Marketing 100

4 P’s
Product – creating value in a product or service
Price – buyers belief of value through money, time and energy
Place – where and how the customer want it
Promotion – Ensure target market are promoted too
Product Orientation
Company focus on making a good product
– good products will sell themselves
Sales Orientation
Company focuses on how many items they sell
– sales team to sell, marketing how its sold
Market Orientation
Company focuses on customer wants/needs
– learn customer needs and wants, design product to fit
Value-Based Orietnation
Company focuses on the relationship of benefits to cost, or what you get for what you give
– Give more value to customers than competitors
Developing Marketing Strategies
Step 1: Planning – Mission statement & objectives

Step 2: Situation analysis – SWOT
+ Strengths
– Weakness
+ Opportunities
– Threats

Step 3: Identify Opportunities – STP
Market Segmentation
Target Marketing
Market Positioning

Step 4: Implementing marketing mix – 4 P’s
Product, Price, Place, Promotion

Step 5: Evaluate performance using marketing metrics
Performance Objectives and Metrics
Financial Performance Metrics
Social Responsibility Performance Metrics

Segmentation, Target, Positioning (STP)
Market Segmentation – dividing customers in groups to design products for a certain group

Target Marketing – deciding which group to pursue to market product

Market Positioning – defining the market mix and to position yourself in an open market

Marketing Metrics
Performance Objectives Metrics – comparing performance over time to competing firms

Financial Performance Metrics – revenues, sales, and profits compared to firms

Social Responsibility Performance Metrics – impact on environment, ability to diversify work force, human rights etc…

Market Development Strategy
Market penetration
Existing marketing mix
Existing customers

Market Development
Existing product
New market

Product development
New product or service
Existing target market

Diversification
New product or service
New market segment

Microeconomics factors analyzing the market
Capabilities of a company
– What the company is able to produce

Corporate Partners
– JIT align with competitors, suppliers, etc…

Competition
– Competitive intelligence (CI)

Macroeconomics factors
Culture
Demographics
Social
Technological Advances
Economic situation
Political/Legal
The Marketing Research Process
Step 1: Defining the objectives and research needed

Step 2: Designing the research project
– Type of data/research
– Primary/Secondary data

Step 3: Data collection process
– Exploratory (qualitative) research
– Observation, in depth interview, focus groups and social media
– Conclusive research
– Experiments, survey, scanner and panel

Step 4: Analyzing Data

Step 5: Presenting Results

Framework For Ethics
Step 1: Identify Issues

Step 2: Gather Information and Identify Stakeholders

Step 3: Brainstorm Alternatives

Step 4: Choose a course of action

The Consumer Decision Process
Step 1: Need Recognition
– Functional needs/ Psychological needs

Step 2: Information Research
– Internal/External research, risks, and type of product or service

Step 3: Alternative evaluation
– consumer decision rules
– processing spent = 0.4, price = 0.3, screen size = 0.2, weight = 0.1

Step 4: Purchase
– Ritual consumption, example valentines
Step 5: Post-purchase Evaluation
– Dissonance
– • An internal conflict that arises form an inconsistency between two beliefs or between beliefs and behaviour; buyers remorse

Factors That Influence Consumer Buying Decisions
Psychological – motives, attitudes, perceptions, and learning lifestyle

Social – family, and culture

Situational – purchase, shopping and temporal state

b2b buying process
Step 1: Need Recognition
– suppliers, salespeople, and competitors

Step 2: Product Specification
– suppliers use to develop propsals

Step 3: RFP process
– request for proposal

Step 4: Proposal analysis and supplier selection
– Vendors negotiate against each other

Step 5: Order specification (purchase)
– firm place order

Step 6: Vendor Analysis using metrics
– using 4 factors: 1: key issues 2: importance score 3: vendors performance 4: importance/performance

Factors Affecting Buying Process
Buying center
– decider, gatekeeper, buyer, influencer, and user

Organization culture
– autocratic, democratic, consultative, and consensus

Buying Strategies
– straight re-buy, modified re-buy, and new buy