Marketing Planning. What is Marketing? Marketing Plan All linked to the Business overall objectives … (MBO …) Typical components of the Marketing Plan:

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Presentation transcript:

Marketing Planning

What is Marketing? Marketing Plan All linked to the Business overall objectives … (MBO …) Typical components of the Marketing Plan: Purpose “Mission” Situation Analysis - also known as? Marketing objectives Marketing Tactics – also known as? The Budget Executive Summary

What is Marketing? Situation analysis Where are we now? What are the problems if one is not done? Why are Apple so successful? The Situation Analysis must cover 5 main areas:

What is Marketing? Marketing Issues and Concepts What’s the main message to take out of this example ? That no matter who you are and what you have done in the past if there is not a enough consumer demand or want for your product then you will fail ! How could they have avoided this ? By conducting RELEVANT market research

What is Marketing? Marketing Issues and Concepts The definition of market research is: Marketing is the PROCESS of researching into and identifying consumer needs and employing appropriate price, product, place and promotion strategies in order to satisfy these needs profitably (4 P’s – The Marketing Mix)

What is Marketing? Marketing Issues and Concepts Market Orientation (outward looking – the marketplace) Product Orientation (inward looking – the product) Important to distinguish between the two. A company will describe themselves as ‘market orientated’ or ‘market led’ this means ? The business will focus on consumer needs and wants and try to satisfy them. This requires market research and analysis to help show present and future demand.

What is Marketing? Marketing Issues and Concepts The consumer should always come first Business should always try and satisfy their demand rather than trying to sell them a product they don’t really want. Benefits of this approach are: The chance of newly developed products failing are reduced, but not eliminated if proper market research has been done. With the high costs of developing new products this is a big argument for being market orientated. Consumer needs are being met with appropriate products meaning longer survival and better profits for these companies as opposed to product led companies. Market research should never actually end and feedback allows for the product to be developed and improved before its too late.

What is Marketing? Marketing Issues and Concepts The days of being product orientated are fading fast but they still do exist ! Where does this still exist ? Electronic and pharmaceutical companies. Mobile phones being a good example and their applications. Product orientated firms spend their time efficiently producing high quality products cause they feel if the product is of a high quality then it creates its own demand and consumers are not too bothered with fashion or fad type goods. These types of companies still exist especially in areas such as safety for example crash helmets

What is Marketing? Marketing Issues and Concepts Something to consider: If businesses are market orientated and respond to every consumer whim they may overstretch and becomes expensive ! So, Another way of doing things is called asset-led marketing…. Still market research based But firms will consider their own strengths in terms of skills and resources available to them and will make products that take advantage of these. For example?: BMW – they don’t branch off into any other markets like other car manufacturers do Levi – don’t go into any other markets and stay around denim and casual clothes.