Marketing is a series of management processes based on a person's or organisation's interaction with, and understanding of, existing and potential customers, which enable it to provide them with what they need and want
Define market
A market consists of individuals and organisations who are interested in buying, and who are willing to buy, a particular product or service to obtain benefits that will satisfy a specific need or want and who have the resources to engage in such a transaction..
What are the 6 controllable marketing variables contained within the marketing mix
Product
Price
Promotion
Place
People
Process
Characteristics of goods that distinguish them from services
Physical
Tangible
Perishable
Visible
Durable
Purpose of market research
develop marketing plans
identify target markets
formulate marketing strategy
control marketing operations
monitor success of products & services
6 steps in the marget research process
1. Identifying the missing information needed for analysis
2. Determining the data needed (what), over which a period of time (when) and where it can be obtained
3. Design of research methods (how)
4. sample size and characteristics
5. Data collection: how will it be collected & stored
6. Techniques used in analysis and presentation of results
6 factors outside of an organisation's control that can influence the organisation's ability to meet the needs of it's customer's
Economy
Govt. regulation
Competition
Consumer lobbying
Technology
Social / cultural influences
5 stages of new product development
Market research
Product design
Test the prototype
Make the necessary amendments
Commercial production
4 important areas in changing markets that need to be monitored regularly
5 essential ellements in any individual communication
a source
a message
a medium
a receiver
a responce
Tasks address by PR
motivating the organisation's workforce by fostering pride in it's public face
handling a specific problem or issue
building or maintaining the corporate image
influencing particular audiences or market segments
supporting other communication activities
assisting the launch of a new product or service
What does the marketing plan incorporate?
The marketing plan reflects the places and process of the marketing mix. It considers how an organisation is going to enter into a market and stay in it. It will incorporate:
allocation of responsibilities
sales targets
budgets
delivery and availability if the goods and services according to the launch date
timescales
feedback on progress of sales in relation to the target
arrangements for receiving and responding to customers' compants, 'returns' or replacement policy