market OpportunitiesFall of Iron Curtain opening trade in ChinaEconomic Development of new marketsSouth America, Africa, Southeast Asia

PEST

Political FactorsThe political arena has a huge influence upon the regulation of businesses, and the spending power of consumers and other businesses. You must consider issues such as:

1.How stable is the political environment? 2.Will government policy influence laws that regulate or tax your business?3.What is the government's position on marketing ethics? 4. What is the government's policy on the economy? 5. Does the government have a view on culture and religion? 6. Is the government involved in trading agreements such as EU, NAFTA, ASEAN, or others?

Economic Factors.Marketers need to consider the state of a trading economy in the short and long-terms. This is especially true when planning for international marketing. You need to look at:

1. Interest rates.2. The level of inflation Employment level per capita. 3. Long-term prospects for the economy Gross Domestic Product (GDP) per capita, and so on.

Sociocultural Factors.The social and cultural influences on business vary from country to country. It is very important that such factors are considered. Factors include:

1.What is the dominant religion? 2.What are attitudes to foreign products and services? 3.Does language impact upon the diffusion of products onto markets? 4.How much time do consumers have for leisure? 5.What are the roles of men and women within society? 6.How long are the population living? Are the older generations wealthy? 7.Do the population have a strong/weak opinion on green issues?

Technological Factors.Technology is vital for competitive advantage, and is a major driver of globalization. Consider the following points:

1. Does technology allow for products and services to be made more cheaply and to a better standard of quality? 2.Do the technologies offer consumers and businesses more innovative products and services such as Internet banking, new generation mobile telephones, etc?3.How is distribution changed by new technologies e.g. books via the Internet, flight tickets, auctions, etc? 4.Does technology offer companies a new way to communicate with consumers e.g. banners, Customer Relationship Management (CRM), etc?

In Review