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Marketing Review 2025

• Marketing Review Materials: The document contains materials for a marketing review, covering various topics related to marketing.

Topics in Marketing Review

• Topic 1: Marketing Essence:

  • Definition: Marketing is a comprehensive process encompassing production, distribution, promotion, and pricing of products (goods, services, and ideas). Its core philosophy is customer satisfaction, fostering mutually beneficial relationships through fulfilling customer needs.
  • Activities: Marketing activities generate sustainable, harmonious relationships amidst dynamic market conditions (economic, legal, technological, competitive, and political factors). Successfully producing products largely depends on superior marketing efforts.
  • Traditional vs. Modern Approach: Older approaches prioritized production, with marketing viewed as mere selling. Contemporary views elevate marketing to a primary function, emphasizing understanding customer desires before production and sales.
  • Outputs: Marketing drives the production of suitable products, placing them in the right place at the right price, appealing to customers, enhances communication by informing customers about product suitability, facilitates exchange to complete the market process, builds mutually beneficial relationships between individuals and organizations (for-profit and non-profit). These relationships are facilitated through mutual value exchange.

• Topic 2: Strategic Planning:

  • Definition: Strategic planning guides an organization's activities toward future objectives. It involves a comprehensive understanding of internal and external factors to adapt successfully to dynamic environments.
  • Aims: Purposeful and comprehensive guidance of efforts to achieve organizational objectives, creating a vision for the future, analyzing internal strengths and weaknesses, diagnosing external opportunities and threats, anticipating market trends, utilizing resources efficiently, initiating investments and developing strategies to effectively deal with both internal and external conditions.

• Topic 3: Marketing Environment:

  • Definition: The marketing environment encompasses all forces influencing an organization and its actions and operations in a particular time and location.
  • Types:
    • General Environment: encompassing societal forces like demographics, economics, and culture.
    • Specific Environment: internal and external forces a specific organization encounters in its operations (customers, suppliers, intermediaries, competitors, and other functions of the organization).

• Topic 4: Consumer Behavior:

  • Drivers of Consumer Decisions: Consumer behavior is influenced by personal (demographic, lifestyle, and psychological factors) and socio-cultural factors (family, reference groups, and opinion leaders).

• Topic 5: Market Segmentation:

  • Segmentation: Dividing a market into distinct segments whose members share similar characteristics, needs, or behaviors for targeted marketing activities. Reasons for segmentation: The heterogeneity of customer characteristics, behaviors, motivations, and needs. Marketers utilize segments to tailor products to specific needs to potentially optimize profit.
  • Bases:
    • Geographic: Dividing markets by location (urban/rural, climate)
    • Demographic: Defining groups by age, gender, income, occupation, education, family size.
    • Psychographic: Recognizing traits, values, lifestyles.
    • Behavioral: Analyzing usage, loyalty, benefits sought from the product.

• Topic 6 and 7: Pricing, and Other Marketing Activities:

  • Pricing Objectives: Increasing existing customer sales through discounted prices, sustaining customers through fixed pricing & special offers, gaining new customers via introductory offers and strategic pricing, maintaining market equilibrium by stabilizing pricing, ensuring market position by aligning pricing with market share and competitor analysis (leader, challenger, follower, nicher).
  • Marketing Mix: Product, Price, Place, Promotion (4Ps) elements working harmoniously to achieve marketing goals.
  • Activities: Product planning & development, distribution management, promotion & advertising, pricing, customer service.
  • Product Life Cycle: The progression of goods, or services through stages (introduction, growth, maturity, decline), and its impact on marketing strategies.

• Other Activities discussed:

  • Marketing Activities: Activities involved in product creation, promotion, distribution and pricing to meet goals and customer needs.
  • Definition of Marketing: Definition for marketing and its overall purpose, and relevant business practices.
  • Strategic Marketing Decision Making:
    • Strategies to Achieve Marketing Targets: Strategies for maintaining, improving, or increasing market share.
    • Product Life Cycle Decisions: Strategies for introducing, extending, adapting, and eliminating products as they mature or pass through different lifecycle stages.
  • Market Analysis:
    • External Analysis: Analysing factors (like opportunities or threats) external to the organization in relation to target markets and industries, and in the market as a whole.
    • Internal Analysis: Analysing target markets, products, resources, and the organization's capabilities.
  • Marketing Functions: The tasks involved in coordinating and directing marketing activities.
  • Market Segmentation Criteria and Applicability Considerations on Market Segmentation: Different segmentation criteria based on characteristics, behaviour, and demographics for various applications.
  • Market Segmentation Process and Considerations that Apply to Organizations: Steps to segment the market and considerations involved in the process relating to organizations.

• Specifics on Marketing Topics:

  • Types of Products: Tangible goods, intangible services, ideas.
  • Market Definition: Defining the overall scope of available products and services for customers in the targeted market segments.
  • Market Segmentation: Defining and specifying market segments via different segmentation criteria (geographic, psychographic, demographic, behavioral).
  • Market Trends: Understanding and analysing prevalent market trends, and their impact on consumer behavior.
  • Market Equilibrium & Stability: Methods and techniques utilized by organizations to ensure a stable market position, and the factors affecting their equilibrium.

• Marketing Strategies: Different marketing strategies employed in achieving objectives.

• Marketing Mix Implementation Strategies: Execution tactics and steps for implementing marketing mix strategies to optimize profitability and/or market share.

• Marketing Metrics: Assessing marketing success through relevant performance indicators.