MARKETING

MARKETING

1. WHAT IS? The activity, set of institutions, and processes of creating, communicating, delivering and exchanging offerings that have value to the costumer, partners and society at large

   • Delivering value and benefits to the costumer (LONG TERM RELATIONSHIP)
     • PRODUCT
     • PRICE
     • PLACE
     • PROMOTION
   • EXCHANGE (NOT ALWAYS MONETARY)
   • Costumer Value: Is the relationship between benefit and the sacrifice necessary to obtain those benefits.
     • Offer products that perform Earn trust Avoid unrealistic pricing give the buyers facts offer organisation wide commitment to service and faster sale support Co-creation
   • Costumer Satisfaction: Is the costumers evaluation of a good or service in terms of wether it met their needs and expectations.

2. PHILOSOPHIES

   • PRODUCTION: Is based on internal capabilities rather than the markets needs. What do we know how to do? What can we produce?
   • SALES: Based on the idea that people will buy more goods and services if aggressive sales technique is used and that high sales result in high profit
   • MARKET ORIENTED: Social and economic justification of an organisation existence is the satisfaction of the costumers needs and wants, and that the sale depends on the costumers decision tu purchase the product.
     • *Focus on costumer wants so that the company can distinguish its products form the competition *Integrating all the companies activities to satisfy these needs *Achieving companies long term goals
   • SOCIETAL MARKETING: This states that organizations exist not only to satisfy costumer needs or wants and to meet organisational objectives but also to preserve or enhance individuals and societies long term best interest.

3. Affects your life every day. Plays an important role in society Is important to businesses Offers outstanding career opportunities

4. STRATEGIC PLANNING FOR A COMPETITIVE ADVANTAGE

   • ORGANIZATIONS OBJ. AND RESOURCES -> FIT WITH MAKET OPPORTUNITIES ( LONG TERM PROFITABILITY AND GROWTH)
   • WHY WRITE A MARKETING PLA? *EXAMINE THE MARKETING ENVIRONMENT *EVALUATE PERFORMANCE * GUIDELINE FOR EMPLOYEES
   • STAGES MARKETING PLAN
     • BUSINESS MISSION STATEMENT
       • SWOT PESTEL (DETERMINE COMPETITIVE ADV)
         • SMART OBJECTIVES
           • MARKETING STRATEGY: PRODUCT, PRICE, PLACE, PROMOTION
             • IMPLEMENTATION, EVALUATION CONTROL
           • SPECIFIC, MEASURABLE, ATTAINABLE, RELEVANT AND TIME BASED
         • P: POLITICAL, E: ECONOMICAL, S: SOCIAL, T:TECHNOLOGIACL, E: ENVIRONMENTAL, L: LAWS
           • EXTERNAL ANALYSIS
             • SOCIAL FACTORS
               • ATTITUDES
               • VALUES
               • LIFESTYLE
             • DEMOGRAPHIC FACTORS
               • GEOGRAPHIC LOCATION
               • RACE
               • GENDER
               • AGE
                 • GEN Y (1979-1994)
                 • GEN X (1965-1978)
                 • BABY BOOMERS (1946-1964)
                 • TWEENS (8-16)
             • ECONOMIC FACTORS
               • RECESION
               • INFLANTION
               • PURCHASING POWER
               • CONSUMER PURCHASE
       • WHAT? HOW? WHO?
       • Focuses on the market(s) rather than the good or service Strategic Business Units (SBUs) may also have a mission statement
       • MYOPIA: Defining the business in terms of goods and services rather than the benefit its costumer seek
     • KEEP IN MIND: BUDGET, TIME TABLES AND MARKET RESEARCH
   • COMPETITIVE ADVANTAGE: The set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition.
     • COST: Inexpensive raw materials Efficient plant: operations (experience curves) Ease of manufacture
     • DIFFERENTIATION: Something unique Brand names Strong dealer network Product reliability Image Service
     • NICHE: Limited resources Small markets Used in a limited geographic market Specific product category
     • ANSOFF MATRIX
     • BCG MATRIX

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