Marketing Fundamentals: Research to Strategy

Study Notes

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.

Description

Test your knowledge of marketing basics, including market research, product development, and strategic decision making. Learn how companies tailor their products to customer preferences and guide business decisions.