Podcast
Questions and Answers
Why must marketers be alert to changes in their environment?
Why must marketers be alert to changes in their environment?
What is the primary reason marketers customize their strategies rather than always using the same ones?
What is the primary reason marketers customize their strategies rather than always using the same ones?
When considering the 'product' element of the marketing mix, which of the following questions would a marketer NOT need to ask?
When considering the 'product' element of the marketing mix, which of the following questions would a marketer NOT need to ask?
What is the main purpose of a marketer setting pricing objectives?
What is the main purpose of a marketer setting pricing objectives?
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Which of the following is NOT an example of a change in the business environment that marketers must react to?
Which of the following is NOT an example of a change in the business environment that marketers must react to?
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What is the primary purpose of establishing goals/objectives in the marketing planning process?
What is the primary purpose of establishing goals/objectives in the marketing planning process?
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Which of the following factors should marketers consider when deciding on their marketing tactics?
Which of the following factors should marketers consider when deciding on their marketing tactics?
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Study Notes
Applying the Marketing Concept
- Marketers consider how the marketing concept applies to their situation, wanting to reach their goal, and the resources available to them.
Adapting to Changes in the Environment
- Marketers must be alert to changes in their environment, as business situations change, and react quickly and accurately to achieve their goals.
- Examples of changes include:
- Distribution limitations
- New products with better features
- Pricing issues
- Unexpected advertising placement
- New government regulations
- Economic changes
Customizing Marketing Strategies
- Marketers customize their strategies based on their goals/objectives and environment, adjusting and combining strategies to achieve desired results.
The Marketing Mix
- Product: goods, services, or ideas a business offers its customers
- Research and creativity determine customer needs and how to meet them
- Questions to ask:
- What products to offer?
- Is it a good, service, or idea?
- Does it have special features?
- What resources are necessary for research and development?
- What level of quality should be produced?
- Which brands to use?
- How to package the product?
- How might the product affect the company's image?
- How might customers view the product in relation to others?
- Should the company offer a warranty, maintenance contract, or other support services?
Pricing Objectives
- Find a balance between customer value and satisfaction and company cost and profit
- Determine pricing objectives:
- Get products into more customers' hands (e.g., lower the price)
- Help customers view the business as distinct from its competitors (e.g., offer something unique)
Achieving Desired Results
- Marketers plan where they need to go and how to get there efficiently
- Set goals/objectives to fulfill
- Establish a plan of action (strategy) to meet goals/objectives
- Determine specific actions (tactics) to carry out the strategy
Planning Marketing Strategies
- Find out the company's overall plan
- Determine specifically where the firm needs to be by a particular date
- Write down agreed-upon goals/what to achieve
- Lay out a plan of action (strategy) to show how to reach goals
- Choose short-term actions (tactics) to carry out the strategy
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Description
Learn about how marketers achieve their desired results by setting goals, establishing a strategy, and determining specific tactics. Explore the process marketers use to plan their strategies based on companies' overall plans.
