TOPIC 3: MARKETING

Ethical and Legal Aspects (Ch 13)

Nature of Marketing (Ch 9)

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Marketing is the process of planning and executing the conception, pricing, promotion and distribition of ideas, goods and services to create exchanges that satisfy individual and organisational objectives.

Role of Marketing

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Satisfy customer needs and wantsHelp business generate revenues and profits

Types of Markets

Resource

Industrial

Intermediate

Consumer

Mass

Niche

Orientation

Production

Selling

Market

Customer Orientation

Relationship Marketing

Marketing Plan (Ch 10)

Situational Analysis

Nature of market

External influences

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Changing consumer preferencesChanging economic conditionsChanging financial conditionsChanging attitudes to the environmentChanging legal influencesChanging political influencesTechnological advances

PLC

SWOT Analysis

Establish Marketing Objectives

Increase market share

Expand product range

Expand existing markets (geographic expansion)

Maximise customer service

Identify the TM

Develop Marketing Strategies

Implementation

Monitoring and Controlling

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Develop Financial Forecast - revenues and costsCompare actual and planned results - market share + sales analysisRevise the marketing strategy - change marketing mix, new product development, product deletion

Market Research and Customer and Buyer Behaviour (Ch 11)

Factors influencing consumer choice

Developing Marketing Strategies (Ch 12)

Identify the TM

Market Segmentation

Psychographic

Demographic

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agegendereducationfamily sizefamily life cycleoccupationsocial statusreligionethnicity

Geographic

Product-related

Mass V. Niche

Product Differentiation

Marketing Mix

Product

Tangible

Size, Colour, Shape

Quality and style

Packaging

Intangible

Branding

Positioning

Warranties

Price

Promotion

Place