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OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Starter Rewrite your Dough-nut answer following feedback and PEEC process. To what extent is it important for Doughnuts to consider the views of all the stakeholders when making decisions? akt (16 marks – 16 minutes) OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Chapter 7 By the end of this chapter you will know: • What is meant akt by marketing and marketing decision making • Typical marketing objectives • How to analyse internal/external influences on marketing objectives and decisions OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives akt Manage your own revision with step-by-step support from experienced teacher and examiner Neil James. Use specific case studies to improve your knowledge of business processes and topics. Apply business terms accurately with the help of definitions and key words. - Plan and pace your revision with the revision planner - Use the expert tips to clarify key points - Avoid making typical mistakes with expert advice - Test yourself with end-of-topic questions and answers and tick off each topic as you complete it OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives test RESULTS Student TG B/C AHMED Ola B AHMED Sara B AMMAR Fatma B BARNETT Francesca A akt HARLOW Kieran C HUSSAIN Yasser C IMRAN Ajmal B MOTSI Justin C MOUAT Christopher C OUKIL Mohammed C PLASKETT Charlie B RAJA Hamna VIRTUE-JAMES Viennah C WORTHINGTON BethanyA PG C CAL1 C CAL2 C D C C E E B E D B B C C D E C D D C D D C C D B B D B D D C D C C E B C D B OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Key terms KEY TERMS Market A place where buyers and sellers meet for the exchange of goods and services. Marketing The anticipation and satisfaction of customer needs in an efficient and profitable manner. akt Relationship Marketing An aim of creating a long-term relationship with the customer through ensuring high levels of customer satisfaction to create loyalty to the brand. Marketing Objective The specific medium to long-term targets of the marketing function. Market Share The percentage of the total sales of a market that is held by an individual product or business. Market Size A measure of the total market in terms of either its OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Human Resources Function Marketing Function Operations Function akt Finance Function Corporate Objectives HOW WOULD YOU DEFINE MARKETING? OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing The business Marketing The customers akt Business makes profit Marketing is mutually beneficial Customers gain VFM & satisfaction Marketing is the link between the business and the consumer OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Focuses on .. - Satisfying customers so they come back akt - Developing relationships - Customer loyalty OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Definitions • “The all-embracing function that links the business with customer needs and wants in order to get the right product to the right place at the right time” • “The achievement of corporate goals through meeting and exceeding customer needs akt better than the competition” • “The management process that identifies, anticipates and supplies customer requirements efficiently and profitably” • “Marketing may be defined as a set of human activities directed at facilitating and consummating exchanges” Which one is right??? OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Marketing is about meeting the needs and wants of customers; Marketing is a business-wide function – it is notaktsomething that operates alone from other business activities; Marketing is about understanding customers and finding ways to provide products or services which customers demand OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing https://www.youtube.com/watch?v =2NRXz5bkgiQ Philip Kotler – marketing guru akt Marketing is ‘the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering & communicating superior customer value’ OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Philip Kotler • • • • • Science – data driven Art – creative Choosing rightaktmarket Building relationships Developing a product offering where customers choose you over competitiors OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Xmas adverts How are they using marketing to win your custom? https://www.youtube.com/watch?v=wuz2IL q4UeA akt https://www.youtube.com/watch?v=OrYZE epTQ5M https://www.youtube.com/watch?v=kuRn2S 7iPNU Write down key themes you see from these ads…. OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Relationship management Approach to marketing in which a company seeks to build akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives What is a market? • Occurs when there are buyers and sellers – E.g. housing, fashion, holidays akt • Their make up varies • Managers need to understand the nature of their market ‘Market analysis’ House sellers Housing market House buyers OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Stages in decision making in marketing • Set marketing objectives • Understand what customers want/can afford • The conditions of the market • Capabilities and akt strengths of their business • How best to deliver benefits to customers (in way that benefits business) • Implement marketing decisions • reviewing OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives akt - Driven by data - If managers want investment into new ideas, they will need to justify with data - Steve Jobs said his designers had a better idea of what customers wanted in the future rather than the customers! OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Videos Electronic engineer http://www.bbc.co.uk/news/ukengland-bristol-34915761 Using smart phones to give medical advice akt http://www.bbc.co.uk/news/busin ess-34900170 No more wires?! http://www.bbc.co.uk/news/busin ess-34604843 OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Ethics Should ethics play a role in marketing decisions? https://www.youtube.com/watch?v=0GSkf7X9cpU Is it ethical… - Promote products for children to get them to encourage their parents to buy akt - Promote harmful products e.g. alcohol/cigarettes - Produce a drug that can cure illness but charge a VERY high price so not everyone can afford it - Promote advent calendars as chocolate driven even if UK has high rates of childhood obesity? Discuss in pairs – what other examples of ethical issues that might arise in marketing OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Task akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Task Customer centric company • Creating a positive consumer experience at akt the point of sale and post-sale. • A customer-centric approach can add value to a company by enabling it to differentiate itself from competitors who do not offer the same experience. OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Objectives akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Objectives • Targets set for marketing objectives of the business • Specific akt • Measurable • Numerical target • Time specific i.e. SMART OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Objectives Examples Sales volume & sales value target akt Sales value – value of sales measured in terms of how much is spent on a product e.g. sales of £3000 Sales volume – volume of sales measured in terms of number of units sold, e.g. 200,000kg or 5m cans OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Objectives Examples Sales growth targets akt - Managers want to measure how much they are increasing e.g. increase sales volume by 5% over next 3 years OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Maths time % growth in sales Change in sales over a given period/existing sales x 100 akt e.g. sales increase from £40,000 to £50,000 this is a growth rate of (50,000-40,000) / 40,000x100= (10,000/40,000)x100=25% If it’s a negative = sales are falling OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Maths time Market size Need to know market growth % and original market size Calculate % of a number (x/100) x the number akt Market worth £40,000 Growth 5% (5/100) x £40,000=£2000 Market size = £40,000+£2,000=£42,000 If market size increases from, £50k to £60k what is the growth rate? If market is worth £400k and grows by 5% what is the new market size? OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Key terms akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Objectives Market Share Amount it sells as a % of total sales of akt the market (sales of product/total market sales) x 100 Sales £400k Total market sales £4m (400,000/4,000,000) x 100 = 10% OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing Objectives Managers want high market share because - High sales = high profit? akt - High outputs (power over suppliers) = better deals - Prominence in market = higher profile of business OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Task akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing objectives Brand loyalty - Retaining customers - Keeping customers is easier & akt cheaper than getting new ones Can you think of examples where you are loyal to the brand? OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing objectives akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing objectives • Helps coordinate activities within the business • Helps clarify what priorities akt are • Valuable to other functions • Help determine other decisions e.g. staffing levels OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing objectives Influences on marketing objectives akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing objectives Internal influences - Overall strategy - Ambitions of managers akt - Existing position of business - Amount business can product - Finance - Employees of business OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Marketing objectives External influences - Political/legal environment - Economic change akt - Social change - Technological change - Competitive environment PEST-C OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Social change akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Technological Technology is enabling customer to choose more easily between businesses – means firms have to be more flexible to customer akt needs… https://www.shoesofprey.com/ Shapeways.com (send in your 3d design and they will make it for you) http://www.chocomize.com/ OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives PEST-C = housing market • Political/legal – Laws/regulations e.g. contracts between buyers/sellers, where houses can be built (green belt) • Economic – Interest rate (mortgage) akt for houses) – Incomes (affects demand • Social – Family dynamics (family/retirement) – Urbanisation (affect demand) • Technological – Selling your house online (purple bricks) – Checking out the area (www.checkmyarea.com ) • Competitive – Competition amongst house builders may mean better value/quality houses are built OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives TASK 15 minutes Pick a product you know well e.g. cars, football, mobile phones What are the key factors in the external environmentaktthat might affect the marketing of this product? Use PEST-C approach Extension – what factors might change for a business to set an objective of increasing sales by 30% in the next year OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Task akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Knowledge check akt OBJECTIVES ALL Understand what a market Describe types of marketing objectives Complete basic marketing calculations MOST C-B Identify internal and external factors that can affect marketing objectives SOME A-A* Analyse internal and external factors that affect marketing objectives Give me 5… akt Click anywhere to start!
