Marketing Report: Evaluating Marketing Actions and Strategies

This report provides a comprehensive overview of key marketing concepts, product development stages, and market research methodologies. It explores the roles of product, sales, and market orientations, and details how the impact of marketing is measured using metrics like ROI, cost per win, and conversion rates. The report differentiates the stages of product development, emphasizing the role of market research in gathering customer data and identifying market opportunities. It also examines various types of market research, including surveys, interviews, focus groups, and observations. Furthermore, the report analyzes the marketing mix (4Ps), its managerial implications, and the role of marketing strategy within a corporate context, including the importance of monitoring and evaluating marketing actions. The report concludes by referencing relevant books and journals.

MARKETING

SECTION 1 MARKETING
 Purpose of marketing
 The purpose of marketing is to promote and advertise products and services in
market to target audience. Basically there are 3 purpose which is classified as
 Capture attention-
 Educate prospects
 Convert

CONT..
 Role of product, sales and market orientation
 In marketing product sales and market orientation play vital role
in it. they provide a framework on how marketing is to be done. Thus, its
role is as
 Product orientation - it is an approach in which business activities
continuously make efforts to improve its products. This is done to make
product best one and maintain its quality.

CONT..
 Sales orientation- here, it refers to approach where many business focus
on selling their products and services. So, they emphasis on selling
techniques to increase sales.
 Market orientation- it includes culture, value, beliefs etc along with
structure, system of organization. Basically, activities in it are focused
towards satisfying customer needs.
 Thus, these all play crucial role as they are integrated with one
another. So, when product developed is best then it is sold in market with
various techniques. Hence, that product enable in satisfying needs of
customer.

CONT..
 how the impact of marketing is measured in terms of outcome
 there are various ways to measure impact of marketing. It
depends on things
 ROI- it is the best KPI in which return on investment is calculated of
overall marketing campaign. Also, it enables in measuring quality of leads
generated by campaign as well. for instance - $1000 on campaign results in
$4000 then ROI is 400%.
 Cost per win- here, it measure expense of each sale done in campaign. So,
on basis of it each campaign outcomes are measured.
 .

CONT..
 Cost per lead- it measure cost per lead generated in marketing. So, it does
not calculate quality of leads.
 Conversion rate- here, outcomes related to conversion rate is calculated. It
state that how many customers are being converted into from the overall
leads generated.
 Incremental sales- it calculates marketing efforts towards sales numbers
that shows how much sales is generated through marketing

SECTION 2
 Differentiate the key stages of product development
 There are 5 stages in it.
Idea generation Screening Concept
development
Product
development
Commercializatio
n
It is first stage
where ideas are
generated
regarding product.
For that research
is being done and
competitors,
customer, journals,
etc. are analysed
In this ideas
generated are then
screened and
filtered. Here,
feedback is taken
from customers, to
find out feasibility
of idea. There are
several factors
which affect idea
as well.
Business determine
cost, revenue, etc.
generated from
product. Thus
SWOT analysis of
idea is done in
market. Then,
market
segmentation is
done.
In this stage
product is
developed and
testing is done in
market. With that
outcomes are
evaluated and then
further decision is
taken.
The positive
outcomes allows
in mass production
of product and
doing promotion of
product.

CONT..
 Role of market research in product development
 Market research is done to gather data from customer about
various things. it also gives answer of some question related to product.
Thus, market research allows in finding out opportunity in market which
can be grabbed. The main info it provides is customer needs and problem
so that according product is developed. In addition, research enable in
providing data related to issue in packaging, branding, etc of product and
what are other factors which is influencing their purchase decision

CONT.
 Types of market research for different applications
 There are various types of market research which is conducted.
It depends on company needs that what they want to capture from market.
However,, in each one info obtained differs from one another. Thus, types
of research are
 Survey- it is common research where questions are asked to customers. The
question are close and open ended. This is done to obtain large data and
info from market. It is easy to do.
 Interview- here, face to face interview is done to obtain data. it allows in
gathering in depth data from market. Through that customer behavior can
be easily understood. The survey takes a lot of time to be done.

CONT
 Focus groups- in this research is done by company on particular target
market. It allows in collecting relevant data from them.
 Observation – it is most common used technique in which customer
behavior is observed during purchase of product.

CONT..
 Limitation of market research
 There are several limitations as well of market research. it is as below
 Market research studies consumer behavior and marketing environment. So,
they continuously changes with trends. Thus it does not give exact info
about it.
 Basically, research is a social science therefore, it does not give precise
and accurate data and info
 Usually, research can not replace decision making but it only improves
it. hence, marketing research is not a 100% success.

CONT.
 Through that business risk are reduced but not eliminated. In addition, it is
a costly method and consumes a lot of time in it. the data obtained from it
is not specific.
 Limited scope- MR is having a limited scope this means that it does not
solve business problems but only focus on issues such as income,
expenditure, consumer behavior etc.