Marketing

Marketing

1. “Marketing is so basic that it cannot be considered as a separate function ... it is the whole business seen from the point of view of its final result, from the customer’s point of view.” - Peter Drucker 1973

2. Marketing as an exchange process

3. Involves both individuals and organisations. (final buyers and consumers and Organisational buyers).

4. Marketing Mix

   • 4 P's Product, Price, Promotion, Place.
     • 4 C's: Customers needs and wants, cost to the customer, communication, convenience.

5. Marketing involves PRODUCTS, SERVICES, IDEAS.

6. Marketing occurs in a dynamic environment: PEST. -. Oppurtunities and threats,

7. Defining your market: Geography, Sector, Customers, Product, Range, Demographic

8. Possible influences on consumers buying process.

   • Personal: Demographic, Situational, Involvement.
     • Social: Roles/Family, Reference Groups, Social Class, Culture
       • Psychological: Perception, Motives, Ability, Knowledge, Attitudes, Personality

9. Consumer Buying Decision Process: Problem Recogniiton, Information Search, Evaluation of Alternatives, Purchase, Post Purchase Eval. - Feedback at each stage.

   • PIEPP

10. Market Segment: group of individuals, groups or organizations that share similar characteristics that make them need a particular product or service.

    • Geographic, Demographic, Socio-Economic, Psychographic and Product Related.

11. PRODUCT

    • Consumer Product: Convenience, Shopping Unsought
      • Business: Raw Materials, Parts etc.
    • 3 Levels of product: Core Product, Actual Product, Augmented Product
    • Introduction: Create Product Awareness and Trial
      • Growth: Maximise Market Share
        • Maturity: Maximise profit whilst defending market share
          • Decline: Reduce expenditure and milk the brand
    • Different market strategies for different stages of the PLC
      • Brand is identifiable product augmented in such a way that buyer perceives relevant unique added values which match their needs most closely.
    • New product development - Planning, Idea generation, Screening and Eval, Tech Dev, Market Appraisal, Launch

12. PRICE

    • Price Competition - Beat or match competitors prices
      • Non-Price Competition - Distinctive features of product/service
    • Pricing Objectives: Short term (cash flow), Profit Growth, Volume Growth, Image
    • Pricing Methods: Cost/Demand/Competition Orientated
      • Price Skimming: High Price, Those who want Buy, Cash Flow to fund R and D. Competition may be attracted to high price.
        • Price Penetration: Low price, Useful for low cost producers, Good if threat of entrants is high. Can deter competitors.
    • Eight stages of Price Setting: Development of objectives, Assessment of Demographic if can buy or not, Demand determination, Eval of competitors prices, Selection of pricing policy, Pricing method, Determining a price.

13. PLACE

    • Distribution/Marketing Channel: Group of individuals and organisations which direct the flow of products from producers to consumers.
      • They close PROF NIPP gap
        • Info, Promotion, Negotiation, Ordering, Financing, Risk Taking, Physical Possession, Payment
      • Merchants: Take title to products and resell them.
      • Agents: Resell products on behalf of manufacturers and earn comission
      • Facilitators: perform some other function in distribution of products (transport etc.)
      • Functions of intermediaries like merchants etc. : Sorting, Accumulating, Allocating, Assorting.
      • Factors influencing choice of distribution channel
        • Organisational resources and objectives
          • Product features
            • Market Characteristics
              • Consumer behaviour
                • Environmental Forces

14. PROMOTION

    • inform, persuade, stimulate repeat buying, reassure.
    • Promotion mix: Advertising, Personal Selling, Sales promotion, Publicity/PR.
      • Promotional decisions: Objectives, Target Group, Message, Medium
        • Communication Objectives: Awareness, Interest, Eval, Trial, Adoption
          • Selection of Media: Pros and Cons
            • Depends on Type of Market, Distribution, Buyer readiness, Stage of PLC.

15. MARKETING RESEARCH

    • “The process of gathering, interpreting and reporting information to help marketers solve specific problems or to take advantage of marketing opportunities” - Dibb et al 1997
      • Defining problem and outline research objectives
        • Plan data collection methods and collect data
          • Analyse data and interpret findings
    • Quantitative vs Qualitative Data
    • Sampling
      • Probability
        • Random
          • Stratified
            • Area
      • Non Probability
        • Quota

16. INTERNATIONAL AND DOMESTIC MARKETING

    • Cultural Differences, Market Segmentation, Monitoring and Control, Physical Distribution and Place Decisions
    • Will market internationally if small or saturated domestic markets, economies of scale, international production, customer relationships, market diversification, international competitiveness.
      • Need to consider: Culture, Political Environment, Economic Influences.
    • Global Segmentation
      • Geographic Segmentation/Transnational segmentation (consumer characteristics)
        • Which market to enter?
          • How to enter market? - Export, Joint Venture, Direct Investment
    • Internationalisation - 7P Framework
      • Product, Place, Price, Promotion, People, Processes, Physical Evidence
      • Adapt promotion and product only or together or keep the same worldwide for both.. Invesnt new products,
    • Barriers to international marketing
      • Operational, Psychological, Organisational, Product/Market Barriers
    • Globalisation
      • Increased Economies of Scale
        • Convergence of consumer tastes
          • Improved telecommunications and transport systems
            • Increased political acceptance of global trading
              • Continuing growth of large firms

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