Marketing Management Course

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Marketing
Management

MARKETING
Marketing is the management process responsible
for identifying, anticipating and satisfying
customer requirements profitably.

Chartered Institute of Marketing

4

DEFINING THE TARGET MARKET
In order to accurately plan marketing activity it is vital to clearly define who is being targeted. In order to do this we need a framework for segmenting both the consumer and business markets.
Consumer Market Segmentation factors
product distribution region
Geography
cultural differences in habits and tastes
post code analysis systems
Demography

-

age
sex
household income/personal income
education level
social status
life cycle

Psychography

-

personality traits
perceptual styles
attitudes about self, family, society
reference groups
social roles

General Life Style

-

correlation of demographics and
psychographics

Product Usage

-

frequency of purchase
links to other purchases

Geography

-

distribution strengths and weaknesses

Industry Type

-

use of Standard Industry Classification
(SIC) codes or Yellow Pages Business
types or own classifications.

Size of Company

-

this could use the number of

Business Market Segmentation Factors

5

employees, turnover, profit or media
spend as the criteria
Product Usage

-

-

segment by loyalty, most active,
average spend, greatest year on year
increase
useful to cross check usage with
company size to check that we are
turning potential into sales.

Decision Process

-

identifying the key roles in the
decision making process - the users,
financiers, influencers, advisers and
ultimate decision maker.

Company Ownership and
other products

-

segmenting companies by multinational, European, UK will enable identification of trends and targeting
of opportunities.

6

THE MARKETING MIX

The traditional mix of product, price place and promotion covers the following
Product

Place

Quality

Distribution
Channels

Style
Brand

Distribution
Coverage

Image

Outlet Locations

Business services

Locations
Inventory levels

Other services
Transport/Carriers
Price

Promotion

Basic price

Advertising

Discounts & Allowances

Publicity

Payment/Credit terms

Public Relations
Sales Promotion
Personal Selling

7

EXERCISE - THE MARKETING MIX

List for one of your products the elements which constitute the marketing mix, under each of the following headings:Product

Place

Price

Promotion

8

MARKETING RESEARCH AND ANALYSIS OF
MARKET TRENDS

Marketing Research ‘The

systematic gathering, recording and analysis of data
relating to the marketing of goods and services’

Research produces data not decisions

Good quality, reliable marketing research is the bedrock of any good marketing plan so we need to ensure that the gathering and recording process is robust and gives good quality data on which to base our marketing decisions. The following questions should be asked before setting up a marketing information system:What information do I need?

• from internal as well as external sources

How often do I need to update the information?
• some may be needed on a daily basis, others weekly, monthly or annually.

What is tracking new developments and opportunities?
• this type of research will require a flexible approach to monitor the ongoing trends and developments of the business.

9

The following is a suggested framework for information gathering.

Marketing Research

Ad hoc

Continuous

Primary

Secondary

Internal

Observation

External

External

Experiment

Survey

Quantitative

Census

Survey

Personal

Postal

M.I.S.

Qualitative

Group
Discussions

Telephone

Online

10

In-depth
Interviews

Psychoanalytical

KNOWING YOUR CUSTOMERS
If we are going to develop realistic and achievable marketing plans for our...
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