Principles of marketing: Lecture 11

Principles of marketing: Lecture 11 provide students with knowledge about: analyzing marketing opportunities and developing strategies - MIS; analyzing marketing opportunities; situation analysis; the marketing information system; developing the marketing information;... Please refer to this lesson for details!

MGT301 Principles of Marketing Lecture­11 Summary of Lecture-10 The Macroenvironment Demographic Demographic Cultural Cultural Forces that Shape Forces that Shape Opportunities  Opportunities  and Pose Threats and Pose Threats to a Company to a Company Political Political Economic Economic Natural Natural Technological Technological Today’s Topics Analyzing Marketing opportunities and developing strategies­ MIS  Analyzing marketing opportunities Situation Analysis The Three Cs ••Market MarketPotential Potential (size, (size,growth growthrate) rate) Customers ••Industry Industry Structure Structure Analysis Analysis (entry/exit (entry/exit barriers, barriers,buyers, buyers, sellers, sellers, substitutes) substitutes) ••Competitor Competitor Response Response Profiles Profiles (capabilities, (capabilities, current currentand andfuture future actions) actions) Company Competitors ••Customer Customer Behavior Behavior(wants (wants and andneeds, needs, segmentation, segmentation, price pricesensitivity) sensitivity) ••Economic Economic Analysis Analysis(costs, (costs, break-even, break-even, profitability) profitability) ••Company CompanyFit Fit (strengths, (strengths, weaknesses, weaknesses, resources, resources,culture, culture,  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 Marketing Information System (MIS) People, equipment, and procedures to gather, sort, analyze,  evaluate, and distribute needed, timely, and accurate  information to marketing decision makers.  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 Purpose?    Determine decision makers’ information needs Acquire needed information Distribute information Internal Records (Internal Data) Information obtained from data source within the company Marketing Intelligence The systematic collection and analysis of publicly available  information about competitors and developments in the  marketing environment   Competitors   Suppliers   Resellers   Customers   Published Information Marketing Research The systematic design, collection, analysis, and reporting of  data relevant to a specific marketing situation facing an  organization Steps in the Marketing Research  Process 1 Problem Problem Definition Definition and and the the Research Research Objectives Objectives 2 Developing Developing the the Research Research Plan Plan 3 Implementation Implementation 4 Interpretation Interpretation and and Reporting Reporting of of Findings Findings Why Research? Why Business Research ? Business Research is … Provides information for aid in making business related decisions – Identify opportunities – Generate & refine actions Systematic & objective process – designing, gathering, analyzing & reporting information – used to solve a specific problem Helps reduce risk inherent in decision making Why is research important?   Provides an important link to customers Allows implementation of the business concept Enables managers  to identify & understand stakeholders wants & needs develop appropriate strategies to meet these needs Enough for today. .  Summary Marketing Information System (MIS) 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 Next… Steps in the Marketing Research Process 1 Problem Problem Definition Definition and and the the Research Research Objectives Objectives 2 Developing Developing the the Research Research Plan Plan 3 Implementation Implementation 4 Interpretation Interpretation and and Reporting Reporting of of Findings Findings MGT301 Principles of Marketing Lecture­11 ... Implementation 4 Interpretation Interpretation and and Reporting Reporting of of Findings Findings MGT301 Principles? ?of? ?Marketing Lecture? ?11 ... buyers, sellers, sellers, substitutes) substitutes) ••Competitor Competitor Response Response Profiles Profiles (capabilities, (capabilities, current currentand andfuture future actions) actions)... sensitivity) ••Economic Economic Analysis Analysis(costs, (costs, break-even, break-even, profitability) profitability) ••Company CompanyFit Fit (strengths, (strengths, weaknesses, weaknesses, resources,