What is Marketting?

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What is Marketting?

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Course Content

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Lecture 2

Lecture 1

Homework

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Check your knowledge

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Discussion

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Introduction

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Project Work

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Group 1

Team Members

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Student Name

Short Project Description

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Project Name

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Course Schedule

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Week 2

Week 1

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Class name

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Day, Date,Hour

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types of orientation

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Asset-led marketing

an approach to marketing that bases strategy on the firm’s existing strengths and assets instead of purely on what the customer wants.

Availability

Publishing information

Author

Product orientation

inward-looking approach that focuses on making products that can be made – or have been made for a long time – and then trying to sell them.

researching and developing an innovative product can be successful, even if there has been no formal market research

Here there is still the belief that if businesses produce an innovative product of a good-enough quality, then it will be purchased. mostly in electronic and pharamutical industries

invent and develop products in the belief that they will find consumers to purchase them.

Market orientation

an outward-looking approach basing product decisions on consumer demand, as established by market research.

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limitations

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Trying to offer choice and range so that every consumer need is met can be expensive

If a business attempts to respond to every passing consumer trend or market fashion, then it may well over-stretch its resources and end up not doing anything particularly well

benefits

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Constant feedback from consumers – market research never actually ends – will allow the product and how it is marketed to be adapted to changing tastes before it is too late and before competitors ‘get there first

likely to survive longer and make higher profits- since consumer needs are met

chances of newly developed products failing in the market are much reduced – but not eliminated

key feature

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produce what consumers want rather than try to sell them a product they may not really want to buy

The consumer is put first.

requires market research and analysis to indicate present and future consumer demandpatterns

marketing objectives and corporate objectives

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coordination with other departments

example

Marketing → operations

Sales forecasts will be used by the operations department to plan for the capacity needed, the purchase of the machines that will be used and the stocks of raw materials required for the new output level.

Market research data will play a key role in new product development

Marketing → human resources

ensure that the recruitment and selection of appropriately qualified and experienced staff are undertaken to make sure there are sufficient workers

e sales forecasts will be used by human resources to help devise a workforce plan

marketing --> finance

necessary capital is available to pay for the agreed marketing budget,

use the sales forecasts of the marketing department to help construct cash-flow forecasts and operational budgets.

marketing objectives are the goals set for the marketing department to help the business achieve its overall objectives >>Marketing strategies are long term plans to achieve these goals.

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importance

form basis of marketing strstegies

brkn down into regnl, prdct sales target-allows MBO

prgrss be monitrred agnst targets

prvde sense of direction for the marketing dept.

to be effective; MO, should

communicated effectively to all depatments

be SMART

be determined by senior management- >>determine trades for the coming years- dealt with management at the highest level

fit in with the overall aims of the business >>reflect aims of the whole organisation and attmpt to aid achve these aims

examples of M.O

brand identity

customer satisfaction

frequency a loyal customer shops

total sales

market share

Marketing

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Related concepts

value and astisfaction

a consumer considers a product to have good value if it provides satisfaction at what is thought to be a good price.

human needs and wants

Marketing managers believe it is their aim to convert human needs to wants by pursuasive prosuct imagery in advertising.

wants are broader in perspectiv; requirements to satisy invidual needs like desire for knowledge- not neede for suvival

Needs are requrirements for basic survival as biological beings

markets

the place where buyers and sellers meet in exchange

abstract- internet

physical- groceries and bazaars

related functions include

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customer service

distribution

packaging

advertising

pricing

product design

market research

marketing is a management task that links the business to the cusomer by iidentifying and meeting consumer needs profitabily -achieved by providing the right product at the right price to the right place at the right time.

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