Marketing

• Advertising


  The message about your business that others are receiving – again and again and again
• Marketing


  The message that your business gives to others
• Branding


  • The message you are receiving from others
  • The happiness and value proposition people put on you and your company
• Advertising should be looked at as a much longer and static strategy
• Marketing


  Controlling how people perceive your company by controlling what you present to the world
• Popularity


  Tuloy-tuloy regardless of generation
• What is Marketing?

  • Selling
  • Advertising
  • Market research
  • New product development
  • Customer service
  • Distribution

  
• Marketing


  A process that integrates the functions of selling, advertising, market research, new product development, customer service and distribution which impinge on customer needs and satisfaction
• Marketing


  Focuses on the use of the exchange of process to satisfy human needs and wants
• Goal of Marketing

  To maximize consumer satisfaction
• Marketing Concept

  • Focuses on the needs of the buyer, not the seller
  • The total market of potential buyers can be segmented based on their divergent needs and wants
  • Potential buyers will respond favorably to the products or service that comes closest to meeting those specific needs and wants
  • Analysis and selection of target markets and the adoption of an effective marketing strategy will allow the organization to attract and hold customers
• Strategic Marketing Process

  1. Market Analysis

  2. Select Target Market

  3. Marketing Strategy

  4. Implement Plan

  5. Monitoring

  6. Appraisal

  
• Strategic Business Plan

  • Describes the organization and its mission
  • Identifies internal and external issues
  • Sets goals and objectives
• Environmental Factors

  • Demographics
  • Economics
  • Natural environment
  • Technology
  • Legislative environment
  • Cultural environment
• Market Characteristic Analysis


  • Looks at the customer side of the product and service exchange process
  • Provides an understanding of the market
• Market Characteristic Analysis Questions

  • Who are the current and potential buyers of the organization's products and/or services?
  • What products and/or services do they buy?
  • Under what circumstances do they buy?
  • Who is involved in the exchange transaction? What are their roles?
  • What motivates the market to buy the products and/or services they actually do buy? What do they hope to achieve?

  
• Market Segmentation


  Involves focusing on a strategically selected market in order to be effective, efficient and responsive to their chosen markets needs and wants
• Bases for Market Segmentation

  • Size
  • Location
  • Wants and Needs
  • Buying habits
  • Other characteristics

  
• Demand Measurement and Forecasting


  • Seeks to quantify current and potential demands
  • They link forecast to analysis of environmental factors, market analysis, and market segments
• Five Bases for Measurement and Forecasting

  • Analysis of past experiences
  • Customer surveys
  • Industrial surveys
  • Demographic information
  • Environmental trends data
• Marketing States

  • Negative Demand
  • Lack of Demand
  • Latent Demand
  • Faltering Demand
  • Irregular Demand
  • Full Demand
  • Overfull Demand
  • Unwholesome Demand
• Negative Demand


  The potential market has an aversion to the product or service
• Lack of Demand


  When there is no demand because the product has no value to a particular consumer or group
• Latent Demand


  When there is a strong demand for a product or service that is not available
• Full Demand


  When the demand is constantly present across consumer groups
• Faltering Demand


  When a demand for a product or services is on the decline
• Irregular Demand


  When the demand for a service or product is dictated or depends on the economic environment, consumers needs and wants
• Overfull Demand


  When the demand for a product or services exceeds the organization's ability to supply it
• Unwholesome Demand


  When the demand for a product or services is perceived to be without benefit to the consumer
• Product


  Tangible or intangible item that is created to satisfy the needs of a consumer
• Product Examples

  • Therapy services (screening, assessment, intervention)
  • Professional consultancy
• Price


  • The value of the offering
  • What are customers willing to pay?
• Price Considerations

  • Price too high – it won't sell or if it sells, the customer may feel being ripped off
  • Price too low – it may devalue your product
  • Fair cost – sweet spot that a majority of the market will agree
• Price Examples

  • Assessment
  • Intervention (clinic vs home, individual vs group)
  • Additional reports
• Place


  • How you position your product (distribution)
  • Strategically place yourself in an accessible location within a given market
• Place Examples

  • Independent clinic vs part of a healthcare system
  • Geographic area: urban vs rural, residential vs business district
• Promotion


  • Your reach
  • Paid advertising – social media campaigns, Google ads, print media, commercials
  • Public relations – press releases, sponsorships, expos, seminars, conferences
  • Word of mouth – incredibly valuable; something built by delivering a good product
• Promotion Examples

  • Digital marketing
  • Word of mouth – colleagues, doctors, schools, clients
  • Job fair
  • Sponsorship in events
• People


  • Who and how many are the people in your target market
  • Also considers who are involved in your business (your team is an extension of your brand)
• People Examples


  • Patients, caregivers, families
  • Therapists (employees or consultants)
  • Administrative staff