Marketing is very important because it adds value to your product/service so you can generate more profit from it. In your business plan, you need to have a good marketing strategy. The average spend on marketing is 2.6% and when a business goes through hard times, they cut back on marketing.
Marketing Mix
The marketing mix consists of the 7 P’s and these are people, process, price, product, place, physical evidence and promotion. “In order to make the devised marketing strategy become a reality, marketers must specify the set of marketing mix ingredients forming the marketing programme for implementing the agreed marketing strategy. These marketing mix decisions occupy the majority of marketers’ time and account for the bulk of a marketing department’s budget.” (Dibb and Simkin 2013, p.32)
PESTLE Analysis
-Political
-Economical
-Social
-Technological
-Legal
-Environmental
"Francis Aguilar is referred to as the originator of this tool. He talked about ETPS – Economic, Technological, Political, and Social– as the four important factors for Scanning the Business Environment. Later Legal and Environmental factors were also added by some analysts and thus evolved the term PESTLE Analysis." (AbhaPandey, 2011)
Market orientation
"When a company has a marketing orientation, it makes meeting the needs or wants of its target customers its primary business motivation. This includes responding to stated consumer needs by developing new products, improving on exist products or improving services." (Kokemuller, 2017)
“The overall marketing concept of adopting a market orientation so that the business is focused on the needs of potential customers” (Stokes, Wilson and Mador, 2010, p.259) Market orientation is based around creating the product for the customer unlike product orientation where the company works to their strengths. It is important to be more market orientated than product orientated because there is so much variety offered by competitors that the product needs to be better quality than the competitors so customers will buy it and you need to provide good sales after care.
Buyer Behaviour
"Buyers who face a new task buying situation usually go through all stages of the buying process. Buyers making modified or straight rebuys, in contrast, may skip some of these stages."(Kotler and Armstrong, 2016, p.204)
Buyer behaviour is when you examine how a customer buys a product. For example , if it is an expensive product, they might take their time buying it to consider everything but if it is cheap, they will likely spend less time considering it because it will not damage them as much financially.
Segmentation
"Market segmentation should enhance opportunities for new firm creation because the exploitation of niches organizations that are quick and agile enough to take advantage of opportunities that are left unsatisfied by other players, and new firms tend to be quicker and more agile than large, established firms. " (Shane, 2003, p.128)
Market segmentation is based around finding the target market and it is done by putting the customers into segments. These segments can be gender, age etc.. You can use targeted marketing on the segments of customers by tailoring the marketing strategy to different segments. Socioeconomically nobody can make assumptions on where customers buy their products because people buy presents for each other.
Customer Relationship Marketing
"The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction." (Kotler and Armstrong, 2016, p.692)
The idea behind customer relationship marketing is to try and find a way to keep the customers happy/loyal. Tesco's have targets to keep customer service high and build loyalty by using a clubcard so people will use Tesco's to generate clubcard points. The idea is not to allow your customer to switch to a competitor.
"Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty."(Kotler and Armstrong, 2016, p.692)
Competition
Always monitor your competition because if they make a new product, you need to counter and find a way to make a better product than theirs because if not then the customers will buy your competitions product instead of your own.
"A marketer needs to know competitors' prices so that a company can adjust its own prices accordingly." (Dibb and Simkin, 2013, p.375)
Monitoring, Feedback, Evaluation
You always need to monitor how you are doing and feedback any information to sectors of your team. You need to evaluate them as well and if someone is not performing, this is an ideal time to try and fix it.
CIM- Chartered Institute of Marketing
"The management process responsible for anticipating identifying and satisfying customer requirements profitability."- (CIM, 2015)
Marketing Mix
The marketing mix consists of the 7 P’s and these are people, process, price, product, place, physical evidence and promotion. “In order to make the devised marketing strategy become a reality, marketers must specify the set of marketing mix ingredients forming the marketing programme for implementing the agreed marketing strategy. These marketing mix decisions occupy the majority of marketers’ time and account for the bulk of a marketing department’s budget.” (Dibb and Simkin 2013, p.32)
PESTLE Analysis
-Political
-Economical
-Social
-Technological
-Legal
-Environmental
"Francis Aguilar is referred to as the originator of this tool. He talked about ETPS – Economic, Technological, Political, and Social– as the four important factors for Scanning the Business Environment. Later Legal and Environmental factors were also added by some analysts and thus evolved the term PESTLE Analysis." (AbhaPandey, 2011)
Market orientation
"When a company has a marketing orientation, it makes meeting the needs or wants of its target customers its primary business motivation. This includes responding to stated consumer needs by developing new products, improving on exist products or improving services." (Kokemuller, 2017)
“The overall marketing concept of adopting a market orientation so that the business is focused on the needs of potential customers” (Stokes, Wilson and Mador, 2010, p.259) Market orientation is based around creating the product for the customer unlike product orientation where the company works to their strengths. It is important to be more market orientated than product orientated because there is so much variety offered by competitors that the product needs to be better quality than the competitors so customers will buy it and you need to provide good sales after care.
Buyer Behaviour
"Buyers who face a new task buying situation usually go through all stages of the buying process. Buyers making modified or straight rebuys, in contrast, may skip some of these stages."(Kotler and Armstrong, 2016, p.204)
Buyer behaviour is when you examine how a customer buys a product. For example , if it is an expensive product, they might take their time buying it to consider everything but if it is cheap, they will likely spend less time considering it because it will not damage them as much financially.
Segmentation
"Market segmentation should enhance opportunities for new firm creation because the exploitation of niches organizations that are quick and agile enough to take advantage of opportunities that are left unsatisfied by other players, and new firms tend to be quicker and more agile than large, established firms. " (Shane, 2003, p.128)
Market segmentation is based around finding the target market and it is done by putting the customers into segments. These segments can be gender, age etc.. You can use targeted marketing on the segments of customers by tailoring the marketing strategy to different segments. Socioeconomically nobody can make assumptions on where customers buy their products because people buy presents for each other.
Customer Relationship Marketing
"The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction." (Kotler and Armstrong, 2016, p.692)
The idea behind customer relationship marketing is to try and find a way to keep the customers happy/loyal. Tesco's have targets to keep customer service high and build loyalty by using a clubcard so people will use Tesco's to generate clubcard points. The idea is not to allow your customer to switch to a competitor.
"Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty."(Kotler and Armstrong, 2016, p.692)
Competition
Always monitor your competition because if they make a new product, you need to counter and find a way to make a better product than theirs because if not then the customers will buy your competitions product instead of your own.
"A marketer needs to know competitors' prices so that a company can adjust its own prices accordingly." (Dibb and Simkin, 2013, p.375)
Monitoring, Feedback, Evaluation
You always need to monitor how you are doing and feedback any information to sectors of your team. You need to evaluate them as well and if someone is not performing, this is an ideal time to try and fix it.
CIM- Chartered Institute of Marketing
"The management process responsible for anticipating identifying and satisfying customer requirements profitability."- (CIM, 2015)