WEEK 3 Flashcards
According to _____________, “Marketing Management 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.
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
________________________ 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 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.
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
To transform marketing strategy into marketing programs, 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.
Your ________________ 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 needs of your customers and develop a product or service to meet these needs.
- Communicate the attributes of the product or service to the customer.
- Establish distribution channels to get the products/services to the customer.
marketing plan
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
(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,
EXECUTIVE SUMMARY
INDUSTRY OVERVIEW (4)
- Industry Concept
2.Market Size (Volume / Value)
3.Market Shares
4.Market Trends (Past 3-5 years)
A.Consumer Profile (4)
1.Market Segmentation (demographics, psychographics, buying behavior) and level of
satisfaction (measured)
2.Market Needs being addressed
3.Buying patterns
4.Usage Habits
B. Company Background (5)
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
