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    2.2. Marketing Management

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    Wong Siwei
    This document provides an overview of key marketing concepts including formulating a marketing plan, defining the target market through segmentation, conducting competitive analysis, and preparing pricing and sales strategies. It also discusses identifying customer demand, the marketing mix of product, place, price and promotion, and penetrating the market through various sales channels.

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    2.2. Marketing Management

    Uploaded by

    Wong Siwei
    20 views21 pages
    This document provides an overview of key marketing concepts including formulating a marketing plan, defining the target market through segmentation, conducting competitive analysis, and preparing pricing and sales strategies. It also discusses identifying customer demand, the marketing mix of product, place, price and promotion, and penetrating the market through various sales channels.

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    2.2. Marketing Management

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    This document provides an overview of key marketing concepts including formulating a marketing plan, defining the target market through segmentation, conducting competitive analysis, and preparing pricing and sales strategies. It also discusses identifying customer demand, the marketing mix of product, place, price and promotion, and penetrating the market through various sales channels.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    20 views21 pages

    2.2. Marketing Management

    Uploaded by

    Wong Siwei
    This document provides an overview of key marketing concepts including formulating a marketing plan, defining the target market through segmentation, conducting competitive analysis, and preparing pricing and sales strategies. It also discusses identifying customer demand, the marketing mix of product, place, price and promotion, and penetrating the market through various sales channels.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 21

    An overview of Marketing

    concepts

    Based on the book “Patterns of Entrepreneurship” by Kaplan


    and Warren (2007)
    Outline
    • Formulating a successful marketing plan
    • Preparing marketing analysis and plan
    • Defining the market segmentation
    • Conducting a competitive analysis
    • Preparing the pricing and sales strategy
    • Penetrating the market and seeing up
    sales channels
    ‘Marketing is the management process
    that identifies, anticipates and satisfies
    customer requirements profitably’

    The Chartered Institute of Marketing


    Is there demand?
    Role of marketing is to make transaction
    happen between supplier and demand
    Important questions:
    Who buys the product?
    Why do they buy a particular product?
    Where do they so their buying?
    When do they buy?
    How do they buy?
    • Changes for supply: weather, natural disasters,
    technology, taxation and subsides, cost of
    energy, labour cost, globalisation etc
    Forecasting
    • Changes for demand: fashion, credit availability,
    confidence about future, population etc
    • Internal challenges: Marketing(competitors,
    pricing ), Design (technology, patent protection,
    useability quality (useability, maintainability,…),
    Manufacturing and servicing
    • Marketing Mix
    • Product
    • Place
    • Promotion
    • Price
    Consumer goods:
    • Convenience good
    • Shopping good
    • Speciality good

    Industrial goods:
    • Raw material
    • Capital equipment
    • Components
    • Supplies
    • Market qualifying criteria
    • Order losing criteria
    • Order winning criteria
    • Set marketing objectives
    • Get the Product Out: Sales and distribution
    • Set a pricing strategy
    • Raise Visibility: Advertising, Public Promotion
    • Conduct a Site Analysis
    • Future Marketing Activity
    Preparing marketing analysis and plan

    • Is there a market to build a viable business?


    • Is the product unique or there are
    competitors around?
    • Is there any product in the pipeline?
    • Is there any concern regarding
    governmental regulations?
    Identifying customers
    • Market identification
    • How profitable and exciting a company’s
    services are?
    • Current and best customers
    • Potential customers
    • Outside factors
    • Current demographic trends, economics,
    cultural attitudes, and role of the government
    • What is niche market?

    a part of a market that has been


    overlooked by large organisation
    One to one marketing
    • Identify customers, or get them to identify
    themselves
    • Link identities to their transaction
    • Calculate individual lifetime value
    • Practice “just-in-time marketing” – purchasing
    cycle
    • Strengthen a customer satisfaction
    • Treat complaints as opportunities
    • Enhance product information
    Return customer’s value or customer
    loyalty programs

    • Profit from increase purchases


    • Profit from reduced operating costs
    • Profit from referrals to other customers
    • Profit from price premium
    Market segmentation
    • Demographic segmentation
    • Geographic segmentation
    • Psychographic segmentation
    • Ethnic segmentation
    • Combination segmentation
    Conducting a competitive
    analysis
    • Product or service characteristics
    • Price and pricing strategy
    • Industry competitors
    • Selling/promotion
    • Management
    • Financial status
    Preparing the sales and sales strategy

    • Pricing methods
    • Value
    • Rationale
    • Different cost
    • Fixed
    • Variable
    • Semi-variable
    • contribution
    Establishing pricing objectives
    Revenue oriented
    Operations oriented
    Patronage
    Penetrating market and setting up
    sales channels
    • Direct sales force
    • Sales agents
    • Trade shows
    • Primary market research
    • Specific answers to specific questions
    • Informal focus group
    • Online surveys
    • Secondary market research
    • Information based on existing sources

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