Intro to Marketing Course: Week Two - Advertising and Promotion

Week two of Matthews marketing short course focused on advertising and promoting products using a purple cow marketing strategy.

Transcript

1. Introduction to Marketing: WK2 © Matthew C. Draycott І 2012
2. Research Problem Identification Problem Solving Promotion Buying Decisions Customer Demand Purple Cow Marketing 4p‟s Branding Distribution Management Efficiency 3 Elements of Marketing
3. „Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others‟ Phil Kotler 2006 „Marketing is the art of telling a story to a consumer that they want to hear that lets them persuade themselves that they want to buy something.‟ Seth Godin 2009 „Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.‟ AMA 2007 What is Marketing?
4. What is Marketing? You
5. What is Marketing? You Your Customers
6. What is Marketing? You Your Customers
7. Easy to Understand Difficult to Apply…
8. B2C vs. B2B
9. NEEDS vs. WANTS
10. How have we traditionally marketed products / services? How Businesses Created Demand
11. Traditional Marketing Model
12. 1. Buy Adds Traditional Marketing Model
13. 1. Buy Adds 2. Get More Distribution Traditional Marketing Model
14. 1. Buy Adds 2. Get More Distribution 3. Sell More Products Traditional Marketing Model
15. 1. Buy Adds 2. Get More Distribution 3. Sell More Products 4. Make a Profit Traditional Marketing Model
16. The Problem...
17. The Problem... Modern consumers have less time and more noise (choice) to filter.
18. A ‘New Economy’ needs a new paradigm.
19. “The world is full of boring stuff, Remarkable marketing is the art of building things worth noticing into your product or service; Understanding from the outset that if your offering itself isn't remarkable, then it's invisible.” Seth Godin
20. Remarkable Things Create Change....
22. To Create something Remarkable, use the 4 P’s McCarthy, J. 1960
23. Product An item that satisfies what a consumer needs or wants (tangible good or an intangible service).
24. Product Price An item that satisfies what a consumer needs or wants (tangible good or an intangible service). The amount a customer pays.
25. Product Price Promotion An item that satisfies what a consumer needs or wants (tangible good or an intangible service). The amount a customer pays. All the methods of communication that a marketer may use to provide information to different parties about the product or service.
26. Product Place Price Promotion An item that satisfies what a consumer needs or wants (tangible good or an intangible service). The amount a customer pays. All the methods of communication that a marketer may use to provide information to different parties about the product or service. Providing the product at a location which is convenient for consumers to access
27. Product
28. Remarkable is hard…
29. Remarkable is hard… …a lot of times people don’t know what they want until you show it to them. - Steve Jobs
30. What if I can’t think of anything remarkable?
31. Be an astronomer not an astrologer.
32. Be an astronomer not an astrologer. Product development process: Generate
33. Be an astronomer not an astrologer. Product development process: Generate Develop
34. Be an astronomer not an astrologer. Product development process: Generate Develop Test
35. Be an astronomer not an astrologer. Product development process: Generate Develop Test Evaluate
36. Price
37. Price is elastic... demanded will only stretch so far depending on the product and its cost.
38. To Price a Product You Need Strategy
39. Cost-Plus Cost of production plus a set percentage; it‟s simple but takes no account of demand.
40. Cost-Plus Cost of production plus a set percentage; it‟s simple but takes no account of demand. Skimming Goods are sold at higher prices so that fewer sales are needed to break even; usually employed to reimburse the cost of investment.
41. Cost-Plus Cost of production plus a set percentage; it‟s simple but takes no account of demand. Skimming Goods are sold at higher prices so that fewer sales are needed to break even; usually employed to reimburse the cost of investment. Penetration Pricing Setting the price low in order to attract customers and gain market share. The price will then be raised to improve return.
42. Cost-Plus Cost of production plus a set percentage; it‟s simple but takes no account of demand. Skimming Goods are sold at higher prices so that fewer sales are needed to break even; usually employed to reimburse the cost of investment. Penetration Pricing Setting the price low in order to attract customers and gain market share. The price will then be raised to improve return. Premium Pricing The practice of keeping the cost of a product or service artificially high, this practice is intended to exploit the tendency for buyers to assume that expensive items enjoy an exceptional reputation, are more reliable, or represent exceptional quality and distinction.
43. Psychological Pricing Selling a product at £3.99, rather than £4.00 to exploit buyers perceptions of value. Cost-Plus Cost of production plus a set percentage; it‟s simple but takes no account of demand. Skimming Goods are sold at higher prices so that fewer sales are needed to break even; usually employed to reimburse the cost of investment. Penetration Pricing Setting the price low in order to attract customers and gain market share. The price will then be raised to improve return. Premium Pricing The practice of keeping the cost of a product or service artificially high, this practice is intended to exploit the tendency for buyers to assume that expensive items enjoy an exceptional reputation, are more reliable, or represent exceptional quality and distinction.
44. Find Examples of...
45. Cost-Plus Pricing Find Examples of...
46. Cost-Plus Pricing Skimming Find Examples of...
47. Cost-Plus Pricing Skimming Premium Pricing Find Examples of...
48. Cost-Plus Pricing Skimming Premium Pricing Penetration Pricing Find Examples of...
49. Cost-Plus Pricing Skimming Premium Pricing Penetration Pricing Psychological Pricing Find Examples of...
50. Promotion
51. Market to Passionate Influencers.
52. 10% Influence the purchasing decision of the other 90%. Malcolm Gladwell The Tipping Point
53. Where do you Find The Influencers?
54. Follow the customers, who are they listening to?
55. Top Bloggers like Poppy Disney have huge audiences and can make or break new products / services!
56. In a corporate context this means finding the people who can agree to buy.
57. Build Loyalty Through… Community Management.
58. A happy customer is the best endorsement a company can receive.
59. Nurture Them…
60. Be a talk show host…not a preacher…
61. …How?
62. Give a Great Experience
63. Give a Great Experience Listen to Customers
64. Give a Great Experience Listen to Customers Engage with the Community
65. Give a Great Experience Listen to Customers Engage with the Community Make Heroes from your followers
66. Where?
67. Channels Traditional Media
68. Channels Traditional Media Online
69. Channels Traditional Media Online Direct Marketing
70. Channels Traditional Media Online Direct Marketing Tele Sales Etc...
71. Investigate how Apple and Blackberry market their products; what channels do they use and how do they use them?
72. Don’t Fall Into The Brand Pit
73. How much would you pay for this cap?
74. How much would you expect to pay for this cap? How much would you pay for this cap? And now?
75. A Brand isn’t just A Logo
76. If it was we wouldn‟t spend as much time faking them!
77. A Brand is a collection of Perceptions In the mind of the consumer
78. Brands are created in Interactions And reflect Reputations
80. Place
81. Again this is about channels, how do you provide the product so it’s convenient for your customers...
82. Again this is about channels, how do you provide the product so it’s convenient for your customers... 3 Questions:
83. Again this is about channels, how do you provide the product so it’s convenient for your customers... 3 Questions: 1 Where are your customers?
84. Again this is about channels, how do you provide the product so it’s convenient for your customers... 3 Questions: 1 Where are your customers? 2 Where are you?
85. Again this is about channels, how do you provide the product so it’s convenient for your customers... 3 Questions: 1 Where are your customers? 2 Where are you? 3 What’s the intersection?
86. In what places are these being sold; why?
87. Read Some Theory: Seth Godin: Purple Cow Malcolm Galdwell: Tipping Point Michael Porter: The Five Competitive Forces That Shape Strategy Adrian Palmer: Into to Marketing Theory and Practice
88. Any Questions?
89. Thanks to all these lovely Flickr people: Maistora Andi.vs.zf Nestor galina Aldenjewell Lisa Bettany Dave Durden Skiwalker79 Joshfassbind.com Kk+ Loving Earth Sergio Castro Ailatan Cynicalworldview Rolan_tlv All product images remain property of the relevant copyright holders. For Material Thanks To: Sid Madge Kristian Andersen + Associates Wikipedia Seth Godin