Please enable JavaScript.
Coggle requires JavaScript to display documents.
CHAPTER 3 MARKETING CONCEPTS AND TRENDS - Coggle Diagram
CHAPTER 3
MARKETING CONCEPTS AND TRENDS
WHAT IS MARKETING?
- marketing is the process of developing, promoting, and distributing products to satisfy customer's needs and wants
STRATEGY OF MARKETING:
1)
Product
- Is there a demand for the product or service.
2)
Promotion
- making customers aware of a product likes advertising.
3)
Place
-Distribution is getting the right product to the right place.
storage, warehousing, transpoting
4)
Price
- the price of the product.
how much are customer willing to pay?
MICROENVIRONMENT
- Actors close to the company that affect its ability to serve its customers
1)
Customer
:
-the actual buyer of our goods and services.
Consumer Market
Business Market
Reseller Market
Government Market
International Market
2)
Suppliers
: Provide the resources headed by the company
3)
Competitors:
Conducting competitors analysis is critical for success of the firm.
A marketer must monitor its competitors offerings to create strategic advantages.
4)
Marketing Intermediaries:
the firms that help the company to promote, sell, and distribute its goods to final buyers.
Reseller
Physical distribution firms
Marketing service agencies
Financial intermediaries
MACROENVIRONMENT:
- Larger societal forces that affect the microenvironment
1)
Demographic Environment:
study of human populations.
a major interest to marketers because it involves people, and people make up markets.
2)
Economic Environment:
factors affecting consumers purchasing and spending patterns.
3)
Natural Environment:
involves natural resource that are needed as inputs by marketers
4)
Technologies environment:
Forces that create new technologies, create new product and market opportunities.
5)
Political Environment:
consist laws
6)
Cultural Environment:
affects a society basic values.
SOCIAL MEDIA:
ADVANTAGES:
1) Cost-Effective: Social media platforms are mostly free, allowing for little or no cash investment.
2) Targeted Marketing: Platforms like Facebook offer geo-targeted pay-per-click ads to reach specific audiences.
3) Viral Nature: Content can spread rapidly through social networks, reaching a large audience quickly.
4) Voluntary Audience: Users voluntarily join or follow, indicating an audience genuinely interested in the information.
DISADVANTAGES:
1) Time and Effort: Updating social media accounts requires ongoing time and effort, particularly from a knowledgeable person.
2) Short-lived Visibility: Information is visible for a short time before newer posts replace it, requiring consistent updates.
3) Presentation Challenges: Obvious advertising copy is unacceptable; information must be presented in a conversational format to retain followers.
4) Senior-Level Involvement: Senior personnel with knowledge about the company may be required, adding to the cost.
5) Continuous Creativity: Finding new angles about products and posting information is an ongoing task.
TYPES OF ADVERTISING:
PRODUCT-ORIENTED ADVERTISING:
1) Advertising Focus: Most advertising spending is directed towards promoting a specific product, service, or idea.
2) Product Advertising Goal: The primary goal of product advertising is to clearly promote a specific product to a targeted audience.
3) Approaches in Product Advertising:
Provides basic information about a product in a low-key manner.
Involves blatant appeals to convince customers to purchase a product.
May include direct comparisons between the marketer's product and its competitor's offerings.
IMAGE ADVERTISING:
Undertaken primarily to enhance an organization's perceived importance to a target market.
Advocacy Advertising:
The act of pleading or arguing in favor of something, such
as a cause, idea, or policy; active support
Public Service Advertising:
In some places, non-profit groups can share important messages on TV and radio for free. This is for causes that help society, like stopping teenage smoking or addressing mental health issues.
SEO – Search Engine Optimization
Natural or organic SEO is about designing and coding a website so that it shows up at the top of search engine results for certain words and phrases.
Getting qualified leads often starts with search engine use. Most user sessions and online purchases originate from searches on search engines.
ROI:
ROI means "Return on Investment." It's a way to see if you gained or lost money on something you invested in, like a business or project. It helps measure how good the investment was in a simple percentage.
Channel of distribution
1)
Manufacturer
: A producer is a company that makes stuff using raw materials or parts. Different workers do different jobs, and it's another word for a maker.
2)
Wholesaler
: A wholesaler is a big middleman. They buy a variety of things from makers, store them, and sell to smaller shops. When they sell non-competing items, they're called distributors.
3)
Jobber
: One that works by the piece or at odd jobs.
4)
Retailer
: individuals and sell goods to the
customer with profitable price
5)
Customer
: A party that receives or consumes products
FUTURE CHALLENGES AND OPPORTUNITIES OF CYBER BUSINESS
FUTURE CHALLENGES:
Tough Online Problems: Make it easy for people to stay safe online with strong protection by creating something that can beat tricky online attacks.
Following Online Rules: Give tools that make it simple for businesses to follow online safety rules by Make a product that works with changing rules and is easy for customers.
Not Enough Online Experts: Offer easy training for people to become online security experts.
OPPORTUNITIES:
Safe Online Clouds: Make sure customers know their stuff is safe in the online cloud by create something that keeps data safe in the cloud and is easy for customers.
Smart Tech for Security: Build something that uses smart tech to handle new problems without customers needing to know the tech details.
Help for Online Security: Create a service that manages all parts of online security for customers, so they can focus on their business.