W3 SPECIAL TOPICS - Sheet1 (4) Flashcards
According to ___________, “Marketing Management is the art and science of choosing
target markets and building profitable relationship with them.
Philip Kotler
According to Philip Kotler, “_________________ is the art and science of choosing
target markets and building profitable relationship with them.
Marketing Management
is a process involving analysis, planning, implementing and control and it covers goods,
services, ideas and the goal is to produce satisfaction to the parties involved.
Marketing Management
Marketing Management Involves: (5)
1.The setting of marketing goals and objectives,
2.Developing the marketing plan,
3.Organizing the marketing function,
4.Putting the marketing plan into action and
5.Controlling the marketing program
is both a science as well as an art. Those responsible for
marketing should have good understanding of the various concepts and practices in
marketing, communication, and analytical skills and ability to maintain effective
relationship with customers, which will enable them to plan and execute marketing plans.
Marketing Management
• The _______________ consists of analyzing market opportunities, researching and
selecting target markets, designing marketing strategies, planning marketing programs, and
organizing, implementing, and controlling the marketing effort.
marketing process
The four steps in the
marketing process are:
Analyzing market opportunities
Developing marketing strategies
Planning marketing programs
Managing the marketing effort.
The marketer’s initial task is to identify potential long-run opportunities given the
company’s market experience and core competencies. To evaluate its various
opportunities, assess buyer wants and needs, and gauge market size, the firm needs a
marketing research and information system.
Analyzing market opportunities
Next, the firm studies consumer markets
or business markets to find out about buying behavior, perceptions, wants, and
needs. Smart firms also pay close attention to competitors and look for major
segments within each market that they can profitably serve.
Analyzing market opportunities
In this step, the marketer prepares a positioning strategy for each new and
existing product’s progress through the life cycle, makes decisions about product
lines and branding, and designs and markets its services.
Developing marketing strategies
In this step, the marketer prepares a _______________ for each new and
existing product’s progress through the life cycle, makes decisions about product
lines and branding, and designs and markets its services.
positioning strategy
To transform marketing strategy into _____________ marketing managers
must:
• Make basic decisions on marketing expenditures, marketing mix, and
marketing allocation.
The first decision is about the level of marketing expenditures needed to achieve the firm’s marketing objectives.
• The second decision is how to divide the total marketing budget among the various tools in the marketing mix: product, price, place, and promotion.
• And the third decision is how to allocate the marketing budget to the various products, channels, promotion media, and sales areas.
Planning marketing programs
In this step, marketers organize the firm’s marketing resources to implement and
control the marketing plan.
Because of surprises and disappointments as
marketing plans are implemented, the company also needs feedback and control.
Managing the marketing effort.
WHY DEVELOP A MARKETING PLAN?
Your marketing plan is an ___________ part of your overall business. When you are
starting a business or introducing new products or concepts, this plan can help
you:
essential
WHY DEVELOP A MARKETING PLAN?
Your marketing plan is an essential part of your overall business. When you are
starting a business or introducing new products or concepts, this plan can help
you:
• Assess the _____ of your customers and develop a product or service to meet
these needs.
needs
WHY DEVELOP A MARKETING PLAN?
Your marketing plan is an essential part of your overall business. When you are
starting a business or introducing new products or concepts, this plan can help
you:
• Communicate the _________ of the product or service to the customer.
attributes
WHY DEVELOP A MARKETING PLAN?
Your marketing plan is an essential part of your overall business. When you are
starting a business or introducing new products or concepts, this plan can help
you:
• Establish _____________ to get the products/services to the customer.
distribution channels
Developing your ______________ will help you identify aspects of marketing that
are easy to overlook. To produce a sound plan you will need to outline who your
customers are, how they will buy your product or hire your services, and why.
Your banker or lender will also want to see the marketing section of your business
plan before considering lending you money.
marketing plan
- serves as the cover page, providing essential details that introduce the document and give it a professional appearance
TITLE PAGE
(Brief summary or overview of the marketing plan stating a brief about the company and
its environment. It also includes a primer on the market opportunity, target market,
marketing objectives, strategies and financial forecast)
EXECUTIVE SUMMARY
WHAT ARE THE 4 INDUSTRY OVERVIEW
- Industry Concept
2.Market Size (Volume / Value)
3.Market Shares
4.Market Trends (Past 3-5 years)
WHAT ARE THE 4 CONSUMER PROFILE
1.Market Segmentation (demographics, psychographics, buying behavior) and level of
satisfaction (measured)
2.Market Needs being addressed
3.Buying patterns
4.Usage Habits
WHAT ARE THE 5 COMPANY BACKGROUND IN OUTLINE OF A MARKETING PLAN?
1.Company Profile
2.Current Position of the Company/Brand in the Market
3.Segmentation, Targeting and Positioning
4.Company/Brand Strengths and Weaknesses Analysis (in terms of 4 Ps)
5.Marketing Strategies / Marketing Mix
WHAT ARE THE 2 CONTEXT/ ENVIRONMENTAL ANAYSIS
- Analysis of Opportunities and Threats
- Key Success Factors
WHAT ARE THE 2 COLLABORATORS UNDER THE OUTLINE OF A MARKETING PLAN
- Supply Chain Relationship
- Distribution Channels
WHAT ARE THE 2 COMPETITORS UNDER THE OUTLINE OF A MARKETING PLAN
- Industry Concept of Competition
- Strengths / Competitive advantage
IN OUTLINE OF A MARKETING PLAN, WHAT ARE THE MARKETING OBJECTIVES
A. Overall Marketing Objectives
B. Specific Objectives and Targets (3 years)
1.Market Shares
2. Sales (Volume and Value)
3.Profits
4.Distribution
- outlines how a company wants its brand or product to be perceived by its target audience. It serves as a guiding principle for all marketing activities by defining the brand’s unique place in the market and how it differs from competitors.
Overall Marketing Strategy (Positioning Statement)
IN OUTLINE OF A MARKETING PLAN, WHAT ARE THE 3 PRODUCTS UNDER THE MARKETING MX/ TACTICAL PLANS
1.Product Strategy
2.Product Description / Features / USP
3.Packaging
IN OUTLINE OF A MARKETING PLAN, WHAT ARE THE 3 PRICING UNDER THE MARKETING MX/ TACTICAL PLANS
1.Pricing Strategy
2.Detailed Product Costing
3.Selling Price Index vs. Competition
IN OUTLINE OF A MARKETING PLAN WHAT ARE THE 3 DISTRIBUTION, UNDER THE MARKETING MX/ TACTICAL PLANS
1.Distribution Strategy
2.Trade Channels
3.Distribution Scheme
IN OUTLINE OF A MARKETING PLAN WHAT ARE THE 5. PROMOTIONS, UNDER THE MARKETING MX/ TACTICAL PLANS
1.Overall Promotions Strategy
2.Advertising
3.Consumer and Trade Activities
4.Merchandising / Point of Purchase Materials
5.Publicity / Public Relations / Events
IN OUTLINE OF A MARKETING PLAN, WHAT ARE THE 3-YEAR FINANCIAL PROJECTIONS?
A. Sales Volume/Value Projections
B. Detailed Marketing Budget and Marketing Timetable
C. Income Statement
