ims 554 info. marketing for information system department information marketing principles of...
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IMS 554Info. Marketing for Information System Department
Information MarketingPrinciples of Marketing
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Marketing Functions All companies start out with five simple
functions: Finance Personnel Operations Sales Accounting
As the company expands to serve new types of customer and new types of areas, the company needs to strengthen certain marketing functions other than the above.
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Marketing Functions – cont. The continued growth of the company
increases the productive potential of investment in other marketing functions• Marketing research• New product development• Advertising and sales promotion• Customer service
Marketing functions become one of the major division of a modern company and eventually become a modern marketing company
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Marketing
Definition: Refer to the process of planning and
executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organization goals.
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The Marketing Concept
Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.
Needs, Wants. And Demands Products and Services Value, satisfaction, and quality Exchange, transaction, and relationships
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Marketing Mix
Definition: Refer to a blend of product, distribution
(place), promotion and pricing strategies designed to produce mutually satisfying exchanges with a target market.
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Product Definition:
o “A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.”
Three level of product:o Fundamental level is the core producto Intermediate level ia the tangible
product.o Final level is the augmented product
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Product Strategies Refer to product offering and product
strategy Design a distribution strategy Decide on promotion campaign Set a price ( depend on where it is to be
marketed) Includes physical unit, and other
elements such as package, warranty, after-sale service, brand name, company image
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Product Strategies-cont.
Product can be tangible goods Computers Ideas ( offered by consultant) Services ( offered by medical care,
computer centre)
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Place Place or distribution intermediaries
makes up a marketing channel Also known as trade channel or
distribution channel Marketing Channels can be viewed as
sets of interdependent organizations involved in the process of making a product or service available for use or consumption
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Distribution (Place) Strategies
Concerned with making products available where and when customers want them.
Include physical distribution- storing and transporting raw materials or finished products.
The goal of distribution ~ ensure products arrive in usable condition at designated places when needed.
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Promotion
Consist of four major tools: personal selling, advertising, sales promotion, public relations.
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Promotion strategy
Provide mutually satisfying exchanges with target markets via informing, educating, persuading and reminding them of the benefits of an organization or a product.
A good promotion strategies can increase sales.
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Pricing
Price is what a buyer must give up to obtain a product
Refer to the amount of money customers have to pay for the products and services.
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Pricing Strategies The most flexible and the quickest element
to change compared to the other three marketing mix elements.
Marketers can raise and lower prices more frequently and easily than they can change other marketing mix variables.
The pricing strategies is largely determined by the prior decision on market positioning and target market.
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Managing Marketing
The key to building lasting customer relationships is the creation of superior cuatomer value and satisfaction
Customer Value: Customers buy from the firm that they
believe offers the highest customer delivered value
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Managing Marketing – cont. Customer Satisfaction:
Refer to the extent to which a product’s perceived performance matches a buyer’s expectations.
Customer Loyalty and Retention Satisfied customer are less price
sensitive, talk favorably to others about the
company and its product Remain loyal for a longer period.
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Target Market
Refer to a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting a mutually satisfying exchanges
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Market & Market segment
Market People or organizations with needs or
wants and the ability and willingness to buy
Market segment A subgroup of people or organizations
sharing one or more characteristics that cause them to have similar product needs
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Market Segmentation
Refer to the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
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Position
Position is the place a product, brand, or group of products occupies in consumers’ minds relative to competing offering.
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Positioning
Refer to a process of developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general.