Marketing

Marketing

1. Market Analysis

   • Once a firm has identified what market they are operating in, they then analyse the market
   • Quantitative and qualititative Ads +Disads
     • Quantitative
       • Quick to Obtain and analyse
       • Reliable and objective
       • Data may not be current especially in a fast changing market
       • May be too much data and this causes problems in analysing
     • Qualititative
       • Needs of customers
       • Why the trends have happened. Helps to target market more effectively
       • Time Consuming
       • Subjective human judgement, unreliable
   • Graphs+Analysis
     • Time Series Analysis- Shows fluctuations in data
     • Correlation
     • Moving averages- Smooths out data that is seansonal or is erratic
   • ICT
     • Reduces errors made by humans
     • Can compare moving average trend easily
     • is able to process much more data than humans
     • Can gather data at the point of sale to suit individual customers

2. Marketing Strategies

3. International Markets

   • Benefits of trading internationally
     • Firms can increase their market size- More revenue
     • They can extend the life cycle of their products
     • Can cut costs on importing raw materials
   • Issues trading internationally
     • Transport costs can be expensive
     • Firms must keep up to date with laws
     • Higher business travel costs due to employees being transported to various locations
     • Language barrier
     • Exchange rates

4. Market plans

   • Definition- The written details of the activities to be used to carry out the marketing strategy
   • Purpose- It helps to ensure that the marketing activity is focussed and integrated.
   • Components
     • Objectives
     • Budgets
     • Strategy
     • Action
   • Influences
     • Internal
       • Amount of Finance
       • Results of SWOT
       • HR
       • Operational issues
       • Existing Marketing Mix
     • External
       • Competitors actions
       • Market conditions
       • Technological change

5. Marketing Budgets

6. Objectives and tactics

   • Marketing Objectives are set out by the marking department and sets out what they hope to achieve
   • Objectives can be qualitative- product quality, development or quantitative form- Set figures on market share
   • Influences on marketing objectives
     • Internal
       • Corporate objectives- The marking department must make sure their objective fits into the businesses overall objective
       • Finance- This depends on how much money has been allocated
       • HR- Workforce capability
       • Operations- capacity
     • External
       • Market environment
       • Technology
       • Competitors
       • Legislation