WEEK 2 Flashcards
Recap of Marketing History
- 1900’s to 1940’s – Manufacturing Era
- 1940’s to 1950’s – Product Era
- 1950’s to 1970’s – Sales Era
- 1970’s to 2000’s – Marketing Era
- 2000’s onwards – Societal Marketing Era
- 2017 onwards – Marketing with a Conscience Era
How do you conduct marketing planning?
**Marketing planning is a response to the dynamic environment that’s always changing **
Business mission
Marketing audit / PESTLE
SWOT analysis
Marketing objectives
Core strategy
Marketing mix decisions
Organization and implementation
Control
What are the 4P’s of marketing?
Product
Price
Place
Promotion
These are the key factors that are involved in introducing a product or service to the public. Often referred to as a marketing mix, they provide a framework that companies can use to successfully market a product or service to consumers.
The four Ps are the four essential factors involved in marketing a product or service to the public
What is product (in 4P’s)
- The product is the good or service being marketed to your target audience.
- range & new products to be developed
Ask yourself:
- What is your product?
- Who is your product’s target audience?
- How is your product different from what others offer?
- What does your product do? Does the product meet an unfilled need or provide a novel experience?
What is price (in 4P’s)
- Price is the cost of a product or service. When marketing a product or service, it is important to pick a price that is simultaneously accessible to your target market and meets business goals.
- how to set prices / compete with
Ask yourself:
- What is the price range of your product’s competitors?
- What is the price range of your target audience?
- What price best fits your target market?
- What price is too high for your audience? What price is too low?
What is place (in 4P’s)
- Place is where you sell your product and the distribution channels you use to advertise to your customers.
- where / how to sell
Ask yourself:
- Where will you sell your product?
- Where does your target audience shop?
- What distribution channels are best to reach your target market?
What is promotion (in 4P’s)
- Promotion is how you advertise your product or service.
- how to communicate / advertise /reinforce brand image
Ask yourself:
- What is the best time to reach your target audience?
- What marketing channels are most effective for your target audience?
- What marketing messages would most resonate with your target audience?
- What advertising approaches are most persuasive to your target audience?
What is the marketing environment and what does it consist of?
The marketing environment consists of the actors and forces which affect a company’s capability to operate effectively in providing products and services to its chosen markets
It can be classified into:
* MICRO environment - factors which impact directly on firm + internal
* MACRO environment - trends in society as a whole - external
What are the components of the marketing environment?
*MICRO environment - factors which impact directly on firm + internal
- MACRO environment - trends in society as a whole - external
What are the elements/components of the macro environment?
PESTLE
political
Economic
Sociocultural
Technological
Legal
Ecological/Environmental
What are the elements/components of the micro environment?
Suppliers
Customers
Distributors
Competitors
What is environmental scanning
the collection and evaluation of information / intelligence from the wider marketing environment that might affect the
organisation and its strategic marketing activities
What does each of the macro environmental elements involve?
Political - Political parties, Pressure groups, Legislation
Economic - Interest rates, Unemployment, Competition, Inflation
Sociocultural - Attitudes, Age distribution, Lifestyle changes
Technological - Clean energy, Recycling, Materials
Legal - Political parties, Pressure groups, Legislation
Ecological - Conservation, Pollution, Climate change
What is a marketing audit?
The marketing audit is the means by which a company can understand how it relates to the environment in which it operates. It is the means by which a company can identify its own strengths and weaknesses as they relate to external opportunities and threats.
(for macro a marketing audit is a SWOT analysis)
(for Micro a marketing audit is the three C thing)
In a SWOT analysis what parts are controllable or uncontrollable?
Strengths, Weaknesses –> Internal (controllable)
Opportunities, Threats –> external (uncontrollable, PESTLE factors are always a opportunity or threat)
what is a Micro environmental marketing audit?
Three C thing where customers and competition overlap to make the company.
Customers:
Who are customers?
What are their needs?
How / when / where buy?
How can we group them all? (segmentation)
Competition
Who are major competitors?
What are their strengths & weaknesses?
Market share / size
Profitability?
Entry barriers
Marketing objectives should be….what framework should they use?
S.M.A.R.T
What is the SMART framework
A measuring objective should be:
Specific –> state what you will do, use action words.
Measurable–> provide a way to evaluate, use metrics or data targets.
Achievable –> within your scope, possible to accomplish
Relevant –> make sense within your job function, improve the business in some way
Time bound –> state when you will get it done, be specific on date or time frame
What is Porters 5 force competitive model?
Porter’s Five Forces Framework is a method of analysing the competitive environment of a business.
What does Porters 5 force competitive model look like?
Potential Entrance
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V
suppliers —> Industry competitors firms) <– buyers
^
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Substitutes
5 forces simplified
- Competitive Rivalry (the heart of the model): How many competitors? Who are they? What are there strengths/weaknesses?
- Bargaining power of suppliers: How many suppliers? How unique are their products/services? How expensive is it to switch?
- Bargaining power of buyers: How many buyers/customers? How powerful are they? Can they easily switch to competitors?
- Threat of substitutes: Is there willingness to substitute? What is the cost of switching?
- Threat of new entry: How easy is it to break into the industry? How much would it cost? How tight are the regulations
