intro marketing
c2:internal audit: to examine resources and capabilities, current offerings, past results, business relationships, and key issues that affect marketing and performance.
external audit : pestle,competitive factors; differentiation(product,service,brand image) cost(unit,transaction,marketing expenses), marketing(market sharei brand awareness, distribution) advantage
c3:consumer and business markets:potential market is all the customers who may need, want or be interested in that good or service.available, all the customers who are interested and have both adequate income and adequate access to the product.qualified available all the customers who are qualified to buy based on product-specific criteria such as age.target market organisation decides to serve.penetrated all the customers in the target market who currently buy or have bought a specific type of product. During planning for consumer markets, look at needs stemming, in part, from char- acteristics such as age; national or regional culture, subculture and class social connections, including reference groups and opinion leaders personal and psychological elements. Main influences are characteristics(Industry classification,Turnover Workforce size ,Facilities location,Geographic focus,Customer-perceived value) ,organisational and environmental considerations(Objectives,Budgets and buying cycle,Buying policies and procedures,Share and growth,Competitive situation) and int/ext relationships(Buying centre participants,Decision process, Supplier relations,Customer relations)
c4:Demographic• Age,Family size,Marital status,GendeSocioeconomic• Income,Class Education, Religion,EthnicityGeographicGlobal, hemispheric, national, state, city, postal code,Climat,Rural vs urban Lifestyle/personality• Attitudes/opinions,Interests,Tastes and preferences. rank segments for marketing attention are: fit with the firm’s goals, strengths, resources and core competencies; competitive advantages;advantageous pricing or supply costs due to relative power of buyers or suppliers;sizeable profit and growth potential; ecological impact;significant potential for building long-term customer relationships.
Targeting:1)undifferentiated means targeting the entire market with the same marketing mix, ignoring any segment differences. 2)differentiated formulate a separate marketing mix for the two or more segments you choose to target.3)concentrated involves targeting one segment with one marketing mix. The idea is to compete more effectively and efficiently by understanding and satisfying one sizeable set of customers, rather than spreading organisational resources across multiple marketing activities for multiple segments.
positioning:What specific points of differentiation are meaningful to your customers and applicable to your brand or product?How can you use differentiation to position your offer as competitively distinctive, desirable and superior?What changes in customers’ needs, competitive pressures or the marketing environment might cause you to undertake repositioning?
c5:Growth strategies:market penetration, offer existing products to customers in existing markets. This increases unit and/or monetary sales and simultaneously reinforces the brand or product’s strength in each market.product development, you market new products or product variations to customers in existing markets. market development, you pursue growth by marketing existing products in new markets and segments. Such a strategy builds on the popularity of established products and allows firms to expand their customer base either geographically or by segment.diversification,(1) distributing new products in new markets through existing channel arrangements; (2) initiating new marketing activities in new markets; or (3) acquiring companies to gain access to new products and new markets.
Product mix and product lines Change product line length or depth,product mix width ,Consider cannibalisation effect Consider limited-time and limited-editionproductsProduct life cycle Locate product in cycle by segment and market Change progression through life cycle Balance life cycles of multiple products New product development• Add new product categories, Expand existing lines or brands ,Manage steps in process, Address sustainability and ethical concerns
C6:Planning for products includes decisions about the product mix (the assortment of product lines being offered), product line length (the number of items in each line) and product line depth (the number of product variations within a line). The product life cycle is a product’s market movement as it progresses from introduction to growth, maturity and decline. In new product development, you will: (1) generate ideas; (2) screen ideas; (3) research customer reaction; (4) develop the marketing strategy; (5) analyse the business case; (6) develop the product to determine practicality; (7) test market the product; and (8) commercialise it.
c7:Customers perceive a product’s value according to the total benefits weighed against the total costs, in the context of competitive products and prices. Marketers should research how customers perceive the value of their product and the value of competing products and, ideally, work backwards using the perceived value to plan price, cost and product decisions. Internal influences on pricing decisions are: organisational and marketing plan objectives; costs; targeting and positioning; product decisions and life cycle; and other marketing-mix decisions. External influences on pricing decisions are: customers; market and demand; competition; channel members; and legal, regulatory, ethical and sustainability considerations.Two approaches to pricing new products are market-penetration pricing (to capture mar- ket share quickly) and market-skimming pricing (to skim maximum revenues from each market layer). Depending on local laws and regulations and the rest of the marketing plan, marketers can adapt prices using discounts, allowances, extra value, periodic mark-downs or segmented pricing. A marketing plan may not involve fixed prices but instead have prices that vary according to dynamic pricing, negotiated pricing or auction pricing.
c8:value chain succession of interrelated, value-added functions undertaken by the marketer with suppliers, wholesalers, retailers to obtain supplies and deliver a product that fulfils customers’ needs.Marketers can use direct channels,or indirect channels, in which the organisation works through other businesses or individuals.3 intermediaries are wholesalers, retailers, and representatives, brokers and agents. In a channel with one or more levels, marketers can choose exclusive, selective or intensive distribution. The main functions involved in logistics are pre- and post-production inventory, storage, transportation, order processing and fulfilment. Increasing customer service levels generally increases logistics costs, while reducing logistics costs generally reduces the level of customer service.
c9:strategies for marketing communications and influence – for promotion – help you engage and influence the thoughts, feelings and behaviour of audiences that are important to your brand. Word-of-mouth and buzz marketing are part of the influence strategies developed by many organisations. Integrated marketing communication ensures that content and delivery of all marketing messages in all media are coordinated and consistent, and that they support the positioning and objectives of the product, brand or organisation. Communications tools include advertising, sales promotion, public relations, direct marketing and personal selling.The steps in communications planning are to (1) define the target audience, (2) set objec- tives and budget, (3) consider relevant legal, regulatory, social and ethical issues, (4) select and plan for the use of specific tools, messages and media, (5) plan pre- and post-implemen- tation analysis, and (6) schedule, implement and evaluate the campaign. When planning advertising, consider message appeal, creativity and appropriateness for media, and balance reach and frequency in the context of the budget. Use sales promotion to stimulate faster response from customers or channel members by adding value or reducing perceived cost. If personal selling is appropriate, consider in-person sales, Internet sales or telemarketing. Use direct marketing to build relationships with targeted audiences cost-effectively, with measurable responses. Plan for public relations to foster positive attitudes and an ongoing dialogue with key publics.
c10:Digital marketing describes any marketing use of online communications and e-commerce sites, including social media and mobile marketing, to reach target audiences. Digital advertising includes: (1) paid search ads; (2) display, banner and pop-up ads; and (3) TV adverts posted online. One challenge is increased use of ad blockers to screen out digital ads. Websites should be optimised to appear in search results and to function properly on different devices.
c11)Customer service supports the external marketing effort and, in turn, must be supported by internal marketing focusing on people and processes inside the organisation. Customer service can help the organisation to attract new customers, retain current customers, build brand image for competitive differentiation and achieve its objectives. Internal marketing can help the organ- isation to focus on customers, increase employee knowledge, encourage internal cooperation and commitment to marketing, and boost pride in performance for competitive strength.
Marketers face decisions about process (the experience customers will have in arranging for customer service) and outcomes (delivering service on time, as promised and to the customer’s satisfaction). They also face decisions about the appropriate level of customer service to be promised and delivered, the delivery of customer service before, during and after a purchase, how to monitor customer comments about service and the process of recovering from any customer service lapses. Planning for internal marketing is essential to promote the brand and its values inside the organisation, and to keep employees informed about marketing activities.
c12:preparing to measure progress and performance. Key performance indicators are indicators that are vital to effective performance, as defined by the organization’s strategic goals and the marketing plan’s objectives. Metrics are used to measure performance-related activities and outcomes numerically and on a reg- ular basis. Forecasts project sales and costs for the marketing plan period so that manage- ment can compare actual results and identify deviations. Budgets may be developed using floor-up methods, top-down methods or a combination of methods. Marketers use schedules to define the timing of tasks and implement specific programmes and activities.Marketing control is the focus of Stage 7 in the marketing planning process. This consists of: (1) setting standards and measurement intervals; (2) measuring interim results after implementation; (3) comparing measured results with standards; (4) diagnosing any deviations; and (5) taking action as needed. Contingency plans help an organization to prepare to respond to potentially disruptive elements in its marketing situation. Scenario planning looks beyond historical trends and short-term projections to envision broad, long-term environmental changes that could significantly alter future performance.
external audit : pestle,competitive factors; differentiation(product,service,brand image) cost(unit,transaction,marketing expenses), marketing(market sharei brand awareness, distribution) advantage
c3:consumer and business markets:potential market is all the customers who may need, want or be interested in that good or service.available, all the customers who are interested and have both adequate income and adequate access to the product.qualified available all the customers who are qualified to buy based on product-specific criteria such as age.target market organisation decides to serve.penetrated all the customers in the target market who currently buy or have bought a specific type of product. During planning for consumer markets, look at needs stemming, in part, from char- acteristics such as age; national or regional culture, subculture and class social connections, including reference groups and opinion leaders personal and psychological elements. Main influences are characteristics(Industry classification,Turnover Workforce size ,Facilities location,Geographic focus,Customer-perceived value) ,organisational and environmental considerations(Objectives,Budgets and buying cycle,Buying policies and procedures,Share and growth,Competitive situation) and int/ext relationships(Buying centre participants,Decision process, Supplier relations,Customer relations)
c4:Demographic• Age,Family size,Marital status,GendeSocioeconomic• Income,Class Education, Religion,EthnicityGeographicGlobal, hemispheric, national, state, city, postal code,Climat,Rural vs urban Lifestyle/personality• Attitudes/opinions,Interests,Tastes and preferences. rank segments for marketing attention are: fit with the firm’s goals, strengths, resources and core competencies; competitive advantages;advantageous pricing or supply costs due to relative power of buyers or suppliers;sizeable profit and growth potential; ecological impact;significant potential for building long-term customer relationships.
Targeting:1)undifferentiated means targeting the entire market with the same marketing mix, ignoring any segment differences. 2)differentiated formulate a separate marketing mix for the two or more segments you choose to target.3)concentrated involves targeting one segment with one marketing mix. The idea is to compete more effectively and efficiently by understanding and satisfying one sizeable set of customers, rather than spreading organisational resources across multiple marketing activities for multiple segments.
positioning:What specific points of differentiation are meaningful to your customers and applicable to your brand or product?How can you use differentiation to position your offer as competitively distinctive, desirable and superior?What changes in customers’ needs, competitive pressures or the marketing environment might cause you to undertake repositioning?
c5:Growth strategies:market penetration, offer existing products to customers in existing markets. This increases unit and/or monetary sales and simultaneously reinforces the brand or product’s strength in each market.product development, you market new products or product variations to customers in existing markets. market development, you pursue growth by marketing existing products in new markets and segments. Such a strategy builds on the popularity of established products and allows firms to expand their customer base either geographically or by segment.diversification,(1) distributing new products in new markets through existing channel arrangements; (2) initiating new marketing activities in new markets; or (3) acquiring companies to gain access to new products and new markets.
Product mix and product lines Change product line length or depth,product mix width ,Consider cannibalisation effect Consider limited-time and limited-editionproductsProduct life cycle Locate product in cycle by segment and market Change progression through life cycle Balance life cycles of multiple products New product development• Add new product categories, Expand existing lines or brands ,Manage steps in process, Address sustainability and ethical concerns
C6:Planning for products includes decisions about the product mix (the assortment of product lines being offered), product line length (the number of items in each line) and product line depth (the number of product variations within a line). The product life cycle is a product’s market movement as it progresses from introduction to growth, maturity and decline. In new product development, you will: (1) generate ideas; (2) screen ideas; (3) research customer reaction; (4) develop the marketing strategy; (5) analyse the business case; (6) develop the product to determine practicality; (7) test market the product; and (8) commercialise it.
c7:Customers perceive a product’s value according to the total benefits weighed against the total costs, in the context of competitive products and prices. Marketers should research how customers perceive the value of their product and the value of competing products and, ideally, work backwards using the perceived value to plan price, cost and product decisions. Internal influences on pricing decisions are: organisational and marketing plan objectives; costs; targeting and positioning; product decisions and life cycle; and other marketing-mix decisions. External influences on pricing decisions are: customers; market and demand; competition; channel members; and legal, regulatory, ethical and sustainability considerations.Two approaches to pricing new products are market-penetration pricing (to capture mar- ket share quickly) and market-skimming pricing (to skim maximum revenues from each market layer). Depending on local laws and regulations and the rest of the marketing plan, marketers can adapt prices using discounts, allowances, extra value, periodic mark-downs or segmented pricing. A marketing plan may not involve fixed prices but instead have prices that vary according to dynamic pricing, negotiated pricing or auction pricing.
c8:value chain succession of interrelated, value-added functions undertaken by the marketer with suppliers, wholesalers, retailers to obtain supplies and deliver a product that fulfils customers’ needs.Marketers can use direct channels,or indirect channels, in which the organisation works through other businesses or individuals.3 intermediaries are wholesalers, retailers, and representatives, brokers and agents. In a channel with one or more levels, marketers can choose exclusive, selective or intensive distribution. The main functions involved in logistics are pre- and post-production inventory, storage, transportation, order processing and fulfilment. Increasing customer service levels generally increases logistics costs, while reducing logistics costs generally reduces the level of customer service.
c9:strategies for marketing communications and influence – for promotion – help you engage and influence the thoughts, feelings and behaviour of audiences that are important to your brand. Word-of-mouth and buzz marketing are part of the influence strategies developed by many organisations. Integrated marketing communication ensures that content and delivery of all marketing messages in all media are coordinated and consistent, and that they support the positioning and objectives of the product, brand or organisation. Communications tools include advertising, sales promotion, public relations, direct marketing and personal selling.The steps in communications planning are to (1) define the target audience, (2) set objec- tives and budget, (3) consider relevant legal, regulatory, social and ethical issues, (4) select and plan for the use of specific tools, messages and media, (5) plan pre- and post-implemen- tation analysis, and (6) schedule, implement and evaluate the campaign. When planning advertising, consider message appeal, creativity and appropriateness for media, and balance reach and frequency in the context of the budget. Use sales promotion to stimulate faster response from customers or channel members by adding value or reducing perceived cost. If personal selling is appropriate, consider in-person sales, Internet sales or telemarketing. Use direct marketing to build relationships with targeted audiences cost-effectively, with measurable responses. Plan for public relations to foster positive attitudes and an ongoing dialogue with key publics.
c10:Digital marketing describes any marketing use of online communications and e-commerce sites, including social media and mobile marketing, to reach target audiences. Digital advertising includes: (1) paid search ads; (2) display, banner and pop-up ads; and (3) TV adverts posted online. One challenge is increased use of ad blockers to screen out digital ads. Websites should be optimised to appear in search results and to function properly on different devices.
c11)Customer service supports the external marketing effort and, in turn, must be supported by internal marketing focusing on people and processes inside the organisation. Customer service can help the organisation to attract new customers, retain current customers, build brand image for competitive differentiation and achieve its objectives. Internal marketing can help the organ- isation to focus on customers, increase employee knowledge, encourage internal cooperation and commitment to marketing, and boost pride in performance for competitive strength.
Marketers face decisions about process (the experience customers will have in arranging for customer service) and outcomes (delivering service on time, as promised and to the customer’s satisfaction). They also face decisions about the appropriate level of customer service to be promised and delivered, the delivery of customer service before, during and after a purchase, how to monitor customer comments about service and the process of recovering from any customer service lapses. Planning for internal marketing is essential to promote the brand and its values inside the organisation, and to keep employees informed about marketing activities.
c12:preparing to measure progress and performance. Key performance indicators are indicators that are vital to effective performance, as defined by the organization’s strategic goals and the marketing plan’s objectives. Metrics are used to measure performance-related activities and outcomes numerically and on a reg- ular basis. Forecasts project sales and costs for the marketing plan period so that manage- ment can compare actual results and identify deviations. Budgets may be developed using floor-up methods, top-down methods or a combination of methods. Marketers use schedules to define the timing of tasks and implement specific programmes and activities.Marketing control is the focus of Stage 7 in the marketing planning process. This consists of: (1) setting standards and measurement intervals; (2) measuring interim results after implementation; (3) comparing measured results with standards; (4) diagnosing any deviations; and (5) taking action as needed. Contingency plans help an organization to prepare to respond to potentially disruptive elements in its marketing situation. Scenario planning looks beyond historical trends and short-term projections to envision broad, long-term environmental changes that could significantly alter future performance.