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Reading, 1, 2 & 3Session 3 & 4 - Coggle Diagram
Reading, 1, 2 & 3Session 3 & 4
Reading 1: Marketing Concept
Defining Marketing
Marketing is the planning, organisation and activities of passing across relevant information to new and potential clients
Price, place, promotion and people - trying to market products that people need and want
Targeting specific clients
Marketing orientation
Understanding what customers want and targeting their needs to your offerings
This can continuously be adapting in the current world
The Marketing Function
Sometimes one team or multiple teams with different tasks
reviewing and evaluation of the market, new and dying trends, competitors etc
Goal and plan setting in tune with "organisations mission vision and values"
The marketing process
The full process of the companies marketing process from development of mission statement, values and vision
Reviewing the market - is it a product/service that customers will want/need?
Selecting the best marketing methods to the right audience
"formulation of the offering: able to nurture loyal customers, then you can capture value from them in return through sales, market share and profit
action, audit and evaluation of the process
Mission, Vision and values
Mission Statement: pass 6 tests (Wilson and Gilligan) - Harris, 2018 pg 12
" - be specific enough to guide staff's behaviour
be based on fulfilling customers needs and satisfaction rather than on the products characteristics
encapsulate the organisations key skills
signal opportunities and threats
be achievable
be adaptable"
Take into account
"- the org. heritage: its performance recorn and ownershipo history
its leaders values, preferences and expectations
environmental factors, particularly opportunities and threats
available resources
distinctive competencies
should not be bland, general, similar to others, unattainable or boastful"
Vision - "future focused - dream like - statement or slogan that captures the needs of the time & sets stage for innovation"
Values: A beacon for behaviour throughout the org. belief system
Corporate strategy
marketing for the whole organisations and the objectives
driven by mission statement, vision and values
Organisational opportunities and resources
reviewing the market and looking at and for opportunities - new trends or developments in technology, buyers preferences
paying attention to the environment
acknowledging the limits and benefits of organisation
SWOT
Globalisation
Reading 2: The Marketing Environment
The Marketing Environment
Good Table pg 18
Divided into Macro & Micro Environment imternal & external forces
The Micro Environment
"stakeholders & audiances in immediate environment - cutomers, marketing intermediariessuppliers, competiotors and publics"
Customers - most important, Kotler & Armstromgs 5 types of customer markets
consumer
business
reseller (people purchase & resell for profit_
government
-international
Intermeditaries - use of external company for marketing, distribution, retailers, brokers, haul;iers etc
Suppliers - raw material
Competitors
Publics - media, reviewers, public, activists, communities etc
Macro Environment
Steeple / Pestle
Sociatal changes - opportunity for innovation, meeting the needs of customers/trends
Technological - new developments
ecenomic - financial innovation
Environmental - efficiency, recyables, safety
Political - political parties/leaders , key trading groups
Legal - legislation / regulation
Ethical - consumers behaviours and expectations
Competitive advantage
Table on page 24
Cost, Differentiation (Uniqueness), Focus (specific segmentation)
Competitive positions and differential advantage
Diagram page 25 - Porters 5 forces
acknowledging not just old competitors but new to the market, substitutes, customers
If aware of Porters five forces, can prepare and strategise
Step Plan on page 27
Strategic Objectives and strategic focus
Ansoff Matric pg 27
Ansoff Matrix is strategy tool to work out competivenes sobjectives
Market Penetration, product development, market development. diversification
Marketing Research
Use the term marketing research opposed to market research
"ISBA Guide to market research - imbedding research in strategic plans - fit for purpose - ask questions
what are the strategic corporate goals?
What information is needed to achieve them?
What research is needed to deliver information?
Who will use it and how?
Did the information make a difference?
Research can provide info on: behaviour, attitude, product development, policy development/implementation and evaluation, public consultation, communications, public relations, market measurement,
Process flow chart on page 32
Types of Data collection - organisational records, marketing research, primary research.
Quantitative date & Qualitative data
Ethics and marketing research - some consumers will feel uneasy to certain practices. Professional bodies created guidelines and codes of practice to follow