Introduction To Marketing And Marketing Enviorment

INTRO TO MARKETING AND MARKETING ENVIRONMENT what is marketing? It is the process of communicating, creating and delivering goods and services to meet Organizational objectives and customer needs 4 MARKETING PROCESS series of marketing decisions and actions intended to address marketing goals maximize customer value   YCCO Menefits of pusducere costs Колеmanerer you prodde highwvelowe SITUATION ANALYSIS identify unfulfilled customer needs define potential customers (characteristics, interests) assess internal capabilitywill respond Similarly to the marketing strategy Develop marketing Strategy 4P's of marketing the controllable factors that inform on org's marketing strategy. influence's customer's decision to buy a product **PRODUCT** Finalize what product to market Important features good packaging and labelling product differentiation is important (should be distinguishable **PRICE** →determine the price of the product fair and competitive for generating profit influenced by Cost of manufacturing, distribution, promotion, competition, desirability etc. **PLACE** →distribution strategy online or in person? how does the product get to customers channel by which they are sold **PROMOTION** develop messaging about the product highlight key features and benefits Should be directed at your target market →Identify competitors BUILDING CUSTOMER RELATIONSHIPS → programs Used to LOYALTY PROGRAMS intendes to promote frequent buying ex points cards, rewards CUSTOMER RELATIONSHIP MANAGEMENT collects and analyzes customer information. automates Customizes interaction with customers ENVIRONMENTAL SCANNING → acquiring info on events happening outside the organization →identify opportunities and threats. thar impact marketing strategies → includes competitive forces, economic forces, demographic forces, social **TYPES OF COMPETITORS** **DIRECT COMPETITORS** **INDIRECT COMPETITORS** similar products sold in products that satisfy similar needs me same category ex coke vs other drink types pepsi, coke COMPETITIVE FORCES nature of competition. Monopoly one organization that serves the whole market no substitutes govt regulations typically in place to ensure fair treatment few large orgs control the market new orgs struggle to enter market brand image is imp. Oligopoly numerous large and small entry into market is easier orgs wy similar products always substitutes emphasis on Innovation and branding Pure numerous small sellers saling a similar produc+ Competition entry int market is very easy **ECONOMIC FORCES** Income customer spending is largely impated by economic change