All About Marketing

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Renovation of Marketing Aspects
With the SiTec. Globalization the world is moving forward. The idea of introducing new product
are being changed. So the idea of marketing is changed. In advanced industrial economies,
marketing considerations play a major role in determining corporate policy. Once primarily
concerned with increasing sales through advertising and other promotional techniques,
corporate marketing departments now focus on credit policies , product development, customer
support, distribution, and corporate communications. The modern concept of marketing evolved
during and after the industrial revolution in the 19th and 20th centuries.
Marketing:
Marketing is a strategies and tools used for promotion of goods and services among
consumers. It refers to management of many factors like consumer behavior, market research,
demand and supplies organization, pricing, advertising, research and development, branding,
sales promotion, and much more. It is a key term that helps to build a solid and, hopefully,
sustained relationship that encourages customers to continue doing business with the marketer.
What Marketers Do?
In order to reach the goal of creating a relationship that holds value for customers and for the
organization, marketers use a diverse toolkit that includes (but is not limited to) making
decisions regarding:
1. Target Markets – markets consist of customers identified as possessing needs the
marketer believes can be addressed by its marketing efforts
2. Products – consists of tangible (e.g., goods) or intangible (e.g., services) solution to the
market’s needs
3. Promotion – a means for communicating information about the marketing organization’s
products to the market
4. Distribution – the methods used by the marketer that enable the market to obtain
products
5. Pricing – ways for the marketer to set and adjust the cost paid by the market to obtain
products
6. Supporting Services – additional options that enhance a product’s value
The Target Market & Research:
Many organizations find the markets they serve are dynamic with customers, competitors and
market conditions continually changing. And marketing efforts that work today cannot be relied
upon to be successful in the future. Meeting changing conditions requires marketers have
sufficient market knowledge in order to make the right adjustments to their marketing strategy.
For marketers gaining knowledge is accomplished through marketing research.

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In marketing research information is used to identify and define marketing opportunities and
problems. Marketing research is often partitioned into two sets of categorical pairs, either by
target market:
 Consumer marketing research, and
 Business-to-business (B2B) marketing research
Or, alternatively, by methodological approach:
 Qualitative marketing research, and
 Quantitative marketing research
The Target Marketing Concept:
In Micro-Marketing there are a number of related activities and responsibilities. The marketing
managers are more careful in designing their marketing plans to ensure that they complement
related production, distribution, and financial constraints. They must also allow for constant
adaptation to changing markets and economic conditions. The core function of a marketing
manager, however, is to identify a specific market, or group of consumers, and then deliver
products and promotions that ultimately maximize the profit potential of that targeted market.
This is particularly important for small businesses, which more than likely lack the resources to
target large aggregate markets.
The Marketing Mix for Product Orientation:
The different elements of a company's marketing is divided into four basic decision areas—
known as the "four Ps": product, place, promotion, and price. To devise an overall marketing
strategy for a product or group of goods. Marketing decisions related to the product (or service)
involve creating the right product for the selected target group.
A formal approach to this customer-focused marketing is known as SIVA (Solution, Information,
Value, and Access). This system is basically the four Ps renamed and reworded to provide a
customer focus. The SIVA Model provides a demand/customer centric version alternative to the
well-known 4Ps supply side model (product, price, placement, promotion) of marketing
management.
Product → Solution
Promotion → Information
Price → Value
Placement → Access
If any of the 4Ps had a problem or were not there
in the marketing factor of the business, the
business could be in trouble and so other
companies may appear in the surroundings of the
company, so the consumer demand on its
products will become less.

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Action Planning a Marketing Program:
Plan is the action too that details a company's marketing effort; also called action program,
marketing strategy. The marketing plan may be laid out for an individual product or for the entire
company and all its products and then lays out the various strategies to be followed in achieving
them. It will also delineate the responsibilities for carrying out the plan. The strategies will
involve the proposed development of the product(s), the definition of the target market(s), and
the types of media and sales promotions to be used.
Now a day’s marketing plan is using to detail the necessary actions to achieve one or more
marketing objectives. It can be for a product or service, a brand, or a product line. Solid
marketing strategy is the foundation of a well-written marketing plan. While a marketing plan
contains a list of actions for a sound strategic foundation.
With the rapid change of business plan and strategies, the idea marketing mix broadened and
more functional. So it is segmented into 7 P’s: Product, Place, Price and Promotion, Physical
Environment, People, Process. The 7 P's can sometimes divert attention from the customer, but
the framework they offer can be very useful in building the action plans.
So, it describes what Goals (or objectives) is to be achieved, how to be achieved and when
results are to be accomplished for policies.
"The target marketing policies are rules or guidelines that express the limits within which action
should occur. Simplifying somewhat, marketing strategies can be seen as the means, or game
plan, by which marketing objectives will be achieved and, in the framework that we have chosen
to use, are generally concerned with the 8 P's. Examples are:
1. Price - The amount of money needed to buy products
2. Product - The actual product
3. Promotion (advertising)- Getting the product known
4. Placement - Where the product is located
5. People - Represent the business
6. Physical environment - The ambiance, mood, or tone of the environment
7. Process - How do people obtain your product
8. Packaging - How the product will be protected
(Note: At GCSE the 4 P's are Place, Promotion, Product and Price and the "secret" 5th P is
Packaging, but which applies only to physical products, not services usually, and mostly those
sold to individual consumers)
Marketing Plan Follow-ups:
In many cases, marketing management will develop a marketing plan to specify how the
company will execute the chosen strategy and achieve the business' objectives. The content of
marketing plans varies from firm to firm, but commonly includes:

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• An executive summary
• Situation analysis to summarize facts and insights gained from market research and
marketing analysis
• The company's mission statement or long-term strategic vision
• A statement of the company's key objectives, often subdivided into marketing objectives
and financial objectives
• The marketing strategy the business has chosen, specifying the target segments to be
pursued and the competitive positioning to be achieved
• Implementation choices for each element of the marketing mix (the 4(5)Ps)
Essentially the Marketing Plan:
 Forces the marketing personnel to look internally in order to fully understand the results
of past marketing decisions.
 Forces the marketing personnel to look externally in order to fully understand the market
in which they operate.
 Sets future goals and provides direction for future marketing efforts that everyone within
the organization should understand and support.
 Is a key component in obtaining funding to pursue new initiatives.
The Marketing Plan is generally undertaken for one of the following reasons:
1. Needed as part of the yearly planning process within the marketing functional area.
2. Needed for a specialized strategy to introduce something new, such as new product
planning, entering new markets, or trying a new strategy to fix an existing problem.
3. Is a component within an overall business plan, such as a new business proposal to the
financial community.
There are many ways to develop and format a marketing plan. The approach taken here is to
present a 6-Part plan that includes:
1. Purpose and Mission
2. Situational Analysis
3. Marketing Strategy and Objectives
4. Tactical Programs
5. Budgets, Performance Analysis and Implementation
6. Additional Consideration
This plan is aimed at individual products and product lines; however, it can be adapted fairly
easily for use in planning one or more strategic business units (SBU).
Analysis of SWOT:
A tool that identifies Strengths, Weaknesses, Opportunities and Threats of an organization.
Specifically, SWOT is a basic, straightforward model that assesses what an organization can
and cannot do as well as its potential opportunities and threats. The method of SWOT analysis
is to take the information from an environmental analysis and separate it into internal (strengths

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and weaknesses) and external issues (opportunities and threats). Once this is completed,
SWOT analysis determines what may assist the firm in accomplishing its objectives, and what
obstacles must be overcome or minimized to achieve desired results.
Understanding the environment your business operates in is a key part of planning, and will allow
you to discern the threats and opportunities associated with your area of business. A PEST
analysis helps you to identify the main opportunities and threats in your market:
• Political and legal changes such as new regulations
• Economic factors such as interest rates, exchange rates and consumer confidence
• Social factors such as changing attitudes and lifestyles, and the ageing population
• Technological factors such as new materials and growing use of the internet
You also need to understand your own internal strengths and weaknesses. For example, the
main strengths of a new business might be an original product and enthusiastic employees. The
main weaknesses might be the lack of an existing customer base and limited financial
resources.
A SWOT analysis combines external and internal analysis to summarize your Strengths,
Weaknesses, Opportunities and Threats. You need to look for opportunities that play to your
strengths. You also need to decide what to do about threats to your business and how you can
overcome important weaknesses.
For example, your SWOT analysis might help you identify the most promising customers to
target. You might decide to look at ways of using the internet to reach customers. And you might
start to investigate ways of raising additional investment to overcome your financial weakness.
You can find out more about strategic analysis in our guide on how to review your business
performance.
Corporate Planning Management:
As part of the development of strategies and plans to enable the organization to achieve its
objectives, then that organization will use a systematic/rigorous process known as corporate
planning. SWOT alongside PEST/PESTLE can be used as a basis for the analysis of business
and environmental factors.
• Set objectives – defining what the organization is going to do
• Environmental scanning o Internal appraisals of the organization's SWOT, this
needs to include an assessment of the present situation as well as a portfolio of
products/services and an analysis of the product/service life cycle
• Analysis of existing strategies, this should determine relevance from the
results of an internal/external appraisal. This may include gap analysis which will
look at environmental factors
• Strategic Issues defined – key factors in the development of a corporate plan
which needs to be addressed by the organization
• Develop new/revised strategies – revised analysis of strategic issues may mean
the objectives need to change

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• Establish critical success factors – the achievement of objectives and strategy
implementation
• Preparation of operational, resource, projects plans for strategy implementation
• Monitoring results – mapping against plans, taking corrective action which may
mean amending objectives/strategies.
Marketing management often finds it necessary to invest in research to collect the data required
to perform accurate marketing analysis. Accordingly, management often conducts market
research (alternately marketing research) to obtain this information. Marketers employ a variety
of techniques to conduct market research, but some of the more common include:
• Qualitative marketing research, such as focus groups
• Quantitative marketing research, such as statistical surveys
• Experimental techniques such as test markets
• Observational techniques such as ethnographic (on-site) observation
• Marketing managers may also design and oversee various environmental
scanning and competitive intelligence processes to help identify trends and
inform the company's marketing analysis.
The goal of a market analysis is to determine the attractiveness of a market and to understand
its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm.
• Market size (current and future)
• Market growth rate
• Market profitability
• Industry cost structure
• Distribution channels
• Market trends
• Key success factors
Market Size: The size of the market can be evaluated based on present sales and on potential
sales if the use of the product were expanded. The following are some information sources for
determining market size:
• Government data
• Trade associations
• Financial data from major players
• Customer surveys
Market Growth Rate: A simple means of forecasting the market growth rate is to extrapolate
historical data into the future. While this method may provide a first-order estimate, it does not
predict important turning points. A better method is to study growth drivers such as demographic
information and sales growth in complementary products. Such drivers serve as leading
indicators that are more accurate than simply extrapolating historical data.

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Important inflection points in the market growth rate sometimes can be predicted by constructing
a product diffusion curve. The shape of the curve can be estimated by studying the
characteristics of the adoption rate of a similar product in the past.
Ultimately, the maturity and decline stages of the product life cycle will be reached. Some
leading indicators of the decline phase include price pressure caused by competition, a
decrease in brand loyalty, and the emergence of substitute products, market saturation, and the
lack of growth drivers.
Market Profitability: While different firms in a market will have different levels of profitability, the
average profit potential for a market can be used as a guideline for knowing how difficult it is to
make money in the market. Michael Porter devised a useful framework for evaluating the
attractiveness of an industry or market. This framework, known as Porter's five forces, identifies
five factors that influence the market profitability:
• Buyer power
• Supplier power
• Barriers to entry
• Threat of substitute products
• Rivalry among firms in the industry
Industry Cost Structure: The cost structure is important for identifying key factors for success.
To this end, Porter's value chain model is useful for determining where value is added and for
isolating the costs.
The cost structure also is helpful for formulating strategies to develop a competitive advantage.
For example, in some environments the experience curve effect can be used to develop a cost
advantage over competitors.
Distribution Channels: The following aspects of the distribution system are useful in a market
analysis:
• Existing distribution channels - can be described by how direct they are to the customer.
• Trends and emerging channels - new channels can offer the opportunity to develop a
competitive advantage.
• Channel power structure - for example, in the case of a product having little brand
equity, retailers have negotiating power over manufacturers and can capture more
margin.
Market Trends: Changes in the market are important because they often are the source of new
opportunities and threats. The relevant trends are industry-dependent, but some examples
include changes in price sensitivity, demand for variety, and level of emphasis on service and
support. Regional trends also may be relevant.
Key Success Factors: The key success factors are those elements that are necessary in order
for the firm to achieve its marketing objectives. A few examples of such factors include:

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• Access to essential unique resources
• Ability to achieve economies of scale
• Access to distribution channels
• Technological progress
It is important to consider that key success factors may change over time, especially as the
product progresses through its life cycle.
The Role for Marketing Manager:
Key responsibilities of the marketing manager / director vary according to the business but can
include:
• Instilling a marketing led ethos throughout the business
• Researching and reporting on external opportunities
• Understanding current and potential customers
• Managing the customer journey (customer relationship management)
• Developing the marketing strategy and plan
• Management of the marketing mix
• Managing agencies
• Measuring success
• Managing budgets
• Ensuring timely delivery
• Writing copy
• Approving images
• Developing guidelines
• Making customer focused decisions
The marketing role can be diverse or focused but now we'll elaborate further on some
key aspects which should be at the heart of the job.
Experiential Marketing Scenario:
A 2009 survey revealed that the majority of marketers believed "experiential marketing builds
customer relationships for the long term". They also agreed that it generates sales and leads in
the short term, increases awareness of the product, drives word of mouth and can align internal
audiences with business goals. Experiential marketing can be used successfully to:
• Build relationships
• Raise awareness
• Increase loyalty

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• Establish relevance
• Encourage interaction and product trial
• Create memories
• Stimulate positive word of mouth
• Change the mind of dissatisfied customers
• Create product desire
• Verify the target audience
• Increase return on marketing investment
Promotional Strategy:
Deciding on a marketing communications strategy is one of the primary roles of the
marketing manager and this process involves some key decisions about how who the
customer is, how to contact the consumer them, and what the message should be. These
questions can be answered using a three stage process, which is equally relevant for all
elements of the marketing mix:
Segmentation - Dividing the marketing into distinct groups.
Targeting - Deciding which of these groups to communicate with, and how to talk to them.
Positioning - How the product or brand should be perceived by the target groups.
Messaging - Delivering a specific message in order to influence the target groups.
Key performance indicators (KPIs)
Depending on your industry, you may also have certain specific metrics which determine
success, these could include:
• Market share analysis
• Sales analysis
• Quality control
• Financial results
• Market research
• Marketing information systems
• CRM - New customers acquired, retention
• Service levels
• Brand awareness
• Competitor performance
• Benchmarking
• Profitability
Gap analysis
Gap analysis is another useful tool which answers two questions: Where are you? Where do
you want to be? It can be useful to identify where you are with the following facets of the
business:

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• Organization
• Business direction and marketing mix
• Business processes
• Information technology
• Requirements vs. capability
• Market potential vs. existing usage
• Your business vs. competition