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Marketing concepts

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
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 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
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