1. MT 219 Marketing Unit Two Marketing Environment and Market Research

2. Agenda Review Unit 1 The marketing environment Marketing Research

3. What is Marketing?

4. Your e-book by Pride and Ferrell gave a fantastic definition. It states, “Marketing is the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchanges with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.”

5. The Marketing Mix and Environment

6. Summary – the Marketing Mix The Marketer’s tool box – the Marketing Mix The product – anything that is offered to consumers for their satisfaction The price – what consumers give up for the product The place – where, when and how consumers access and possess the product Promotion- communication between the provider of the product and the consumer

7. Relationships

8. Chapter 2

9. Planning Planning as the process of anticipating future events and conditions and determine the best way to achieve organizational objectives. Boon and Kurtz. Contemporary Marketing 2005. Page 39

10. Failing to plan is planning to ….!

11. Failing to plan is planning to fail!

12. Strategic Planning The process of establishing an organizational mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and a marketing plan.

13. Mission and Goals

14. What is a marketing plan? A written document that specifies that activities to be performed to implement and control an organization’s marketing activities. Pride and Ferrell

15. Assessment

16. SWOT Analysis Internal - S trengths - W eaknesses External -O pportunities -T hreats

17. Core Competencies and Competitive Advantage Core competencies are those things a firm does extremely well. Competitive advantage is the result to a company’s matching a core competency to opportunities in the marketplace.

18. SBU’s Most businesses have more than one product or service. All these different products or units in a diversified firm are referred to as SBUs or strategic business units.

19. Market Share Market share refers to the percentage of sales you receive from the industry you are categorized.

20. BCG Matrix or Market Share/Market Growth Matrix

21. MT 219 Marketing Unit Two The Marketing Environment and Marketing Research Note: This seminar will be recorded by the instructor.

22. The Macroenvironment Demographic environment Economic environment Natural environment Technological environment Political environment Cultural environment Businesses are impacted by ALL of these forces.

23. The Marketing Mix and Environment

24. Economic Forces Buying Power disposable income discretionary income Willingness to spend Economic conditions and business cycle recession vs. expansion

25. Political, Legal and Regulatory Regulatory Agencies FTC FDA CPSC FCC EPA

26. Major Federal Laws: The Protection of Competition Sherman Antitrust Clayton FTC Act Robinson-Patman Wheeler-Lea

27. Technological Forces Technology – the application of knowledge and tools to solve problems and perform tasks more efficiently. -most dramatic force today -enables market fragmentation

28. Sociocultural Forces – Demographics Aging of the population Increased diversity Higher levels of education Greater mobility Changes in “family” structure

29. Natural Environment Looks at the raw resources and natural world conditions that help or hinder the firm Raw resources used in products may be in short supply or what is supplied may be in surplus Things like climate, natural disasters and man-made disasters can impact the organization

30. Microenvironmental Actors The organization itself Suppliers Marketing Intermediaries Competitors Publics Customers

31. The Firm or Organization Marketing impacts many areas of an organization Different functional areas and their capabilities go into marketing planning All areas must realize the need to help in marketing efforts

32. Suppliers Provide the materials and resources that organizations use to provide product Resources must be provided in a timely way at a cost and quality level required for the product.

33. Marketing Intermediaries Assist the organization getting products to consumers Can be involved in a number of area, including physical distribution, financing, marketing services and reselling Importance of developing strong relationships

34. Competitors Almost no one is free of competition Need to monitor competitive actions Need to develop a systematic approach to competitive evaluation

35. Publics Many times referred to as stakeholders Involve any group that may impact the development of an organization’s strategies This is the reason why companies often need to be actively engaged in public relations

36. Customers The entire rationale for an organization’s existence For most companies, this actor represents its sole source of revenue There is a need to establish long-term relationships with this group

37. The importance of marketing research Enables marketers to understand consumers and meet their needs Is the connection between marketers and consumers in many ways

38. Marketing Research Process Defining the problem Designing the research plan Collecting data Interpreting the findings from the data Reporting findings in a timely manner

39. Secondary Data Advantages readily available less expensive less time consuming Disadvantages May be old May not be in form required May be incorrect

40. Primary Data Collection Approaches Observation Survey Experiment Need to Assure Reliability and Validity as much as possible

41. Sampling – from a population Probability – random, stratified, cluster sampling Non probability – quota, convenience, judgment Census- a complete count of the population

42. Basic Contact Methods Mail Telephone Online Personal Interview Questionnaire Construction – open ended vs. closed ended

43. Any Questions? Thank you for attending! See you next week!