Definitions of Marketing Research

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Needs, Wants & Demands Demands - Human wants that are backed by buying power. The Market Offering- products, services & experiences Exchange, Transactions & Relationships Exchange is the act of obtaining a desired object from someone by offering something in return. Markets Concept of Marketing Means managing markets to bring about exchanges and relationships for the purpose of creating value and satisfying needs and wants. {draw:frame} Marketing Management Defined as an ‘art’ and ‘science’ that determines and chooses target markets and attempts to build profitable relationships with them. Marketing is about MANAGING: [1] Customer Demand -E.g. Promotional activities to increase demand, “Demarketing” to temporarily or permanently reduce demand, “Synchro”-marketing Different approaches to the marketing function {text:list-item} Marketing Management Philosophies The production concept: Focus on production and distribution, Production and assembly line refinement, Profits through production controls The product concept: Focus on quality, performance and innovation The selling concept: Undertakes large-scale selling and promotion efforts The marketing concept: Determining needs and wants of the target markets The Societal Marketing Concept: Determining needs, wants and interests of the target markets, Effective and efficient achieving desired satisfaction, Improves consumer’s and society’s well being Not always a Consumer Orientation! Distributors’ or Resellers’ Orientation - Control of the end market important for both manufacturers and distributors. Example: Food retailing - manufacturers for many years restricted the role of distributors to the physical task of distribution. Role was one of partners. But now seeing a shift in power from suppliers to distributors ' e.g. supermarkets. Whilst suppliers would like distributors to be partners, retailers tend to see their relationship with suppliers in terms of competition Prescribers’ Orientation- other actors play important roles in advising, recommending or prescribing brands, companies, products or services to customers or distributors. Example: Pharmaceutical market ' The doctor exerts a key influence (intermediate customer). Example: In B2B markets, engineering companies, experts, consultants… recommend certain equipment, shortlist products meeting the necessary specifications. Synchronising Marketing Strategies & Actions Process & Techniques - the Marketing Process- involves: [a] analysing market opportunities [b] selecting target markets [c] developing a marketing mix [d] managing the marketing effort Understanding the Wider Environments Key Concepts (overview): [2] The Macro and Micro Environments PEST analysis systematically examines the macro-environmental issues regarding Political, Economic, Social and Technological elements. Markets Successful organisations must be: Understand consumers in the marketplace: Analyse consumer needs and wants, Understand consumer behaviour, Providing value; i.e. delivering satisfaction. Competitive Strategy A market nicher - is a firm that serves a specific smaller segment of the market that other firms ignore or overlook The Marketing Mix - Product, Price, Place, Promotion, People, Physical evidence, Processes Strategic Planning “The process of developing and maintaining a strategic fit between the organisation’s goals and capabilities and its changing marketing opportunities” Three Major Types of Plans: Planning Process: Analysis: Company situation, opportunities, environmental analysis. Planning: Decisions regarding business units, emphasis upon products and brands. Strategic Plan Outline: Establish overall objective and mission, Organisational audit, Competitor analysis, Macro-environmental analysis, SWOT analysis, Marketing plan covering different...
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