Principles of Marketing Lecture-9

Summary of Lecture-8

Marketing Process

 Analyzing marketing opportunities  Selecting target markets  Developing the marketing Mix  Managing the marketing effort

Target Consumers Product PlacePrice Promotion Marketing Implementation Marketing Planning Marketing Control Marketing Analysis Competitors Marketing Intermediaries PublicsSuppliers Demographic- Economic Environment Technological- Natural Environment Political- Legal Environment Social- Cultural Environment

Analyzing marketing opportunities

 changing environment – opportunities and threats  changing firm situation – relative strengths and weaknesses  Fit - match opportunities with firm’s objectives and resources (strengths)  Market Information System

The Marketing Information System Marketing managers Analysis Planning Implemen- tation Control Assessing information needs Distributing information Internal records Marketing decisions and communication Marketing environment Test markets Marketing channels Competitors Publics Macro- environment forces Marketing Information System Developing information Marketing intelligence Marketing research Marketing decision support analysis

Selecting Target Markets

 Firm cannot satisfy everyone – mass marketing  Segment total market – market segmentation  Target markets – target marketing – niche marketing

Developing the Marketing Mix

Marketing Mix Target Market Product Product Variety Quality Design Features Brand Name Packaging Sizes Services Warranties Returns Place Channels Coverage Assortments Locations Inventory Transport Price List Price Discounts Allowances Payment Period Credit Terms Promotion Sales Promotion Advertising Sales Force Public Relations Direct Marketing

Managing the marketing effort

Executive Summary Current Marketing Situation Threats and Opportunity Analysis Objectives and Issues Marketing Strategy Action Programs Budgets Controls Contents of a Marketing Plan

Marketing Strategy Marketing Performance Implementation Climate and Culture Action Programs Decision and Reward Organizational Structure Human Resources Marketing Implementation

Marketing Control Process Set Goals Measure Performance Evaluate Performance Take Corrective Action

Today’s Topics

Marketing Environment

Environment

All the actors and forces influencing the company’s ability to transact business effectively with it’s target market. Includes….

Microenvironment Microenvironment - forces close to the company that affect its ability to serve its customers.

Macroenvironment Macroenvironment - larger societal forces that affect the whole microenvironment.

The Marketing Environment

Marketing Environment- consists of the actors and forces outside marketing that affect marketing management’s ability to develop and maintain successful relationships with its target customers.

Company Demographic Economic Natural Technological Political Cultural Company Customers Intermediaries Suppliers Competitors Publics

The Microenvironment

Company Customers Publics Suppliers Competitors Intermediaries Forces Affecting a Company’s Ability to Serve Customers Forces Affecting a Company’s Ability to Serve Customers

The Company’s Microenvironment

Company’s Internal Environment

Company’s Internal Environment Company’s Internal Environment- functional areas inside a company that have an impact on the marketing department’s plans.

Marketing Production Manufacturing Accounting R & D Finance Top Management

Suppliers Suppliers - provide the resources needed to produce goods and services.

Marketing Intermediaries Marketing Intermediaries - help the company to promote, sell, and distribute its goods to final buyers.

Customers Customers - five types of markets that purchase a company’s goods and services.

Company Consumer Markets International Markets Government Markets Business Markets Reseller Markets

Competitors Competitors - those who serve a target market with similar products and services.

Publics Publics - any group that perceives itself having an interest in a company’s ability to achieve its objectives.

Types of Publics Company Citizen Action Publics Local Publics General Public Internal Publics Government Publics Media Publics Financial Publics

Enough for today...

Summary

The Marketing Environment

Company Demographic Economic Natural Technological Political Cultural Company Customers Intermediaries Suppliers Competitors Publics

The Microenvironment

Company Customers Publics Suppliers Competitors Intermediaries Forces Affecting a Company’s Ability to Serve Customers Forces Affecting a Company’s Ability to Serve Customers

Next….

The Macroenvironment

Demographic Technological Cultural Economic Political Natural Forces that Shape Opportunities and Pose Threats to a Company Forces that Shape Opportunities and Pose Threats to a Company

Principles of Marketing Lecture-9