Marketing Flashcards
delivery of customer satisfaction at a profit
marketing
(Ac-ac, 2010 p. 18)
activity, set of institutions, and processes for creating, communicationg, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
marketing
(American Marketing Association, as cited in University of Minnesota Lib
Marketing Mix (4Ps)
- Product
- Price
- Place
- Promotion
process of planning, organizing, directing, and controlling the activities of employees in combination with other recources to accomplish organizational objectives
Management
is the process of
deciding the best way to use an
organization’s resources to
produce goods or provide
services
management
Management functions
- Planning
- Organizing
- Leading/ Directing
- Controlling
“the analysis, planning, implementation,
and control of programs designed to
create, build, and maintain beneficial
exchanges with target buyers for the
purpose of achieving organizational
objectives”
Marketing management
(Ac-ac, 2010, p. 24).
Marketing Management Philosophies
- Production concept
- product concept
- SELLING CONCEPT
- MARKETING CONCEPT
- HOLISTIC MARKETING CONCEPT
Consumers will favor products that are available
and highly affordable
PRODUCTION CONCEPT
Consumers will favor products the offer the best
quality, performance and features
PRODUCT CONCEPT
Consumers will buy enough of the organization’s
products if the organization undertakes
substantial effort to stimulate their interest
SELLING CONCEPT
The key task of the organization is to determine
the needs and wants of the market and deliver
the desired satisfaction efficiently and effectively
MARKETING CONCEPT
based on the development, design, and
implementation of marketing programs,
processes, and activities that recognize their
breadth and interdependencies
HOLISTIC MARKETING CONCEPT
4 HOLISTIC MARKETING CONCEPT
- Internal Marketing
- Integrated Marketing
- Relationship Marketing
- Performance Marketing
(Senior management, Marketing
department, other departments)
Internal Marketing
(Communication, Products and
services, Channels)
Integrated Marketing
(Customers. Channel, Partners)
Relationship Marketing
(Sales revenue, Brand and
customer equity, Ethics, Environment, Legal, Community)
Performance Marketing
MARKETING MANAGEMENT 4Ps
- People
- Processes
- Programs
- Performance
Marketing Management Tasks
- Developing Marketing Strategies and Plans
- Capturing Marketing Insights
- Connecting with Customers
- Building Strong Brands
- Shaping the Market Offerings
- Delivering Value
- Communicating Value
- Creating Successful Long-Term Growth
“has progressed from simply making plan …to
encompass the idea of developing an organization
which is flexible and can react to opportunities which
have not been forecast.”
According to Moutinho and Southern (2013, p. 335),
strategic planning
EXTERNAL
ENVIRONMENT
(OPPORTUNITIES
& THREATS)
INTERNAL
ENVIRONMENT
(STRENGTHS &
WEAKNESSES)
“defines the basic purpose or
purposes of the organization”
(Ghillyer, 2014, p. 79).
mission
Characteristics (Mission)
(Kotler & Keller, 2012, p. 38)
- They focus on a limited number of goals
- They stress the company’s major policies and values
- They define the major competitive spheres within which
the company will operate - They take a long-term view
- They are as short, memorable, and meaningful as
possible
Analysis of the environment
PESTEL ANALYSIS ( Forces/ Factors)
SWOT ANALYSIS
PESTEL
- POLITICAL
- ECONOMIC
- SOCIAL
- TECHNOLOGICAL
- ENVIRONMENTAL
- LEGAL
SWOT
- STRENGTH
- WEAKNESSES
- OPPORTUNITES
- THREATS
POSTER’S FIVE FORCES MODEL
Bargaining POWER OF SUPPLIERS and BUYERS
Threat of NEW ENTRANTS and SUBSTITUES
Rivalry among competitors
Boston Consulting Group (BCG) Matrix
- Stars
- Dogs
- Question marks
- Cash cows
When the marketing growth is high as well as the marketing share
Stars
When the marketing growth and marketing share is both low
Dogs
When the marketing growth is high but the marketing share is low
Question marks
When the marketing growth is low and the marketing share is high
Cash Cows
“are business policies intended to match the
activities of the organization to those of the
environment within which it operates”
(Moutinho &
Southern, 2013, p. 106).
Strategies
Poster’s generic strategies
- Overall cost leadership
- differentation
- focus
Ansoff’s growth strategy
- product development
- market development
- penetration
- diversification
Integrative growth strategies
- Backward integration
- Forward integration
- Horizontal integration
“the strategy for implementing the components
of marketing: creating, communicating,
delivering, and exchanging value”
(University of
Minnesota Libraries Publishing, 2015, p. 19).
Marketing Plan
Components of a marketing plan
- Executive summary and table of contents
- Situation analysis
- Marketing strategy
- Financial projections
- Implementation controls
Brief description of marketing challenge or opportunity; and overview of the overall marketing strategy and program.
Executive Summary
Statement of the challenge to be
undertaken or of opportunity to take advantage…
(eg. New Market Offering)
Marketing Challenge/ Opportunity
Situational/ Environmental Analysis
- Pestel Analysis
- Swot Analysis
- Market Analysis
- Competitor Analysis
analysis of the general environment
encompassing the Political, Economic, Social, Technological,
Environmental and Legal aspects.
PESTEL Analysis
analysis of internal Strengths and Weaknesses;
and of external factors comprising the Opportunities and Threats.
SWOT Analysis
analysis of the overall market, the number of
segments, size and characteristics (behavior and preferences).
Market Analysis
analysis of the competitors market position, share, characteristics (number and size), strengths and weaknesses
Competitor Analysis
Strategies and Programs
- Target Market
- Positioning Strategy
- Product Strategy
- Price Strategy
- Place Strategy
- Promotion Strategy
describe the chosen segment to serve, and describe how
the market offerings match with their characteristics and preferences.
Taget Market
state the firm’s Unique Selling Proposition (USP)–(Market/Product)
Positioning Strategy
branding, labeling and packaging strategies and tactics.
Product Strategy
location, distribution and logistics
Place Strategy
personal selling, advertising, sales promotion,
publicity and public relations strategies
Promotion Strategy
Specific description of the period to start and to end the activities as well as the reasons for such timing decisions.
Schedule and Timing
Tools to measure performance and marketing
effectiveness
Controls
Tools to measure performance and marketing
effectiveness which may include the following:
- Metrics
- Targets
- Budgets
“consists of people, equipment, and procedures to
gather, sort, analyze, evaluate, and distribute
needed, timely, and accurate information to
marketing decision makers”
(Kotler & Keller, 2012, p. 69).
Marketing Information System (MIS)
Marketing Information System
- Marketing Intelligence
- Market Research
to Company or Internal Records
“set of procedures and sources that managers
use to obtain everyday information about
developments in the marketing environment”
(Kotler and Keller, 2012, p. 71).
Market Intelligence
Market Research Process
- Define the problem and research objectives
- Develop the research plan
- Collect the information
- Analyze the information
- Present the findings
- Make the decision
