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What is Marketing?
Definition from Kotler textbook
ââŚan organizational function and a set of processes for creating,
communicating, and delivering value to customers and for
managing customer relationships in ways that benefit the
organization and its stakeholders.â
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Understanding your Product
- What the consumer swaps for money
- Can be a product or service
- Needs to be different from your
competitors
- Includes tangible and intangible factors
- Includes packaging
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Understanding your Price
- The perceived value compared to
perceived cost
- Lowest isnât necessarily best
- Includes more than just money
- Risk
- Time
- Peer judgment
$9 | $11 | $15 |$8.75
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Understanding your Place
- Where does the consumer get your
product
- Includes website and brochures for
services
- How does your customer perceive you
based on where they buy it?
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2. Understand Your Customer
- Who is your target market?
(Demographic, psychographic)
- What pain points are they facing?
- What is their ideal state/lifestyle?
- Which channels are they hanging out
at?
- Think of the perfect individual
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Marketing in
Big and Small Companies
Big company
ďĄ Bigger budget
ďĄ Have a long lasting brand reputation
ďĄ Can afford traditional media (eg.TV)
ďĄ Reach a more larger customer base,
ďĄ Less personal, customized, and
targeted
ďĄ Have a multiple brand strategy (e.g.
Apple),
ďĄ Economies of scale
Small company
ď§ Less budget
ď§ Trust issue. Need to build an authentic
brand
ď§ Use more digital media platforms
ď§ Need more creative approaches to
stand out
ď§ Single products and strategy
ď§ Canât compete on big scale,
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Marketing Measurement
Sales
ďĄ Monthly Budget
ďĄ Number of phone calls
ďĄ Number of appointments
ďĄ Number of deals/sales
ďĄ Revenue
ďĄ Profits
Marketing
ďĄ Individual KPI
ďĄ Leading Indicators
ďĄ Outcome
ďĄ Adwords
ďĄ ROI
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Change in Thinking
Push Marketing
⢠Advertising
⢠Marketing
⢠Ads
⢠Google SEM
⢠Social ads
⢠Push
⢠Money
⢠Quick and stop
Attraction Marketing
⢠Branding
⢠Networking
⢠Content
⢠Google SEO
⢠Social posts
⢠Attraction
⢠Effort
⢠Slow and continued
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Your Perfect Pitch
ďĄ Four Step Process
1. What is the problem you solve
2. What is the solution to that problem you offer
3. Why you â credibility and emotion
4. Whatâs next