Pages
Options

  • image: 275dd059-0486-4463-bf26-3e77825122e9.png
  • image: Click for this week's audio
  •  

    Customers are very important to any business as they are what keeps the business afloat

    It is therefore important to keep existing (and new) customers aware of all the goods and services that a business offers. In order to make sure an organisation is sharing the correct information, it is important to define the customer segment one is dealing with. Profiling customers for marketing purposes will determine how an organisation markets their information on goods and services.

     




     

  • Marketing concepts

    The Production Concept
    This relies on the belief that customers are interested in products that are widely available and affordable. A company pursuing this concept believes profit can be achieved by distributing a product in high volume at a low cost. There are no guarantees that a customer will be interested in the product. The concept flourishes in markets where demand is greater than supply.


    The Product Concept
    This relies on the idea that a customer is interested in the quality, function, performance and level of innovation of a product. Companies using this concept must keep reviewing their customer needs as they are always looking for more innovative products. Superior quality does not guarantee sales; other factors must meet the customer’s needs.

    The Selling Concept
    The target of these companies is to meet a specific number of target sales. Consumer needs are not addressed here and if left alone, would not buy enough of the seller’s products. The belief is a customer will only buy goods and services marketed to them attractively, irrespective of need. This concept arguably does not last forever and needs periodic reviewing.

    The Marketing Concept
    This is all about the consumer. The value of the goods and services in the market are based on a company's ability (in comparison to its competitors’) to create, communicate and deliver a product specific to a customer's needs. The company has to keep up with what the customer's needs and wants are in order to maintain a competitive advantage.

    The Societal Marketing Concept
    Further to the Marketing Concept, this concept focuses on the needs and wants of the consumers, maintaining a competitive advantage and in addition, also focuses on the well-being of society as a whole (not just the individual customer). 

  • The marketing mix (the 5 P's)

    1. What product is being sold?
    2. At what price?
    3. And in what place are they sold?
    4. What promotion methods are to be used with this product/service?
    5. Which people are involved in the business and are they serving the needs of the organisations customer?

    The above are dynamic and as such need to be evaluated on a regular basis in order to stay in 'tune' with the customer. Additional thought can be given to packaging of the product or service; the product or service brand identity.

  • Designing and presenting a marketing tool

    The following steps will aid in the design and creation of a well thought out marketing plan.

    1. Formulate an accurate marketing message:
    Focus on the 5 P's in order to clarify your product or service offering. Keep the defined message short and concise - incorporate slogans and impact words where needed - state the truth only.

    2. Decide on the Marketing Method
     Understand the channel limitations, be it cost to access a channel for your customer or the upfront cost required to advertise on a type of media; this will help further shape your marketing message.  

    3. Design
    Make sure brand values are clear and consistent with what your customer expects or is used to. Keep styling simple and on brand and make sure the message being conveyed is clear.

  • Was week 5's content useful?
    Yes
    Sort of
    No
    Submit

  • Test Your Knowledge

  • I have completed this module


Comments

Add

© 2024, Obami Networks  |  Live