Powered by – Rubayet Hassan
Renovation of Marketing Aspects
With the SiTec. Globalization the world is moving forward. The...
Powered by – Rubayet Hassan
In marketing research information is used to identify and define marketing opportunities and
p...
Powered by – Rubayet Hassan
Action Planning a Marketing Program:
Plan is the action too that details a company's marketing...
Powered by – Rubayet Hassan
• An executive summary
• Situation analysis to summarize facts and insights gained from market...
Powered by – Rubayet Hassan
and weaknesses) and external issues (opportunities and threats). Once this is completed,
SWOT ...
Powered by – Rubayet Hassan
• Establish critical success factors – the achievement of objectives and strategy
implementati...
Powered by – Rubayet Hassan
Important inflection points in the market growth rate sometimes can be predicted by constructi...
Powered by – Rubayet Hassan
• Access to essential unique resources
• Ability to achieve economies of scale
• Access to dis...
Powered by – Rubayet Hassan
• Establish relevance
• Encourage interaction and product trial
• Create memories
• Stimulate ...
Powered by – Rubayet Hassan
• Organization
• Business direction and marketing mix
• Business processes
• Information techn...
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Marketing sum ups by - rubayet-8.12.2013

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Marketing sum ups by - rubayet-8.12.2013

  1. 1. Powered by – Rubayet Hassan Renovation of Marketing Aspects With the SiTec. Globalization the world is moving forward. The idea of introducing new product are being changed. So the idea of marketing is changed. In advanced industrial economies, marketing considerations play a major role in determining corporate policy. Once primarily concerned with increasing sales through advertising and other promotional techniques, corporate marketing departments now focus on credit policies , product development, customer support, distribution, and corporate communications. The modern concept of marketing evolved during and after the industrial revolution in the 19th and 20th centuries. Marketing: Marketing is a strategies and tools used for promotion of goods and services among consumers. It refers to management of many factors like consumer behavior, market research, demand and supplies organization, pricing, advertising, research and development, branding, sales promotion, and much more. It is a key term that helps to build a solid and, hopefully, sustained relationship that encourages customers to continue doing business with the marketer. What Marketers Do? In order to reach the goal of creating a relationship that holds value for customers and for the organization, marketers use a diverse toolkit that includes (but is not limited to) making decisions regarding: 1. Target Markets – markets consist of customers identified as possessing needs the marketer believes can be addressed by its marketing efforts 2. Products – consists of tangible (e.g., goods) or intangible (e.g., services) solution to the market’s needs 3. Promotion – a means for communicating information about the marketing organization’s products to the market 4. Distribution – the methods used by the marketer that enable the market to obtain products 5. Pricing – ways for the marketer to set and adjust the cost paid by the market to obtain products 6. Supporting Services – additional options that enhance a product’s value The Target Market & Research: Many organizations find the markets they serve are dynamic with customers, competitors and market conditions continually changing. And marketing efforts that work today cannot be relied upon to be successful in the future. Meeting changing conditions requires marketers have sufficient market knowledge in order to make the right adjustments to their marketing strategy. For marketers gaining knowledge is accomplished through marketing research.
  2. 2. Powered by – Rubayet Hassan In marketing research information is used to identify and define marketing opportunities and problems. Marketing research is often partitioned into two sets of categorical pairs, either by target market:  Consumer marketing research, and  Business-to-business (B2B) marketing research Or, alternatively, by methodological approach:  Qualitative marketing research, and  Quantitative marketing research The Target Marketing Concept: In Micro-Marketing there are a number of related activities and responsibilities. The marketing managers are more careful in designing their marketing plans to ensure that they complement related production, distribution, and financial constraints. They must also allow for constant adaptation to changing markets and economic conditions. The core function of a marketing manager, however, is to identify a specific market, or group of consumers, and then deliver products and promotions that ultimately maximize the profit potential of that targeted market. This is particularly important for small businesses, which more than likely lack the resources to target large aggregate markets. The Marketing Mix for Product Orientation: The different elements of a company's marketing is divided into four basic decision areas— known as the "four Ps": product, place, promotion, and price. To devise an overall marketing strategy for a product or group of goods. Marketing decisions related to the product (or service) involve creating the right product for the selected target group. A formal approach to this customer-focused marketing is known as SIVA (Solution, Information, Value, and Access). This system is basically the four Ps renamed and reworded to provide a customer focus. The SIVA Model provides a demand/customer centric version alternative to the well-known 4Ps supply side model (product, price, placement, promotion) of marketing management. Product → Solution Promotion → Information Price → Value Placement → Access If any of the 4Ps had a problem or were not there in the marketing factor of the business, the business could be in trouble and so other companies may appear in the surroundings of the company, so the consumer demand on its products will become less.
  3. 3. Powered by – Rubayet Hassan Action Planning a Marketing Program: Plan is the action too that details a company's marketing effort; also called action program, marketing strategy. The marketing plan may be laid out for an individual product or for the entire company and all its products and then lays out the various strategies to be followed in achieving them. It will also delineate the responsibilities for carrying out the plan. The strategies will involve the proposed development of the product(s), the definition of the target market(s), and the types of media and sales promotions to be used. Now a day’s marketing plan is using to detail the necessary actions to achieve one or more marketing objectives. It can be for a product or service, a brand, or a product line. Solid marketing strategy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions for a sound strategic foundation. With the rapid change of business plan and strategies, the idea marketing mix broadened and more functional. So it is segmented into 7 P’s: Product, Place, Price and Promotion, Physical Environment, People, Process. The 7 P's can sometimes divert attention from the customer, but the framework they offer can be very useful in building the action plans. So, it describes what Goals (or objectives) is to be achieved, how to be achieved and when results are to be accomplished for policies. "The target marketing policies are rules or guidelines that express the limits within which action should occur. Simplifying somewhat, marketing strategies can be seen as the means, or game plan, by which marketing objectives will be achieved and, in the framework that we have chosen to use, are generally concerned with the 8 P's. Examples are: 1. Price - The amount of money needed to buy products 2. Product - The actual product 3. Promotion (advertising)- Getting the product known 4. Placement - Where the product is located 5. People - Represent the business 6. Physical environment - The ambiance, mood, or tone of the environment 7. Process - How do people obtain your product 8. Packaging - How the product will be protected (Note: At GCSE the 4 P's are Place, Promotion, Product and Price and the "secret" 5th P is Packaging, but which applies only to physical products, not services usually, and mostly those sold to individual consumers) Marketing Plan Follow-ups: In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business' objectives. The content of marketing plans varies from firm to firm, but commonly includes:
  4. 4. Powered by – Rubayet Hassan • An executive summary • Situation analysis to summarize facts and insights gained from market research and marketing analysis • The company's mission statement or long-term strategic vision • A statement of the company's key objectives, often subdivided into marketing objectives and financial objectives • The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive positioning to be achieved • Implementation choices for each element of the marketing mix (the 4(5)Ps) Essentially the Marketing Plan:  Forces the marketing personnel to look internally in order to fully understand the results of past marketing decisions.  Forces the marketing personnel to look externally in order to fully understand the market in which they operate.  Sets future goals and provides direction for future marketing efforts that everyone within the organization should understand and support.  Is a key component in obtaining funding to pursue new initiatives. The Marketing Plan is generally undertaken for one of the following reasons: 1. Needed as part of the yearly planning process within the marketing functional area. 2. Needed for a specialized strategy to introduce something new, such as new product planning, entering new markets, or trying a new strategy to fix an existing problem. 3. Is a component within an overall business plan, such as a new business proposal to the financial community. There are many ways to develop and format a marketing plan. The approach taken here is to present a 6-Part plan that includes: 1. Purpose and Mission 2. Situational Analysis 3. Marketing Strategy and Objectives 4. Tactical Programs 5. Budgets, Performance Analysis and Implementation 6. Additional Consideration This plan is aimed at individual products and product lines; however, it can be adapted fairly easily for use in planning one or more strategic business units (SBU). Analysis of SWOT: A tool that identifies Strengths, Weaknesses, Opportunities and Threats of an organization. Specifically, SWOT is a basic, straightforward model that assesses what an organization can and cannot do as well as its potential opportunities and threats. The method of SWOT analysis is to take the information from an environmental analysis and separate it into internal (strengths
  5. 5. Powered by – Rubayet Hassan and weaknesses) and external issues (opportunities and threats). Once this is completed, SWOT analysis determines what may assist the firm in accomplishing its objectives, and what obstacles must be overcome or minimized to achieve desired results. Understanding the environment your business operates in is a key part of planning, and will allow you to discern the threats and opportunities associated with your area of business. A PEST analysis helps you to identify the main opportunities and threats in your market: • Political and legal changes such as new regulations • Economic factors such as interest rates, exchange rates and consumer confidence • Social factors such as changing attitudes and lifestyles, and the ageing population • Technological factors such as new materials and growing use of the internet You also need to understand your own internal strengths and weaknesses. For example, the main strengths of a new business might be an original product and enthusiastic employees. The main weaknesses might be the lack of an existing customer base and limited financial resources. A SWOT analysis combines external and internal analysis to summarize your Strengths, Weaknesses, Opportunities and Threats. You need to look for opportunities that play to your strengths. You also need to decide what to do about threats to your business and how you can overcome important weaknesses. For example, your SWOT analysis might help you identify the most promising customers to target. You might decide to look at ways of using the internet to reach customers. And you might start to investigate ways of raising additional investment to overcome your financial weakness. You can find out more about strategic analysis in our guide on how to review your business performance. Corporate Planning Management: As part of the development of strategies and plans to enable the organization to achieve its objectives, then that organization will use a systematic/rigorous process known as corporate planning. SWOT alongside PEST/PESTLE can be used as a basis for the analysis of business and environmental factors. • Set objectives – defining what the organization is going to do • Environmental scanning o Internal appraisals of the organization's SWOT, this needs to include an assessment of the present situation as well as a portfolio of products/services and an analysis of the product/service life cycle • Analysis of existing strategies, this should determine relevance from the results of an internal/external appraisal. This may include gap analysis which will look at environmental factors • Strategic Issues defined – key factors in the development of a corporate plan which needs to be addressed by the organization • Develop new/revised strategies – revised analysis of strategic issues may mean the objectives need to change
  6. 6. Powered by – Rubayet Hassan • Establish critical success factors – the achievement of objectives and strategy implementation • Preparation of operational, resource, projects plans for strategy implementation • Monitoring results – mapping against plans, taking corrective action which may mean amending objectives/strategies. Marketing management often finds it necessary to invest in research to collect the data required to perform accurate marketing analysis. Accordingly, management often conducts market research (alternately marketing research) to obtain this information. Marketers employ a variety of techniques to conduct market research, but some of the more common include: • Qualitative marketing research, such as focus groups • Quantitative marketing research, such as statistical surveys • Experimental techniques such as test markets • Observational techniques such as ethnographic (on-site) observation • Marketing managers may also design and oversee various environmental scanning and competitive intelligence processes to help identify trends and inform the company's marketing analysis. The goal of a market analysis is to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm. • Market size (current and future) • Market growth rate • Market profitability • Industry cost structure • Distribution channels • Market trends • Key success factors Market Size: The size of the market can be evaluated based on present sales and on potential sales if the use of the product were expanded. The following are some information sources for determining market size: • Government data • Trade associations • Financial data from major players • Customer surveys Market Growth Rate: A simple means of forecasting the market growth rate is to extrapolate historical data into the future. While this method may provide a first-order estimate, it does not predict important turning points. A better method is to study growth drivers such as demographic information and sales growth in complementary products. Such drivers serve as leading indicators that are more accurate than simply extrapolating historical data.
  7. 7. Powered by – Rubayet Hassan Important inflection points in the market growth rate sometimes can be predicted by constructing a product diffusion curve. The shape of the curve can be estimated by studying the characteristics of the adoption rate of a similar product in the past. Ultimately, the maturity and decline stages of the product life cycle will be reached. Some leading indicators of the decline phase include price pressure caused by competition, a decrease in brand loyalty, and the emergence of substitute products, market saturation, and the lack of growth drivers. Market Profitability: While different firms in a market will have different levels of profitability, the average profit potential for a market can be used as a guideline for knowing how difficult it is to make money in the market. Michael Porter devised a useful framework for evaluating the attractiveness of an industry or market. This framework, known as Porter's five forces, identifies five factors that influence the market profitability: • Buyer power • Supplier power • Barriers to entry • Threat of substitute products • Rivalry among firms in the industry Industry Cost Structure: The cost structure is important for identifying key factors for success. To this end, Porter's value chain model is useful for determining where value is added and for isolating the costs. The cost structure also is helpful for formulating strategies to develop a competitive advantage. For example, in some environments the experience curve effect can be used to develop a cost advantage over competitors. Distribution Channels: The following aspects of the distribution system are useful in a market analysis: • Existing distribution channels - can be described by how direct they are to the customer. • Trends and emerging channels - new channels can offer the opportunity to develop a competitive advantage. • Channel power structure - for example, in the case of a product having little brand equity, retailers have negotiating power over manufacturers and can capture more margin. Market Trends: Changes in the market are important because they often are the source of new opportunities and threats. The relevant trends are industry-dependent, but some examples include changes in price sensitivity, demand for variety, and level of emphasis on service and support. Regional trends also may be relevant. Key Success Factors: The key success factors are those elements that are necessary in order for the firm to achieve its marketing objectives. A few examples of such factors include:
  8. 8. Powered by – Rubayet Hassan • Access to essential unique resources • Ability to achieve economies of scale • Access to distribution channels • Technological progress It is important to consider that key success factors may change over time, especially as the product progresses through its life cycle. The Role for Marketing Manager: Key responsibilities of the marketing manager / director vary according to the business but can include: • Instilling a marketing led ethos throughout the business • Researching and reporting on external opportunities • Understanding current and potential customers • Managing the customer journey (customer relationship management) • Developing the marketing strategy and plan • Management of the marketing mix • Managing agencies • Measuring success • Managing budgets • Ensuring timely delivery • Writing copy • Approving images • Developing guidelines • Making customer focused decisions The marketing role can be diverse or focused but now we'll elaborate further on some key aspects which should be at the heart of the job. Experiential Marketing Scenario: A 2009 survey revealed that the majority of marketers believed "experiential marketing builds customer relationships for the long term". They also agreed that it generates sales and leads in the short term, increases awareness of the product, drives word of mouth and can align internal audiences with business goals. Experiential marketing can be used successfully to: • Build relationships • Raise awareness • Increase loyalty
  9. 9. Powered by – Rubayet Hassan • Establish relevance • Encourage interaction and product trial • Create memories • Stimulate positive word of mouth • Change the mind of dissatisfied customers • Create product desire • Verify the target audience • Increase return on marketing investment Promotional Strategy: Deciding on a marketing communications strategy is one of the primary roles of the marketing manager and this process involves some key decisions about how who the customer is, how to contact the consumer them, and what the message should be. These questions can be answered using a three stage process, which is equally relevant for all elements of the marketing mix: Segmentation - Dividing the marketing into distinct groups. Targeting - Deciding which of these groups to communicate with, and how to talk to them. Positioning - How the product or brand should be perceived by the target groups. Messaging - Delivering a specific message in order to influence the target groups. Key performance indicators (KPIs) Depending on your industry, you may also have certain specific metrics which determine success, these could include: • Market share analysis • Sales analysis • Quality control • Financial results • Market research • Marketing information systems • CRM - New customers acquired, retention • Service levels • Brand awareness • Competitor performance • Benchmarking • Profitability Gap analysis Gap analysis is another useful tool which answers two questions: Where are you? Where do you want to be? It can be useful to identify where you are with the following facets of the business:
  10. 10. Powered by – Rubayet Hassan • Organization • Business direction and marketing mix • Business processes • Information technology • Requirements vs. capability • Market potential vs. existing usage • Your business vs. competition

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