UNIT-I-Mkting mgt.doc

552 MG 302 MARKETING MANAGEMENT

UNIT – I Fundamentals of Marketing – Nature - Role of Marketing - scope and importance of marketing – Relationship of Marketing with other functional areas – concept of marketing mix – Marketing Management of Product Services – marketing approaches – selling – Various Environmental factors affecting the marketing functions - Market segmentation - targeting and positioning - Marketing Planning - Market Oriented Strategic Planning.

Fundamentals of Marketing:Kotler on Marketing – “The future is not ahead of us. It has already happened. Unfortunately, it is unequally distributed among companies industries and nations”.

The apex body in United States of America for the Marketing functions, American Marketing Association (AMA) defines marketing as “Marketing consists of those activities involved in the flow of goods and services from the point of production to the point of consumption". The AMA has since amended its definition to read as: “Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders."

Today, to be effective in marketing, an organisation has to be marketing oriented. It needs to adopt a marketing based business philosophy in all its functions. Let us commence by looking at some basic concepts relating to marketing and marketing orientation.

Basic Concepts:A market consists of buyers and sellers - trading in products/services. The price is normally set by the supply of or the demand for, the product. The market for any business consists of its actual and potential customers. This market may be local (e.g. a street market), national (e.g. the mass market) or international.

To supply goods and services in a competitive environment a business needs to discover:1. What to make and sell.2. How many to make and sell.3. Who to sell to.4. How to encourage people to buy.5. How much to charge for what is sold.

Definition of marketingThere are many definitions of marketing. Here we will consider two which each give a useful insight into how marketing can be used in practice.

Definition 1The American Marketing Association Definition of marketing is: 'The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.'

Prepared by Mr. Appavoo Jayakumar. BBM, MBA, M.Com 1


Definition 2'Marketing is concerned with meeting organisation objectives by providing customer satisfactions.' This definition is important because it stresses the importance of the customer, and more particularly, customer satisfaction. When people buy products or services they do not simply want the products, they also want the benefits from using the products or services. Products and services help to solve a customer's problems. It is the solution to these problems that customers are buying.

Definition 3Another definition is that of the Chartered Institute of Marketing: 'marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably'. This definition emphasises the wide scope of marketing, ranging from initial identification of customer needs by means of research, right through to eventual, profitable satisfaction of those needs.

Definition 4Kotler, in Marketing Management: Analysis, Planning and Control provide one of the widest definitions of all.'Marketing is human activity directed at satisfying needs and wants through exchange processes'.

A marketing orientated organisation will possess two key characteristics.(a) Firstly, there will be a commitment to meeting the needs of customers more successfully than the competition.(b) Secondly, the organisation will need to operate in a fashion that will achieve this aim. It is not sufficient that the company employs a marketing manager or has a market research department. It is necessary that all of the company's activities are co-ordinate to ensure that the needs of the customer are considered when making decisions about what to produce and subsequently how and where the product or service is to be made available.

THE ROLE OF MARKETING

As we’ve seen the key objective of an organization’s marketing efforts is to develop satisfying relationships with customers that benefit both the customer and the organization. These efforts lead marketing to serve an important role within most organizations and within society.

At the organizational level, marketing is a vital business function that is necessary in nearly all industries whether the organization operates as a for-profit or as a not-for-profit. For the for-profit organization, marketing is responsible for most tasks that bring revenue and, hopefully, profits to an organization. For the not-for-profit organization, marketing is responsible for attracting customers needed to support the not-for-profit’s mission, such as raising donations or supporting a cause. For both types of organizations, it is unlikely they can survive without a strong marketing effort.

Marketing is also the organizational business area that interacts most frequently with the public and, consequently, what the public knows about an organization is determined by their interactions with marketers. For example, customers may believe a company is dynamic and creative based on its advertising message.



At a broader level marketing offers significant benefits to society. These benefits include:

• Developing products that satisfy needs, including products that enhance society’s quality of life

• Creating a competitive environment that helps lower product prices

• Developing product distribution systems that offer access to products to a large number of customers and many geographic regions

• Building demand for products that require organizations to expand their labor force

• Offering techniques that have the ability to convey messages that change societal behavior in a positive way (e.g., anti-smoking advertising)

Nature of Marketing:o Marketing is both consumer- oriented and competitors- oriented.

o It starts with consumers and ends at consumers by satisfying their needs.

o Marketing is the most important function of management.

o The long-term objectives of marketing are profit maximization through customer satisfaction.

o Marketing is an integrated process which is based on strategies and models.

o Marketing must deliver goods and services in exchange of money.

Scope: Exchange and UtilityThe criteria needed for an exchange to occur: Must have something of value to exchange Need to be able to communicate Must be able to exchange (under 21 drinking) Must want to exchange At least 2 people needed for an exchange to occur The exchange process creates Utility. Utility is the satisfaction, value, or usefulness a user receives from a good or a service. When you purchase an automobile, you give up less (in $s) than the value of the car (to you)...the ability to get you from A to B, safely, in a timely manner etc.

There are four types of utility: Form--production of the good, driven by the marketing function. EXAMPLE?? Baskin Robbins turns cream, sugar and milk into ice-cream. Place--make product available where customers will buy the product. EXAMPLE?? Food truck at a construction site. Time--make product available when customers want to buy the product. EXAMPLE?? Path mark, open 24 hours a day, 365 days a year, has time utility compared to Land hope Farms etc.



Possession--once you own the product, do what you want with it, i.e. eat it An example of a service that offers all types of utility: 24 Hour pizza delivery service.Marketing management can be described as carrying out the tasks that achieve desired exchanges, between the corporation, and its customers.

Relationship with Other Departments:It can be claimed (and often is by marketing managers) that marketing involves every facet of the organisation's operations. The philosophy of a customer orientation, central to marketing, can be argued to be a central business function which is a prerequisite to success. It is easy to get carried away with this argument and thus to understate the role of finance, production, personnel and other business functions. A strongly held conviction by the marketing department that customer orientation is all important can lead to conflict with other departments.The table below shows potential conflicts which can arise with other departments in the organisation. Again this can only be a typical list and is intended as a warning of potential dangers. The top management of the organisation needs to take a strong line on any conflicts which arise and to ensure that departmental heads have clear instructions as to the organisation's priorities.

Summary of Organisational Conflicts between Marketing and Other Departments

Departments Their emphasis Emphasis of marketingEngineering Long design lead time

Functional featuresFew models with standardcomponents

Short design lead time SalesfeaturesMany models with customcomponents

Purchasing Standard partsPrice of materialEconomic lot sizesPurchasing at infrequentintervals

Non-standard parts Quality of materialLarge lot sizes to avoidstock outsImmediate purchasing forcustomer needs

Production Long order lead times andinflexible production schedulesLong runs with few modelsNo model changesStandard ordersEase of fabricationAverage quality control

Short order lead times and flexible schedules to meet emergency ordersShort runs with many modelsFrequent model changes Custom ordersAesthetic appearanceTight quality control

Inventory management

Fast moving itemsNarrow product lineEconomic levels of stock

Broad product lineLarge levels of stock

Finance Strict rationales for spendingHard and fast budgetsPricing to cover costs

Intuitive arguments for spendingFlexible budgets to meet changing needsPricing to further market Development

Accounting Standard transactionsFew reports

Special terms and discountsMany reports



Credit Full financial disclosures bycustomersLower credit risksTough credit termsTough collection procedures

Minimum credit examinations of customersMedium credit risksEasy credit termsEasy collection procedures

Concept of Marketing Mix: Marketing mix is a major concept in modern marketing and involves practically everything that a marketing company can use to influence consumer perceptions favourably towards its products or services so that consumer and organisational objectives are attained. Marketing mix is a model of crafting and implementing marketing strategy.

(An executive) “a mixer of ingredients, who sometimes follows a recipe as he goes along, sometimes adapts a recipe to the ingredients immediately available, and sometimes experiments with or invents ingredients no one else has tried.” [Wikipedia: James Culliton, the Management of Marketing Costs, Research Division, Harvard University (1948)].

There are virtually dozens of marketing mix tools. However, Prof. E. Jerome McCarthy classified the “Marketing Mix Variables” in terms of 4 Ps: Product, Price, Place (distribution) and Promotion. These 4 Ps represent the tactical controllable factors and vary in case of different products and target markets. This classification is believed to be quite popular in marketing circles across the world. The concept of a marketing mix, sometimes known as the marketing offer, was first used by Professor Neil Borden of Harvard Business School in 1965, who summarised the concept of the marketing mix as:

'a schematic plan to guide analysis of marketing problems through utilisation of: a list of the important forces emanating from the market which bear upon the marketing operations of an enterprise; and a list of the elements (procedure and policies) of marketing programmes.

The marketing function is concerned with identifying and the analysing of markets; understanding how consumers are motivated and how they behave in those markets a well as identifying groups of consumers which are of particular interest to the business.

To build the link between the business and its consumers requires the development of an appropriate marketing mix.Marketing is then about having the 'right market offering at the right time, place and price' in order to please the customer. The foundations of marketing are based on what is referred to as the 5Ps or the marketing mix; the controllable factors that influence demand:● Product● Price● Promotion● Place (Distribution) ● People



To satisfy Target Market(s) (customers)Marketing Mix:By 'Product' we mean the product concept or market concept. The market concept may well be a product, but can also be a service or a solution. Finding the right product concept is a key marketing function.

'Price' refers to the pricing decisions that are made to optimise price competitiveness in the marketplace. It is finding the price that the customer is willing to pay.

'Promotion' refers to the methods by which the market offering is communicated to potential customers.

'Place' refers to the 'where and who' in selling. Where you will market and who will deliver your product/services/ solution to your customers. It includes decisions on market coverage, demographics, geographical coverage, and distribution channels.

'People' was added later to the marketing mix, as the key role of people came to be recognised. Particularly in the services industries, 'People' really refers to customer service; specifically, how well your staff (in particular, customer-facing staff) serves the requirements of customers. This element of the marketing mix should not be under-estimated, because when we talk about markets we are really talking about people. When we create marketing plans we are designing ways to effectively communicate with people.

With the increasing dominance of the services sector in many western economies, the 5 Ps has been expanded to be the 7 Ps for the services sector. The two additional Ps are:

Process. Physical Evidence.

Process is now a vital element in any marketing strategy, and refers to how the service/solution is delivered. By physical evidence we mean the ability to communicate the benefits of your service to potential customers. It is that which the customer can sense physically that contributes to their perception of the service. These latter two Ps are vital when marketing services and solutions.With rapid changes in the business environment, and, in particular, as a result of the pervasive influence of the Internet, the term marketing has come to mean other things. However, it should be noted that the foundations of marketing remain largely the same, but the vehicles for marketing are changing. In particular, the age of the Internet, with accessibility to new technologies, is providing new opportunities for market promotion, market reach and distribution. It is also providing vendors with the electronic infrastructure and tools for rapid customer responsiveness and improved service.

Target Market(s) :



Current fast food customers (typically male, 14 -34 year olds) and/or Health conscious who do not currently purchase fast food?? Societal Marketing Concept: Focus on other stakeholders, as well as the business and its customers. Need to balance 3 items o Company profits o Customer wants o Society's interests The difference between short term consumers wants and long term consumer welfare.

Marketing EnvironmentThe micro environment: the market environment - external

The previous chapter highlighted the importance for an organisation of understanding its operating environment. This understanding is crucial in providing the opportunity to exploit changing market conditions which is the essence of a successful marketing strategy. We will now consider specifically that part of the environment which can be described as the micro environment. This environment includes all factors which impact directly on a firm and its activities in relation to a particular market or set of markets in which it operates. It also incorporates any internal aspects of the organisation such as corporate culture which will influence the development of a marketing strategy. We will consider the market environment and the internal environment in turn. The nature of the market environment is outlined in the diagram below. In essence the market environment concerns itself with all aspects of a market which affect the company's relationship with its customers and the patterns of competition. The importance of the market environment should not be underestimated, not only because it will have a major impact on the operation of a business, but



also because it is an aspect of the environment that the business can, in part, control and change. The understanding of suppliers, distributors, consumers, competitors and interest groups have been identified as key elements of the market environment.By attempting to understand the interactions and the behaviour of these groups, the firm can use its marketing strategies to encourage loyalty, obtain preference from suppliers/distributors, and influence what competitors do and what consumers think. Equally, through the development of corporate image, it can influence perceptions held by various interest groups. In that sense the understanding of and reactions to the market environment can be a key factor in ensuring longer term competitive success. We will now consider each of the key elements of the market environment in turn.Suppliers. For most organisations this would require some consideration of the number, size and bargaining strength of their suppliers; their ability to guarantee regular supplies, stable prices and quality.Distribution network. Although the nature and structure of the distribution network is generally treated as a marketing mix variable which can be controlled by an organisation, it is nevertheless a feature of the market environment. There are few instances where an organisation can enter a market which is so new that there are no existing distribution systems. Where these systems are in place, as is normally the case, then they will impose some constraints on what an organisation can do. This may arise partly because of consumer familiarity with existing systems and partly because of the degree of market power which is held by the distribution network.Consumers. Understanding consumers is clearly of considerable importance in terms of developing a marketing strategy and the behaviour and motivation of these consumers.Interest groups. Any analysis of the market environment must give some consideration to the role of interest groups (sometimes referred to in marketing literature as 'publics'). These refer to a variety of groupings whose opinions and attitudes will have some bearing on the success or otherwise of an organisation. An understanding and awareness of the attitudes of these groups will enable the organisation to consider how best to present itself to them.Competition. The importance of marketing as an aid to establishing a competitive position in the market place has already been stressed; clearly then there is a need for any organisation to develop an awareness and understanding of its competitors, their strengths and weaknesses and the essence of their strategic approach to their markets.Porter suggests that there are five basic competitive forces which influence the state of competition in an industry. He calls these the 'structural determinants of the intensity of competition' which collectively determine the profit potential of the industry as a whole. Some industries have a bigger profit potential than others, since keener competition means lower profits.These five competitive forces are as follows.o The threat of new entrants to the industry.o The threat of substitute products or services.o The bargaining power of customers.o The bargaining power of suppliers.o The rivalry amongst current competitors in the industry.



The threat of new entrants. A new entrant into an industry will bring extra capacity. The new entrant will have to make an investment to break into the market, and will want to obtain a certain market share.The strength of the threat from new entrants is likely to vary from industry to industry, depending on two factors. The strength of the barriers to entry. The likely response of existing competitors to the new entrant. If a new prospective entrant thinks that firms which are already in the industry would respond to a new competitor by reducing their prices and starting a price war, the new entrant would be more likely to think twice before deciding to make its entry into the market.The threat from substitute products. The products or services that are produced in one industry are likely to have substitutes that are produced by another industry. Railway travel is a substitute for private motor travel, vegetarian foods are a substitute for meat foods, and coffee is a substitute for tea, and so on.

The Internal EnvironmentClearly, the internal environment is the area in which the firm can exercise greatest control and should possess the greatest knowledge. Nevertheless, as was emphasised above, it should not be overlooked because the internal capabilities of the organisation are a key factor in generating marketing success. At a very general level, the analysis of the internal environment requires an understanding of the nature of the corporate culture - the attitudes and beliefs of personnel at all levels. The strategies available and appropriate for an organisation with a culture orientated towards rapid innovation and risk taking may be quite different to those available to a company orientated towards high quality and an exclusive image, and different again from those which could be pursued by an organisation which sees itself as a low risk, market follower with a reliable, if traditional, product range to offer.Equally important is an understanding of the strengths and weaknesses of the structure of the company and of the personnel within the company. In many instances, internal structures are changing and reflect the increased pressures of a competitive market place.The use of marketing audits is one technique which is of considerable use in helping an organization (and the individuals involved in the planning process) to understand the internal environment. A marketing audit is simply a systematic analysis and evaluation of the organisation's marketing position and performance. According to need, it may cover all activities which are either directly or indirectly connected with the marketing function, or it can simply focus on specific products/markets or specific marketing functions. Further distinctions are often drawn between audits which take place at the corporate level, those which take place at the divisional level and those which take place at the level of the product/market.Although a marketing audit will focus on all the relevant marketing activities, the following may be singled out as being of particular importance.Marketing capabilities. This includes trying to identify the aspects of marketing in which the company may be considered to have particular strengths and weaknesses. Questions to ask include the following.(a) How flexible/responsive is the organisation of the marketing department?



(b) What is the company's image/reputation?(c) How strong are particular product lines?(d) What is the extent of brand loyalty among customers?Although many of these are subjective assessments, their importance cannot be overstated because they will often form the basis of future marketing campaigns.Performance evaluation. This is essentially the process of comparing the actual achievements of marketing with what was expected -are sales meeting forecasts? Is advertising presenting the desired/planned message? Is the distribution system getting the product to consumers as anticipated? This evaluation will identify weaknesses and strengths of current marketing campaigns which can then be modified when reconsidering the campaign for that product and considering marketing campaigns to be used for new products.Competitive effectiveness. Essentially this focuses on evaluating the source of an organisation's competitive advantage. This will require some analysis and understanding of competitors, the markets they are targeting and the particular features they use to their advantage.

The macro environment

The macro environment consists of broad trends and patterns which are taking place in society as a whole which will affect all markets, but will be more relevant to some than others. Many environmental changes, if identified and carefully analysed, can provide invaluable assistance in the process of evolving marketing strategies, identifying profitable products and determining the best routes to reach consumers. Equally, careful monitoring of this environment can enable an organization to identify developments which may be harmful to its business and will enable it to adopt a proactive rather than a reactive stance in the action it takes.The macro environment can usefully be broken down into four key components: political/legal, economic, social/cultural, and technological (PEST factors). The diagram below shows these factors.The political/legal environment. The political/legal environment is primarily the interaction between organisations and government or regulatory bodies. It incorporates a variety of legal restrictions which governments impose to regulate the pursuits of businesses in a formal sense. EQually



important are the less formal aspects of government relations with industry such as government attitudes to business and willingness to support initiatives. Increasingly, international developments, including the EC, need to be considered in the context of the legal environment.The economic environment. Economic conditions are perhaps the key component of the macro environment. Attention is focused on developments within the economy which are likely to have an impact on businesses either directly or as a result of their impact on consumer spending. Key aspects of the economic environment usually include inflation, unemployment, economic growth, consumer income and wealth, interest rates, balance of payments and currency fluctuations.The social/cultural environment. The social cultural environment concerns itself with a variety of factors including demographic change and changing attitudes and perception. The UK, like many other developed countries, has an ageing population, and this of course has many implications for organisations. The changing role of women may also have implications for the marketer. For instance, as more women work, more convenient shopping times have been introduced.The technological environment. This fourth component of the macro environment focuses on the way in which technology (both the level and the rate of change) will affect the way an organization undertakes its business.When developing marketing strategy the firm must look at both the micro and macro environmental factors. Ultimately a successful marketing strategy needs to be consistent with the external operating environment, but at the same time consistent with internal attitudes and capabilities. One trend that affects businesses is consumerism which will be looked into in further detail below.

Ethics/ consumerismA trend which has increased the importance of customer care is consumerism. A number of consumer rights have developed, including the following.(a) The right to be informed of the true facts of the buyer-seller relationship, for example: (i) The true cost of loans (annualized percentage rates must now be published in any advertisement for loans);(ii) Truth in advertising (watchdog bodies vet any advertisement and consumers complain about advertisements to the Advertising Standards Authority).(b) The right to be protected. Consumers' trust in organisations must not be abused. For example, the sale of mailing lists to third parties can lead to consumers receiving vast quantities of 'junk' mail.(c) The right to ensure quality of life. This right is focused increasingly on environmental protection which should awaken suppliers to the social implications of their actions.Suppliers need to take careful note of these consumerist pressures. Their reputations must be protected at all cost. This requirement may well militate against aggressive marketing tactics and so, despite competitive pressures, the need to consider the best interests of customers should be paramount in a marketing strategy. The long-term view is necessary rather than attempting to maximise short-term profits.

Strategic Market Planning



A strategic market plan gives direction to a firm's efforts and better enables it to understand the dimensions of marketing research, consumer analysis, and product, distribution, promotion, and price planning, which will be discussed in later classes. We will look at an overview of the strategic marketing process including the development of: SWOT Analysis Mission Statement Organizational Goals Corporate Strategy Marketing strategy The strategic market plan is not a marketing plan, it is a plan of all aspects of an organizations strategy in the market place. The process of strategic market planning yields a marketing strategy(s) that is the framework and the development of the marketing plan. Developing a marketing plan is your group project assignment. A marketing plan deals primarily with implementing the market strategy as it relates to target market(s) and the marketing mix. A Strategic marketing plan is an outline of the methods and resources required to achieve organizational goals within a specific target market(s). "Describes the direction [an organization] will pursue within its chosen environment and guides the allocation of resources and effort" - Peter Bennett, Dictionary of Marketing Terms, AMA 1988 Strategic planning requires a general marketing orientation rather than a narrow functional orientation. All functional areas must include marketing and must be coordinated to reach organizational goals. It is a hierarchal process, from company wide to marketing specific. (Marketing concept, implemented from top down.)

Company wide, SBU specificA firm can be broken down into several strategic business units. Each SBU is a division, product line, or other profit center within the parent company. An SBU has its own strategic plan and can be considered a separate business entity competing with other SBU's for corporate resources. For example PepsiCo Companies SBUs include: KFC Taco Bell Pizza Hut Mountain Dew Lipton Tea Brands Frito Lay In a College of Business and Economics is an SBU.



A strategic plan gives: (out comes) Direction and better enables the company to understand mkt. function dimensions Makes sure that each division has clear integrated goals Different functional areas are encouraged to coordinate Assesses SW & OT Assesses alternative actions It is a basis for allocating company resources A procedure to assess company performance The strategic planning process may include the following, although this differs from one organization to another: Develop a SWOT analysis Develop Mission Statement that evolves from the SWOT analysis Develop Corporate Objectives that are consistent with the organization's mission statement. Develop corporate strategy to achieve the organization's objectives. [if the organization is made up of more than one SBU, then follow loop again for each SBU, then proceed] Marketing (and other functional objectives) must be designed to achieve the corporate objectives Marketing Strategy, designed to achieve the marketing objectives. The strategic market planning process is based on the establishment of organizational goals and it must stay within the broader limits of the organizations mission, that is developed taking into consideration the environmental opportunities and threats and the companies resources and distinct competencies. A firm can then assess its opportunities and develop a corporate strategy. Marketing objectives must be designed so that they can be accomplished through efficient use of the firms resources. Corporate strategy is concerned with issues such as diversification, competition, differentiation, interrelationships between business units and environmental issues. It attempts to match the resources of the organization with the opportunities and risks of the environment (SWOT). Corporate strategy is also concerned with defining the scope and roles of the SBU's of the firm so that they are coordinated to reach the ends desired.

SWOT AnalysisA SWOT Analysis examines the companies: Strengths...Internal Weaknesses...Internal Opportunities...External Threats...External By developing a SWOT analysis, a company can determine what its distinctive competencies are. This will help determine what the organization should be in business for, what its mission should be.



Organizational goalsOrganizational goals are derived from the mission, corporate strategy is derived from the organizational goals. Goals must specify the end results that are desired, that are measurable and within a particular time frame. SMAC Specific Measurable Achievable Consistent Corporate StrategyIssues include: Scope of Business-----What Business you are in?? Resource deployment----How you are going to use your resources?? Competitive advantage----What are your competitive advantages?? Coordination of Production, Marketing, Personnel etc.---- Coordination process??

Tools for strategic market planningThe following are some of the many tools that are used in developing corporate strategy, they are supplements not substitutes for management's own judgement: BCG Product Portfolio Management o Star o Cash Cow o Problem Child (Question Marks) o Dog SWOT analysis Product Life Cycle Concept A separate strategy is needed for each SBU Intense Growth-mkt penetration/development, product development in related markets. o Market Penetration...more products to the same market o Market Development...same product to new markets o Product Development...new products to same market Diversified Growth-new products new markets Horizontal (unrelated products to current markets)/Concentric (NPNM) Integrated growth Forward/Backward/Horizontal Disney's Purchase of Capital Citys/ABC, a content provider purchasing distribution



Marketing Planning : Marketing plans vary by: Duration Scope Method of Development, bottom up/top down Objective is to create a Marketing plan. A plan for each marketing strategy developed. Marketing strategy encompasses selecting and analysing the target market(s) and creating and maintaining an appropriate marketing mix that satisfies the target market and company. A Marketing strategy articulates a plan for the best use of the organizations resources and tactics to meet its objectives. Do not pursue projects that are outside the company’s objectives or that stretch the companies resources. Plan includes: Executive summary Situation Analysis Opportunity and Threat Analysis Environmental Analysis Company Resources Marketing Objectives Marketing Strategies to include: o Target market (Intended) A target market is group of persons/companies for whom a firm creates and maintains a Marketing Mix that specifically fits the needs and preferences of that group. Does the company have the resources to create the appropriate MM and does it meet the company's objectives. o Develop a marketing mix-how to reach the target market. The marketing mix is designed around the buying motive-emphasizing the marketing concept. The marketing environment effects the marketing mix, which is only controllable to a certain extent (the MM). Before developing the MM, need to determine the needs of the target market. Financial Projections Controls and Evaluations Marketing control process consists of establishing performance standards, evaluating the actual performance by comparing it with the actual standards, and reducing the difference between the desired and actual performanceThe planning, Organizing, Implementing and controlling the marketing activities to facilitate and expedite exchanges effectively (NEED TO ACHIEVE ORGANIZATIONAL OBJECTIVES) and efficiently (MINIMIZING ORGANIZATIONAL RESOURCES). Therefore to facilitate highly



desirable exchanges and to minimize the cost of doing so. Effective planning reduces/eliminates daily crises.


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