enable services and products to be
TRANSCRIPT
A market enables the exchange ofservices and goods. Markets
enable services and products to beevaluated and priced
Generate revenue for a brand,company, or organization.
Marketing is the process of gettingpotential clients or customers
interested in your products andservices. The keyword in this
definition is "process". Marketinginvolves researching, promoting,
selling, and distributing yourproducts or services.
Generates traffic
Increases revenue
It raises brandawareness
Tracking your metrics
Build trust in yourbrand
Digital marketing
Direct marketing
Marketing plan
Email marketing
Viral marketing
Performancemarketing
Mobile marketing
Inbound marketing
According to E. J. McCarthy, the 4Ps of Marketing are a simpleformula for identifying andworking with the essential
elements of your marketingstrategy.
Place
Price
Product
Promotion
A product could be anything that acompany offers consumers to satisfy aneed.Products can be a:
Physical product such as vegetablesor cold drinks or cellphonesA service: cutting hair, a beautyparlour, washing cars.
The type of product an organisationoffers to the market, affects the way theproduct is marketed.
Product
Non-durable products
Services
Durable products
These last for some time. This is usually an actual product andnot a service. Examples would include tumbledryers, washing machines, furnitureand so on. These products are usuallyexpensive, and, because they lastlong, are not replaced often.
Durable products
They are used up in the short termExamples would include food, drinks,household cleaning materials, etc.
Non-durable products
Products that give the customer instantbenefit when the service is performed. It is not something that the customer willuse or own. Example: A hair salon or a deliveryservice is a good example of this. The customer cannot really see theservice as you can with food andfurniture so the problem for the businessis to show the value of the service tocustomers.
Services
Price is the exchange value of a product orservice, usually stated in terms of money.
Pricing is one of the most importantelements of the marketing mix. The
pricing policy of an organisation affectsthe chances of long-term success, since
the profit is built into the price of aproduct.The objectives / aim of pricing is
to ensure that the business sells enough ofthe product to make a profit.
How much of theproduct will thecustomer buy?
Will the selling ofthe product bringin profits for the
organisation?
When they advise customers thattheir prices are lower than those ofthe competitors. Supermarkets do this often, whenthey advertise special offers on theprices of certain products.
Price competition
When the business offers moreadvantages to the customer, so thatprices that are higher than those ofthe competitor are not reallyimportant. A very good example is washingpowder – on the TV advertisementsthe manufacturer claims to showhousewives how much cleanerwashing will be when their product isused. They never mention a price.
Non-price competition
Competition
Image
Costs
Supply and demand
It does not matter how manyproducts the business produces, thefixed costs stay the same. Salariesand wages, equipment costs andrental.
Fixed costs
For some businesses the place where youlocate the business is a more important
decision than others. A ladies’ hairdressingsalon or clothing boutique has to be
situated in a place that is good for thecustomers, while it does not really matterwhere a spaza, hardware shop and paint
shop are located.
With the highest number of customersWhere big department stores andother major businesses are locatedNear the town’s fastest growing areaThat shield customers from badweather conditionsWith fewest obstacles to customertraffic, such as loading zones,alleyways, etc.
Promotion is the range of methods used by thebusiness to communicate with its customers,employees and other interested groups:
A business has to tell its customers where it is,what products it sells and, at times, also theprice of the products.The employees also have to know what goeson in the business, so the business also has topromote itself with the employees.
Before you can promote your business and itsproducts, you have to decide who the targetmarket is. The target market would be the peoplewho are interested in your products.
Sales promotion
Publicity
Advertising
Personal selling
Trends
Developments withinthe particular newventure industrialcontext
The South Africaneconomy
Various developments that you need toexplore, such as timing, location andcompetition.Timing is a very important factor whenlaunching a new business or a new product orservice. Location of your business is important – itneeds to be accessible to your customers. Competition: As soon as you start a newbusiness, you will be in competition with otherbusinesses.
Developments within the particularnew venture industrial context
Process of splitting customers, orpotential customers, in a market intodifferent groups, or segments, within
which customers share a similar level ofinterest in the same or comparable set
of needs satisfied by a distinctmarketing proposition. It is the process
of dividing a market into a distinctgroup of buyers that require different
products or marketing mixes.
Place
Price
Product
Promotion
Place
Price
Product
Promotion
Process
Physical Evidence
People
The market is divided according to wherecustomers live and work. In which region,province, city and suburb do the consumerslive?Consumers living in different regions havedifferent needs and buy different products.There are many reasons for this, some of thereasons are that they eat differently, theirsalaries and wages are different and theirlifestyles are different. Similarly, people wholive in rural areas also buy different productsfrom those who live in big cities.
Geographical factors
These factors describe the customersand tell you who your customers are. Themost commonly used demographicfactors are: AgeIncome bracketEthnic origin GenderCommunity
Demographic factors