Untitled Quiz

Marketing Introduction and Definition

• Marketing is a process, not just a final step in communication.
• Marketing is a series of steps implemented by a company to promote and sell its products.
• Definition 1 of marketing: "The set of means an enterprise uses to profitably sell its products to its customers." (Mercator, 2000)
• Marketing is like a toolkit for businesses to sell more efficiently.
• Newer definition (2003): Marketing is the process used by organisations (or other social entities) to understand and influence exchanges with other organisations, individuals, groups or entities.

Marketing Conceptions

• Product-oriented culture (production-oriented): Focuses on industrial development in the "30 Glorieuses" era, assuming consumer demand is already present and waiting to be met.
• Sales-oriented culture: Focuses on stimulating consumer demand using marketing strategies during the 1970s and early 2000s, as competition increased and purchasing power decreased.
• Relationship-oriented culture: Focuses on long-term consumer relationships, building loyalty and encouraging advocacy.

Marketing Today

• Globalization of the Economy: Interconnectedness of global economies and markets.
• Increased Consumer Power: Consumers are now more informed and demanding.
• Impact of Internet and Social Media: The internet and social media have revolutionized how companies interact with customers.
• Transformation of Business-Consumer Relationship: Businesses need to manage interactions with stakeholders.

Marketing Today: Relationship

• Businesses need to create interactive communication with their consumers and listen to their feedback.
• Consumer feedback is important and often taken into account in product development.
• Consumers are now more connected with other consumers, creating a market that fosters social media engagement with product interaction.

The Marketing Approach

• Analysis: Analyze the macro and micro environments, including consumer behaviour.
• Strategy: Segmentation, targeting, and positioning decisions.
• Marketing Mix (4P): Product, Price, Place (Distribution), Promotion.

Market Analysis

• Market is a place where supply and demand meet for a specific product or service.
• Quantitative definition of market: total volume (or consumption rate of a given product or service).
• Different market definitions exist, with varying degrees of detail and focus (economic vs. conceptual).

The Cycle of Product Life Expectancy.

• Product life cycle typically includes stages such as launch, growth, maturity, and decline.
• Exceptions exist where a product may experience resurgence in popularity.
• Products such as household essentials will show consistent performance curves.
• Exceptions exist as some products experience extreme spikes in consumer demand, or failure of consumer demand.

Notoriety

• Top-of-mind awareness: recall of a brand/product without any prompting from external agents
• Spontaneous awareness: quick assessment of brand/product awareness using an internal agent.
• Assisted awareness : the assessment of brand/product using an external agent.

The Macro-Environment

• Political: Government stability, laws, regulations, taxes.
• Economic: Economic growth, inflation, interest rates, unemployment rate.
• Sociocultural: Population demographics, lifestyle trends.
• Technological: Technological advancements, innovation, level of development.
• Legal: Laws and regulations, consumer rights, environmental regulations.
• Ecological: Environmental concerns, sustainability, global warming.

The Micro-Environment

• Key aspects which affect an organisation's performance.
• Market analysis: Analyse of the competition of a specific sector.
• Analyse of consumer buying behaviour and expectations.
• Analyse of client and public behaviours: analyse of the clients/customers and other stakeholders.

Competitor Analysis

• Competitor analysis: Understanding other organisations, with a similar product or service offering.
• Competitive strategies : types of competition that exist.
• Identification of competitors, and their strategies to evaluate performance.

Notion of Demand and Need

• Need: A discrepancy between a person's current state and desired state.
• Demand: The expressed willingness of a person to buy (including the characteristics and behaviours of the buyers).

Segmentation

• Dividing a market into subgroups of similar consumers who share similar needs, wants, and/or demographics.
• Various factors are used for segmentation (demographic, psychographic, geographic, behavioral).
• Segmentation allows companies to tailor marketing efforts with different segments.

Marketing Strategy General Overview

• Business-to-business (B2B) vs business-to-consumer (B2C) : defining clients and consumers to target.
• Cost leadership: Low-cost strategy to dominate the market by reducing production costs.
• Differentiation: Develop a unique product or service and market it to emphasize its unique qualities and benefits to attract customers.
• Focus: Concentrate on a particular niche within target market : targeting a specific segment.

Marketing Mix

• Product: Goods or services characteristics and features, related to the client.
• Price: Based on cost analysis, cost per unit and profit margins.
• Place: Distribution channels and points of sale.
• Promotion: Strategies to communicate and promote the brand and its products.

Marketing Mix - Product

• The core product
• Benefits/advantages of products.
• Additional benefits/advantages related to production and/or service.
• Differentiating elements from competing products of competing organisations
• Tangibility (tangible products) versus Intangibility (service)
• Characteristics (features, colour, design)
• Packaging (primary, secondary, tertiary)

SWOT Analysis

• Strengths: Internal positive factors.
• Weaknesses: Internal negative factors.
• Opportunities: External positive factors.
• Threats: External negative factors. A framework for evaluating an organisation's position relative to its goals.

The Porter Model

• Threat of new entrants: Barriers to entry into a market
• Buyer power: The ability of consumers to influence prices and demand
• Supplier power: The ability of suppliers to influence prices and supply.
• Threat of substitutes: The availability of alternative products or services.
• Rivalry among existing competitors: The intensity of competition in the market
• Five forces that affect the profitability of an industry in the market
• A framework for analysing the competitive intensity and attractiveness of an industry