Marketing Process Flashcards
(18 cards)
Processes of Marketing
(SMEIDI)
Situational Analysis
- SWOT, Product life cycle
Market Research
Establishing Market Objectives
Identifying target markets
Developing market strategies
Implementation, monitoring and controlling -
- Developing a financial forecast; comparing actual and planned results, revising marketing strategy
Situational Analysis
SWOT, Product Lifecycle
Present state of business
Internal and External Environments
Product Lifecycle
Stages a product passes through (intro, growth, maturity and decline)
Market Research (Needs, data, analysis)
Determining information needs
- What needs to be measured and issues involved
Collecting data from primary and secondary sources
- Facts that are needed and those that are already available
- Plans must be made to gather missing data
Analysing and interpreting data
- Analyse facts to see what they mean
Establishing Market Objectives (SMART)
Realistic and measurable goals achieved through the marketing plan, should be aligned to the businesses overall goals, with some customer orientation
E.g
Increasing market share
Expanding the product range
Maximising customer service
Identifying Target Markets
A group of present
and potential customers to which a business intends to sell its product
- Primary & Secondary, Mass, Niche - Market Segmentation
Effect: Able to use marketing resources effectively, relevent to needs / behaviour
Marketing Mix (4PS)
Product + Price + Promotion + Place
Product
Quality + Packaging / labelling + Design + Brand name and guarantee of a product
- Customers will buy products to satisfy needs / wants and emotions
Price
Amount of money a consumer is prepared to spend
- Above / Below or even with competition
Promotion
Methods to inform, persuade and remind customers of products
- Ads, personal selling, relationship marketing, publicity
Place
Channels of distribution, ways of getting to customers
- E.g Retail stores, supermakets, vending machines, etc
Implementation, monitoring and controlling
Developing a Financial Forecast
Comparing Actual and Planned Results
Revising Marketing Strategy
Implementation
Putting marketing strategies into operation
- Can be difficult as unforeseen circumstances can challenge plan
Previous element of marketing plan was what had to be and why it was done, while implementation is the how, where and when it is done
Monitoring
Measuring actual performance against planned performance
- Gather info and report on changes, problems or opportunities
Controlling
Taking action to ensure objectives are attained by comparing past performance
- Use KPI’s to compare / evaluate performance (e.g increase sales by 5%)
Developing Financial Forecast
Costs and Revenue’s for each strategy, allowing allocation of marketing resources
- Measuring sales potential and revenue forecasts with anticipated costs
Comparing Actual and Planned Results
Sales analysis
- Comparing sales to forecasted sales to determine effectiveness of marketing strategy
Market Share Analysis
- Performance of sales compared to competitors
Marketing Profitability Analysis
- Total marketing costs compared to costs and results achieved = Understand effectiveness
Revising Market Strategy
Business can see if objectives are met after analysis is conducted, marketing plan can be revised by:
- Changing 4ps
- New Product
- Eliminating outdated items in decline
