Marketing Management Past Paper PDF 2024-2025

JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK ​ ​ ​ ​ MARKETING MANAGEMENT Pasado Playlist – Exam Reviewe...

JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK ​ ​ ​ ​ MARKETING MANAGEMENT Pasado Playlist – Exam Reviewer For BSBA Nationalians A.Y. 2024-2025, Midterms – First Term, First Year 1  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK ​ ACKNOWLEDGEMENT This exam reviewer, focused on the Business Administration Core Courses, is part of the Junior League of Marketers' A.Y. 2024-2025 project, "Pasado Playlist," created to support the BSBA Marketing Management Nationalians in their academic journey. We extend our deepest gratitude to our esteemed advisers, Prof. Dennis Chlenton B. De Jesus and Dr. Aira May T. Balancio-Canlas, for their invaluable guidance. We also acknowledge the support of Dr. Jhanssen T. Tan, Program Chair of the Business Administration Department. MACEREN, JESSA MAE S.​ PRESIDENT ​ ​ ​ TULLAO, JAIRAH P.​ ELLAMIL, ANDREA MARIELLE A. VP FOR INTERNAL AFFAIRS VP FOR EXTERNAL AFFAIRS ​ LIWANAG, DERICK DEE S.​ SINFUEGO, LYRIZ JHOY S.​ VP FOR FINANCE SECRETARY MACASINAG, CHARMAINE ​ MANGUERRA, NEIL ADRIAN A​ AUDITOR HEAD OF MEMBERSHIP 2 JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK CASTRO, JOSE GABRIEL M.​ PADUA, CARL HARDISON B.​ HEAD OF EVENTS HEAD OF PROMOTIONS ​ ​ SERRANO, CATLYN GWEN H.​ PINEDA, TRISHA MAE N.​ HEAD OF CREATIVES HEAD OF CORPORATE AND NUNAG, PRINCESS MIKYLLA P.​ EXECUTIVE COMMITTEE BERMAS, ANGELICA V.​ NAGUIT, BIANCA ALYZA M.​ MEMBERSHIP COMMITTEE MEMBERSHIP COMMITTEE MANINANG, JOHN RENZ B.​ QUIAMBAO, JADES​ MEMBERSHIP COMMITTEE MEMBERSHIP COMMITTEE 3 JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK MAGLALANG, ANGEL B.​ MANTO, JAN HARVEY B.​ EVENTS COMMITTEE EVENTS COMMITTEE MAMARIL, GEREIGN LIME​ QUIZON, QUINNE RAVEN F.​ EVENTS COMMITTEE EVENTS COMMITTEE SANTOS, STEFANNY AKI B.​ TARDEO, ALEXIS RAIN A.​ EVENTS COMMITTEE EVENTS COMMITTEE TAGUMPAY, RODMAR T.​ PENA, ABIGAIL CAMILLE A. ​ EVENTS COMMITTEE PROMOTIONS COMMITTEE RAZON, MARC LESTER D.​ DEL ROSARIO, ALVIN M.​ PROMOTIONS COMMITTEE CREATIVES COMMITTEE BITUIN, DEAN P.​ OCAMPO, MEO MAR T.​ CREATIVES COMMITTEE CREATIVES COMMITTEE ​ SANTOS, MIGUEL JEREMY D.​ UNIVERSITY STUDENT COUNCIL - BSBA REPRESENTATIVE 4  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK Here are the scopes of marketing: Topic 1 Marketing in the Millennium Age Importance of Marketing 1. Consumer Needs and Wants Goods are created to suit consumer wants. Subtopic 2 Consequently, a study is made to discover consumer needs and wants. These needs and wants prompt 1. Customer Awareness - Marketing captures consumers to buy. customer attention, helping businesses meet their needs, wants, and demands 2. Consumer Behavior Marketers do study consumer behavior. It is the buyer 2. Financial Growth - Effective marketing drives behavior analysis that assists marketer in market sales and revenue. segmenting, targeting and positioning. 3. Human Resources - Employees need marketing 3. Product Planning and Development knowledge to effectively promote products and This scope includes the activities of product research, services. market research, market segmentation, product development, finding out the attributes, quantity and 4. Production and Sales - Marketing drives demand, quality of the products. ensuring that products move off the shelves. 4. Branding 5. Competition - Marketing differentiates a business Many well-known companies espoused the branding from its competitors, helping it stand out and attract of their products for reputation, appeal to more customers in a crowded marketplace. investment opportunities, build trust among customers and for many other reasons. 6. Informed Decisions - Marketing provides data and insights that guide business decisions, such as what 5. Packaging products to create, how much to produce, and who Besides serving as a container or wrapper to the the target audience is. product for protection, the packaging is also used by marketers as a way to draw the attention of 7. Adaptation to Change - Marketing helps customers. businesses adjust to shifting consumer preferences, ensuring products and services remain relevant. 6. Channels of Distribution It is the function of the marketing manager and sales 8. Economic Impact - Marketing drives economic manager to make an important decision concerning growth by facilitating the exchange of goods and the best fitting channel of distribution such as services, creating demand, and promoting trade. wholesaling, distribution and retailing for the product. Marketing Scope 7. Pricing Policies ​ Pricing policies for their products are planned and Marketing has an extremely broad scope. It covers decided by the marketing manager. Pricing policies all the activities starting from the formation of depend on the nature of products.The level of ideas to generate profits. competition, product lifecycle and marketing goals and objectives could make an influence on pricing policies. 5  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK 8. Sales Management 2. Services Selling is an important component of marketing. As economies advance, a growing proportion of their Selling includes identifying customers, determining activities is focused on the production of services. the customer needs, convincing customers to Examples: work of airlines, hotels, car rental firms, purchase products, customer service, and other barbers, beauticians etc. and professionals such as, similar activities. accountants, bankers, lawyers, engineers, doctors 9. Promotion 3. Experiences Important elements of promotion consist of personal By orchestrating several services and goods, a firm selling, sales promotion, and advertising. In order to creates, stage and market experiences. attain the planned marketing goals, there is a need for Examples: travels, climbing Mount Everest a marketing manager to create the right promotion mix. 4. Persons Marketing is not limited to products and services; it 10. Finance also involves promoting persons, especially in fields Without finance, no marketing activity could be where individuals are the "brand" themselves. executed. Every marketing activity such as Examples: celebrities, authors, politicians, and packaging, advertising, personal selling athletes. and even distribution requires an appropriate budget to be accomplished. 5. Places Cities, states, regions and whole nations compete 11. After-Sales Services actively to attract tourists, factories, company In order to maintain good relationships with headquarters and new residents. customers, marketing needs to perform after-sales Further examples: commercial banks, local business services. After sales services may include associations, real estate agents, Economic maintenance or repair of equipment by its development specialists manufacturer or supplier, during and after a warranty period and attending to customers' queries 6. Properties and solving their problems. Properties are intangible rights of ownership of either real property (real estate) or financial property (stocks, bonds etc.). Properties are What is Marketed? bought and sold, and this requires marketing. ​ Marketing is naturally seen as the duty of 7. Events creating, promoting and delivering goods and Events marketing involves promoting activities such services to consumers and businesses. as conferences, concerts, festivals, trade shows, and sports competitions to attract attendees, sponsors, or ​ According to Ferell and Hartline (2013), participants. marketing people are involved with ten types of entities. 8. Organizations Marketing organizations focus on building a strong 10 Types of Entities: brand identity and fostering positive perceptions among stakeholders, which include customers, 1. Goods donors, employees, and the community. - Physical goods constitute the bulk of most Examples: Red Cross, other Non profits orgs, countries’ production and marketing efforts. universities, corporations Examples: refrigerators, television sets, food products, machines etc. 6  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK 9. Information Types of Needs: Marketing information focuses on promoting knowledge-based products such as reports, guides, 1. Stated Needs research papers, educational publications & journals. - These are the needs or desires that customers explicitly express. 10. Ideas - They are directly communicated by the customer Marketing ideas focuses on promoting concepts, through surveys, feedback, or personal requests. values, or movements that influence public opinion, - These needs are clear and vocalized. behaviors, or societal norms. Examples: A customer might state, "I need a new Examples: Public Health Campaigns (Anti-smoking, laptop with more storage." Mental Health Awareness), Environmental Initiatives 2. Real Needs - These are the actual, underlying needs that drive Core Concepts in Marketing customer behavior. - Real needs often go beyond what is explicitly stated According to Philip Kotler and Keller (2012), and can be uncovered through deeper insights, market "Marketing is the process by which companies create research, or observation. value for customers and build strong customer Examples: The real need behind wanting more relationships in order to capture value from storage might be the customer's need customers in return". for a more efficient way to manage large amounts of work files, or to have a laptop that supports multiple To simply the definition, it says that: software programs without performance issues, 1. Marketing produces value for the customers. 2. Marketing pleases customer as profits are 3. Unstated Needs generated. - These are the needs that customers have but do not 3. Marketing makes good relationship with express directly. customers. - They are often unconscious or assumed by the 4. All activities of marketing are towards customer to be a given. customer satisfaction. Examples: An unstated need could be for a laptop that is lightweight and portable, as the “The Fundamental Trio” the customer might not explicitly mention portability ​ Needs but values convenience in carrying the device around. ​ Wants ​ Demands 4. Delight Needs Delight needs are those that provide the “wow” Needs factor. These needs, like unstated needs, can make Human needs are states of felt deprivation. some products more desirable than others if they The prerequisite to embarking on marketing meet those needs. activities is the existence of Examples: A customer purchases a smartphone and unmet needs. receives a free, high-quality set of Needs are not formed, they are pre-existed in a earbuds with the phone—something they didn’t human being. Needs are psychological in nature and expect but adds extra value and usually create tension. satisfaction with the purchase. 5. Secret Needs - These are the needs which the consumer feels reluctant to admit. 7  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK - For example, the consumer wants the phone for his segment into customers. Ignoring it could mean status symbol but he feels uncomfortable to admit missing out on potential revenue or market share. that status is important to him. STRATEGIES MARKETERS USE TO Important Note: ADDRESS NEGATIVE DEMAND The bottom line is that responding only to a Educating the Market customer’s stated need may not satisfy the Rebranding or Repositioning customer. The marketer needs to understand what Price Adjustments or Promotions the customer really wants. 2. No Demand Wants No demand refers to a situation where consumers have no interest in a product or service, often because - Wants, on the other hand, are the form of human they do not perceive any value in it or simply do not needs influenced by culture and individual know it exists. This typically means that even though personality. the product is available, consumers see no reason to - Wants are the choices to gratify a particular need. purchase it. Demand 3. Declining Demand Declining demand refers to a situation where - Demand is the want for particular products that are consumer interest in a product or service is steadily supported by the ability and willingness or readiness decreasing over time. This means that sales and to buy them. market engagement are dropping, often after the - In marketing, the quantum and timing of demand is product or service has been popular or widely called demand management. Demand should have accepted in the past. three conditions: ⚬ The desire of getting the product or service; WHY DOES DECLINING DEMAND OCCUR? ⚬ Ability to pay for the product or service; and There are several reasons why demand for a product ⚬ Intention to pay for the product or service or service may decline: 1. Negative Demand Market Saturation: The market may have reached Negative demand is a type of demand which is a point where most potential customers already own created if the product is disliked in general. The the product, leaving little room for new sales. product might be beneficial but the customer does Technological Advancements: Newer, more not want it. Negative demand occurs when a advanced products may render older ones obsolete significant portion of the market dislikes a (e.g., DVDs replaced by streaming services). product or service and may even actively avoid it. Changing Consumer Preferences: Shifts in consumer tastes, lifestyles, or values can lead to WHY DOES NEGATIVE DEMAND EXIST? declining demand (e.g., reduced demand for sugary Negative Experiences sodas as health awareness increases). Misconceptions or Lack of Awareness Increased Competition: The entry of competitors High Costs or Perceived Risks offering better value, quality, or features can erode Fear of Side Effects demand for existing products. Economic Factors: Economic downturns or WHY DO MARKETERS HAVE TO ADDRESS changing consumer budgets can lead to reduced NEGATIVE DEMAND? spending on non-essential products. Marketers must address negative demand because it represents an opportunity to convert a resistant 8  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK 4. Irregular Demand Marketing Offers Irregular demand refers to fluctuations in consumer interest for a product or service, resulting in Products - are tangible, physical goods that unpredictable or uneven sales patterns. This type of customers can buy, use, or consume demand is characterized by peaks and troughs, often influenced by factors like seasons, time of Services - are intangible offerings that involve a day, or special events. performance or action that a business provides to fulfill a need 5. Full Demand Full demand refers to a situation where the demand Experiences - Experiences go beyond the for a product or service exactly matches the supply, product or service itself and focus on the emotional and both are at optimal levels. It's the ideal state for a or sensory journey a customer undergoes. These are company because it indicates that their offerings are designed to create memorable, engaging interactions well-matched to market needs, and they’re effectively that offer customers a deeper level of involvement. satisfying customer demand without overproduction ___________________________________________ or stockouts. Utility - refers to the satisfaction or benefit that a 6. Overfull Demand consumer derives from consuming a product or Overfull demand occurs when the demand for a service. product or service exceeds its available supply. This situation results in a high level of Types of Utility: consumer interest that cannot be satisfied Form Utility: The value added to a product by because the business or market is unable to meet the changing its physical characteristics (e.g., a raw demand with current production or distribution material turned into a finished product). capabilities. Time Utility: The value added by making a product or service available at the right time (e.g., 24/7 7. Unwholesome Demand availability of food delivery services). Unwholesome demand refers to a type of demand for Place Utility: The value added by making a product products or services that have a negative impact on available in a convenient location for the customer consumers, society, or the environment. This demand (e.g., having retail stores in different neighborhoods). often arises for goods that are harmful or unhealthy, Possession Utility: The value derived from the either physically, mentally, or socially, and can be ability to own or use the product, often influenced by considered detrimental in the long run. ease of purchase (e.g., financing options or ease of payment). 8. Latent Demand Latent demand refers to a type of consumer demand Cost - Cost refers to the monetary expenditure or that exists but has not yet been fully realized or sacrifice that a customer must make in order to obtain expressed in the marketplace. This demand is a product or service. "hidden" because it has not yet surfaced due to factors such as a lack of awareness, inadequate Key Aspects of Cost: supply, or technological limitations. Monetary Cost: The price paid for the product or service. Time Cost: The time the consumer spends researching, purchasing, or using the product or service. Effort Cost: The physical or mental effort required to obtain or use the product (e.g., complex instructions, hard-to-assemble furniture). 9  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK Emotional Cost: The emotional investment a Key Characteristics of Exchange: consumer makes when deciding whether or not to Voluntary: Both parties must agree to the purchase (e.g., stress over a high-priced item). exchange. Value: Each party must perceive that they are Value - represents the overall benefit that a consumer receiving something of value. perceives from a product or service in relation to the Mutual Benefit: The exchange should benefit both total cost (monetary, time, effort, etc.) involved in parties—customers receive a product or service, acquiring it. It is a subjective judgment that compares while companies receive compensation the benefits a consumer expects to receive with what (money, loyalty, etc.). they have to give up in return. Offerings: What is exchanged can include tangible products, services, or intangible value like brand Value = Benefits - Cost loyalty or information Perceived Value: Customers often make decisions ​ based on their perception of the value a product or Transaction - a specific instance of exchange, service delivers. If they believe the benefits outweigh focusing on the actual act of trading goods or services the costs, they perceive high value. for money or something else of value. It is often the Types of Value: individual instance or event where exchange happens, Economic Value: The financial benefits a product and it usually involves a single, defined point in time. offers, such as savings or efficiency. Functional Value: The practical and utilitarian Difference Between Exchange and Transaction: benefits, like how well the product performs its intended function. Exchange - a broader concept, referring to the entire Emotional Value: The emotional or psychological process of giving and receiving value. benefits, like the pleasure or status a consumer associates with the product. Transaction - a specific instance or occurrence of an exchange. Satisfaction - the consumer's overall feeling of contentment or pleasure after consuming a product or Both involve the transfer of value ! : D service. Relationships - the ongoing connection between a Factors Influencing Satisfaction: company and its customers, based on repeated Expectation vs. Reality exchanges over time. Product Quality Service Experience Difference Between Transaction and Relationship Emotional Fulfillment Transaction - isolated event Exchange - The core concept of marketing. The Relationship - involves ongoing interactions, process where two or more parties give something of companies aim to build a bond, not just to complete a value to each other in return for something they sale desire. In a marketing context, an exchange typically involves the buyer providing money, time, or effort in Networks - the broader connections and return for a product, service, or experience interdependencies between companies, customers, from the seller. suppliers, and other stakeholders that influence and support exchanges and relationships. 10  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK Market - refers to the group of potential customers Remarketing - When demand for a product who have a specific need or desire for a product or declines, remarketing efforts are necessary to service, and who have the willingness and ability to rejuvenate interest. This involves repositioning or make a purchase. enhancing the product to revitalize demand and counter the decline Main Types of Market: ​ Consumer Market (B2C) Synchromarketing - Irregular demand, marked by ​ Business-to-Business Market (B2B) seasonal or fluctuating patterns, requires synchromarketing. This task involves managing the Marketing - Marketing refers to the activities, timing and level of supply and demand, often strategies, and processes that businesses use to through incentives, to better align them and reduce promote and sell products or services to potential volatility. customers. Maintenance Marketing - Full demand occurs Marketer - is an individual or organization involved when demand aligns with desired levels. The in the planning, execution, and management of task here is to maintain this demand by ensuring marketing activities efficient marketing operations and remaining vigilant to changes that could impact demand. Prospect - an individual or business that has the potential to become a customer but has not yet made Demarketing - Overfull demand arises when a purchase. demand exceeds supply. Demarketing helps reduce excessive demand by managing expectations and informing customers when the company cannot meet Marketing Management Tasks their needs, protecting brand equity. Marketing Management - is the study, planning, Counter-Marketing - In cases of unwholesome implementation, and control of programs demand, where a product has negative intended to form, make and preserve quality associations, counter-marketing aims to reduce beneficial exchanges and relationship with the demand. This typically involves strategies that target markets for the reason of reaching discourage consumption through negative messages organizational objectives. or awareness campaigns about the harms of the product. Conversional Marketing - the marketing manager’s task is to change negative demand into MAJOR MARKETING DECISIONS positive demand 1. Strategic Planning Stimulational Marketing - in situations where 2.Social Responsibility and Ethics there is no demand (indifference), marketing 3.Research and Analysis must stimulate interest by aligning the product’s 4.Developing Competitive Advantage and benefits with consumers' natural needs and Strategic Focus interests, turning indifference into positive demand 5.Marketing Strategy Decisions a. Segmentation and Targeting Developmental Marketing - Latent demand arises b. Marketing Mix Decisions (4Ps / 7Ps) when there is a need for a product or service that doesn't yet exist. Marketing’s task is to create awareness of the product, emphasizing its relevance and the benefits it offers, transforming latent demand into actual demand. 11  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK What should a marketer do if there is no -​ Broad, long-term aims that define what demand? the organization seeks to accomplish - Stimulational Marketing ​ Objectives -​ Specific, measurable, actionable, “ if the demand is latent? realistic and time-bound (SMART) - Developmental Marketing targets from derived goals ​ Resource Deployments “If the demand is declining? -​ Refers to the allocation and - Remarketing management of resources such as financial capital, human talent, “ if the demand is irregular? technology, and physical assets to - Synchromarketing execute strategies effectively. ​ Identification of a sustainable “ if the demand is full? Competitive advantage - Maintenance Marketing -​ This is the unique value or capability that allows the organization to outperform competitors over the long “ if the demand is overfull? term. It could stem from cost - Demarketing advantages, superior technology, strong brand reputation, or customer loyalty. “ if the demand is unwholesome? - Counter Marketing Hierarchy of Strategies ​ Corporate-Level Strategy Topic 2 Marketing Strategy and Plans -​ Overall direction of the entire organization. Determines what Introduction businesses or markets the company should be involved in Business goals and Objectives plus marketing ​ Business-Level Strategy strategy should go hand-in-hand -​ How to compete effectively in each ​ Strategy – The thinking specific business or market ​ Planning – The doing -​ Is about the specific tactics individual The Nature of Strategy units use to achieve competitive advantage in their target markets ​ Strategy ​ Functional-Level Strategy -​ From Greek word “Strategos” which -​ Specific actions within departments or means “general” or “leader of an functions to support the business and army corporate strategies -​ design or plan for achieving a company’s goals and objectives. Under Corporate Strategy -​ decides what resources will be necessary and how these resources will ​ Mission be obtained and employed to achieve -​ core purpose or reason for an said goals and objectives of the organization's existence. It explains company​ what the organization does, who it serves, and why it exists Components of Strategy Characteristics: ​ Scope 1. It should be feasible. -​ defines the boundaries within which an 2. It should be precise and clear. organization operates. It includes the 3. It should be motivating. markets, industries, geographic regions, 4. It should be distinctive. and customer segments the organization 5. It should indicate major components of chooses to target strategy. ​ Goals 6. It should indicate how objectives are to be 12 JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK accomplished Business Strategy ​ Mission Statement -​ a formal, concise written declaration ​ Cost Leadership of an organization’s mission. It -​ Make it cheap for everyone communicates the organization’s purpose, values, and goals to Example: McDonald’s offers affordable, stakeholders, including employees, standardized meals at thousands of locations customers, and the community. worldwide, focusing on efficiency and low prices for everyone Characteristics: ​ Cost Focus 1. Mission statements focus on a limited -​ Make it cheap for a small group number of goals. 2. Highlight the company's major policies Example: Spirit Airlines offers basic flight services and values at the lowest possible prices. They target budget 3. Define the major competitive spheres travelers on specific routes and offer low-cost options within which the company will operate: by charging extra for baggage, seat selection, and The range of industries in which the other services company will operate The type of market or customers a ​ Differentiation company will serve -​ Make it special for everyone The range of regions, countries, in which the company will operate Example: Apple markets its products as innovative, high quality, and easy-to-use, appealing to a global ​ Corporate Vision/ Vision audience willing to pay a premium for its unique -​ seeks to outline where the company is features headed and what values are guiding that journey. It tells the company’s purpose ​ Differentiation Focus by focusing on the future and what the -​ Make it special for a small group organization exists to accomplish. -​ The vision statement should not need Example: Tesla focuses on selling high-end electric revising often. They should be vehicles with cutting-edge technology and a sleek independent of the current profit level, design, targeting environmentally conscious luxury sales cycle, and business climate. buyers. ​ Vision Statement -​ can be written as simple as a single Functional Strategy sentence or can be lengthy as a short refers to the specific approaches and activities paragraph undertaken by various functional areas (like -​ provides a powerful means to inspire marketing, operations, finance, HR) to support the and direct employees overall business or corporate strategy ​ Objectives -​ Are the specific, measurable goals that ​ Operational Strategy an organization aims to achieve within a -​ focuses specifically on how resources defined time frame, reflecting its overall within the operations function (e.g., mission and strategic direction production, supply chain, logistics) are ​ Competitive Advantage utilized to achieve efficiency, quality, -​ a gain over competitors achieved by and alignment with the overall offering consumers greater value, either functional and business strategies by means of lower prices or by ​ Marketing Strategy providing greater benefits and service -​ approach a company uses to attract that justifies higher prices. and engage its target customers. It defines how a company will position its products or services in the market and how it will stand out from competitors. 13  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK The strategy focuses on achieving key -​ Marketing Objectives marketing goals, such as growing -​ Positioning market share or boosting brand -​ 7Ps Strategy awareness. It involves decisions on ​ Financial Planning pricing, promotion, distribution, and -​ A breakdown of the marketing budget product differentiation to reach the right (advertising, promotions, digital audience effectively marketing, etc.). -​ Expected ROI ​ Marketing Plan -​ Financial projections based on expected -​ Is a detailed, tactical document that sales growth, customer acquisition describes how the marketing strategy costs, etc will be executed. It focuses on specific actions and timelines. ​ Implementation plan -​ not a static document. It needs to -​ Include timelines, responsible parties change and evolve as the business (tasks and responsibilities, and resource grows, and as new and changing allocation (team members, tools, marketing trends develop budget) and deadlines ​ Monitoring and Controlling -​ Key Performance Indicators (KPIs): In this section, include KPIs for measuring the effectiveness of your marketing plan. For example: -​ ⚬ Sales targets. -​ ⚬ Website traffic. -​ ⚬ Social media engagement rates. -​ ⚬ Customer acquisition and retention rates Marketing plan outline Scanning the Marketing Environment Topic 3 for Opportunities ​ Executive Summary -​ This section summarizes each of the other sections ​ Environmental Scanning ​ Company Background -​ Include the company’s brief history, - compels an organization to dig deeper into logo, mission, vision, and current the external environment and discover market positioning to set the context for your marketing plan important lessons, trends, opportunities or ​ External Environment threats -​ a. The Industry (PESTLE Analysis) -​ b. The Competition (Competitor - A market tool needed for this regular Analysis) evaluation of the business situation -​ c. The Customers (Buyer Behavior & Segmentation) ​ Internal Environment Analysis ​ Marketing Information System (MIS) -​ Review of Current Strategy: Evaluate briefly how well the company’s -​ is designed to support marketing mission, vision, goals, objectives, decision making. It brings together market positioning, and marketing mix (7Ps) are serving its target market and many different kinds of data, any challenges it might face. people, equipment, and -​ SWOT Analysis ​ Marketing Plan procedures to help an organization -​ Target Market Definition make better decisions. 14  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK Components of Marketing Information System Types of Marketing Intelligence 1.​ Internal Records 2.​ MIS ​ Competitive intelligence 3.​ Marketing Research -​ gathering information about your competitors 4.​ Marketing Decision Support System -​ Competitors strengths, weaknesses, market position, and strategies. Internal Records ​ Product intelligence -​ Focuses on understanding your products and your competitors' ​ Customer Database - wherein the complete products information about the customer’s name, -​ includes tracking how products are developed, priced, and how well address, phone number, frequency of they perform in the market purchase, financial position, and others is ​ Market understanding -​ about having a big-picture view of saved the market where your business ​ Product Database - wherein the complete operates. -​ It includes looking at things like the information about the product’s price, overall size of the market, its features, variants, is stored growth rate, trends, and different market segments. Understanding ​ Salesperson Database - the complete these factors helps your business information about the salesperson, his name, spot new opportunities or threats and adjust your strategies address, phone number, sales target, and accordingly others is saved. ​ Customer understanding -​ This involves gathering data about The companies store their data in the data your customers’ attitudes, warehouse from where the data can be retrieved behaviors, and needs. anytime the need arises. -​ By understanding what your customers want and how satisfied Marketing Intelligence they are, you can better tailor your products or services to meet their is used by marketing managers to sift information needs, which leads to stronger from the external environment to use in the customer loyalty over time decision making. Marketing Research It is everyday data that is relevant to the marketing -​ systematic collection, organization, analysis efforts of an organization. Once collected, this data and interpretation of the primary or can be analyzed and used to make informed decisions secondary data to find out the solutions to regarding competitor behaviors, products, consumer marketing problems. trends, and market opportunities -​ These data are tabulated, analyzed, and conclusions are drawn. Then the Sources of Marketing Intelligence recommendations are given for solving the -​ Focus groups problem. -​ Polls -​ Field Trial Types of Data -​ Questionnaires -​ Forms ​ Primary Data -​ Mail Surveys -​ collected first hand specially for the purpose of study. -​ It is collected for addressing the problem at hand. Thus, primary 15  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK data are original data collected by education) researchers first hand. The main - social trends (growing awareness sources of primary data include of sustainability) ​ Technological Forces - includes innovations Salesmen Dealers Consumers in manufacturing, communication, information technology, and research and ​ Secondary Data development -​ data that have been already ​ Environmental Forces - related to the collected by and readily available physical environment and the impact of from other sources. Such data are environmental changes cheaper and more quickly -​ climate change obtainable than the primary data -​ resource scarcity and also may be available when -​ sustainability concerns primary data cannot be obtained at ​ Legal Forces - ensure businesses comply all with standards that protect consumers, employees, and the environment. Examples: business magazines, journals, government -​ include laws and regulations that publications and reports, published surveys govern how businesses operate, including labor laws, health and Marketing Decision Support System (MDSS) safety regulations, intellectual property laws, and antitrust laws -​ is a computer-based system that helps marketing managers make informed decisions by providing relevant data, analysis, and tools. -​ It combines internal data (such as sales and customer information) with external data (such as market trends and competitor activities) to assist in decision-making ​ Macroenvironment -​ refers to the broader external factors that influence a company's decisions and performance but are typically beyond its control. Major Forces in the Macroenvironment ​ Political Forces - influence trade policies, taxes, labor laws, environmental regulations, and government spending Importance of PESTEL ​ Economic factors - influence consumer purchasing power and spending patterns. ​ If political instability in a certain country -​ inflation rates -​ interest rates might affect sales or manufacturing. -​ unemployment levels -​ economic growth ​ If the economy is struggling and people -​ currency exchange rates aren’t buying expensive phones, maybe they -​ ​ Sociocultural Forces - refer to the societal need to adjust their pricing or target different and cultural factors that affect customer market segments. preferences, lifestyles, and values - demographics (age, income, 16  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK ​ If environmental laws are tightening, they might need to look into more eco-friendly 2.​ Personalized Communication: ​ Sending birthday greetings or exclusive production methods. offers to make customers feel valued. ​ Example: An online store offering a Customer Value, Satisfaction and discount on your favorite items Topic 4 during your birthday month. Loyalty 3.​ Surprise and Delight: Customer Value - is the perceived benefit a ​ Unexpected perks that leave a lasting customer gets from a product or service compared impression. to the cost of obtaining it (money, time, and effort). ​ Example: A hotel upgrading a guest’s room for free during their stay. Customer Satisfaction - is the measure of how well a product, service, or experience meets or exceeds Benefits of Loyalty a customer’s expectations. It occurs when a Loyal customers often spend more, stay longer, product or service meets or exceeds customer and promote the brand through word-of-mouth, expectations. making them an essential asset for the business. Factors That Influence Satisfaction: Customer Lifetime Value (CLV) - is the total revenue a company expects to earn from a single 1.​ Quality of the Product or Service: customer throughout their relationship with the ​ Does it perform as promised? business. ​ Example: A smartphone that lasts all day on a single charge delivers satisfaction. Importance of CLV: - It helps businesses prioritize relationships with 2.​ Responsiveness: high-value customers. ​ How quickly and effectively does the - It guides resource allocation. Companies know where to invest to get the best returns. company address concerns? ​ Example: A fast refund process for a Example: Airlines focus heavily on frequent flyers by faulty product builds trust. offering them perks like VIP lounges. 3.​ Post-Sales Support: Maximizing CLV: ​ Does the company care about your 1.​ Upselling and Cross-Selling: experience even after the sale? - Encouraging customers to buy more or upgrade. ​ Example: Providing free tech support for a - Example: A streaming platform suggesting purchased gadget. premium subscriptions or additional bundles. Customer Loyalty - refers to a customer’s 2.​ Retention Strategies: consistent preference for a specific brand, product, - Keeping customers happy so they stay longer. or service over competitors. It is the commitment - Example: A subscription box service offering of a customer to a brand or product despite loyalty discounts to prevent cancellations. competition. 3.​ Enhancing Customer Experience: Strategies to Build Loyalty: - Delivering personalized services to make customers feel special. 1.​ Loyalty Programs: - Example: A clothing retailer recommending outfits based on past purchases. ​ Offering rewards, discounts, or points for Customer Database - These are organized frequent purchases. collections of data about customers, ​ Example: Coffee shops like Starbucks including: have apps where customers earn Demographics: Age, location, and gender. stars for free drinks. Behavioral Data: Purchase history and browsing 17  JUNIOR LEAGUE OF MARKETERS​ NATIONAL UNIVERSITY-CLARK habits. Benefits: Helps businesses understand their customers better. Enables segmentation to target specific groups with relevant offers. Database Marketing - Using customer data to create personalized marketing campaigns. Attracting Customers Strategies: ⚬ Eye-catching marketing campaigns. ⚬ Free trials or introductory discounts. ⚬ Referral programs where customers earn rewards for bringing friends. Example: A new gym offering free classes for first-time visitors. Retaining Customers Strategies: ⚬ Loyalty programs that incentivize repeat purchases. ⚬ Excellent customer service to resolve issues promptly. ⚬ Emotional connections through personalized experiences. Example: An online retailer offering free returns to ensure customer satisfaction. Why Retention Matters: It’s often cheaper to retain existing customers than to attract new ones. Plus, loyal customers are more likely to refer others, creating a cycle of growth. 18