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Marketing For? Marketing for? SuitUpMarketers! PreMaterials 1 CONTENT INTRODUCTION ___________________________________________________________________ 3 TERMS __________________________________________________________________________ 4 PROMOTION ___________________________________________________________________ 4 MARKETING____________________________________________________________________ 4 PUBLIC RELATIONS ______________________________________________________________ 4 PUBLICITY _____________________________________________________________________ 4 MARKET RESEARCH ________________________________________________________________ 4 MARKETING PLAN _______________________________________________________________ 5 MARKETING METHODS ___________________________________________________________ 5 MARKETING MIX ________________________________________________________________ 5 MARKETING RESEARCH ___________________________________________________________ 7 CASE STUDY – GREGGS BAKERY __________________________________________________ 8 MARKET SEGMENTATION _________________________________________________________ 9 BASIS OF MARKET SEGMENTATION ______________________________________________ 10 THE PROCESS OF MARKET SEGMENTATION ________________________________________ 10 CRITERIA FOR SEGMENTATION __________________________________________________ 11 BARCLAYS CASE STUDY ________________________________________________________ 11 SuitUpMarketers! PreMaterials 2 INTRODUCTION These pre-materials were composed only for one purpose, to help understand and reach basic knowledge about marketing, especially about marketing plans, methods, how to do a research, that there is not only 4 P´s in marketing mix and at least how to handle and win with marketing segmentation. There is also shown two case studies from two big London’s companies: Barclays and Greggs which will help you to understand the theory. SuitUpMarketers! core team is looking forward to meet you in Kosice. SuitUpMarketers! PreMaterials 3 TERMS ADVERTISING Bringing a product or service to the attention of potential and current customers. Focused on one product or service Done with signs, brochures, commercials, direct mailings or e-mail messages, personal contact, etc. PROMOTION Promotion keeps the product in the minds of the customer and helps stimulate demand for the product. Promotion involves ongoing advertising and publicity activities. These activities together with public relations are often considered aspects of promotions. MARKETING Marketing is the wide range of activities involved in makingÿ sure that you're continuing to meet the needs of your customers and getting value in return. Marketing activities include market research, competitors analysis, positioning, promotion… PUBLIC RELATIONS Ongoing activities to ensure the company has a good public image. Activities include making the public understand the company and its products or services. Often, public relations are conducted through the media (newspapers, television, magazines, etc. ) PUBLICITY Publicity is mention in the media. Organizations usually have little control over the message in the media, at least, not as they do in advertising. Regarding publicity, reporters and writers decide what will be said. MARKET RESEARCH The systematic gathering, recording, analyzing and use of data related to the market where a business functions. SuitUpMarketers! PreMaterials 4 MARKETING PLAN Objectives The goals you want to achieve. It should be similar to the goals of the event/LBG. Strategies What strategies can you develop to achieve these goals? Before everything, do some market research. Tactics The day-to-day actions that you need to take in order to implement the strategy. MARKETING METHODS Evangelism marketing Guerrilla marketing Internet marketing Mobile marketing Permission marketing Viral marketing Search engine marketing MARKETING MIX - appeared in 1964 - need to have a mix “ingredients” - the result would help taking better marketing decisions 4Ps - Product - Price - Place - Promotion 7Ps - Product - Price - Place - Promotion - People - Process - Physical evidence PRODUCT - Tangible = product - Intangible = services SuitUpMarketers! PreMaterials 5 Product decisions include aspects such as function, appearance, packaging, service, warranty, etc. PRICE The price is the amount a customer pays for a product. It is determined by a number of factors: – market share – Competition – product identity – the customer's perceived value of the product. Pricing models - Free - Freemium - Paid - Premium - Subscription - Per unit - Per weight - Etc. PLACE Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Can be: Virtual Physical Faculty Classrooms Dorms Outside the university grounds etc. PROMOTION Worth the communicating with the purpose of selling to potential consumers. It is useful to know the value of a customer in order to determine whether additional customers are cost of acquiring them. Promotion decisions involve advertising, public relations, media types, etc. SUMMARY Product Price Place Promotion Functionality List price Market coverage Advertising Appearance Discounts Locations Personal selling Quality Allowances Logistics Public relations Packaging Financing Message Brand Leasing options Media Warranty Budget Support SuitUpMarketers! PreMaterials 6 PEOPLE - Represent the company - Are part of the service PROCESS Process is an element of service that sees the customer experiencing an organisation's offering. It's best viewed as something that your customer participates in at different points in time. PHYSICAL EVIDENCE All the material things around a service that are related to it MARKETING RESEARCH Market research is the process by which businesses find out about customers' needs, wants and desires. It makes possible the successful development of new products. It usually involves selecting a sample of the potential market and then questioning this sample to find out these peoples' opinions e.g. about potential new products. Market research can be carried out using either a large sample e.g. through questionnaires, or a small sample e.g. through a focus group, in which small numbers of consumers are encouraged to give detailed opinions about products. Types of marketing research ad-hoc research focuses on a specific marketing problem and collects data at one point in time from one sample of respondents. Examples of Ad-hoc studies are: usage and attitudes surveys, product and concept tests, advertising development and evaluation studies, corporate image surveys and customer satisfaction surveys. Types of ad-hoc surveys: Custom-designed studies: they are based on the specific needs of the client. The research design is based on the research brief given to the marketing research agency or internal marketing researcher. Because they are tailor-made surveys, can be expensive. Omnibus studies: consist from questionnaires for face-to-face or telephone interviews. Is cheaper alternative as custom-designed studies. The client can buy a space in common questionnaire with another clients and benefit from cost sharing. Usually the type of collected information is relatively simple and general (awareness levels, ownership data) continuous research interview the same sample of people repeatedly (periodically). The client can measure the change in customers attitudes and the change of spending patterns. SuitUpMarketers! PreMaterials 7 Two types of continuous surveys: Consumer panels are formed by recruiting large number of households which provide information on their purchase over time. By using the same households over a period of time, measures of brand loyalty and switching can be compared to the demographic profile of customers. Retail audits by gaining the cooperation of retail outlets sales of brands can be measured by means of laser scans of bar-codes on packaging which are read at the checkout. Although brand loyalty and switching cannot be measured, retail audits can provide accurate assessment of sales achieved by store. the survey methods - Face-to-Face interviews - Telephone interviews - Mail surveys - Internet surveys Costs Response rate Impact Data quality Face to Face High High Medium High Telephone Int. Medium Medium Medium High Mail surveys Low Low High Medium Internet surveys Low Medium High Medium CASE STUDY – GREGGS BAKERY Greggs plc is the UK's leading bakery retailer, specialising in sandwiches and savouries, with a particular focus on takeaway food and catering. The research helps provide customers with superior products that combine taste, satisfaction and value for money. This case study looks at an activity that is, for Greggs plc, a key part of the total market research process. It involves carrying out taste tests. They also uses a range of other market research techniques. Taste tests are ideal for goods such as food that are consumed directly. Interviewers recruit random respondents on the street and invite them to take part in the research. Carrying out taste tests With taste tests, respondents eat products within a controlled setting and then give their opinion on them. It is good practice to test no more than three products in a session. Greggs plc carry out two main types of taste test: - Single Product Test ( one product only ) - Comparison Test (more than one variant of the same product e.g. the same filling
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