The Ultimate Marketing Agency
Marketing is defined as a set of processes that are intertwined and co-dependent with other functions of a business directed at achieving consumer interest and satisfaction. Marketing is all about Satisfying the needs and wants of consumers through an exchange process.
Concept of marketing
The marketing concept refers to the needs and wants of future potential consumers and how a business can satisfy them more effectively than its competitors.
Given the position of consumer’s needs and wants in marketing, a clear understanding of these concepts is important:
Needs: Something that is required for people to live a healthy, stable and safe life.
Wants: Something that is craved, wished for or aspired to.
Demands: When needs and wants are met. Having the ability to pay, they have the potential to become economic demands.
The Marketing Mix
The original marketing mix refers to four broad levels of marketing decision, known as product, price, promotion, and place.
The product features of marketing deal with the specifications of the actual goods/services, and how it relates to the end consumers needs and wants. The elements of products consists of the product design, branding, packaging, and labelling. Branding, is a key aspect of the product management, refers to the different methods of communicating a brand identity for the product, brand, or business.
This refers to what the consumer will pay for the product/service. The process of determining the price can simply be what is exchanged for the product or services for example the time, energy, or attention given to produce the product or supply the service or any sacrifices consumers make in order to acquire a product or service.
This refers to how the product/service is obtained by the consumer. Where they can buy the product or receive the services. For example, online or through wholesalers and retailers.
This includes all methods of marketing communications; advertising, sales promotion, , public relations, personal selling, product placement, branded entertainment, event marketing, trade shows and exhibitions.
The 3 Marketing Environments
The term "marketing environment" refers to all of the factors) that has an impact in a businesses marketing decision-making/planning. Marketing environment consists of three main areas, which are: Macro-environment, Business has little to no control over this environment Micro-environment, A business has more control over this environment but not full control Internal environment, The business has full control over this environment for it refers to all the aspects inside the business.
Businesses marketing macro-environment consists of different external factors that manifest on a large scale. These are usually economic, social, political or technological factors.
This environment refers to the stakeholders that a businesses have.
A Business’s micro-environment consists of:
A business’s internal environment consists of factors inside of the actual company. These are factors controlled by the company and they affect the relationship that a company has with its consumers. These include factors such as:
Marketing research is an organised process of analysing data which involves conducting research to support marketing activities, and the statistical interpretation of data into information. This information is then used by businesses to plan marketing activities.
Marketing research stages includes:
Define the problem
Develop a research plan
Collect the data
Analise data into information
Market segmentation consists of taking the total market for a product and dividing it into several sub-markets, each of which tends to be similar in all important aspects. Purposes Market segmentation is done for two main reasons, including:
A better allocation of a business’s resources
To cater to all different types of consumers
Segmentation involves the deviding of consumers into persons of like needs/wants/tastes.Four general factors are used for segmentation, which include:
Once a segment has been identified, businesses must learn whether the segment is beneficial for them to service.
The DAMP acronym (meaning Discernable, Accessible, Measurable and Profitable) are used as a tool to measure the viability of a target market.
The factors of DAMP are:
Discernible - how a segment can be identified from other segments.
Accessible - how a segment can be accessed
Measurable - can the segment be estimated and its size determined?
Profitable - can a enough return on investment be attained from a segment's servicing?
The following step in the targeting process is the level of differentiation involved in a segment serving.
Three types of differentiation exist, which are generally applied by companies. These are:
Undifferentiated - where a company produces a product for all of a market segment
Differentiated - in which a firm produced slight adjustments of a product within a segment
Niche - in which an organisation creates a product to satisfy a specific target market
Position Positioning is how to place a product in the minds of customers and how to inform them of what characteristics are different from the competitor's products.
Marketing communication is a consumer-based activity designed to engage them and promote responses. It is defined by actions a company takes to communicate with end-users, consumers, and external parties.
Marketing communications are divided into the following:
Oral presentation given by a salesperson that approaches individuals or a group of potential buyers:
Short-term motivations used to encourage buying of products. For example vouchers or discounts.Public relations
Public relations is the use of media tools by a company in order to promote goodwill from a group to a target market segment, or other consumers of a company’s goods/services. Public Relations originate from the fact that a company cannot seek to ignite its market base, due to sufficient or lessened demand for its goods/services. Companies use public relations in order to assure consumers, and to prevent negative perceptions towards it.Publicity
Publicity refers to achieving space in media, without having to pay directly for it. This benefits companies since it is making consumers aware of its product, without necessarily paying a newspaper or television station to cover the content.
Advertising is when a company directly pays a media channel to publicist its product. Examples include TV and radio adverts, billboards, branding and sponsorship.
Marketing planning involves creating a plan for a companies marketing activities.
Stages of a marketing plan
Writing a mission statement
Conducting a marketing audit
SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
Assumptions from SWOT analysis
Marketing objectives obtained from the assumptions
Estimation of the anticipated results of the objectives
Identifying alternative strategies
Budgeting for the marketing plan
Implementation of marketing plan.