14 Marketing Concept to Consider to Incorporate Marketing
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1. The document outlines 14 marketing concepts for participants to consider incorporating into their marketing strategies, including setting SMART objectives, conducting PEST, competitor, and SWOT analyses, understanding the marketing mix (4Ps), product life cycles, and Ansoff's Matrix. 2. Key concepts discussed are analyzing political, economic, social, and technological factors with PEST, regularly evaluating competitors, researching customers and other micro-environmental factors, and coordinating objectives, strategies, and planning. 3. The marketing mix, product development process, and consumer buying process are also summarized as important frameworks for segmentation, positioning, targeting, and influencing purchases.
14 Marketing Concept to Consider to Incorporate Marketing
- 1. 14 Marketing Concept to Consider to Incorporate Marketing The academic field of marketing is a vast pool of interrelated concepts and theories from areas such as the marketing environment, market research and new product development, marketing tactics and strategy, marketing mix, customer segmentation, customer management and more. A range of concepts from the field of marketing to help participants understand of the interconnectedness of business decisions in a fast moving and competitive environment. Concepts to consider are focused below: 1. Business Objectives (SMART): All businesses need to set objectives for themselves or for the products or services they are launching. The importance of objective setting is to focus on specific aims over a period of time and can motivate staff (in this case team mates) to meet the objectives set. This simple acronym of SMART stands for Specific, Measurable, Achievable, Realistic and Time. 2. PEST Analysis: To starts with a new market outlook that helps participants determine the likely development of the market, this is a great opportunity for doing a PEST analysis (political, economic, social, and technological). 3. Competitor Analysis: In multiplayer environment it is though for the role player to develop market based on your competitor's decisions from round to round regular competitor analysis. The teams have to conduct in order to stay ahead of the curve and be able to pivot their strategies against that of competing teams. 4. Micro-Environmental Factors: The micro environmental factors to be consider includes customers, employees, competitors, media, shareholders, suppliers, and the company. 5. Objectives, Strategy & Planning: Coordinate the stages to get fruitful outputs. 6. Market Research: Conduct market research, involves researching specific industries or markets. It is the only tool an organization has to keep in contact with its external operating environment. In order to be proactive and change with the environment, certain questions need to be asked: How are competitors operate within the environment? Are their strategies exceeding or influencing ours? What should you do?
- 2. 7. New Product Development: Few decision have to make called as product decisions- - Product name - Market selection - Upgrade (if you want to keep existing product do not click upgrade) - Design (one design only) - Features (one or more features) - Compactness level (higher is better) - Battery life level (higher is better) 8. The Marketing Mix (4 P’s): Decisions regarding product, price, promotion and place complete one of the most well-known marketing concepts; the marketing mix. It is a tool used by the teams to assist them in pursuing their objectives by carefully managing these four controllable variables to meet the needs of the defined target groups. 9. Marketing Budgets: There are a number of ways in which firms can calculate how much to allocate to their marketing and advertising spend. These methods are: - The objective and task method - Competitive parity method - Percentage of sales approach 10.Marketing Budgets: What influences consumers to purchase products or services? The consumer buying process is a complex matter, as many internal and external factors have an impact on the buying decisions of the consumer.When purchasing a product, there are several steps the consumer goes through. These are: - Problem/Need Recognition - Information Search - Evaluation of Different Purchase Options - Purchase Decision 11.SWOT Analysis: Have to conduct analysis of Strength, Weakness, Opportunity, and Threat, as a framework to help the firm develop its overall corporate, marketing, and product strategy. 12.Product Life Cycle (PLC): Follow up product life cycle concept suggests that a product passes through four stages of evolution: - Introduction - Growth
- 3. - Maturity - Decline 13. Market Segmentation, Positioning, Targeting: 14. Ansoff's Matrix: Follow up Ansoff’s Matrix, A common tool used within marketing was developed by Igor Ansoff in 1957. He suggested that a business can grow in one of four ways, from the lowest risk to a high risk strategy of growth. These are: - Market Penetration - Product Development - Market Development - Diversification