Introduction to marketing Marketing planning


Added on  2019-09-26

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MKTG101Lecture 1 SummaryIntroduction to marketingMarketing planning is all about understanding how we operate in markets in order to deliver a marketing plan that might drive the strategic direction of the brand into the future.Where are we today?Where do we want to be tomorrow?How are we going to get there?How are we going to know were successful?Brief Overview: Learning OutcomesDevelop an informed understanding of marketing theory and practice. Review the external factors influencing an organisation's marketing strategies.-Competition-Economy-Society-Politics-Technology-Consumers/DemographicsExplain and analyse key marketing objectives and strategies. Identify the role of marketing as an organisation-wide philosophy. Recognise marketing's role in business and in societyAs marketers we must consider:All customers have different wants and needsAll customers change, we all change through the different lifestyle circumstancesAll competitors reactAll resources are limitedMarketing is about the effective allocation of marketing resources.SWOT:Strengths – internal to the firmWeaknesses – internal to the firmOpportunities – external to the firmThreats – external to the firm

Components of the Marketing Concept1.Customer Orientation-Target Market-Customer Needs2.Integrated Marketing Efforts3.ProfitabilityMarketing is used by: Small businesses and large multinational corporationsBusinesses selling goods and businesses selling services For-profit and not-for-profit organisations Private and public organisations, including governments.The Marketing ProcessUnderstanding Creating Communicating DeliveringMarketing Exchange The mutually beneficial transfer of offerings of value between the buyer and seller.The triple bottom lineEnvironmental Economic SocialThe Marketing MixTraditionally known as the 4 Ps:ProductPricePromotionPlace (distribution)

Lecture 2 SummaryMarketing Environment and Market AnalysisThe essence of strategy:Is the process of developing and maintaining a viable match of the organisation’s resources and capabilities (strengths and weaknesses) to the demands of the changing environment (opportunities and threats) in pursuit of its objectives. With the aim of achieving of a sustainable differential advantage in the changed environment.Differential Advantage:Refers to a set of unique features, benefits or characteristics of a firm or a business which sets it apart from its competitors for its target market.Marketing strategy needs to respond to change by doing the following:Collection InformationAbout the company, customers, competition and the environmental contextAnalysing InformationDeveloping a deep understanding of the situationIdentifying Issues and OpportunitiesThat can guide future strategic marketing decisionsApplying CreativityTo deliver desirable, differentiated and defensible marketing strategies

PESTEL Model - It’s a tool for auditing the marketing environment. (Macro)P – PoliticalPolitical environment which revolves around the current government in a particular country.E – EconomicEconomic environment is a direct influence on all businesses. (employment levels, inflation, interest rates, depression. These are all economic factors.)S – Social CulturalSocial Cultural environment embodies everything which is social and cultural within a nation or society. (religion, the way you’re educated, your national culture, your local culture, your dialect. These are all cultural factors.) T – TechnologicalTechnological factors are multifaceted influences. (smartphones, androids, PC, internet)E – EnvironmentalEnvironmental/Environmentalism are the green issues that surround marketing. Environmental movement puts pressure on government and businesses. L – LegalLegal factors include businesses taking into account laws in the local market. (cars have different seated driver either right handed and left handed, safety ratings, maximum speed.)The external environmentThe external environment encompasses the people and processes that the organisation cannot directly control. Marketers can only seem to influence the external environment. The external environment includes the micro-environment and the macro-environment.Micro – the micro environment comprises the forces and factors within the industry in which the market operates and these include customers, partners and competitors.Macro – the macro environment includes the larger scale forces that influence not only the organisation and its industry but happen to influence all industries. (PESTEL framework.)The internal environmentThe internal environment describes the organisation and the way it creates and the way it delivers value. It includes those factors directly controllable by the organisation. (the distinguishing factor with the internal environment.) Strengths and weaknesses are internal factors that positively and negatively affect the organisations ability to compete in the marketplace.

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