3-1 MARKETING MANAGEMENT Understanding Market Demand and the Environment.

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Presentation transcript:

3-1 MARKETING MANAGEMENT Understanding Market Demand and the Environment

3-2 Chapter Questions What is important to know? What data can be employed? How can demand be forecasted and measured? What are some important macro- environmental forces?

Background on Industry What are the trends in the industry? –Sales amounts –Growth rate –Profit margins –Industry trends –Types of products 2-3

3-4 Environmental Forces Demographic Social-CulturalEconomic NaturalTechnological Political-Legal

Background on Industry BASED ON THAT INFORMATION THEN… –Is this an area we should enter? –Where are the opportunities? –What should we be doing to stand out? (What is our competitive advantage?) –Is that position profitable or sustainable? 2-5

Need estimates of prevalence? Objective answers by asking? Yes No Yes SURVEY Good Poor EXPLORATORY or SECONDARY RESEARCH OBSERVATIONAL RESEARCH FOCUS GROUPS No Research Flowchart Understanding of problem

4-7 Estimating Future Demand Survey of Buyers’ Intentions Composite of Sales Force Opinions Expert Opinion Past-Sales Analysis Market-Test Method

3-8 Age versus Cohort effects 1.Age differences – chronological 2.Cohort effects – when you were born

3-9 Age versus Cohort effects “Population pyramid ” “Population pyramid projection, ”“Population pyramid projection, ”

3-10 Use Data in Marketing Plan What can these data sources tell you? Demand estimates Trends MARKETING PLAN: What can we learn about demand for the product or service? Explain it!

1-11 GROUP DISCUSSION: Toy business 1.What have been the key success factors for Toyland? 2.Where is Toyland vulnerable? 3.What should they watch out for? 4.What recommendation would you make to the owner going forward? 5.What should they be sure to do with their marketing?

1-12 GROUP DISCUSSION: Sirius/XM 1.What have been the key factors for satellite radio? 2.What should they watch out for? 3.What should they be sure to do with their marketing?