Summary
Summary Unit 3- Marketing
Lesson+ book notes about Marketing Includes: -Marketing Objectives -Market Research -Market Segmentation, Positioning, Targeting -Marketing Mix -Product Life cycle -Boston Matrix -PED -YED -FORMULAS
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Marketing objectivesSalesVolume
Sales Value
Market growth
Market Size
MarketShare
Sales growth
Brand Loyalty
Innovation
Survival
MarketResearch thesystematicandobjective collectionanalysisandevaluationofinformation thatis
intended to assistthemarketingprocess
name definition Advantages Disadvantages
PRIMARY collectionofinformation specific thebusiness
for expens
RESEARCH gatheredfirsthand
for the
specificpurposeofthe
latest information
accessthephycology
of acustomer Itakes
riskofbias
time
business
examples SURVEY OBSERVATION PRODUCTTRIAL FOCUS GROUP EXPERIMENTATIO
SECONDARY Information thathasalready sometimesfree mightbeoutofdate
RESEARCH beencollected foradifferent basedon largesamples notspecifictothebusiness
purpose done already expensive
specifictoyourindustry containsonlypositiveinformatio
notalwaysreliable
examples GOVERNMENTSTATS SPECIALISTAGENCIES INDUSTRYMAGAZINES INTERNET INTERNALSOURCES
MarketMapping illustratestherange
of takeinamarketbasedontwodimensionsthat
positionsthataproductcan
areimportantto customers
Sampling Gatheringdatafroma groupofrespondentswhoseviewsorbehaviourshouldberepresentativeof
the
targetmarket as awhole
givesthepercentageprobabilitythatan rangeofpossiblevaluesinfact
Confidenceinterval estimated
includes theactualvaluebeingestimated usually 951
, Correlation strength of a relationship betweentwo variables
Extrapolation usespastdatatopredictfuturetrends
STP
MarketSegmentationdividingthemarketintodifferentgroupsofconsumersthathavesimilarcharacteristics
Demographic canbehardto reachsegmentsonceidentifie
IIII
Geographic increaseprices limited customers
Income
Behavioural
Initial
bettermatchcustomerneeds takestimeandrequiresspecificinformation
alwaysvariationsevenbetweensegments
theirmarket
helpsabusinesstarget
efficienly
Market positioning whereyourproductstands inrelationtotheproductsorbrandsofotherbusinesses
Market Targeting theconsumermarketsegments towhomyouintenttosellyourproductorservice
decidingon
Name definition Advantages Disadvantages
morecustomers highlevelof competition
product toall highsales lowprofitmargins
MARIE Aiminga
market the highereconomies of scale ofvalue
can'taddlots
abletocapitaliseandbecomeworldwide needtocompeteonpriceor
lessrisk biggerpopulationofconsum differentiation
of
highlevel glocalisationneeded
to suitdifferentregions
canaddvalue chargemore notenoughcustomers
Targeting a productor lesscompetition likelytoattractcompetition ifsnc
NIKE service atasmallsegment higherprofitmargins vulnerabletomarketchanges
ofalargermarket onlyonetargetmarket lackofeconomiesofscale
riskofoverdependence on a
singleproduct
Marketing mix 7ps
1 Product 5 people
2 Price 6 process
3Place 7 Physical Environment
4 Promotion
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