Karteikarten
Marketing fundamentals: concepts, strategy and consumer behavior
Karten in diesem Stapel (103)
- 1WHAT IS MARKETINGSocial and managerial process by which individual and groups obtain what they need and want through creating and exchanging products and values with others
- 2WHAT IS MARKETING Marketing is the management activity concerned with:- Identifying the needs of the consumer
- Developing appropriate products
- Offered to specific groups of consumers
- Utilising systematic plan to price, promote and distribute the product - 3MARKETING INFLUENCES NEEDS, WANTS, DEMANDSNeeds: States of felt deprivation - physical, social, individual
Wants: Form taken by human needs as they are shaped by culture/personality
Demands: Human wants that are backed by buying power - 4MARKETING MANAGEMENTThe analysis, planning, and implementation and control of programs designed to create, build and maintain beneficial exchanges with target buyers for the purpose of achieving organisational goals
- 5MARKETING MANAGEMENT Why is this important?Manages demand, helps manage customer relationships. Successfully managing demand, org can ensure it keeps all of customers satisfied and provides them with value, and meets needs/wants. Helps build profitable relaionships
- 6HIGH PERFORMANCE TEAMS- Balance of primary roles
- Team members know their roles: work to their strengths, actively manage weaknesses
- Individuals know what to do, when to do it, how to do it - 7MARKETING CONCEPT 4 PREMISES1. Consumer orientation
2. Continuous marketing research
3. Organisational activities and strategies integrated
4. Aims to convert satisfied consumers into loyal consumers - 8SELLING (INSIDE OUT) AND MARKETING (OUTSIDE IN) CONCEPT
- 9CUSTOMER VALUE AND SATISFACTIONV - Difference between benefits customer gains from owning and using product and costs of obtaining product
S - Satisfaction based on perceived performance, difference between expectations and perceived performance - 10DELIVERING VALUE TO CUSTOMERSMarket oriented culture is overarching culture that focuses on markets - belief that purpose of business is to create superior customer value
- 11RELATIONSHIP LEVELS- Basic
- Reactive
- Accountable
- Proactive
- Partnership - 12CUSTOMER RETENTIONCustomer retention refers to activities and actions companies and org's take to reduce number of customer defections. Goal of customer retention programs is to help companies retain as many customers as possible, through customer and brand loyalty initiatives
- 13COMPETITORS ANALYSIS- Who are your competitors?
- What are their objectives?
- Identify competitors strategies?
- Assess their strengths and weaknesses? - 14PORTER'S FIVE FORCES ANALYSIS THREAT OF NEW ENTRANTS- Time and cost of entry
- Specialist knowledge
- Economies of scale
- Cost advantages
- Technology protection
- Barners to entry - 15PORTER'S FIVE FORCES ANALYSIS COMPETITIVE RIVALRY- Number of competitors
- Quality differences
- Other differences
- Switching costs
- Customer loyalty
- Costs of leaving market - 16PORTER'S FIVE FORCES OF ANALYSIS SUPPLIER POWER- Number of suppliers
- Size of suppliers
- Uniqueness of service
- Your ability to substitute
- Cost of changing - 17PORTER'S FIVE FORCES OF ANALYSIS BUYER POWER-
- 18COMPETITIVE STRATEGIES1. Overall cost leadership: can offer lower price than competitors
2. Differentiation: Concentrate on highly differentiated products
3. Focus: Concentrate on a small piece of market - 19PORTER'S GENERIC VALUE CHAIN
- 20COMPETITIVE POSITIONS MARKET LEADER, CHALLENGER, FOLLOWER, NICHERL - Largest market share, leads in price changes, new products
C - Usually 2nd biggest firm on market, fighting hard to increase market share
F - Wants to hold market share without rocking boat
N - Serves small segments not served by other firms - 21COMPETITIVE POSITIONS MARKET LEADERTo remain #1:
1. Expanding the total market
2. Protecting market share
3. Expanding market share - 22COMPETITIVE POSITIONS MARKET CHALLENGERTries aggressively to expand market share by attacking market. Firms that are 2nd and 3rd or lower in industry usually adopt market challenger strategies
- 23COMPETITIVE POSITIONS MARKET FOLLOWER3 types of market follower firms:
1. The cloner
2. The imitator
3. The adaptor - 24COMPETITIVE POSITIONS MARKET NICHER- Low market impact
- Aims to attract minimal attention of competition in market
- Gets to know target group well so it can meet needs better than other firms that casually sell to this niche - 25STRATEGIC PLANNINGThe process of developing and maintaining a strategic fit between the organisation's goals and capabilities in the light of changing marketing opportunities
- 26STEPS IN STRATEGIC PLANNING
- 27MARKETING'S ROLE IN STRATEGIC PLANNING AND VALUE CREATIONMarketing plays a key role in the company's strategic planning
- Marketing provides a guiding which suggests that company strategy revolves around serving the needs of important customer groups - 28MARKETING'S ROLE IN STRATEGIC PLANNING AND VALUE CREATIONMarketing provides input to strategic planners by helping to identify attractive market opportunities and by assessing the company's potential to take advantage of them. Focus is on developing market position, customer satisfaction & retention
- 29BUSINESS PORTFOLIOGuided by mission, objectives, and strategy, management must now plan business portfolio
Collection of businesses and products that make up the company - 30BUSINESS PORTFOLIOMost effective business portfolio is one that best fits company's strengths and weaknesses to opportunities in the environment
- 31ACHIEVING BRAND FAMILIARITY5 LEVELS
1. Rejection
2. Non-recognition
3. Brand recognition
4. Brand preference
5. Brand insistence - 32MODEL OF CONSUMER BEHAVIOURMarketers undertake consumer research:
What, who, when, where, why consumers buy
How do consumers respond to the various marketing stimuli the marketing organisation might use? - 33CHARACTERISTICS INFLUENCING CONSUMER BEHAVIOUR INTERNAL AND EXTERNALInternal: Psychological, person
External: Cultural, social - 34FACTORS INFLUENCING CONSUMER BUYER DECISION PROCESSPsychological: Motivation, perception, learning, beliefs and attitudes, personality and self concept
Person: Age and lifecycle stage, occupation, education, economic situation
Social: Household type, roles and status - 35FACTORS INFLUENCING CONSUMER BUYER DECISION PROCESSEnvironmental influences: Economic, technological, political
Cultural: Culture, subculture, social class - 36FACTORS INFLUENCING CONSUMER BUYER DECISION PROCESSBuyers responses: product service, and category selection, brand selection, reseller selection, purchase timing and repurchase intervals, and purchase amount
- 37CONSUMER BUYING ROLESInitiator: person who first suggests idea of buying a particular product service
Influencer: is a person whose views or advice carry some weight in making the final buying decision
Decider: the person who ultimately makes buying decision - 38CONSUMER BUYING ROLESBuyer: the person who makes the actual purchase
User: the person who consumes the product/service - 39BUYER DECISION PROCESSNeed recognition -> Information search -> Evaluation of alternatives -> Post-purchase behaviour
- 40MICRO AND MACRO ENVIRONMENTSMicro: The forces close to the org that affect its ability to service its customers - the org, customer markets, competitors
Macro: The larger societal forces the whole micro-environment - demographic, economic, natural, technological, political forces - 41MARKETING ORGANISATION'S MICRO ENVIRONMENTManagement has task of attracting and building relationships w customers by creating value and satisfaction.
Depends on other actors: Org, suppliers, intermediaries, customers, competitors, publics - 42MICRO ENVIRONMENT SUPPLIERSSuppliers important link in org's overall customer 'value delivery system'
Managers must watch for: supply availability and shortages, labour strikes, prince trends of supplies - 43MICRO ENVIRONMENT MARKETING INTERMEDIARIESHelp org promote, sell and distribute goods to final buyers, includes:
Resellers- Distribution channel firms that help org find customers and make sales
Physical Distribution Firms- Help org stock and move goods from points of origin to their destination - 44MICRO ENVIRONMENT MARKETING INTERMEDIARIESMarketing Service Agencies (facilitating agencies): marketing research companies, advertising agencies, media firms.
Financial Intermediaries: Include banks, credit org's, insurance org's - 45MICRO ENVIRONMENT CUSTOMERSOrg can operate in five types of customer markets:
1. Consumer markets
2. Business markets
3. Reseller markets
4. Government markets
5. International markets - 46MICRO ENVIRONMENT COMPETITORSOrg must provide greater customer value and satisfaction than its competitors
No single competitive marketing strategy is best for all organisations - 47STAGES OF COMPETITIVE ANALYSIS1. Identify all current and potential competitors
2. Assess each key competitor
3. Focus analysis on each key
4. Estimate each key competitor’s most likely strategies and responses under different environmental situations. - 48MICRO ENVIRONMENT PUBLICSEvery org is involved with 7 types of publics: financial, media, government, citizen-action, local, general, internal
- 49MACRO ENVIRONMENTThe organisation and its suppliers, marketing intermediaries, customers, competitors and publics all operate in larger macro environment of forces that shape opportunities and pose threats to the organisation
- 50MACRO ENVIRONMENT- Demographic forces
- Economic forces
- Natural forces
- Technological forces
- Political forces
- Cultural forces - 51MACRO ENVIRONMENT DEMOGRAPHIC AND ECONOMIC ENVIRONMENTSDemographic: changing age structure of population, household, geographic shift in population, increased ethnic diversity
Social: Changes in incomes, changing consumer spending patterns - 52MACRO ENVIRONMENT KEY ECONOMIC & NATURAL ENVIRONMENT CONCERNS FOR MARKETERSKey economy growing, increasing living standards, consumers with different spending patterns
Shortage of raw materials, energy costs, government intervention, increased pollution - 53MACRO ENVIRONMENT KEY POLITICAL ENVIRONMENT CONCERNS FOR MARKETERS- Legislation
- Enforcement
- Greater concern for ethics - 54INDUSTRY GROWTH/SHRINKGrowth - More customers in same market, new demographics or market segments, new geographic segments
Shrinkage - Fewer customers, same number of customers buy less, prices decrease but volume doesn't - 55MARKETS- Org's cannot appeal to all buyers in markets
- Buyers are numerous, widely scattered and varied in needs and buying practices
- Must identify parts of market can serve best - 56STAGES IN MARKET ORIENTATION1. Mass Marketing - Mass produces, distributes, promotes one product
2. Product-variety marketing - Two or more products, different features
3. Target marketing - Identifies market segments, selects one or more, develops tailored products and marketing mixes - 57STEPS IN TARGET MARKETING 1. MARKET SEGMENTATIONDividing a market into distinct groups of
buyers with different needs, characteristics
or behaviour who might require separate
products or marketing mixes - 58STEPS IN TARGET MARKETING 2. MARKET TARGETING 3. MARKET POSITIONING2. Evaluating each market segment’s
attractiveness and selecting one or more
of the market segments to enter
3. Setting the competitive positioning for the product and creating a detailed marketing mix - 59STEPS IN SEGMENTATION, TARGETING AND POSITIONING
- 60STEP 1. IDENTIFY BASES FOR SEGMENTATION1. Demographic
2. Geographic
3. Behavioural
4. Psychographic - 612. DEVELOP PROFILES OF RESULTING SEGMENTS?
- 623. DEVELOP MEASURES OF SEGMENT ATTRACTIVENESSMarket Segments: Measurements, actionable, accessible, substantial, sustainable
3 Factors: Market size and growth, segment structural attractiveness, company objectives and resources - 634. Select the Target Segment(s)Target market consists of a set of buyers sharing common needs or characteristics that the company decides to serve:
- Undifferentiated
- Differentiated
-Concentrated - 644. Select the Target Segment(s) Undifferentiated marketing- Consumers have similar needs and only one product is offered
- Tries to appeal to largest no of buyers
- Major advantage in cost savings in production, promotion and distribution - 654. Select the Target Segment(s) Concentrated & Differentiated segmentationC - Focus on one segment only, riskier, good if limited resources, niche marketing
D - Different mix for each segment, more expensive but more sales, often for mature market - 66Step 5: Develop Positioning for Each Target Segment- Company must decide which 'positions' it wants to occupy in segments
- Product position is way product is defined by customers on important attributes
- Place product occupies in consumers' minds relative to competing products - 676. Develop Marketing Mix for Each Target SegmentTangible Products: Price, place, product, promotion
Service Products: Process, physical evidence, people - 68Product DefinitionProduct is anything that can be offered to a market to satisfy a need or want. Includes physical objects, services, persons, places, ideas and organisations
- 69Levels of a Product Core, Actual, AugmentedC - Problem solving product, core benefits that consumers are really buying when they obtain a product
A - Brand name, activities, and processes that combine to deliver core benefits
A - Additional customer benefits built around core and actual product - 70Consumer Product Classifications Convenience Goods- Frequent purchases bought with minimal buying effort and little comparison shopping
- Low price
- Widespread distribution - 71Consumer Product Classifications Shopping Goods- Less frequent purchases requiring more shopping effort and price, quality and style comparisons
- Higher priced than convenience goods
- Selective distribution in fewer outlets - 72Consumer Product Classifications Specialty Goods- Strong brand preference and loyalty, requires special purchase effort, little brand comparisons, and low price sensitivity
- High price
- Exclusive distribution - 73Consumer Product Classifications Unsought Goods- Little product awareness and knowledge
- Pricing varies
- Distribution varies
- Often aggressive advertising and personal selling by produces and resellers - 74Basic Assumptions of ServicesNumber of unique characteristics that separate services from tangible goods:
1. Intangible
2. Variable
3. Perishable
4. Synchronous delivery and consumption
5. Lack of ownership - 75BrandingA name, term, sign, symbol, design or a combination of these, that identifies the maker or sellers of a product or service
- 76The Integrated Marketing Communication (IMC) Process:- Identifying target audience
- Determining response sought
- Selecting a message
- Selecting a media
- Selecting a message source
- Collecting feedback - 77Promotion Mix Elements
- 78Advertising Most advertising falls into 2 categoriesProduct - concerned with selling goods and services to consumers
Institutional - concerned with enhancing image of organisation as a whole rather than sales of a specific product - 79Advertising Types of Approaches: Informative, Persuasive, ReminderI - Attempt to provide consumers with objective information
P - Those that attempt to persuade consumers that particular brand is right
R - Those that aim to keep brand name well entrenched in consumer's mind - 80Sales Promotion- Act of influencing customer/consumer perception and behaviour to build market share and sales that reinforce brand image
- Consists of incentive tools to stimulate quicker or greater purchases
- Usually short term tools - 81Sales Promotion Main tools1. Samples
2. Redeemable coupons
3. Cashback offers
4. Cents off deals or price packs
5. Premium offers
6. Advertising specialties
7. Patronage rewards - 82Direct MarketingNon-personal and person communications between marketer and its publics. Aim of gaining direct response, such as sales
- 'interactive system that uses one or more advertising media to effect measurable response and or transaction - 83What is Price?- Sum of values consumers exchange for benefits of having or using product or service
- Price is what the customer is prepared to pay - 84Pricing Strategies Cost Based Pricing- Simplest pricing method
- Adding standard markup to cost of product - 85Pricing Strategies Value Based Pricing- Uses buyers perceptions of value, not seller's cost, as key to pricing
- Price often surrogate indicator of quality
- Company uses non-price variables in marketing mix to build up perceived value in buyers minds - 86Pricing Strategies Competition Based Pricing- Economic Value Pricing
- Going Rate Pricing
- Sealed bid - 87Pricing Strategies Performance Based Pricing- Arrangement in which the seller is paid on the basis of actual performance of its offer
- 88Information Needs of Value CreationTo produce superior value/satisfaction for customers, managers need info about: customers, end users, resellers, competitors, government regulations, other forces in marketplace
- 89The Marketing Information System (MIS)People, equipment and procedures to gather, sort, analyse, evaluate and distribute timely and accurate information to marketing decision makers. Distributes info to managers in right form/time to assist in better marketing decisions
- 90The Marketing Information System (MIS)Assessing Information Needs:
A good MIS balances the information that managers would life to have against what they really need and what is feasible to acquire or monitor - 91The Marketing Information System (MIS) Developing Information- Internal records
- Marketing Intelligence
- Marketing Research
|
Information Analysis
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Distributing Information - 92The Marketing Information System (MIS) Developing Information: Internal RecordsInformation gathered from sources within the company to evaluate marketing performance to detect marketing problems and opportunities
Usually obtained more quickly/cheaply than other information sources - 93The Marketing Information System (MIS) Developing Information: Marketing IntelligenceSystematic collection and analysis of publicly available info about competitors and developments in marketing environment. Info relating to competitors, technological developments and customers: macro and micro environment
- 94The Marketing Information System (MIS) Developing Information: Marketing ResearchFunction that links consumer, customer and public to marketer through info used to: identify/define opportunities/problems, generate, refine, and evaluate marketing actions, monitor marketing performance and improve understanding of process
- 95Marketing Research Process1. Defining the problem
2. Developing the Research Plan
3. Implementing the Research Plan
4. Interpreting and Reporting the Findings - 96Developing the Research Plan Exploratory researchMarketing research to gather preliminary information that will help to define problems better and suggest hypotheses.
- 97Developing the Research Plan Descriptive researchMarketing research to describe marketing problems, situations or markets better – such as the market potential for a product or the demographics and attitudes of consumers.
- 98Developing the Research Plan Causal researchMarketing research to test hypotheses about cause and effect relationships
- 99Primary Research Methods Observational researchThe gathering of primary data by observing relevant people, actions and situations
Mechanical:
- People metres
- Checkout scanners - 100Primary Research Methods Survey researchThe gathering of primary data by asking people q's about knowledge, attitude, preferences and buying behaviour
Structured and unstructured:
- Direct approach
- Indirect approach - 101Primary Research Methods Experimental researchGathering of primary data by selecting matched groups of subjects, giving them different treatments, controlling unrelated factors, and checking for differences in group responses. Experiments research is best suited to gathering causal information
- 102Interpreting and Reporting FindingsResearcher must interpret findings, draw conclusions and report them to management
Researcher should present major finding that are useful for main decisions faced by management - 103Distributing Information Marketing Information System- Info gathered through marketing intelligence and research must be distributed to right managers at right time
Internal and external info, obtained, analysed and reported over digital networks
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- MKTG1501 - FOUNDATIONS OF MARKETING Karteikarten am Ohne Titel, erstellt von Lani Kovacs am 18/06/2016.
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- Lani Kovacs
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