1 MARKETING THOUGHTS ….. 2 WHAT IS MARKETING? 3 MARKETING: Definition: (Adapted from Kotler 2000)
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Transcript of 1 MARKETING THOUGHTS ….. 2 WHAT IS MARKETING? 3 MARKETING: Definition: (Adapted from Kotler 2000)
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MARKETING THOUGHTS ….
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WHAT IS MARKETING?
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MARKETING:
Definition:
(Adapted from Kotler 2000)
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MARKETING AS EXCHANGE
SELLER
Items of Value
Items of Value
NeedWantBenefitDemand
BUYER
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KEY TERMS:
NEED:
WANT:
BENEFIT:
DEMAND:
VALUE:
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The Marketing Concept:
• An organization’s basic purpose is to___________________________
• This requires integrated and coordinated efforts in the organization
• Organizations should focus on (long or short) term success
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What Do We Market
• • • • • •
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TOOLS TO MAKE EXCHANGE MORE LIKELY
THE MARKETING MIX (4 P’s)
P____________
P____________
P____________
P____________
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A General Marketing Model
legal/politicalenvironment
institutionalenvironment
customerprice
product
place
promo
entrepreneurship
ethicspr
oduc
tivity
customer
value
relationship
technology
global
economicenvironment
social environment
technologicalenvironment
competitiveenvironment
Marketing Concept: satisfy consumer needs at a profit
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Marketing is a Process
• Market Planning
• Segmenting the Market
• Selecting a Target Market
• Positioning the Product
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EVOLUTION OF A CONCEPT
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Different Orientations to Bring About Exchanges
• Production Orientation
• Product Orientation
• Selling Orientation
• Marketing Orientation
• Relationship Marketing Orientation
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THINGS TO THINK ABOUT
• How does marketing affect your life?– How does marketing satisfy your needs– What areas of your life – if any are not
affected by marketing?
• Does marketing create needs?
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MARKETING STRATEGY“If you don’t know where you are going you might
end up somewhere else”
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STRATEGIC ISSUES
• WHERE ARE WE NOW?
• WHERE DO WE WANT TO GO?
• HOW DO WE GET THERE?
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A Strategic Planning Model
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CORPORATE LEVEL PLANNING
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CORPORATE LEVEL FUNCTIONS:
Define the Corporate Mission Evaluate Environment Set Organizational Goals and Objectives Establish the Business Portfolio Grow the Business
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MISSION STATEMENT
• Broad Statement of Purpose:– What is your organization’s mission statement?
–
–
–
–
–
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Defining a Company’s Present Business
• Narrow
soft drinks
videos
toys
life insurance
computers
• Broad
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Environmental Analysis
SWOT Analysis:
Strengths
Opportunities
Weaknesses
Threats
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SWOT--Internal Environment
• Strengths and Weaknesses
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EXTERNAL ENVIRONMENTS
• Opportunities and Threats:
1.
2.
3.
4.
5.
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Evaluate Your Company’s Business Environments
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COMPETITIVE ENVIRONMENT
Who are our current and potential competitors?
Who/What are competitors’ targets, strategies, strengths, weaknesses?
What are potential competitive reactions?
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Who is the Competition:
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A Customer Perspective
Intensity of Competition
Importance of Substitute Products
Potential Competition
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The Nature of Competition:
Structure of the Industry:
– Monopoly– Oligopoly– Monopolistic Competition– Perfect Competition
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TECHNOLOGICAL ENVIRONMENT
• Evolution of Wants– “Creative Destruction”
• Long-term unforseeable consequences
• Accelerated pace of Change
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POLITICAL-LEGAL ENVIRONMENT
• Consumer Bill of Rights (1962 JFK)
• Regulatory Agencies– FTC, FDA, FCC, EPA…
• Increased Legislation– Protect companies, consumers, society
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SOCIO-CULTURAL/ DEMOGRAPHIC ENVIRONMENT
• Demographics– Age mix– Ethnic/racial mix– Education– Household Patterns– Geographical Shifts
• Beliefs, Values, Norms– Persistence of core beliefs/values– Existence of subcultures– Shift of secondary beliefs
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ECONOMIC ENVIRONMENT
• Factors Influencing Purchasing Power:– – – –
• Two-tier US Economy
• Reactions to Poor Economic Times
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ENVIRONMENTAL CHANGE
CHANGES IN THE ENVIRONMENT CAN
REPRESENT A THREAT OR AN OPPORTUNITY – IT DEPENDS ON THE FIRM’S STRENGTHS
ANDWEAKNESSES
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Establishing the Structure of the Business
A PORTFOLIO APPROACH
GOALS:
1.
2.
3.
4.
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PORTFOLIO APPROACHES
BCG MATRIX:
Classify SBU on 2 variables:
1. market attractiveness
2. company strength
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BCG MATRIX
Stars Question Marks
Cash Cows Dogs
RELATIVE MARKET SHARE
MarketGrowthRate
?
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GROWTH STRATEGIES
Current Markets New Markets
CurrentProducts
NewProducts
MARKET PENETRATION
MARKET DEVELOPMENT
PRODUCT DEVELOPMENT
DIVERSIFICATION
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GROWTH STRATEGIES:
Market Penetration: 1. Increase Usage2. Introduce Intermediaries3. Mandatory Consumption
Market Development:1. Expanding to new geographic markets or
new market segments
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GROWTH STRATEGIES:
Product Development:New Products for the current market -- utilizing strengths
Diversification:HorizontalVertical
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Exercise 1:
• Bring in two products from the same product category that would be used by different “types” of people
• Describe the person who buys this product
• Describe the Marketing Mix for this Product