Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
“Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods and services to create exchanges that satisfy individual and organisational objectives.” Marketing “Identifying and satisfying customer needs and wants at a profit.” 1 Marketing Process Marketing Analysis Identifying Value Company Customer Competition Market Segmentation Context Collaboration Target Market Selection Product & Service Positioning Marketing Mix – The 4 P’s Creating Value Sustaining Value Product/Service Customer Acquisition Price Promotion Place Customer Retention Profit/Desired Outcome 2 SWOT Factors Internal to the Organisation WEAKNESSES STRENGTHS THREATS OPPORTUNITIES Factors External to the Organisation Leading to… Differentiation Low Cost Focus 3 Product/Market Expansion Grid Existing Products Existing Markets Markets New Markets Products New Products Market Penetration Product Development Market penetration is a strategy of Product development is a strategy increasing your share of existing markets. This might be achieved by raising customers’ awareness of products and services or finding new customers. for enhancing benefits you deliver to customers by improving existing products and services or developing new ones. Market Development Diversification Market development is a strategy of Diversification is a strategy that finding and entering new markets with current product or service range. The new market could be a new region, a new country or a new segment of the market. usually carries high costs and high risks. It often requires organisations to adopt new ways of doing business and so has consequences far beyond simply offering new products/services in a new market. It is therefore usually a strategy to be adopted when other options are not feasible. Adapted from Ansoff I. (1968) 4 Marketing Objectives Draw on SWOT Set marketing objectives around • • • • Markets Products Sales Profit Specific, Measurable, Agreed, Relevant, Timebound, Extending, Rewarding S.M.A.R.T.E.R. 5 Marketing Mix 6