Week 5 CT Terms

• In order to avoid planning resulting in demotivation, it has to be a reflective and cyclical process, flexible enough not to ruin the established structure and relationships by over-formalising communication and the organisational culture.
• • Marketing: The process by which businesses identify, anticipate, and satisfy consumer needs and wants profitably. It includes activities such as market research, advertising, sales, and distribution.
• • Needs: Essential requirements that are necessary for survival, such as food, shelter, and clothing.
• • Wants: Desires that are not essential but are perceived as necessary by consumers, such as luxury items like designer clothes or electronics.
• • Market: Any place where buyers and sellers can meet to conclude a transaction, which can be a physical location or an online platform.
• • Market Research: The systematic gathering of data from consumers to influence business decisions and help companies understand consumer needs.
  • Primary Research: Collecting new data directly from sources.
  • Secondary Research: Analyzing existing data that has already been collected.
• • Market Share: The percentage of an industry's sales that a particular company controls, calculated using the formula:Market Share=(Company’s SalesTotal Market Sales)×100Market Share=(Total Market SalesCompany’s Sales​)×100
• • Market Growth: The increase in the size of a market over time, typically expressed as a percentage.
• • Marketing Mix (7 P's): The seven elements that contribute to the successful marketing of a product:

  1. Product: Features, design, quality, branding, and packaging of the product/service.
  2. Price: Pricing strategies and tactics.
  3. Place: Distribution channels and logistics.
  4. Promotion: Advertising, sales promotions, and public relations.
  5. People: Employees and customer service.
  6. Process: Systems and processes that deliver the product/service.
  7. Physical Evidence: Tangible proof of the product/service, such as branding and packaging.
• • Marketing Planning: The process of formulating marketing strategies and tactics to achieve marketing objectives
• • Marketing Objectives: Specific SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals such as increasing market share, maximizing sales revenue, achieving distribution targets, and improving brand awareness.
• • Market Segmentation: Dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors
• • Market Positioning: Establishing a product or brand in the minds of target consumers relative to competitors.
• • Market Segmentation: The process of dividing a broad consumer or business market into sub-groups based on shared characteristics.
  • Demographic Segmentation: Dividing the market based on age, gender, income, education, etc.
  • Geographic Segmentation: Dividing the market based on location such as country, city, or neighborhood.
  • Psychographic Segmentation: Dividing the market based on lifestyle, values, and personality.
  • Behavioral Segmentation: Dividing the market based on consumer behaviors such as purchase history, brand loyalty, and usage rate.
• • Market Mapping: A visual representation of the market landscape to understand the position of different products or brands.
  • Perceptual Maps: Tools used to plot consumer perceptions of different brands against various attributes (e.g., price vs. quality).
  • Competitive Analysis: The process of identifying key competitors and their market positions.
• • Market Positioning: The process of establishing a brand or product in the consumer's mind relative to competitors.
  • Differentiation: Creating a unique selling proposition (USP) that sets the product apart from competitors.
  • Value Proposition: Communicating the unique benefits and value the product offers to the target market.
• • Marketing Objectives: Specific goals that a business aims to achieve, framed in the SMART criteria (Specific, Measurable, Achievable, Relevant, Time-bound).
• • Resources: The assets required to execute the marketing plan effectively, including financial, human, and capital resources.
• Research: The process of identifying factors that will impact the marketing plan, such as market size, segments, competitor positioning, customer preferences, and distribution channels.
• innovation refers to the process of introducing new ideas, methods, products, or services that result in significant improvements or advancements within an organization
• Competition refers to a contest or rivalry between two or more competitors. Competition is a situation in which one company is trying to be more successful than another