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Marketing
Marketing is a process by which companies/businesses create…
Marketing
Marketing is a process by which companies/businesses create value for customers and build strong customer relationships in order to capture value from customers in return” (Philip Kotler)
(Mind map by HM)
1a. Understand marketplace
- A market consists of all the potential customers sharing a particular need or want who might be willing and able to engage in exchange to satisfy that need or want.
- To be successful, marketers need to choose target markets and build profitable relationships with them.
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SWOT
- Both internal and external
1b. Understand customer
Needs:
- Stated needs
- Real needs
- Unstated needs
- Delight needs
- Secret needs
Benefits - Cost = Value
- A marketer builds a community of customers by offering Value
Transactional vs Relation marketing
- Exchange: Exchange is the act of obtaining a desired object from someone by offering something in return.
- Relationship: The goal of marketers is to build solid relationship with customers and retaining them by delivering superior value.
Market Research
- Gathering, Analysis and Communication of information to assist in making marketing decisions
Process
- Identify problem/objective/research questions
- Develop research plan
- Qualitative or Quantitative research
Qualitative: Subjective experience and insights, non-numerical data
Quantitative: Objective. To quantify the data and generalize the results from the sample to the population of interest
- Exploratory or Descriptive or Causal
- Exploratory: qualitative technique used to generate insights for future, more vigorous studies
- Descriptive: quantitative technique that probes more systematically and with more respondents
- Causal: techniques that attempt to understand cause-and-effect relationships
- Primary data vs Secondary data
- Conduct research
- Desk research: Secondary data
- Field research: Primary data
- Questionnaires vs Discussion guides vs Mechanical data collection
- Analyse and report findings
- Presentation and Take action
Ethics
- Respect privacy
- Confidentiality
- Ensure recorded and reported data integrity
- Respect prevailing data protection law
- Do not use data for purposes other than the specific research
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Marketing plan
- Executive Summary
- Vision and Mission statements
- Directions, aims
- Short synopsis of rationale
- Situational Analysis
- Findings of SWOT,PEST, Porter's Five Forces
- Statement of Marketing Objectives (SMART)
- Marketing Strategy
- STP
- How to use 4Ps to achieve the marketing objectives
- Marketing Tactics
- Detailed plans with timings, costs, budgets & responsibilities
- Implementation, Controls and Evaluation