TOPIC 3: MARKETING
Developing Marketing Strategies (Ch 12)
Marketing Mix
Place
Promotion
Price
Product
Intangible
Warranties
Positioning
Branding
Tangible
Packaging
Quality and style
Size, Colour, Shape
Identify the TM
Product Differentiation
Mass V. Niche
Market Segmentation
Product-related
Geographic
Demographic
agegendereducationfamily sizefamily life cycleoccupationsocial statusreligionethnicityPsychographic
Market Research and Customer and Buyer Behaviour (Ch 11)
Factors influencing consumer choice
Marketing Plan (Ch 10)
Monitoring and Controlling
Develop Financial Forecast - revenues and costsCompare actual and planned results - market share + sales analysisRevise the marketing strategy - change marketing mix, new product development, product deletionImplementation
Develop Marketing Strategies
Identify the TM
Establish Marketing Objectives
Maximise customer service
Expand existing markets (geographic expansion)
Expand product range
Increase market share
Situational Analysis
SWOT Analysis
PLC
External influences
Changing consumer preferencesChanging economic conditionsChanging financial conditionsChanging attitudes to the environmentChanging legal influencesChanging political influencesTechnological advancesNature of market
Nature of Marketing (Ch 9)
Marketing is the process of planning and executing the conception, pricing, promotion and distribition of ideas, goods and services to create exchanges that satisfy individual and organisational objectives.
Orientation
Market
Relationship Marketing
Customer Orientation
Selling
Production
Types of Markets
Consumer
Niche
Mass
Intermediate
Industrial
Resource
Role of Marketing
Satisfy customer needs and wants
Help business generate revenues and profits
Ethical and Legal Aspects (Ch 13)
