MARKETING. BY DR. HJH. ZAINON HJ. MAT SHARIF firstname.lastname@example.org 03-87694497. Marketing. 5 W’s & 1 H What is Marketing? Why Marketing is important? When Marketing is done? Where Marketing should be done? Who should conduct How Marketing is done?. What is Marketing?.
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MARKETING BY DR. HJH. ZAINON HJ. MAT SHARIF email@example.com 03-87694497
Marketing • 5 W’s & 1 H • What is Marketing? • Why Marketing is important? • When Marketing is done? • Where Marketing should be done? • Who should conduct • How Marketing is done?
What is Marketing? • Marketing is the process associated with promotion for sale goods or services. • Marketing is everything you do to place your product or service in the hands of potential customers.
What is Marketing? • It includes diverse disciplines like sales, public relations, pricing, packaging, and distribution. In order to distinguish marketing from other related professional services
Definition of Marketing • Marketing is considered a social and managerial process by which individual and groups obtain what they need and want through creating and exchanging products and value with others, Kotler (2008),
Definition of Marketing • Marketing is defined as the activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large, American Marketing Association, AMA (2009)
Definition of Marketing • Marketing is the management process that identifies, anticipates and satisfies customer requirements profitably - The Chartered Institute of Marketing (CIM).
Definition of Marketing • The right product, in the right place, at the right time, at the right price - Adcock.
Why is Marketing important? • The goal of marketing is to generate long-term sales through customer satisfaction. So while the goal of marketing at its most basic level is to sell something, this transaction should not result from trickery, deception or coersion rather both parties should emerge from the transaction highly satisfied. Satisfaction of both parties is an implicit aspect in the exchange relationship.
When Marketing is done? • Marketing must understand both the needs & wants side of the equation and the Product, Ideas, & Services side of the equation. Not only must marketing fully understand both sides of the equation, but it must also effectively communicate the details of each in order to successfully bridge the gap between the two.
When Marketing is done? Marketing
Where Marketing Should be done? • In the field – via research method • Qualitative • Interviews, observations • quantitative • Survey questionnaires • Both – qualitative & quantitative • Who? - Clients, Customers, Competitors, Stakeholders
How Marketing is done? • Marketing Planning • Marketing Strategy • Market Research • Market Segmentation, Targeting, Positioning, etc.
Marketing Planning • Marketing plans are vital to marketing success. They help to focus the mind of companies and marketing teams on the process of marketing i.e. what is going to be achieved and how we intend to do it. There are many approaches to marketing plans. Marketing focused upon the key stages of the plan. It is contained under the popular acronym AOSTC.
Marketing Planning • Analysis. • Objectives. • Strategies. • Tactics. • Controls.
Marketing Planning • Stage 1 • SWOT, PEST, Porter Five Forces, & Marketing Environment • Stage 2 • SMART • Stage 3 • Target Market – Boston’s Matrix / Ansoff’s Matrix • Stage 4 • Market Tactics – 4 P’s • Stage 5 • Market Controls
Stage 1 • SWOT Analysis
Stage 1 • SWOT analysis is a tool for auditing an organization and its environment. It is the first stage of planning and helps marketers to focus on key issues. SWOT stands for • strengths, • weaknesses, • opportunities, and • threats. • Strengths and weaknesses are internal factors. Opportunities and threats are external factors.
Stage 1 • PEST Analysis
Stage 1 • PEST • Political Factors • Economic Factors • Socio cultural Factors • Technological Factors • + Environment Factors, Legal Factors, Security Factors • PESTELS
Stage 1 • Five Force Analysis
Stage 1 • Five forces analysis looks at five key areas namely:- • the threat of entry, • the power of buyers, • the power of suppliers, • the threat of substitutes, • and competitive rivalry.
Stage 1 • The micro-environment • This environment influences the organization directly. It includes suppliers that deal directly or indirectly, consumers and customers, and other local stakeholders.
Stage 1 • The macro-environment • This includes all factors that can influence and organization, but that are out of their direct control.
Stage 2 • The purposes of SMART objectives include: • To enable a company to control its marketing plan. • To help to motivate individuals and teams to reach a common goal. • To provide an agreed, consistent focus for all functions of an organization.
Stage 2 • Specific - Be precise about what you are going to achieve. • Measurable - Quantify your objectives. • Achievable - Are you attempting too much? • Realistic - Do you have the resources to make the objective happen (8 m’s - men, money, machines, materials, minutes, milieu, method, measurement) • Timed - State when you will achieve the objective (within a month? By February 2018?)
Stage 3 • Boston Matrix
Stage 3 • Dogs. • These are products with a low share of a low growth market. These are the canine version of 'real turkeys!'. They do not generate cash for the company, they tend to absorb it. Get rid of these products.
Stage 3 • Cash Cows. • These are products with a high share of a slow growth market. Cash Cows generate more more than is invested in them. So keep them in your portfolio of products for the time being.
Stage 3 • Problem Children. • These are products with a low share of a high growth market. They consume resources and generate little in return. They absorb most money as you attempt to increase market share.
Stage 3 • Stars. • These are products that are in high growth markets with a relatively high share of that market. Stars tend to generate high amounts of income. Keep and build your stars.
Stage 4 The 4 P's of Marketing • Your marketing plan should address the 4 P's of Marketing: • Price, • Product, • Promotion, and • Place. • ++ People, Physical Evidence, Process (7 P’s)
Stage 5 • There is no planning without control. Marketing control is the process of monitoring the proposed plans as they proceed and adjusting where necessary. If an objective states where you want to be and the plan sets out a road map to your destination, then control tells you if you are on the right route or if you have arrived at your destination.
Stage 5 • Control involves measurement, evaluation, and monitoring. Resources are scarce and costly so it is important to control marketing plans. Control involves setting standards. The marketing manager will than compare actual progress against the standards. Corrective action (if any) is then taken. If corrective action is taken, an investigation will also need to be undertaken to establish precisely why the difference occurred.
Marketing Plan • Six things marketing plan • 1) Prove that you understand your industry. • 2) Identify your target market. • 3) Identify your competition. • 4) Establish your pricing, distribution, and product positioning. • 5) Get someone to subsidize your dream. • 6) Focus on a single effective marketing concept.
Marketing Plan • Mission (or vision) statement • Company objective • Market analysis • Target audience • Competitive analysis • Action plan
Marketing Plan • A successful marketing plan is based on research and analysis. But because information can be manipulated to prove almost anything, insight is equally important. As Edward de Bono says, "Proof is often no more than a lack of imagination".
Marketing Research • Market research is more than the analysis of raw data. It is the opportunity to look outside your company to factors that may affect your success.
Marketing Research • Research often begins with a guess, sometimes an informed guess based upon your observations, experiences, and belief system. Often the process of gathering information can feel counter-intuitive, especially when research indicates something other than what you believe.
Marketing Research • We begin by asking questions. Who are my potential customers? How large is my target market? What's the perceived value of my product? Who are my competitors? How is my idea unique? How can I communicate that uniqueness?
Market Segmentation • Segmentation is essentially the identification of subsets of buyers within a market that share similar needs and demonstrate similar buyer behavior. The world is made up of billions of buyers with their own sets of needs and behavior. Segmentation aims to match groups of purchasers with the same set of needs and buyer behavior.
Market Positioning • Positioning is a perceptual location. It's where your product or service fits into the marketplace. Effective positioning puts you first in line in the minds of potential customers.
Market Positioning • Positioning is a powerful tool that allows you to create an image. And image is the outward representation of being who you want to be, doing what you want to do, and having what you want to have. Positioning yourself can lead to personal fulfillment. Being positioned by someone else restricts your choices and limits your opportunities.
Market Positioning • The primary elements of positioning are: • Pricing. • Quality. • Service. • Distribution. • Packaging.
Market Targeting • After the market has been separated into its segments, the marketer will select a segment or series of segments and 'target' it/them.