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Marketing concepts
| Question | Answer |
|---|---|
| what is Marketing | Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| Marketing process | 1. Market analysis 2. Design customer driven marketing strategy 3. Construct marketing Mix 4.build profitable relationships and create satisfaction 5. customer equity and profit |
| Five core customer and market place concepts | 1)needs, wants, and demands 2) market offerings (products, services, and experience) 3)value and satisfaction 4) exchanges and relationships 5) markets |
| Designing a customer-driven marketing strategy | 1) Selecting customers to target 2) Choose Value proposition 3) Marketing Management orientations |
| Marketing Mix (7ps) (4ps top 4) | 1) Product 2) Promotion 3) Price 4) Placement 5) People 6) Process 7) Physical Evidence |
| Capturing Value from customers | By building superior customer value the biz creates higher customer satisfaction which in turn keeps customers loyal and buying more which creates a long term returns |
| Marketing Trends | 1) Uncertain world economy 2) Uncertain world economy 3)The growth of not for profit marketing 4) The digital age 5) Rapid globalisation 6) Sustainable and social responsability |
| MARKET ANALYSIS | |
| buyer behaviour | |
| Buyer behaviour | refers to the behaviour that consumers display in searching for, purchasing, using, evaluating, and disposing of products and servicesservices. |
| 4 influences on buyer behaviour | 1) Cultural ( cultural groups) 2) Social (family and status) 3) Personal ( age lifecycle, occupation, selft concept) 4) Psycholigical ( Motivation, perception, learn) |
| Buyer decision process | 1) Need recognition 2) Information Search 3) Evaluation of alternatives 4) purchase decision 5) post purchase behaviour |
| micro-environment | |
| Micro-environment consits | 1) The company 2) suppliers 3) Marketing intermediarier 4) Competitors 5) Public (actual or potential interest on an organisations) 6) customers |
| Porters 5 forces | • Threat of new entrants • The power of buyers • Threat of substitutes • Extent of competitive rivalry • Power of suppliers |
| levels of competition | Competitions isnt just business who offer consumers the same product but can also be substitute such as coke competition can be coffee is both drunk for thurst and taste |
| Macro-environment consits | 1) Demographic 2) Economic 3) Natural 4) Technological 5) Political 6) cultural |
| Marketing information Systems | |
| Marketing information system | an organized way of continually gathering accessing, and analyzing information that marketing managers need to make ongoing decisions |
| Developing marketing information | Using both internal data from sales information and using competitive marketing intelligence through public information |
| Market research | 1) Define problem and research objectives 2) Develop research plan for collecting information 3) Implement research plan and collect data 4) Interpret results |
| Market research - Define Problem | Define the problem and agree on information needed for objectives |
| Market research - Develop plan | primary and secondary data through 1) research approaches (survey, obersavation) 2) Contact methods ( mail, telephone) 3) Sampling plan 4) Research instrument (questionire) |
| Market research - Research plan | Involves collecting, processing and analysis information |
| Market research - Interpret results | Draw conclusions from results |
| MARKETING STRATEGY | |
| Strategic planning | 1) Define company mission 2) set company goals and objectives 3) Design bus portfolio 4) planning and marketing strategies |
| Planning process | 1) Mission 2) Long term goals 3) Corporate analysis 4) strategic objectives 5) implementation 6) control |
| Marketing plans | 1) Market Analysis 2) Objectives 3) Marketing Strategy 4) Tactics for implementation / The marketing mix 5) Controls |
| Market Analysis (SWOT) | Strengths Weakness Opportunities Theats |
| Target market | Segmentation Target Position |
| Segmentation | Dividing market into segments with distinct needs e.g 1) georgraphic 2) demographic 3) psychographic 4) behavioural |
| segmentation - Psychographic | Socioeconomic, status, personality, values |
| segmentation - behavioural | regular or non regular user, benifit sought, loyalty status |
| Target | Evaluate market segments via 1) Segment size and growth 2) Structual factors (strong competition) 3) company objectives |
| Target market strategies | 1) undifferentiated - mass market ignores segments target all 2) Differentiated - target several segments at once (cars) 3) Niche - agressively target one segment 4) Micromarketing - tartget individuals |
| Position | relates to where the product sits in the consumers mind not physically on the shelf |
| Positioning | 1.identifying sources of competitive advantage, 2.choosing which to apply and to which parts of the target 3.selecting the overall positioning strategy (aka value proposition), 4.communicating and delivering that value proposition (via the market mix) |
| Position strategy | More for more More for same More for less Same for less Less for less |
| MARKETING MIX (Product, price, promotion , place) | |
| Product levels | Core customer value - what problem does the purchase satisfy Actual Product - features, packaging, branding etc Augmented - additional services IE 24 hour tech support |
| Product and service Attributes | Branding Packaging Labelling Product support |
| Services | •intangibility - service cannot be seen •inseparability - service not seperate from provideer (dentist) •variability - service cant be stored for later •perishability - quality vary compared to staff member |
| Brand Positioning | 1) lowest level - consumers interested only in need satisfy 2) Desirable benifit - market on perceived benifits 3) strong beleifs - market on emotional level |
| Pricing strategy | 1) Cost based - set priced based on costs of product add % 2) Value based - determine price based on customer perception 3) Competition based - set priced based on competitor prices |
| External factors for pricing | 1)The type of market 2)Demand 3) The economy 4)Resellers 5) Government 6) Social concerns |
| New product pricing | Marketing skimming - set prices high to max profit but smaller sales Market Penetration - low price to gain market share (good in high price sensitive market |
| Placement | How products get to customer (distribuation) •getting the right product •to the right place •at the right time •in the correct quantity |
| Logistics | 1) raw materials 2) supplier 3) Manufacturing 4) Distrubution 5) Customer 6) Consumer |
| Logistics | Producer - Wholessaler - retailer - consuner Producer - retailer - consumer Producer - Consumer |
| Location | 1)Favourable labour climate 2) Proximity to customer market 3)Proximity to suppliers and resources 4) Transportation costs 5)Location of Competitors 6)Site-Specific Factors |
| Marketing Channels | Network of intermediarers invovled in marketing and distributing goods to users |
| Types of intermediaries | Retailers (sell direct to end users) Wholesalers - (buy good for the purpose of resale) |
| Retailers | Amount of service - Level of service to customers (self, limited, full service) Product line - clasified by how many and type of products Organisational approach - |
| Wholesalers | Merchant - Independent business who takes posession of goods Broker - brings buyers and sellers together Agent - represents buyers and sellers more permanant basis |
Created by:
dragons1921
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