marketing2

• Marketing


  The key purpose is to get people interested in the products or services of a company
• Stakeholders of an organization

  • Investors
  • Employees
  • Customers
  • Suppliers
  • Communities
  • Governments
  • Trade associations
• Possible tasks of marketing

  • Market research
  • Product development
  • Pricing strategies
  • Promotion and advertising
  • Distribution
  • Customer relationship management
• Need


  A basic requirement for survival or well-being
• Want


  A desire for a specific product or service to fulfill a need
• Demand


  The willingness and ability to pay for a product or service
• Perception


  Plays a crucial role in the understanding of value as it influences how customers perceive the benefits and drawbacks of a product or service
• Possible outcomes of a product's perceived performance in relation to expectations

  • Customer satisfaction
  • Loyalty
  • Repeat purchases
  • Negative reviews and decreased sales if expectations are not met
• Value chain marketing goals

  • Creating value for customers
  • Optimizing supply chain efficiency
  • Maximizing profitability for all stakeholders involved in the production and distribution process
• Value of time


  Customers may prioritize products or services that save them time, such as fast food or express shipping
• Value of form/shape


  Consumers often appreciate products that have an aesthetically pleasing design or shape, such as a sleek and modern smartphone
• Value of place


  Consumers may place importance on where a product is made or where it is sold, such as preferring locally-made products or products sourced from sustainable or ethical locations
• Reactive marketing


  Finds and defines need, then aims to satisfy it
• Creative marketing


  Explores and supplies solutions that the consumers did not ask for but are delighted to receive
• Production orientation


  • Starting points: opportunities, resources of the company
  • Goal: reduce costs, cheap easy to acquire common products
  • High productibility, wide distribution
  • Demand > supply
• Product orientation


  • Focus on improving products
  • Constantly raise and better the range of products, quality, features
  • Little care for consumer expectations
  • Marketing shortsight

  
• Sales orientation


  • Goal: dramatic raise of sales numbers
  • No care for consumer needs
  • Aggressive advertising and sales promotion
  • The less sought for, the more aggressive
• Marketing orientation


  • Based on the needs of the consumers (the target market itself)
  • Coordinated use of marketing tools
  • Marketing research
  • Satisfy needs while profiting
• Consumer/buyer value orientation


  • Focus on unique needs – customized products and services
• Society based marketing orientation

  • Sync profit goals and consumer needs with values and interests of society
  • Corporate social responsibility– CSR
• Production oriented companies should aim to become marketing oriented as it can lead to increased customer satisfaction, higher sales, and overall business growth
• Focusing only on consumers or competitors can lead to issues such as neglecting important aspects of the business
• 4 P


  Product, Price, Promotion, Place
• Marketing strategy


  • High prices
  • Investment in expensive technology
  • Price-quality relationship in the mind of consumer
  • Demand doesn't greatly exceed capacity
• Tactical manoeuvring


  • Stimulate market with discounts (vouchers)
  • Short term cash flow or release space for new product lines with extra value packs
• Corporate strategy


  • Statement of overall objectives and means to meet them
  • Marketing influences R&D, production, finance, personnel etc. each with individual strategies
  • Collectively they add up to the corporate strategy
• Realizability efficiency


  The ability to effectively execute and implement the strategy in a practical and achievable manner
• Mission statement


  A concise declaration that outlines the purpose, values, and goals of an organization
• Core competences


  The unique strengths, capabilities, and resources that set a company apart from competitors and enable it to achieve a competitive advantage in the market
• Steps of marketing planning

  • Situation analysis
  • Settings objectives and goals
  • Developing marketing strategies and tactics
• Measurable objective


  An objective that can be quantified or assessed using specific criteria or metrics, providing a clear and tangible way to track progress, evaluate performance, and determine whether the desired outcomes have been achieved
• Achievable objective


  An objective that is realistic and within reach based on the resources, capabilities, and constraints of the organization, ensuring that goals are attainable and can be accomplished within a given timeframe
• Marketing planning is essential for organizations of all sizes, not just large corporations
• SBU


  A separate business entity within the larger commercial enterprise that has its own defined business strategy and management with direct responsibility for its profits and sales performance
• Contents of marketing plan

  • Executive summary
  • Corporate purpose
  • Situation analysis (SWOT)
  • Objectives
  • Strategies
  • Action plan
  • Monitoring, evaluation, control
  • Marketing intelligence system
• Advantages of marketing plan

  • Focuses the attention on external events
  • Locks management into a long term perspective
  • Changes basis of resource allocation decisions
  • Provides a strategic management control system
• Portfolio analysis


  Evaluate products and businesses that make up the company to allocate strong resources into more profitable businesses and phase down or drop weaker ones
• BCG matrix


  A strategic tool used for portfolio analysis to evaluate a company's business units or products based on their market growth rate and relative market share
• Growth strategies in the Ansoff matrix

  • Market Penetration
  • Market Development
  • Product Development
  • Diversification
• Internal situational analysis


  Factors that may be influenced or modified by the management, including strengths and weaknesses