Marketing Fundamentals: Research to Strategy

Key Functions of Marketing

• Market research and analysis are crucial for companies to understand customer preferences and tailor their products accordingly.
• Companies develop products based on market research and customer preferences.
• Effective promotional strategies are essential for marketing success.
• Distribution channels play a critical role in delivering products to customers.
• Pricing strategies influence customer purchasing decisions.

Marketing from a Business Manager's Perspective

• Marketing insights guide strategic decisions for businesses.
• Companies adopt a customer-centric approach, offering tailored solutions and customer support services.

Understanding Competition

• Competitive dynamics shape the market landscape.
• Companies strive for sustainable competitive advantage.

Importance of Relationship Marketing

• Cultivating customer loyalty through loyalty programs, like Puma Energy's rewards program, fosters long-term relationships and brand loyalty.
• Enhanced customer lifetime value encourages repeat purchases and increases customer loyalty.

Environmental Factors Influencing Buyer Behavior

• Macro-environmental forces, such as political stability, economic growth, and cultural influences, shape consumer behavior in Malawi.
• Micro-environmental factors, including supplier relationships, competitor actions, and retail environments, influence buyer behavior and purchase decisions.

Stages in the Development of Marketing

Early Days of Marketing (1800s-1920s)

• Production Orientation focused on production efficiency and cost reduction.
• Businesses assumed customers would buy what was produced, without considering customer needs or marketing efforts.

Sales Orientation (1920s-1950s)

• The focus shifted from production to sales, with aggressive sales tactics to convince customers to buy products.
• Door-to-door salesmen used high-pressure techniques to sell products.

Marketing Orientation (1950s-1980s)

• The Marketing Orientation focused on customer needs and wants, recognizing customers as the driving force behind business success.
• The Marketing Concept emphasized customer-oriented marketing, introducing the 4 Ps of marketing (Product, Price, Place, and Promotion).

Modern Marketing (1980s-present)

• Relationship marketing builds long-term customer relationships and focuses on customer retention and loyalty.
• Digital marketing leverages digital channels to connect with customers and create value.
• Marketing in a globalized economy requires understanding cultural and regional differences.
• Market segmentation divides markets into distinct groups based on demographics, needs, or behaviors.
• Target marketing identifies and targets specific customer groups with tailored marketing efforts.
• Branding creates and maintains a unique identity, building brand equity and loyalty.