Introduction 19/05/2017 9:13 PM

Transcription

1 Introduction 19/05/2017 9:13 PM Introduction Marketing: An activity, set of institutions and processes for creating, communicating delivering and exchanging offerings that have value for customers, clients, partners and society at large Put simply a firm attempts to create value for the consumer through a product/service, to receive value in return à market orientated to satisfy the needs of consumers in a target market o Not the art of selling what you make but knowing what to make identifying and understanding consumer needs Development of Marketing o 1950s Customer (goods) marketing o 1960s Industrial marketing o 1970s Non-profit & Societal marketing o 1980s Services marketing o 1990s Customer Satisfaction, Global Marketing, Direct marketing o 2000s Digital marketing The Marketing Process ( UDCBC ) Understand-Design-Construct-Build-Capture: 1. Understand the marketplace and customer needs, wants and demands 2. Design a customer driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture Value from customers to create profit and customer equity NB: First 4 steps create value for customers and build relationships, 5 th step captures value from customers in return Market The set of all actual and potential buyers of a product they share a particular need or want Marketing in this sense means managing markets to bring about exchanges for the purpose of satisfying human needs and wants Therefore is a system of relationships:

2 Market requires a buyer, seller, an exchange, information and knowledge, good or service to be exchange and potential for mutual benefit Core marketing concepts: o Market offerings o Value, satisfaction and quality o Exchange, transactions and relationships o Markets o Needs, wants and demands Key Concepts Human needs when a need is not satisfied, a person will either try to reduce the need or look for an object to satisfy it o Marketers stimulate rather than create these needs Wants take the form of human needs and are shaped by culture and individual personality o Marketers try to provide want-satisfying goods and services Demands human wants that are backed up by buying power o Customers view products as bundles of benefits and choose the products that give them the best value Market offering some combination of products, services, information or experiences offered to a market to satisfy a need or want Product anything that can be offered to a market for attention, acquisition, use or consumption that may satisfy a want or need

3 o It can be a physical object, services, persons etc Customer Value difference between the values the customer gains from owing and using a product and its cost o Marketing is all about creating value for customers Exchange an act of obtaining a desired object from something by offering something in return Transaction a trade between two parties that involves at least two things of value, agreed-upon conditions, a time of agreement and place of agreement Relationship marketing the process of creating, maintaining and enhancing strong, value-laden relationship with customers and other stakeholders Designing a customer-driven marketing strategy Selecting customers to serve Choosing a value proposition Marketing management orientations 1. Production Concept 2. Product Concept 3. Selling Concept 4. Marketing Concept 5. Societal Concept Four p s Products Prices Promotion Place

4

5 Strategic Planning 19/05/2017 9:13 PM Strategic Planning: The process of developing and maintaining a strategic fit between the organisation s goals and capabilities in the light of changing marketing opportunities. Relies on clear: Company mission Objectives Sound Business Portfolio Coordinated Functional Strategies Steps in Strategic Planning*** ( MOPS ) 1. Define the company mission - Mission 2. Set company objectives and goals - Objectives 3. Design the business portfolio - Portfolio 4. Plan marketing and other functional strategies - Strategies Note: a mission statement will determine distinct large objectives, to be achieved through various strategies Goals of Strategy: Short-term focus to improve profitability and financial position Long-term focus to improve strength and competitive position Strategic Planning vs Marketing strategy Strategic planning considers all aspects of the firm s operation Marketing strategy is a critical subset of strategic planning that occurs as part of the strategic planning process Strategic planning: Marketing strategy Strategic alliances HR strategy IT strategy The Firm Technology/manufacturing Finance/capital plans The Mission Statement ( M ):