MARKETING MANAGEMENT PROCESS Flashcards
process of getting things done in an organized and efficient manner
Management
process of decision making, planning, and controlling the marketing aspects of a company in terms of the marketing concept
Marketing management
the analysis, planning, implementation, and control of programs designed to bring about desired exchanges with target markets
Marketing management
It relies heavily on designing the organizations offering in terms of the target markets needs and desires.
Marketing management
Marketing Management Process
• Conduct market research
• Develop marketing strategy
• Make a marketing plan
• Feedback and control
Marketing Management Process
4 KEY ELEMENTS
ASDM
- Analyzing marketing opportunities
- Selecting target markets
- Developing marketing mix
- Managing the marketing effort
External
•Socio-political-economic-technological and cultural forces
•Competitors
•Suppliers
•Resellers
•Public in the drug industry
Internal
•Company’s record
•Pharmaceutical marketing research
•Marketing intelligence
•Management information system in the Total Healthcare Delivery System
SELECTING TARGET MARKET 4 STEPS
DMMM
- Demand measurement and forecasting
- Market Segmentation
- Market targeting
- Marketing positioning
Represent action guides, the “Magic Number” that will show probable results of various sales and marketing plans and programs.
FORECASTING
Means predicting future market levels.
FORECASTING
Types of Forecasting Objectives
- Short-term forecast
- Budget forecast
- Long-term forecast
Overall current policy and assessing current development
Short-term forecast
Annual Budget, the “soul”
Budget forecast
3-30 years
Long-term forecast
Steps in Forecasting
- Determine primary purpose of forecasting
- Group related products
- Identify factors affecting the sales
- Choose the forecasting method
- Gather available marketing data
- Analyze all the marketing data
- Validate all assumptions and hypotheses
- Come out with specific forecast by product area
- Apply to company’s sales and marketing operation
- Raise forecast periodically
the process of classifying customers into groups with different needs, characteristics, or behavior
MARKET SEGMENTATION
process that companies use to divide large, heterogeneous markets into small markets
MARKET SEGMENTATION
New Market Segmentation
- By geographic location
- According to Age
- According to Sex and Status
- According to Income
- By Psycho-Social Cultural factors
- By degree of specialization and therapeutic categories
- According to product formats, sizes, and supply
- According to ownership or type of organization
- According to types of business or classification
consists of a set of buyers who share common needs or characteristics that the company decides to serve
Target Market
Target Market: Drops
Pediatrics
1-12 months old
Target Market: Liquid or suspension
Pediatrics
1-12 yrs old
Target Market: Tablets or capsules
Adults
13 yrs old and above
It is the place the product occupies in consumers’ minds relative to competitors.
MARKET POSITIONING
It means creating a competitive edge.
MARKET POSITIONING
It refers to the attributes, characteristics, or purchaser criteria.
MARKET POSITIONING
the way the product is defined by consumers on important attributes
Product position
Elements in Product Positioning
- Perceptions
- Impressions
- Feelings
Set of controllable marketing variables that the firm blends to produce the response it wants in the target market.
MARKETING MIX
5 P’s of Marketing
- Product
- Place
- Price
- People
- Promotion
The goods and services that the company offers to the target market.
Product
The amount of money customers have to pay to obtain the product.
Price
Company activities that make the product available and visible to target consumers.
Place
Activities that communicate the merits of the products and persuade target customers to buy it.
Promotion
analysis, planning, implementation, and control of programs designed to bring about desired exchanges with target markets for the purpose of achieving organizational objectives
Marketing Management Process
Analyzing Marketing Opportunities
❑ External
❑ Internal
“An ______________________ blends all the marketing mix elements into a coordinated program designed to achieve the company’s marketing objectives”
effective marketing program
MARKETING MIX OPTIMIZATION
Ideas -> Work -> Result
the place the product occupies in consumers’ minds relative to competing products
Product position
Drug outlets do forecast demand for products that are ____, ____, ________, or ____________.
fast, slow, moderate, or non-moving.
