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SME marketing & media

introduction to the important role of media and marketing in SME business

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SME marketing & media

  1. 1. K.I.S.S. This program introduces a simplified, straight forward approach to Marketing & Media. It is intended as an introductory course for non- marketing academics and practitioners. The objective is to give you a better understanding of marketing communications and how to use it in supporting your business.
  2. 2. “Failing to plan is planning to fail”
  3. 3. What is a Market? The set of actual and potential buyers of a product. These people share a need or want that can be satisfied through exchange relationships. Exchanges: act of obtaining a desired object from someone by offering something in return
  4. 4. What is Marketing? Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas and products to create exchanges that satisfy individual and organizational objectives.
  5. 5. What is a product? Products – goods, services or idea that have monetary value. (satisfy customer needs). Watch the product life cycle; but more important, watch the market life cycle.
  6. 6. What are Goods? Goods – things you can touch or hold.
  7. 7. What are Services? Services – you can’t physically touch – tasks performed for a customer.
  8. 8. What is Marketing Management? The art and science of choosing target markets and building profitable relationships with them.
  9. 9. What is Exchange? When the producer is someone other than the consumer, some form of exchange takes place. An exchange takes place every time something is sold in the marketplace.
  10. 10. What are functions of marketing? Activities that work together to get goods and services from producers to consumers. Each is essential and includes: • Distribution • Financing • Marketing Information Management • Pricing • Promotion • Selling What is the difference between sales and marketing?
  11. 11. Distribution Deciding where and to whom products need to be ready, convenient, and timely available to reach and to be sold to the final users.
  12. 12. Financing Getting the money necessary to operate a business.
  13. 13. Marketing Information Management Getting information to make sound business decisions. Usually obtained through marketing research. “Marketing is becoming a battle based more on information than on sales power.” “A man’s decisions are only as accurate as his information”
  14. 14. Pricing Price elasticity, How much to charge to maximize profits.
  15. 15. Promotion Communicating with potential customers to inform, persuade, or remind them about a business’s products
  16. 16. Selling Planned, personalized communication that influences purchasing decisions
  17. 17. DMP – Decision Making Process Initiator Influencer Decider Buyer User Most advertisers do not take this into consideration
  18. 18. Stages of the Buying Decision Process Problem Recognition Information Search Evaluation of Alternatives Purchase Decision Post purchase Behavior It is important to advertise ;) Personal sources Commercial sources Public sources Experiential sources
  19. 19. Marketing Everything it takes from the creation of the product or service to the final sale and the Includes market research, product and positioning strategy, pricing, packaging, distribution, promotion, sales, etc.
  20. 20. Elements of a Modern Marketing System
  21. 21. Components of Strategic Marketing
  22. 22. Marketing Mix Product Price Place Promotion People Process Packaging
  23. 23. Promotion Mix Levitt found that: • Corporate advertising that can build up the company’s reputation will help the sales Representatives. • Sales representatives from well-known firms have an edge, but a highly effective presentation from a lesser known company’s rep can overcome that edge. • Company reputation helps most when the product is complex.
  24. 24. Shannon & Weaver communication theory Sender Encoding Message Decoding Receiver Noise Feedback Response Media
  25. 25. Developing & managing an advertising program Mission Sales goals. Advertising objectives. Money Stage in PLC. Market share & consumer base. Competition &clutter. Advertising frequency. Product substitutability. Message Message generation. Message evaluation & selection. Message execution. Social responsibility review. Media Reach, Frequency, Impact. Major media types. Specific media vehicles. Media timing. Geographical media allocation. Measurement Communication impact. Sales impact.
  26. 26. Steps in developing effective communication Identify target audience Determine objectives Design message Select Channel Establish budget Decide on media mix Measure results Manage integrated marketing communications
  27. 27. Cost-effectiveness of different promotional tools
  28. 28. Marketing Is Knowing The purpose of marketing research is to find out who wants or needs your product and under what conditions will they buy it. Then marketing strategy can be formulated to meet the needs of the target market.
  29. 29. Market Segmentation & Target Marketing Market Segmentation: Divide the market into segments of customers. • Geographic segmentation. • Demographic segmentation. • Psychographic segmentation. Target Marketing: Select the segment to cultivate.
  30. 30. Analyzing Competitors Three variables to monitor when analyzing competitors: • Share of market. • Share of mind. • Share of heart.
  31. 31. Influencing Buying Behavior Ernest Dichter’s research found: Consumers resist prunes because prunes are wrinkled looking and remind people of old age. Men smoke cigars as an adult version of thumb sucking. Women prefer vegetable shortening to animal fats because the latter arouse a sense of guilt over killing animals. Women don’t trust cake mixes unless they require adding an egg, because this helps them feel they are giving “birth.”
  32. 32. Maslow’s hierarchy of needs 1 2 3 4 5 1 2 3 4 5 Self-actualization needs Self-development and realization Esteem needs Self-esteem, recognition, status Social needs Sense of belonging, love Safety needs Security, protection Physiological needs Food, water, shelter
  34. 34. • TV is leading with highest reach, followed by Internet. • Internet reach is growing really fast. • Oman has low print & radio reach. • Oman TV, Al Jazeera & MBC 1 are the top TV channels. • Oman radio Shabab leads among radio stations. • Al Watan & Zahrat al Khaleej have the highest readership. Conclusion
  35. 35. Strengths Weaknesses Opportunities Threats SWOT Analysis
  36. 36. Poor firms ignore their competitors; average firms copy their competitors; winning firms lead their competitors.
  37. 37. 5 tips on building brands 1. Have a clear PRODUCT FOCUS. 2. Make it different & MEANINGFUL. 3. Invest in COMMUNICATION. 4. Innovate CONSTANTLY. 5. Stay in touch with CUSTOMERS & STAFF.
  38. 38. Welcome to WWW 1. Facebook business page. 2. Twitter. 3. Instagram. 4. Website. 5. Blog.
  39. 39. USP - four major positioning errors 1. Under positioning. 2. Over positioning. 3. Confused positioning. 4. Doubtful positioning.
  40. 40. VIPS 1. Visibility. 2. Identity. 3. Promise. 4. Single minded.
  41. 41. AIDCA 1. Attention. 2. Interest. 3. Desire. 4. Conviction. 5. Action.
  42. 42. SEQU Standard Equivalent Unit 60” Radio = 30” TV = F/P IP F/C Magazine = ½ P IP B/W Daily Newspaper.
  43. 43. “It is more important to do what is strategically right than what is Immediately profitable.”
  44. 44. He who excels at resolving difficulties does so before they arise. He who excels in conquering his enemies triumphs before threats materialize - Sun Tzu, The Art of War
  45. 45. “Failing to plan is planning to fail”

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introduction to the important role of media and marketing in SME business


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