Marketing Principles and Practices

This presentation covers the elements of marketing mix, methods of segmenting market, benefits of segmenting market, different methods of researching a market, and the impact of current technology in marketing.

Marketing Principles and Practices

Cover Content:
Elements of Marketing Mix
Methods of Segmenting Market
Benefits of segmenting market
Different method of researching a market
Impact of Current Technology
References

Elements of Marketing Mix
Marketing Mix: It is mixture of 7 elements that works collectively in order to
promote company's product or services. It mainly includes
 Product: It describes features and specification of particular product or services
 Place: It describes the area in terms of country, nation or region in which
company is operating their business practices.
 Price: It describe the money or cost which customer is willing to pay for a
specific product or services.
 Promotion: It covers how organizations advertise their product or services in the
market place.

Contd…
 People: It includes employees, culture, management and
customer service that is directly related with business operation
and functions.
 Process: It mainly covers the process that describes how goods
are produced and delivered to end customer.
 Physical Evidence: It pertains how company and its product or
services are perceived in the eyes of customer and marketplace.

Methods of Segmenting Market
Market segmentation means sub dividing or segregating market along with
similarity, kinship or commonality. It can be segmented on the basis of following:
 Geographic Segmentation: Market divides as per geographic criteria. It can be
segmented on the basis of country, region, climate zone, city, population density.
 Demographic Segmentation: Market is segmented on the basis of customer-
demographic variable mainly includes income, age, family group, economic
status etc.
 Psycho-graphic Segmentation: Market is segmented on the basis of lifestyle
of consumers such as their likes, dislikes, interest etc.

Benefits of segmenting market
 Focus of the company
 Increase in competitiveness
 Market Expansion
 Customer Retention

Different method of researching a
market
Market Research means identifying and analysing the needs and wants of large
number of target audience that keeps on changing frequently by different tools or
methods. Most of the companies are using 5 main methods in order to anticipate
the likes and dislikes of target audience. They are as follows:
 Survey
 Focus Groups
 Personal Interviews
 Observation
 Field Trials

Impact of Current Technology
Companies can gain competitive advantage by applying
technological advancement and innovation in their business
operation. 55DSL can create its own website, they can even sell
their product on other online sites. With technological
innovation, they can opt relevant channel that communicates
their product, message and brand in an effective and efficient
manner.

THANK-YOU

REFERENCES
 Ballantyne, D. and et. al., 2011. Value propositions as
communication practice: Taking a wider view. Industrial
Marketing Management. 40(2). pp.202-210.
 Barr, C., 2011. Principles and practice of sport management.
Jones & Bartlett Publishers.
 Blau, F. D., Ferber, M. A. and Winkler, A. E., 2013. The
economics of women, men and work. Pearson Higher Ed.