• What is marketing:
  • -The action or business of promoting and selling products/services, by researching behaviors, target consumer, making it attractive and find the needs of a consumer.
    • Marketing is the process of developing, pricing, promotion and distributing products, services or ideas that are tailored (a la medida) to the market; it all includes all activities that create value and systematically increase in sales or lead to another desired response, establishing a good reputation and ongoing relationships with costumers, so that all stakeholder achieve their goals.
    • Making the product valuable to the consumers
    • ‘Find the needs and fill it’
  • Examples: we are not the product, we are what the product does and who it is for. Sell it for the consumers, not just to sell your products; add how it adds more value to the consumers compared to other products
  • Marketing Do’s: Develop the right product and strategies for selected costumers
  • Marketing don’t: Only focus on selling your products
  • Selling vs Marketing (page 33)
    • Sales is trying to get rid of what you have on the shelves
    • Marketing is making sure that what you have on the shelves is what the consumer wants
  • The 4 Ps:
    • process of:

Products developing :Goods, services and ideas that meets the costumers wants and needs; making them aware that there is something they don’t know that they want/need

Pricing Amount of money exchange for a product or services; VERY important, could change the sales a lot and could change the way we market the products. Research the accepting price of the products, how much the consumer value the products .

Promoting: Communicating with the marketing and promoting sales. How to convey the message of the products and if it actually work how you want it to (research). Consistency.

Distribution (place): How to get the products in the buyers hands. Where to find them, how exclusive the place (shop) is compared too the value of the product

Marketing management:

    • Consumer needs and wants.
      • Products and services: Planning, analysis, Control, Implementation

  • micromarketing (large scale): Focus on the individual firm and decisions
  • Macro-marketing (smaller scale) Refers to activities developed to meet the overall society needs (distribution and communication system)
  • mesomarketing (small chain): Involves activities various collaborating organizations within a supply chain met in a company.
  • Management mindset: Social marketing concept:
      • Balance interests of consumers (need satisfaction), company profits and society (long-run human welfare)
      • ‘Part of a bigger ideal than just selling, but also relationships and creating new ideals’
  • Relationship marketing No transactions, but long-term costumer relationships :Bringing value to the costumers so that they don’t change where they get the products from / 80% harder to get new costumers / objective: Trusting relationship
  • A costumer-oriented business practices managerial mindset, emphasizing: Costumer satisfaction / integrated approach/ Keep the business definition broad
    • ‘The three R’s’
      • Reputation: Strong brand image
      • Relationship :Costumer loyalty
      • Response: Response to issues and problems in the long run with consumers
  • Sellers vs buying market
    • Sellers: the people who are selling/producing has the market power
      • Housing industry is more of a sellers market
    • Buying market is when the buyers have control over the product/supply of the product
  • Marketing tools: the product development and promotional strategies and actions that a company uses to develop and promote its products or services. Example: research surveys and focus groups
  • Strategy development and marketing project (chapter 2)
  • Strategy:
    • The long-term plan / Usually shown in an increase in shares and revenues / It is based on certain assumptions, estimates and scenarios / Usually lasts between 2 to 5 years / Marketing goals and how can they be realised?/ Which markets?/ What products? / What do we want to be? / Kind of predicting the future / NEEDED TO BE A SUCCESSFUL COMPANY
  • Scenario
    • Usually the connection between the strategic decisions that affect the company’s survival and success / Predicting the future / Base solutions to all the different scenarios
  • Tactic
    • How to do the strategy / The short-term plan / More operational plan / Usually common with plans that are within a year
    • How do we implement strategy and achieve the short term objectives?
  • Strategies:
    • Corporate strategy
      • Long-term plan for profitable future for corporation and its subsidiaries
    • Business strategy
      • Strategy and resource allocation for the divisions or SBU’s (business plan)
    • Marketing strategy
      • Marketing plan for a brand or product line at product/market level (operational plan/tactic)

Marketing planning and marketing management :3 phases

  • Analysis / Situation analysis: (Internal analysis (strengths and weaknesses of the company) External analysis (opportunities and threats in environment)) / SWOT analysis :Strength- Weakness- Opportunities- Threats / Based on business definition and mission statement
  • Marketing strategy Strategic options

Marketing objectives /Includes marketing strategy and annual plan

  • Implementation :execution of the marketing strategy
  • Mission statements: Important to keep simple and get straight to the point quick// Large and complex words make it harder to understand and less exciting
  • Investment strategies: Build – Hold – Harvest- Divest
  • Ansoff Model (product market expansion matrix)
  • The Boston matrix
  • Differentiations: When moving market or changing products to gain competitiveness
  • BCG portfolio: The Objective – given the large differences between SBUs in terms of the revenues or the need for financing – is to establish a balance between the various activities in the ‘portfolio’, allowing some SB_Us to be financed with the cashflow generated by the company’s other SBUs.
  • Competition advantage (page
    • competetive advantage is when a company is favorable compared to other companies
    • When for example the quality of the product is better
    • Better sales team
    • Differences compared to other companies
    • Could be that the product is always innovated/innovative
    • competetive stimulation