Marketing Magic 1

Marketing Basics

• Marketing is the process of delighting customers, while making a profit

• Reasons why a business uses marketing: to understand wants and needs, gain market share, encourage customer loyalty, and develop brand awareness

• Market share is the percentage of total purchases that goes to a company

• Marketing aims include attracting new customers, increasing sales revenue, building brand awareness, understanding customer wants and needs, increasing market share, and developing new products

Increase Market Share

Trivia: Did you know that increasing market share can lead to higher profits and a stronger competitive position? It involves attracting new customers and persuading existing customers to buy more. Companies often use strategies like pricing, advertising, and product differentiation to achieve this goal.

Marketing Magic

• Objectives: Targets or goals to be achieved within a defined time frame.

• Sense of direction: Provides guidance to the whole organization.

• Measurement: Acts as a yardstick to measure success or failure.

• SMART Objectives: Specific, Measurable, Attainable, Relevant, Time-bound.

• Market: A place where buying and selling takes place, can be physical or virtual.

• B2B vs B2C: B2B involves selling high volumes to fewer discerning buyers, while B2C involves selling small quantities to many different people.

• Mass Market: Targets everyone, no allowances for income or personal preferences.

• Niche Market: Targets a small and specific segment of customers.

SMART Objectives

Trivia: SMART objectives stand for Specific, Measurable, Attainable, Relevant, Time-bound. These criteria are used to set goals that are clear, trackable, achievable, relevant, and time-bound. It helps individuals and organizations to stay focused and achieve their desired outcomes.

Principles of Branding

• Branding is a key Marketing asset

• A way to stand out from the crowd

• Branding is a Unique Selling Point (USP)

• Branding is a short hand for quality and price

• Components of a Brand: Logo, Celebrity endorsements, Images, Colours, Symbols, personality, recvognition

• Brand Personality reflects how people 'feel' about the brand

Brand Components

Trivia: Did you know that a brand consists of various components? Some of them include logo, celebrity endorsements, images, and colors. These elements play a crucial role in shaping a brand's identity and perception.

Market Research

• Definition: The organised and deliberate process of gathering, analysing and interpreting information about a market, product, or service
• What it covers: Customer opinions on products, new products, advertising, and desired features
• Market Size & Profitability: Identifies the number of customers in the target market and evaluates viability and competition

Market Research:

Did you know? Market research covers a wide range of topics, including customer opinions on products, new products, advertising, and most importantly, desired features. It helps businesses understand their target audience and make informed decisions to meet their customers' needs.