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The Marketing Concept (The marketing Process (Analysis of the market…
The Marketing Concept
The marketing Process
Analysis of the market
Determine to which customers to direct your offering and how to offer them value
Strategy Selection
How would you decide to deliver that value to customers in practice
Engage and maintain a profitable relationship with customers
Deliver satisfaction
Formulation of the offering
Nurture loyal customers
Capture value from them
Sales
Market Share
Profit
Implementation, monitoring and evaluation
Organisation's mission, vision and values
Define Marketing
Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably
Marketing is the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
A process of activities that make possible and exchange
Something that is offered for exchange - an 'offering' (which could be a good, a service or idea)
The provision of value for the parties involved in the exchange (for example, profit for organisations and the satisfaction of requirements for customers)
The Marketing Function
Team of marketers with responsibility for different aspects of marketing
Brands
Account Management
Sales
Likely to have greater resources at their disposal
Small organisations
Individual
Wide range of responsibilities
Monitoring and analyzing the market
Developing trends
Opportunities
Threats
Competition
Determining objectives and strategies
Mission
Vision
Values
Identifying the most appropriate consumers to target
Ensure needs are met
Suitably positioned in relevant market
Managing the brand to project a coherent and compelling brand
Build relationships with consumers
Strong reputation
Consumers' goodwill
Guarantee future income
Ward off competition
Assurance of products and services
Communicated
Delivered
Offered an attractive price
Ensuring that all points of contact in the exchange process enhance the purchase experience
Organisational opportunities and resources
Strategic options that organisations might adopt to respond to marketplace changes
Scale back future investment in the affected marketplace and extract whatever short-term profit is available
Exit the affected market
Try to gather the necessary resources to address the gap between market requirements and the organisation's capability to meet them
Transfer focus to market segments with a better fit between requirements and the organisation's capabilities
Main types of changes in a market
Prompted from the development of new technology
That redefines a market owing to changes in a product or in competitors' product market strategies
Resulting from new needs in a marketplace
Change in a channel
Considerations
Environmental scanning
Understanding the organisation's capabilities and assets
Evaluating marketing opportunities
Marketing Orientation
Organisations try to satisfy customer requirements
Marketing-oriented organisations strive to understand and anticipate customers' requirements and formulate their offerings to respond to these in a changing world
Mission, Vision and Values
Mission Statement
Motivating
Not just about profit
6 Tests
Encapsulate the organisation's key skills
Signal opportunities and threats
Be based on fulfilling customers' needs and satisfaction rather than on the products' characteristics
Be achievable
Be specific enough to guide staff's behavior
Be adaptable
Missions guided by the vision of the Future
Needs to be adapted over time
Allow shifts in emphasis and to accommodate changes in the environment
Needs to take into account
Environmental Factors
Opportunities
Threats
Distinctive competencies
Leader
Preferences
Expectations
Values
Available Resources
The organisation's heritage
Performance Record
Ownership History
Statement should avoid
Similar to others
Unattainable
General
Bland
Boastful
Corporate Strategy
Support overall organisation-wide objectives
Brand
Market
Business Unit
To pursue identified marketing opportunities