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MARKETING

HNC – Unit 4 Marketing Principles ATHE – Unit 5.6 Marketing Principles & Practice. MARKETING. Learning Outcomes: Understand the concept and process of marketing Be able to use the concepts of segmentaion , targeting and positioning

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MARKETING

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  1. HNC – Unit 4 Marketing Principles ATHE – Unit 5.6 Marketing Principles & Practice MARKETING

  2. Learning Outcomes: Understand the concept and process of marketing Be able to use the concepts of segmentaion, targeting and positioning Understand the individual elements of the extended marketing mix Be able to use the marketing mix in different contexts UNIT 4 MARKETING PRINCIPLES

  3. Learning Outcomes Understand the role of marketing in business Understand the principles of marketing Understand the application of the marketing mix in a specific business Be able to develop a marketing plan for a specific product or service Unit 5.6 marketing principles & practice

  4. “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” ‘American Marketing Association’ What Is MARKETING?

  5. CIM's Definition of Marketing   "Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably" Chartered institute of marketing

  6. “ Satisfying needs & wants through and exchange process” Philip Kotler

  7. To increase sales revenue To improve and maintain image of the product or the business To increase market share To target a new market To target a new market segment Marketing objectives

  8. The marketing concept rests on four pillars: target market customer needs integrated marketing profitability. The marketing concept

  9. 1. Production orientation Mid 19th century – 1920’s. Business focusses on production processes. Make it and they will buy! Demand exceed supply 2. Sales orientation 1920’s – 1960’s Rise of aggressive hard sell. Less demand so harder to sell History of marketing

  10. 3. Market orientation Customer at the "heart" of the business; all activities in the organisation are based around the customer. The customer is truly king!. Try to understand customer needs and wants, then implement marketing strategy based on their market research; from product development through to product sales. Once sales have begun further research will be conducted to find out what consumers think about the product and whether product improvements are required. As markets continuously change, market research and product development is an ongoing process for a market orientation company

  11. What costs and what benefits can you think of for a company to adopt a market orientated approach? activity

  12. Costs & benefits Costs • Market research • R&D and Product design • Future is unpredictable • Loss of sales if NOT responsive to customer needs Benefits • Products less likely to fail if effective market research • Constant customer feedback will allow products to keep evolving • Market led companies more flexible

  13. Marketing process consists of: Marketing audit Integrated marketing Environmental analysis Marketing objectives Options – plans Marketing mix Marketing process overview

  14. Considers INTERNAL & EXTERNAL influences on marketing planning through analysis Internal – SWOT External - PESTLE Marketing audit

  15. Activity What factors would you look at / what questions would you want to ask of your internal systems etc? Internal marketing audit

  16. Internal marketing audit • MEN (Labour). • MONEY (Finances). • MACHINERY (Equipment). • MINUTES (Time). • MATERIALS (Factors of Production). • How is our marketing team organised? • How efficient is our marketing team? • How effective is our marketing team? • How does our marketing team interface with other organisations and internal functions? • How effective are we at Customer Relationship Management (CRM)? How effective are our customer facing processes? (Process) • What is the state of our marketing planning process? • Is our marketing planning information current and accurate? • What is the current state of New Product Development? (Product) • How profitable is our product portfolio? (Product) • Are we pricing in the right way? (Price) • How effective and efficient is distribution? (Place) • Are we getting our marketing communications right? (Promotion) • Do we have the right people facing our customers? (People) • What is the state of our business's physical evidence? (Physical Evidence)

  17. In small groups you will be given a well know company for which you are asked to undertake a SWOT analysis of that company. Swot activities

  18. Political/Legal:- National government, local government, trade associations, the EU, regulatory bodies. Economic/competitive:- Market structure, government policy, trading bodies, taxation, interest rates, trading blocs. Sociocultural:- Demographics, culture, attitudes, current issues. Technological – innovation effecting:- Products, materials/components, processes, distribution, marketing/administration. Environmental:- Waste disposal, conservation, natural resources. Pestle – external audit

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