Marketing

by parnavi7

1568 views

0 comments

2 likes

Center mind map

Collapse/Expand all nodes

Birdview

Toggle birdview

Full screen

MarketingMarket sizeVolumeMeasures the amount of goods sold by quantity. ValueMeasures the amount spent by consumers on the total volume of goods sold. Market GrowthMeasures how fast a given market is expanding. External factorsThe state of the economyTechnologyDemographic and social changesMarket ShareMeasures what proportion of the total market's sales is held by one organization. Market and Product OrientationMarket OrientationTry to analyze the market to find out what the customers want.Product OrientatedMore worried about the concerns and convenience of their internal production than their potential customers. Marketing of goods and servicesDifferent approaches of selling services.Goods can be taken back if the customers don't like what they have bought, however goods which the consumers have already benefited from cannot be returned.Services must be consumed immediately and can't be stored. Ex. Someone's time. Different offerings are hard to compare. Ex. Cars can be easily compared with each other, however restaurants are more difficult to compare. Services are intangible. Marketing Planning and Marketing ObjectivesMarketing PlanA document that puts the company's strategic marketing aims into practice. Including:Key marketing objectives.Strategic plans - an overview of how the objectives are going to be achieved. Specific marketing actions - details of the timings and types of marketing activity to be carried out. Marketing budget - detailed costings of the marketing activity. Marketing ObjectivesGoals and targets that must be met by the marketing department in order to meet the needs of the overall corporate objectives. Marketing MixKey elements needed in the marketing of a product:PriceHow much the consumer is going to pay for the product. ProductInvolves the characteristics of the product or service being offered. PlaceWhere the consumers can buy the product.PromotionHow the product is communicated to consumers. PeopleUse of human capital in bringing a product to market. ProcessThe systems used to allow the organization to deliver the product. Physical evidenceThe element of the mix that allows a consumer to make a judgment on the organization. PackagingMaking products stand out to potential buyers. Ethics of MarketingCollection of principles that underpin decision making. PricingIncludes businesses making misleading or false claims about prices, price comparisons, with rival products, failing to mention important conditions of sale, etc. PromotionBusinesses often sell their products often sell their products on the basis of something other than the product itself. ProductUsing cheap suppliers can lead to health and safety issues. Place"Doorstepping" practices for example has received much criticism. Marketing Audit Looks at the costs and effectiveness of marketing activity on a periodic basis. It will consider the internal and external environment in order to identify the organization's strength and weaknesses and the opportunities and threats facing the business. Market ResearchThe collection of objective data about a market, competitors, and consumers. Primary market researchWhen data is collected directly from consumers. Secondary market researchBased on data that has already been collected. Market SegmentationDividing a market into smaller sub-groups based on some key defining characteristics of consumers. Consumer ProfilesDetailed breakdowns of the demographic characteristics of the consumers. Including: AgeGenderIncomeSocial groupPositioningMarket or position maps allow a business to see where existing brands are aimed and identify potentially profitable niches in the market. ProductDeveloping a product includes: Brainstorm ideas. Develop ideas. Create the product. Refine and carry out final testing of the product. Launch. Ensure continual development. BrandingWell-known names of individual companies or products. PriceCost-based pricingAssumed that the business can sell all of its output at this price.Competition-based pricingWhen a dominant organization in a market sets a price for its products and its rivals feel compelled to match that price. Market-based pricingWhen a business sells its products at a low price to try to break into a market and gain market share quickly. Promotion"Above the line"Direct advertising through consumer channels, where the control process is passed to third parties."Below the line" All other forms of promotional activity falls into the "below the line! category. PlaceDirect selling is where the producer of good or services deals directly with the customer. International MarketingBased on: ProductPlacePromotionPriceE-CommerceUsing electronic networks in the buying and selling of products.