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Basic Marketing Principles

Basic Marketing Principles

Revision Session for Marketing MKG1001

When you market you match your business and your product or service to your customer’s needs and wants

 What is the difference between Selling & Marketing?

 What is the difference between customer focused and selling focused?

 How do you identify the needs of your customers?

 your competitor – both direct & indirect

 how to use research to quantify the market size

 the importance of knowing everything about your customer

 the difference between Secondary and Primary Data

 6 step research process – Identify Problem, Conduct Situation analysis, Informal Evaluation – Secondary Research, Formal investigation – Primary Research, Analyze Data, Conduct Follow Up Research

 the difference between Qualitative and Quantitative Research

 that market research is the beginning of fostering client relationships

3. Market Segmentation & Positioning Chapter 4

 the importance of your target market

 segmentation categories – Geographic, Demographic, Psychographics, Behavior, Product Benefits, Product Usage

 that segmentation process must be – measurable & obtainable, with the market large enough and accessible

 the 10 Value Segments of Customer

 the perceptual maps of positioning – value vs. quality etc

 the positioning according to Competition, Company, customers and using the Marketing Mix

 how to use the 4 P’s to differentiate yourself in the marketplace

 the links between each of the 4 P’s

 what makes up the physical components of a product

 how packaging and design relate to product development

 how to go about managing new product development

 the other elements can you use to make your product different

 the mportance of Product Innovation

 pricing strategies based on what the market is willing to pay

 product costs - fixed, variable and contribution margins

 price setting methods – Cost Plus, demand based, marginal analysis, Competition based,

Know and understand the importance of:

 location for the customer and make your product or service easily accessible to them

 selecting the appropriate distribution channel

 the internet as a means of distribution

 direct vs. indirect distribution

 personal Selling, advertising, sales promotion, publicity

 differentiation via promotion

 being able to reach the target market

 setting the promotional budget

 different types of media choices

9. Strategic Marketing Chapter 15

 how organizations manage their resources with their marketing opportunities

 how to evaluate organizations SBU’s

 marketing management process – Planning, Implementation, Evaluation

 GE screen based on market and Industry attractiveness

 growth matrix – Market penetration, Market Development, Product Development, diversification

 porters model – Cost Leadership, Differentiation, Focus

10. Accounting for Marketers Appendix B

 the difference Between Balance Sheet & Profit & Loss

 Assets, Liabilities, Owners Equity

 financial accounting & managerial accounting

 how to use financial ratios to determine performance of business

 The importance of these strategies for start ups and SME’s

Also refer to the Tradesman Toolkit sessions on how to link your case studies into the theory. How do businesses set their price strategies etc.

 benefits of Internet Marketing

 cost effective ways of using the Internet to market products

 different types of Internet Advertising

 value of Internet Viral Marketing

 how quality links to satisfaction and satisfaction leads to brand loyalty

 the importance of developing brand consistency

13. Understanding what is a Marketing plan & How to write one

 the importance of looking at where you are now, what you want to do and how you plan to do it

 conducting appropriate research

 developing a marketing strategy

 utilizing the Marketing Mix


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