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12.0 MARKETING

Explore the various definitions, perspectives, and contexts of marketing, including market research, segmentation, targeting, branding, and the 4 Ps (product, price, promotion, and place).

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12.0 MARKETING

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  1. 12.0 MARKETING Definitions, perspectives and contexts Market research Segmentation, targeting and positioning Branding Product, price, promotion and place Buyer behaviour Marketing and the economy and the state Consumerism Marketing and developments in technology Social, cultural and institutional issues Organization issues Marketing strategy

  2. 12.1 MARKETING – DEFINITIONS I ‘The process by which companies create value for customers and build strong customer relationships in order to capture value for customers in return.’ (Armstrong and Kotler 2007) ‘The achievement of corporate goals through meeting and exceeding customer needs better than the competition.’ (Jobber 2001) ‘Marketing is not a specialized activity at all. It encompasses the whole business. It is the whole business seen from the point of view of the final result, that is from the customer’s point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise.’ (Drucker 1968)

  3. 12.2 MARKETING – DEFINITION II Marketing is: • An interactive process • That is aimed at satisfying customer needs • That operates in a competitive and dynamic environment • That concerns goods, services and ideas • That exists in all types of organization • That involves product design, pricing, promotion and distribution • That is the responsibility of all members of the organization

  4. 12.3 PERSPECTIVES ON MARKETING • Product orientation • Selling orientation • Marketing orientation • Relationship marketing • Societal marketing

  5. 12.4 CONTEXTS OF MARKETING • Product marketing • Business to business marketing • The marketing of services • The marketing of images • International and global marketing

  6. 12.5 ELEMENTS OF MARKETING • Market research • Segmentation • Targeting • Positioning • Branding • Product, price, promotion and place (the 4 Ps)

  7. 12.6 MARKET RESEARCH There are several overlapping activities • Information about current products and their market position • Market intelligence - competitor behaviour and market trends • Feasibility testing of new products • Evaluation of products on an ongoing basis

  8. 12.7 SEGMENTATION, TARGETING AND POSITIONING • Segmentation - where the market is broken down into distinctive consumer groups. • Targeting – developing products and a marketing mix for specific segments. • Positioning - finding the appropriate niche in the market to place a product or service. • Repositioning – aiming a product at a different group to increase sales.

  9. 12.8 SEGMENTATION OPTIONS • Offer a single or small range of products or services to a single segment or small range of segments. • To offer many products and services to many different segments. • To offer a single product or service to an undifferentiated mass market.

  10. 12.9 BENEFITS OF SEGMENTATION, TARGETING AND POSITIONING • Assist market penetration by focusing on the needs of a particular group • Competitive advantage via specialist knowledge of a particular market segment • Product development via increased knowledge of a particular market • Adaptation of products across other groups • Efficient use of resources by targeting marketing efforts • Effective targeting and positioning can add value to products

  11. 12.10 BRANDING An important source of product differentiation via name, logo or symbols. Importance due to: • It has replaced technological differentiation as a source of competitive advantage. • Major markets have become stagnant - brands give products prominence. • Branding was important in specific markets e.g. clothing and fashion accessories, cosmetics, cars. But its importance is now much broader. • Brands can outlive companies.

  12. 12.11 ATTRIBUTES OF A BRAND • Brand as a product • Brand as an organization • Brand as a person • Brand as a personality • Brand as a symbol • Brand as a country of origin

  13. 12.12 ADVANTAGES OF BRANDING TO THE FIRM • Increase market share by appealing to different segments • Capture new markets via brand switching • Gain more exposure in retail outlets • Means of organizing the business • Builds brand loyalty and repeat purchases • Assist in launching new products • Adding value to the business via brand equity • As a means of structuring the organization

  14. 12.13 TOP GLOBAL BRANDS

  15. 12.14CRITICISMS OF BRANDING • Misleads consumers by drawing false distinctions between products. • Redirects investment from product development to packaging and promotion. • Encourages status consciousness especially amongst the young.

  16. 12.15 THE 4 Ps Product Price Promotion Place

  17. 12.16 THE 4 Cs Suggested as an alternative to the 4Ps by Armstrong and Kotler (2007) Customer solution – associated with product Customer cost – associated with price Convenience – associated with place Communication – associated with promotion

  18. 12.17 THE PRODUCT • Relates to manufactured goods, services, people, organizations, ideas etc. • Broad concept covering brand, packaging and after-sales service • Product line - variations in the same product • Product mix - portfolio of different products • Marketing informs product development

  19. 12.18 THE PRODUCT LIFE CYCLE

  20. 12.19 ADVANTAGES AND WEAKNESSES OF THE PRODUCT LIFE CYCLE CONCEPT Advantages • Assist in planning a campaign • Identifies what, where and when action is needed when sales decline • Assesses relative strengths and weaknesses of the product portfolio Weaknesses • Over-simplification of the behaviour of markets • Much variation in the nature and timing of the cycle between sectors and products • Difficult to assess when a product has reached a certain stage in the cycle • Ignores the knock-on effects of a changing market position

  21. 12.20 PRICE Determinants include • Supply and demand • Cost • Consumer behaviour • Competition • Management goals • Organization size

  22. 12.21 PROMOTION • Advertising - includes design of the message, choice of media, cost, evaluation • Sales promotion - ‘below the line’ • Direct marketing • Personal selling • Publicity

  23. 12.22 FUNCTIONS OF ADVERTISING Inform customers and potential customers Create initial demand Persuade customers to buy Build up a brand image Remind customers and encourage repeat purchases

  24. 12.23 PLACE Involves consideration of: • Marketing channels - how goods and services reach the consumer • Methods of physical distribution • Use of intermediaries • Impact of direct marketing and e-commerce

  25. 12.24 CUSTOMER SERVICE AND THE 7Ps To product, price, promotion and place are added: People – important that all staff recognize that they are involved in the marketing process Process – need to be effective to identify customer needs and to handle orders and complaints Physical evidence – importance of lay-out and design of space to attract customers and make them feel comfortable

  26. 12.25 BUYER BEHAVIOUR • A complex process difficult to predict • Important to predict viability of innovative products. Rogers (1962) model identifies types of buyer - Innovators - Early adopters - Early majority - Late majority - Laggards • Customer loyalty is the important goal

  27. 12.26 CUSTOMER LOYALTY AND CUSTOMER SATISFACTION

  28. 12.27 ENVIRONMENTAL ASPECTS OF MARKETING • Interaction with the economy • Interaction with the state • Consumerism • Interaction with technology • Cultural, social and institutional influences

  29. 12.28 INTERACTION WITH THE ECONOMY • Many marketing ideas are based on economic theory • Economic restructuring - shift to service economy, globalization, privatization - present new challenges for marketing • Segmentation is linked to uneven distribution of wealth and income • Economic changes - fall in demand, exchange rate shift, inflation, interest rates - impact on marketing strategies • Marketing strategies attempt to protect the firm from the adverse consequences of economic change

  30. 12.29 INTERACTION WITH THE STATE • The state uses marketing to provide information on government policy • The state uses marketing to promote desired behaviour in the population - healthy living, education and training • The state directs public consumption via taxes and pricing policy • The state attempts to regulate marketing through laws and other measures

  31. 12.30 CONSUMERISM I Basic principles • The right of the consumer to be informed • The right to choose • The right to be heard especially by governments • The right to redress • The right to safety • The right to the satisfaction of basic needs • The right to consumer education • The right to a healthy environment

  32. 12.31 CONSUMERISM II The growth of consumerism is related to • The need for protection against dangerous products and damaging services • The need for protection against dishonest producers • Popularity of consumer pressure groups • More educated, affluent and demanding consumers • Growth of media interest and consumer press

  33. 12.32 INTERACTION WITH TECHNOLOGY • Information and promotion of new developments in products and processes • Product life cycles can be stimulated by technological innovations • Increased demand via promotion must be matched by technological capacity to meet the demand • Technological developments have assisted marketing - e-commerce, the use of the internet for social interaction • Developments in transport and communications have assisted distribution

  34. 12.33 RECENT TECHNOLOGICAL DEVELOPMENTS IN MARKETING • E-marketing • Digital marketing • Social media marketing

  35. 12.34 DIGITAL MARKETING • Use of digital technologies e.g. the web, apps, emails • The growth of on-line marketing - highly flexible - much lower cost than TV advertising - can target specific groups - use of emails and display and pop-up ads • Use by companies of search engine marketing to increase corporate visibility on search engines

  36. 12.35 SOCIAL MEDIA MARKETING • Use of such as Facebook, Twitter and YouTube • Mirrors the rapid growth of social media usage • Shift in emphasis from the company to the consumer through the establishment of discussion groups and sites where consumers can submit views e.g. Tripadvisor • Can have significant positive and negative impacts • Some drawbacks but now a powerful marketing tool

  37. 12.36 SOCIAL AND CULTURAL INFLUENCES • Used as a basis for segmentation • Advertising plays on core cultural values e.g. family • Marketing needs to respond to changing demographics • Globalization has resulted in some convergence in marketing practice • Growth of a global media and increase in types of media have increased opportunities for advertising and reduced cost

  38. 12.37 VARIATIONS DUE TO CULTURAL AND INSTITUTIONAL DIFFERENCES • Advertising spend • Emphasis on different elements of the marketing mix • Importance of language • Legal controls • Nature of advertising There are dangers of cultural stereotyping

  39. 12.38 THE ORGANIZATION OF MARKETING • Emerged as a specialist function with the growth in size and complexity of organizations • Marketing itself has grown and developed its own specialist activities • The organization can take one of several forms: - As a specialist activity in a functional structure - Product management - incorporated in product groups - Area management - structure based on markets - Outsourcing to specialist agencies

  40. 12.39 MARKETING STRATEGY – AN OVERVIEW • Product strategy • Pricing strategy • Promotion strategy • Distribution strategy • Segmentation and positioning strategy • Branding strategy • Integrated strategy

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