Principles of marketing: Lecture 8 provide students with knowledge about: marketing process; analyzing marketing opportunities; selecting target markets; developing the marketing mix; managing the marketing effort; marketing analysis of company’s situation;... Please refer to this lesson for details!
MGT301 Principles of Marketing Lecture8 Summary of Lecture7 Portfolio Analysis Marketing Process 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0 Stars Question marks ? ?2 ? Market growth rate The Boston Consulting Group’s Growth Share Matrix ? Dogs Cash cow 10x 4x 2x 1.5x 1x 5x 4x 3x 2x 1x Relative market share Product/Market Expansion Grid Current products Current markets New markets Marketpenetration strategy Marketdevelopment strategy New products Productdevelopment strategy (Diversification strategy) Marketing Strategy Planning Process Customers Needs and other Segmenting Dimensions Company Mission, Objectives, & Resources Competitors Current & Prospective Customers Needs and other Segmenting Dimensions Company Mission, Objectives, & Resources S W O T Competitors Current & Prospective External Market Environment Customers Needs and other Segmenting Dimensions Targeting & Segmentation Company Mission, Objectives, & Resources S W O T Competitors Current & Prospective External Market Environment Positioning & Differentiation Narrowing down to focused strategy with quantitative and qualitative screening criteria Customers Needs and other Segmenting Dimensions Targeting & Segmentation Company Mission, Objectives, & Resources S W O T Positioning & Differentiation Competitors Current & Prospective External Market Environment Marketing Control Process Set Goals Measure Performance Evaluate Performance Take Corrective Action Enough for today Summary Marketing Process Analyzing marketing opportunities Selecting target markets Developing the marketing Mix Managing the marketing effort DemographicEconomic Environment g tin ke ol ar tr M Con PoliticalLegal Environment Target Price Consumers Promotion Competitors Publics Im Ma pl rk em et en ing ta t io n M An ark al eti ys ng is Place Product g tin g ke in ar n M lan P Suppliers TechnologicalNatural Environment Marketing Intermediaries SocialCultural Environment Analyzing marketing opportunities changing environment – opportunities and threats changing firm situation – relative strengths and weaknesses Fit match opportunities with firm’s objectives and resources (strengths) Market Information System The Marketing Information System Marketing managers Marketing Information System Developing information Analysis Planning Assessing information needs Internal records Marketing intelligence Implementation Marketing environment Test markets Marketing channels Competitors Control Distributing information Marketing decision support analysis Marketing research Marketing decisions and communication Publics Macroenvironment forces Selecting Target Markets Firm cannot satisfy everyone – mass marketing Segment total market – market segmentation Target markets – target marketing – niche marketing Developing the Marketing Mix Marketing Marketing Mix Mix Product Place Target Target Market Market Product Variety Quality Channels Coverage Design Assortments Features Locations Brand Name Price Packaging List Price Promotion Sizes Discounts Sales Promotion Services Allowances Advertising Warranties Payment Period Sales Force Returns Credit Terms Public Relations Direct Marketing Inventory Transport Managing the marketing effort Contents of a Marketing Plan Executive Summary Current Marketing Situation Threats and Opportunity Analysis Objectives and Issues Marketing Strategy Action Programs Budgets Controls Marketing Implementation Marketing Marketing Strategy Strategy Organizational Structure Decision and Reward Action Programs Human Resources Climate and Culture Implementation Marketing Marketing Performance Performance Marketing Control Process Set Goals Measure Performance Evaluate Performance Take Corrective Action Next… Marketing Environment MGT301 Principles of Marketing Lecture8 ...Summary of? ? Lecture? ?7 Portfolio Analysis Marketing Process 20% 18% 16% 14% 12% 10% ? ?8% 6% 4% 2% 0 Stars Question marks ? ?2... Evaluate Performance Take Corrective Action Next… Marketing Environment MGT301 Principles? ?of? ?Marketing Lecture? ?8 ... sensitivity) ••Economic Economic Analysis Analysis(costs, (costs, break-even, break-even, profitability) profitability) ••Company CompanyFit Fit (strengths, (strengths, weaknesses, weaknesses, resources,