Marketing. Marketing Principles >> 1.Introduction To Marketing Definitions of marketing Implications of marketing The marketing concept The marketing.
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Marketing Principles >> 1.Introduction To Marketing Definitions of marketing Implications of marketing The marketing concept The marketing management process >> 2.Marketing Planning Objectives of a marketing plan Structure and contents of a marketing plan Behavioral problems when managing the process
Definitions of marketing ‘Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably’ The Chartered Institute of Marketing ‘ Marketing is a social and managerial process by which individuals and groups obtain what they want and need through creating, offering and exchanging products of value with others’ Kotler 1991
The View of Marketing Activities Customer Marketing Strategy & Planning Product Management Demand Generation Market Assessment Go-to-Market Strategy Marketing Planning Brand Management Value Prop Development Product* Development Product* LC Mngmt Product* Launch/Sales Readiness Indirect Demand Prgrms Direct Demand Prgrms Sales Effectiveness Prgrms Customer Loyalty Prgrms Customer Communications Customer Community Sub Processes Key Business Outcomes Simplified Buying Cycle From Customer Perspective Broadened Awareness within Targeted Markets and Audiences Increased Pipeline Through Proactive Demand Generation Accelerated Revenue Opportunities Through Increased Selling Effectiveness Installed Base Opportunity/Footprint Expansion
Implications of marketing Who are our existing / potential customers? What are their current / future needs? How can we satisfy these needs? Can we offer a product/ service that the customer would value? Can we communicate with our customers? Can we deliver a competitive product of service? Why should customers buy from us?
The marketing concept Choosing and targeting appropriate customers Positioning your offering Interacting with those customers Controlling the marketing effort Continuity of performance
Marketing management process Analysis/Audit - where are we now? Objectives - where do we want to be? Strategies - which way is best? Tactics - how do we get there? (Implementation - Getting there!) Control - Ensuring arrival
The marketing plan Objectives Assist in management control and monitoring the implementation of strategy Informs new participants in the plan of their role and function Obtain resources for implementation Stimulate thinking and make better use of resources Assignment of responsibilities, tasks and timing Awareness of problems, opportunities and threats
Marketing Plan Structure The executive summary Table of contents Situational analysis and target market Marketing objectives Marketing strategies Schedules and Budgets Financial data and control
Behavioural Planning Problems Planning recalcitrance: resistance and non-co-operation by managers in planning Fear of uncertainty in planning: a lack of comfort in planning activities Political interests in planning activities: Resource bargaining, padding of requirements, and avoidance of consensus planning avoidance: compliance rather than commitment to planning
Marketing Strategy The Marketing Strategy Is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy should be centered around the key concept that customer satisfaction is the main goal.
Types of strategies 1.Strategies based on market dominance firms are classified based on their market share or dominance of an industry. 2. Innovation strategies This deals with the firm's rate of the new product development and business model innovation.
Types of strategies 3. Growth strategies In this scheme we ask the question, “How should the firm grow?” There are a number of different ways of answering that question, but the most common gives four answers: -Horizontal integration -Vertical integration -Diversification -Intensification
Marketing Analysis The goal of a market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm. dimensions of a market analysis: Market size (current and future) Market growth rate Market profitability Distribution channels Market trends Key success factors