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Basics of Marketing-Lecture3

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12 views28 pages

Basics of Marketing-Lecture3

Uploaded by

Aayush Tiwari
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Basics of Marketing

Lecture 3
Index

1.Marketing Research,
2. Market Planning,
3. Marketing Information Systems,
4.Market estimation – Market
potential analysis,
5.demand Forecasting
Market research Firm brief
Marketing Intelligence Systems
In the current fast-paced business climate, keeping up with macro-environmental changes,
and competition is becoming increasingly difficult. Marketing intelligence system refers
to systematic and ethical approach, procedures, and sources that marketing managers
use to gather and analyse everyday information about various developments with regard
to competitors and other business trends in the marketing environment. This intelligence
is collected from various sources such as newspapers, trade publications, business
magazines, talking with suppliers, channel members, customers, other managers, and
sales force people.
About competitive intelligence, the general idea is that more than 80 per cent information
is public knowledge. The most important sources from which to obtain competitive
intelligence include competitors’ annual and financial reports, speeches by company
executives, government documents, trade organisations, on-line databases, and other
popular and business press.
Marketing Intelligence Systems
MARKETING RESEARCH PROCESS
Marketing research is intended to address
carefully defined marketing problems or opportunities. It helps in identifying consumer
needs and market segments, furnishes information necessary for developing new
products
and formulating marketing strategies, enables managers to measure the effectiveness of
marketing programmes and promotional activities, develops economic forecasting, helps
in financial planning, and quality control. Research undertaken without precisely defining
the problem and objectives usually results in wasting time and money.
For conducting marketing research, companies develop systematic procedures for
collecting, recording, and analysing data from secondary and primary sources to help
managers in making decisions. Marketing research is different from market research,
which is information collected about a particular market or market segment.
MARKETING RESEARCH PROCESS
cont’d
In terms of three Rs of marketing:

 Recruiting New Customers.


 Retaining Current Customers.
 Regaining Lost Customers.

To recruit new customers, the researchers study different market segments to develop
the right products and services consumers need and want. To retain customers, the
marketer may conduct customer satisfaction studies. Marketers realise that good
relationship with customers is important for long-term positive sales results. Regaining
lost customers can be a formidable problem. It needs innovative marketing and outstanding
communications. The information collected with respect to the first and the second R’s
helps regaining the lost customers.
Defining Marketing Research

“Marketing Research is the function which links the consumer,


customer, and public to the marketer through information –
information used to identify and define marketing opportunities
and problems; generate, refine, and evaluate marketing actions;
monitor marketing performance, and improve understanding of
marketing as a process.”
(Definition by American Marketing Association, according to Tull and
Hawkins, 6th Ed.)
According to Tull and Hawkins, “Marketing research is a formalised means
of obtaining information to be used in marketing decisions.”
(Donald S. Tull and Del I. Hawkins, Marketing Research, 1993)
Define the Marketing Problem and
Set Objectives
The starting step focuses on uncovering the nature and boundaries of a
negative, or positive situation or question and calls for the marketing
manager and the researcher to analyse the situation and carefully define
the problem to be addressed. There is a popular
saying, “A problem well-defined is half solved.” However, the definition of
marketing problem may not always be easy because the real issue may
not be apparent to decision- makers and has to be identified and
precisely defined.
Marketing Plan
1.Key objectives and goals
2. Market Analysis
• Target Market: Define your target audience
• Market Trends: Current trends in the market
• Competitor Analysis: Key competitors and their strategies
3. SWOT Analysis
4. Marketing Objectives
• SMART Goals to achieve
5. Marketing Strategies
• Product Strategy: Features, benefits, and unique selling points
• Pricing Strategy: Pricing model and rationale
• Place (Distribution) Strategy: How and where the product will be sold
• Promotion Strategy: Advertising, sales promotions, public relations, and digital marketing
6. Marketing Tactics
• Detailed actions to implement the strategies
• Timeline for each tactic
7. Budget
• Estimated costs for each marketing activity
• Overall budget summary
8. Metrics and KPIs
• Key Performance Indicators to measure success
Market estimation – Market potential analysis,
demand Forecasting

• demand forecasting plays a key role in all kinds of planning and budgeting in
• each and every area of business and other organisations. Development of forecasts is
• usually spread over three stages. First of all, the forecast is developed for macroeconomic
• conditions. Developing forecast for the industry follows this, and finally the forecast for
• the company is prepared. Companies develop forecasts either internally or buy from
• outside sources such as independent research providers. If the forecast is developed
• internally, it is the marketing department that is responsible for preparing the sale forecasts.
• A sales forecast refers to an estimate of sales in monetary terms or physical units, in a
• future period of time, under an assumed set of macro-environmental factors influencing
• the business unit for which the forecast is made, under a given marketing programme.
• The forecasts could be for the entire company, a division, a product line, or a single
• product/brand. Short-term forecasts are also called operating forecasts. Long-term
• forecasts, generally for three or more years, are used for planning production capacity
• and long-run financial planning.

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