Lesson 1 Introduction To Marketing Management PDF

LESSON 1 INTRODUCTION TO MARKETING MANAGEMENT 1ST SEMESTER A.Y. 2024-2025  OBJECTIVES: De ne and understand what marketing is and its role within the organizations Learn about the 4Ps of marketing and how they in uence decision-making Discuss the importance of...

LESSON 1 INTRODUCTION TO MARKETING MANAGEMENT 1ST SEMESTER A.Y. 2024-2025  OBJECTIVES: De ne and understand what marketing is and its role within the organizations Learn about the 4Ps of marketing and how they in uence decision-making Discuss the importance of market segmentation and targeting Review marketing concepts fi fl I. OVERVIEW  MARKETING Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging o erings that have value for customers, clients, partners, and society at large. Marketing helps in identifying customer needs, creating value, and fostering relationships ff MARKETING MIX PRODUCT: what is o ered to the market (features, quality, branding) PRICE: The cost to the customer (pricing strategies, perceived value). PLACE: Distribution channels (where and how the product is available). PROMOTION: Methods of communication (advertising, sales promotions, public relations). ff MARKE SEGMENTATION AND TARGETING MARKET SEGMENTATION: Dividing a market into distinct groups of buyers with di erent needs, characteristics, or behaviors ◦Types of Segmentation: Demographic, geographic, psychographic, and behavioral. TARGETING. Selecting one or more segments to enter and targeting them with tailored marketing strategies ff KEY MARKETING CONCEPTS POSITIONING: How a product is perceived in the minds of consumers relative to competitors. BRANDING: The process of creating and managing brand equity and brand identity. CONSUMER BEHAVIOR: Understanding how consumers make purchase decisions and the factors in uencing these decisions. fl II. MARKETING CONCEPTS AND PHILOSOPHIES THE 4 C’s CUSTOMER NEEDS: Focuses on what the customer wants rather than what the company wants to sell. COST: Total cost of ownership for the customer, not just the purchase price. CONVENIENCE: How easy it is for customers to buy and use the product. COMMUNICATION. Two-way interaction with customers, rather than just pushing out information THE 4 A’s ACCEPTABILITY: How well the product meets customer needs AFFORDABILITY: The price from the perspective of the consumer. ACCESSIBILITY: How easy it is for customers to access the product. AWARENESS. How well customers know about the product THE STP Model SEGMENTATION Dividing the market into distinct groups of buyers. TARGETING: Choosing which segments to enter POSITIONING: How you want customers to perceive your product relative to competitors. MARKETING PHILOSOPHIES PRODUCTION ORIENTATION Focuses on improving production e ciency and product availability. This philosophy assumes that customers will favor products that are widely available and a ordable ffi ff MARKETING PHILOSOPHIES PRODUCT ORIENTATION Emphasizes the development of high-quality products with innovative features. It assumes that a superior product will naturally attract customers MARKETING PHILOSOPHIES SALES ORIENTATION Prioritizes aggressive sales techniques to drive sales and market share. This philosophy often emphasizes short-term sales rather than long-term customer relationships MARKETING PHILOSOPHIES MARKET ORIENTATION Centers on understanding and meeting the needs and wants of customers. It involves gathering market intelligence and aligning company e orts with customer preferences ff MARKETING PHILOSOPHIES SOCIETAL MARKETING ORIENTATION Focuses on not only meeting customer needs but also considering the long-term welfare of society. It integrates ethical considerations and sustainability into marketing practices CURRENT TRENDS AND PHILOSOPHIES DIGITAL MARKETING Emphasizes the use of online platforms and digital tools to reach and engage customers. This includes social media, email marketing, search engine optimization (SEO), and content marketing CURRENT TRENDS AND PHILOSOPHIES RELATIONSHIP MARKETING Focuses on building long-term relationships with customers rather than just focusing on single transactions. This includes personalized communication and loyalty programs CURRENT TRENDS AND PHILOSOPHIES EXPERIMENTAL MARKETING Creates memorable experiences for customers to foster deeper emotional connections with the brand CURRENT TRENDS AND PHILOSOPHIES DATA-DRIVEN MARKETING Utilizes data and analytics to guide marketing strategies and measure e ectiveness. This includes customer behavior analysis, A/B testing, and predictive analytics ff III. MARKETING ENVIRONMENT AND ORGANIZATIONAL OBJECTIVES MARKETING ENVIRONMENT The marketing environment encompasses all external and internal factors that a ect a company’s ability to serve its customers. It’s crucial to analyze the marketing environment to anticipate changes, adapt strategies, and seize opportunities. ff MICROENVIROMENT Company: Internal aspects such as corporate culture, resources, and departments that influence marketing strategies. Suppliers: Entities that provide the resources needed to produce goods and services. Their performance affects the overall supply chain. Marketing Intermediaries: Firms or individuals that help in promoting, selling, and distributing products (e.g., wholesalers, retailers, agents). Customers: The target audience whose needs and preferences drive marketing decisions. Competitors: Other businesses offering similar products or services. Understanding competitors’ strengths and weaknesses is crucial for strategic positioning. Publics: Any group that has an interest in or impact on the company’s ability to achieve its objectives (e.g., media, government, financial institutions) MACROENVIROMENT Demographic Environment: Characteristics of the population such as age, gender, income, education level, and family structure. Economic Environment: Economic conditions and trends that influence consumer purchasing power and spending patterns (e.g., inflation, unemployment rates). Natural Environment: Environmental factors that affect resource availability and sustainability (e.g., climate change, natural resource depletion). Technological Environment: Advances in technology that create new opportunities and challenges (e.g., automation, digital marketing tools). Political and Legal Environment: Regulations and laws affecting how businesses operate (e.g., advertising laws, trade restrictions). Cultural Environment: Societal values, norms, and cultural practices that influence consumer behavior and preferences ANALYZING THE MARKETING ENVIRONMENT SWOT Analysis: Identifies internal strengths and weaknesses and external opportunities and threats. PEST Analysis: Examines Political, Economic, Social, and Technological factors influencing the market ORGANIZATIONAL OBJECTIVES Organizational objectives are speci c goals that a company aims to achieve in alignment with its overall mission and vision. These objectives guide strategic planning and decision-making fi TYPES OF ORGANIZATIONAL OBJECTIVES Financial Objectives Market share objectives Customer objectives Operational objectives Social and environmental objectives TYPES OF ORGANIZATIONAL OBJECTIVES Speci c Measurable Achievable Relevant Time-bound fi  LESSON 2 THE MARKETING PROCESS OBJECTIVES: Describe the marketing mix Explain how marketing makes use of di erent mechanisms to make businesses work Describe how di erent business organizations use marketing to promulgate the growth of their business Explain how the concept of marketing creates value for the business and consumer Explain the role of the marketing plan in setting the direction for business growth Identify the core elements involved in the marketing process Provide understanding on how the marketing process works within an enterprise Comprehend the core concepts of the marketing mix Perceive how the marketing mix functions in a business enterprise Describe how marketing and the entire organization use the marketing plan ff ff MARKETING PROCESS Identify the company’s mission statement - involves strategies for generating value for consumers to meet their Analyze the situation needs. Customers and businesses engage in a continuous cycle of Create the marketing strategy actions and responses in an e ort to add value and meet customer Establish the marketing mix needs. Provide implementation and monitoring ff MARKETING PROCESS 1. Identify the company’s mission statement What is the purpose of your business? What is the goal of your company? What are your company strategies? What image are you building for your company? How does your mission statement make your plan clearer? MARKETING PROCESS To understand the purpose of the business; To set the standards within the organization; To create plans that are strategic in nature; To reassure and uplift employee morale; and To inspire customers MARKETING PROCESS 2. Analyze the situation Understanding the company’s capacities in the current market; Evaluating the current market environment where the business operates; Acknowledging strategic marketing decisions. MARKETING PROCESS 3. Create the marketing strategy The marketing strategy of the business describes its target market and the added value of its products and services 4. Establish the marketing mix By establishing the marketing mix, the company provides a glimpse of how the business will approach its market 5. Provide Implementation and Monitoring DEVELOPING AN EFFECTIVE MARKETING MIX When a business has determined its target market and competitive advantage, a marketing mix should be developed that will o er a certain target market a product with higher value Each target market needs a distinct marketing mix To properly market a product in the right area at the appropriate price, teams and people must collaborate PRODUCT, PRICE, PLACE, PROMOTION ff MARKETING PLAN Strategic roadmap to plan, carry out, and monitor their marketing strategy over a speci c time frame. Comprised of the following: Creation of the executive summary Company pro le, VMGO Target market SWOT analysis Market research Competitive analysis Marketing and promotional strategy Marketing budget Implementation program / marketing campaigns fi fi  LESSON 3 MARKETING ENVIRONMENT  OBJECTIVES: Explain the inputs and components that a ect a business when creating a marketing strategy Understand the precept of environmental scanning and the importance of forecasting Know the impact of micro and macro environments in the creation of marketing decisions De ne the process of environment scanning Describe the business environment Examine the microenvironment of a business Understand the elements of Porter’s Five Forces framework Examine the macro environment of a business Understand the PEST analysis conducted fi ff ENVIRONMENTAL SCANNING …is the continuous observation of patterns and events in an organization's internal and external environments that impact its success now and in the future. INTERNAL EXTERNAL Company pro le Politics Business identity Economy VMO Sociocultural factors Org. structure Demographics of the population Manpower and human resource Target market Assets and other business properties Technology Organizational culture Competition Technological information Trends fi MICROENVIRONMENT All elements that have an impact on corporate performance, strategy and decision-making ELEMENTS Customer Competitors Intermediaries Manpower Market Suppliers MICROENVIRONMENT PORTER’S FIVE FORCES - there are ve forces that represent the key sources of competitive pressure within an industry fi MICROENVIRONMENT PEST ANALYSIS - is a management method whereby an organization can assess major external factors that in uence its operation in order to become more competitive in the market fl  LESSON 4 MARKET RESEARCH AND CONSUMER BEHAVIOR  LESSON 5 PRODUCT MANAGEMENT LESSON 6 PRICING STRATEGIES  LESSON 7 DISTRIBUTION AND SUPPLY CHAIN MANAGEMENT  LESSON 8 INTEGRATED MARKETING COMMUNICATIONS  LESSON 9 SALES AND RELATIONSHIP MANAGEMENT  LESSON 10 INTERNATIONAL AND GLOBAL MARKETING  LESSON 11 MARKETING METRICS & PERFORMANCE EVALUATION  LESSON 12 ETHICAL AND SOCIAL RESPONSIBILITY IN MARKETING