Marketing Essentials: Concepts, Strategies, and Processes
Marketing: Definition and Scope
Marketing: is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
The Marketing Process: A Step-by-Step Approach
MARKETING PROCESS:
- Understanding Consumers and the Marketplace: Consumers’ needs and wants are fulfilled by market offerings: combinations of products, services, information offered to satisfy a need/want; marketing myopia;
Strategic Planning and Brand Management: Key Concepts
Strategic Planning Overview
Strategic planning: Headquarters designs the 1CORP STRATEGY plan (guiding the enterprise: how many resources for each unit, what business to start/stop). Each business unit develops a 2PLAN for a profitable future. Each MK3OFFERS a MK plan to achieve its objectives.
Corporate strategy: Define line of business, determine objectives for each line of business, assign resources.
Business strategy: Using resources for competitive advantage.
Functional strategy: Maximize performance.
Read MoreOptimizing Marketing Funnel Performance Metrics
Awareness Stage
Impressions
- Low: Suggests limited reach, possibly due to narrow targeting or low ad spend.
Recommendations:
- Expand target audience; use broader demographics/interests.
- Increase ad budget for more exposure.
- Explore additional channels/placements to reach a wider audience.
- High: Indicates strong visibility.
Recommendations:
- Refine targeting to focus on more relevant audiences.
- Improve ad creative and messaging to increase relevance.
- Apply frequency capping to avoid ad fatigue.
CTR (Click-Through
Read MoreEnhancing Customer Satisfaction Through Effective Merchandising
Evaluation of Satisfaction. It is crucial to identify what customers care about most. The Measurement of Satisfaction investigates how the company’s overall product is perceived by the customer at the time of delivery, in conjunction with a set of expectations (expected results for the customers as a result of supply).
The level of expectations is determined by:
– Activities of mass communication or custom of the company.
– Personal experience with the enterprise customer and the competition.
Understanding the Marketing Research Process
Phases of Marketing Research
Step 1: Define the Need
The need for information arises within a company. This could be to solve a problem, take advantage of an opportunity, or find answers to inform decisions. The decision-maker and the researcher must be in agreement.
Problem-solving involves:
- An objective
- Two or more alternatives to achieve the objective
- Uncertainty about the most suitable alternative
Examples of problems: Whether or not to change packaging, a name change, or defining the consumer’s profile.
Read MoreEvent Planning: Key Stages, Elements, and Budgeting
Key Stages in Event Planning
Outline and explain the importance of 5 of the 9 stages
Defining Business Objectives
This stage ensures the event’s financial goals align with the organization’s overall purpose, whether breaking even or maximizing profit. Objectives must be measurable, specific, achievable, time-limited, and prioritized (MASTER acronym). Example: An event aiming for a £3 million profit sets clear, actionable targets, making it easier to evaluate success.
Auditing Resources
This step
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