Download Sha Tin College Business Education Department Marketing

Marketing Planning
IB Business and Management
Modified by: Ing. Pablo San Andrés
Sha Tin College Business Education Department
Marketing Planning
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Marketing Mix
Ethics of marketing
Marketing Audit
Porter’s Five Forces
Marketing Objectives
Market Research
Sampling
Segmentation
Targeting
Positioning
Marketing strategies and tactics
Sales Forecasting
Sha Tin College Business Education Department
Marketing Mix
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Product
Price
Promotion
Place
 Process
 People
 Physical
http://www.ibbusinessandmanagement.com/42marketing-planning.html
Sha Tin College Business Education Department
Marketing Mix Activity
 Select any product/service you or your family has
purchased in the past year and;
• Describe the marketing mix
• Comment on the effectiveness of the mix
• Suggest any changes to the mix
 Share with the class
Sha Tin College Business Education Department
Ethics of Marketing
 Ethics
• The study of principles relating to right and wrong
• Morality
• The standards that govern the conduct of a person, especially a member
of a profession
 Business Ethics
• Provide moral guidelines for the conduct of business affairs
• Ethical decisions consider more than calculating costs, benefits and
profit.
 Ethical Code of Practice
• Is a document setting out the way a business believes its employees
should respond to situations that challenge their integrity or social
responsibility
Sha Tin College Business Education Department
Ethic Values from a company
 Honesty
• to be truthful and forthright in our dealings with customers and stakeholders
 Responsibility
• to accept the consequences of our marketing decisions and strategies
 Fairness
• to try to balance justly the needs of the buyer with the interests of the seller
 Respect
• to acknowledge the basic human dignity of all stakeholders.
 Openness
• to create transparency in our marketing operations.
 Citizenship
• to fulfill the economic, legal and societal responsibilities that serve
stakeholders in a strategic manner.
Sha Tin College Business Education Department
Ethics in Marketing
 To what extent should firms
create demand for products
and services, rather than
just satisfying established
needs and wants?
Sha Tin College Business Education Department
Ethics in Marketing
 To what extent should
marketing create unrealistic
aspirations and focus on
individual concerns and
fears through advertising?
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Ethics in Marketing
 To what extent should firms
market products and
services that are dangerous,
immoral or a risk to health,
even though the sale of the
products themselves are
legal?
Sha Tin College Business Education Department
Ethics in Marketing
Examples of unethical advertising:
 Health fraud (promises of overnight medical cures)
 “Get rich quick” schemes using promotional activities that
offer people the opportunity to get rich in a very short time span
with minimal effort
 Pester power involving using children to pester their parents
into buying products, such as toys, fast food and automobiles,
and choosing certain holiday destinations.
http://www.youtube.com/watch?v=7VHUAW-xnnA
http://www.youtube.com/watch?v=2Hdm69hpOE&list=PL830314999828F2EE
Sha Tin College Business Education Department
Bait-and-switch (Unethical
marketing techniques)
Ex: Real estate companies launching new
developments often use advertisements such as
“Apartments from just $250000 with just $1000
deposit needed” when in fact only one apartment
is being sold at that price. It is likely to have
already been sold before the advertisement even
goes out to print!
Sha Tin College Business Education Department
Ethics in Marketing
 Cultural Differences
 Religious Differences
 Political Differences
Sha Tin College Business Education Department
Activity
 In groups of 2 or 3
 Select one of the multinationals
listed
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McDonalds
Wal-Mart
British American Tobacco
Philip Morris
Electronic Arts
Monsanto
Eli Lilly
Microsoft
Disney
Or any other company approved
by Mr. Zawada
1. Find evidence to support
BOTH ethical and unethical
marketing practices.
2. Comment on the company’s
motivation for ethical
marketing practices
3. Present your findings to the
class
Sha Tin College Business Education Department
Porter’s Five Forces
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Michael Porter's famous Five Forces of
Competitive Position model.
Provides a simple perspective for assessing and
analyzing the competitive strength and position.
1.
2.
3.
4.
5.
New Entrants
Threat of Substitutes
Buyer Power
Supplier Power
Competitive Rivalry
Sha Tin College Business Education Department
Sha Tin College Business Education Department
Marketing Plan
 Outline the firm’s marketing objectives and the strategies to
achieve
 Must align with corporate objectives
 Marketing Mix
 Marketing Budget
 Preceded by Marketing Audit (review of current position)
Objectives
• Marketing Mix
• SWOT (internal & external)
Strategies
Current Position
+ Budget
Sha Tin College Business Education Department
Marketing Audit
 SWOT
 Internal
• Internal
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Strengths
Weaknesses
• External
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Opportunities
Threats
Marketing Mix
People
Finance
Production Process
 External
Sha Tin College Business Education Department
•
•
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Political
Economic
Social
Technological
Legal
Environmental
Summary
Force
Analysis
Competitive
Example
Threat of New
Entry
High
More Competitive
e.g. low barriers
Threat of
Substitute
High
More Competitive
e.g. low loyalty, low cost of
switching
Buyer Power
High
More Competitive
e.g. few buyers
Supplier Power
High
More Competitive
e.g. few suppliers
Intensity of Rivalry High
More Competitive
e.g. price competition
The more forces that are HIGH,
the more competitive the industry
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Aims, Objectives & Strategies
Aims
States what the company
wants (a statement of purpose)
States what the company
needs to achieve to meet
the aim
Objectives
States the course of
action to meet the
objective
Strategies
Strategies
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Objectives
Strategies
Objectives
Marketing Objectives
 Must be aligned with
corporate aims and
objectives
 Must be realistic within the
market, therefore based on
market research
 Must have sufficient
marketing budget
Sha Tin College Business Education Department
Marketing Objectives
 Growth
• Higher targets are set for sales
or market share
• May motivate if targets are
realistic
• Need to ensure other aspects
do not suffer; quality, customer
service, etc.
• Ansoff
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Market Penetration
Product Development
Market Development
Diversification (Virgin Group
(Virgin Atlantic, Virgin Blue, Virgin
Mobile, Virgin Trains and Virgin
Cola)
Sha Tin College Business Education Department
Marketing Objectives
 Continuity
• Ensure the brands survive the
long term
• Ensure strategies do not
damage the image of the
brand. Price cuts may increase
sales, but damage image of
brand.
Sha Tin College Business Education Department
Marketing Objectives - Types
 Increase Product
Differentiation
• Ensure products remain
distinctive
• Looking for alternative
distribution channels
• Displaying products in a
distinctive way
• Promoting the image of the
products more
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Marketing Objectives
 Innovation
• Developing new ideas
• Key in fashion industry and
technology industry
• “Get it right” and “Get in first”
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Marketing Objectives - Constraints
 Internal
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Financial
Costs of Production
Personnel
Market positions
Size of Firm
 Activity
 Chose a company you are
familiar with and;
 External
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Competition
The economy
Tastes & fashions
Political & Legal
Sha Tin College Business Education Department
• Propose what 1 of their
marketing objectives might be.
• Consider what constraints they
might face when developing
strategies to achieve the
objective.
How does a company…
 … find out the size of their
market?
 … find out their market
share?
 … what type of customer will
buy their product?
 … what price customers will
pay?
 … how often customer buy
the product?
 … what customers like and
dislike about the product?
Sha Tin College Business Education Department
MARKET
RESEARCH
Market Research
 Market Research
• Is the process of collecting,
analyzing, and presenting
information about a given
product and market
• Information about product,
consumers, competitors,
distributors
 Primary Research
• Data that is collected from a
new source
 Secondary Research
• Data that has already been
collected by someone else
Sha Tin College Business Education Department
Market Research
 Quantitative
vs.  Qualitative
• Statistical information about
customers and markets
 Desk Research
• Secondary data
• Information about the reasons
for customer behavior
vs.  Field Research
http://www.youtube.com/watch?v
=7tJpoUpdiGo
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• Primary data
Primary Research
Experimentation
On-line Survey
Observation
Questionnaires
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Market Research - Questionnaires
 Types
• Self Completed.- They are completed by a sample of people (feedback
questionnaires)
• In Person
• Postal.- They are sent to people’s home or offices addresses.
• Telephone
• Online
Sha Tin College Business Education Department
Market Research - Questionnaires
 Avoid bias (Asking people how much they like Coca-Cola is
not as good question as asking them which brand of Cola
they prefer)
 Avoid jargon (technical language) so that respondents
understand the questions
 Both open & closed questions (yes or no, multiple choice
options/provide ideas or suggestions)
 Only relevant questions
 Ensure enough data is collected to achieve objective
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Primary Research
 Advantages
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 Disadvantages
Current (Up to date)
Relevant
Confidential
Unique
Objectivity (Helps to provide
hard facts and figures to
aid decision making)
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• Time consuming
• Costly
• Validity.- poor questionnaire
design, too small sample size ,
people are not always honest
in their responses to certain
questions (such as age,
income level or their ability to
pay certain prices for product),
or people’s suspicion of the
intention of the researcher
Secondary Research
 Advantages
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 Disadvantages
Cheaper
Faster
More accessible
Provides an insight to changes
or trends in the whole industry,
such as whether customers
are spending more money on
household goods, automobiles,
and tourism.
http://www.ecuadorencifras.gob.ec/
Sha Tin College Business Education Department
•
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Out of date
Not relevant or appropriate
Incomplete
Widely available to competitors
Assignment
 Hoang, page 477
 Question 4.2.5
 All parts (a,b)
Sha Tin College Business Education Department
Business case
Toys “R” Us is the World’s largest supplier of toys, with over
13000 chain stores around the world. It stocks toys that are
based on all the latest and classic trends, such as Barbie
dolls, Star Wars and Disney characters. The toy industry is a
massive business. CNN reported in late 2006 that Americans
spend over $221 billion a year on toys-and that’s just the
figure for children aged between 8 and 12 years (known as
preteens or “tweens”. Toy manufacturers are often keen to
investigate the television programmes and movies watched
by children and the magazines that they read
Sha Tin College Business Education Department
Questions
1) Explain why Toys “R” Us might be interested in
the television programmes or magazines viewed
by children.
2) Analyze how market research can allow toys “R”
Us to differentiate itself from its competitors.
Sha Tin College Business Education Department
Answers
1)
 Making the promotion more effective by
advertising during television programmes and in
specific magazines read by children
 Target the correct customer via the correct media
 Better financial management by reducing the
changes of unfavourable variance in marketing
budget.
 Discover opinions, beliefs and feelings of
potential and existing customers who watch
these programmes /read these magazines
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Answers
2)
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Answers
 Market Research can help to give Toys R US upto-date and accurate information-vital in a
changing business environment and an industry
that constantly faces changing consumer trends.
This information is useful to distinguish the
products from its rivals.
 It can also give Toys R Us a better understanding
of the activities and strategies used by its
competitors in order to device its own
(differentiated) marketing strategies.
Sha Tin College Business Education Department
Answers
 The use of perception mapping information can
also better inform Toys R US of its market
standing in order to device marketing strategies to
differentiate itself from its competitors.
Sha Tin College Business Education Department
Sampling
 Sampling is the selecting of a small group from the
total population of a market
 Sampling Methods
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Quota
Random
Stratified
Cluster
Snowballing
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Sampling
Description
Advantages
Disadvantages
Quota
Based on market segmentation, a
certain number from each segment
is selected
Representative sample can
be obtained, cheaply and
easily
Method for choosing the
quota may not be
representative
Random
Everyone in population equal
chance of being in sample, assumes
everyone in population is similar
Minimize bias, easy
method.
Indiscriminate, select people
not part of the target group,
large sample sizes required
Stratified
Similar to Quota, but population is
further segmented (strata), chose
number of each strata based on %
of total population
Representative of a market
segment, random within a
segment which provides
more relevant data
Expensive to obtain
population data and difficult
to select relevant strata
Cluster
Select clusters of population, and
randomly select. Used when too
difficult and costly to sample entire
population
Easier and cheaper, when
population is wide spread
geographically
Assumes cluster is
representative of entire
population, contains bias
and sampling error
Snowballing
When interviewee suggests other
people to include in the sample
Cheap and easy to obtain
sample details
Sample can be very biased
Sha Tin College Business Education Department
Sampling
 The larger the sample the more statistically reliable
the results
 Sample design can also reducing sampling errors
 Sampling Errors
• Size is too small
• Not representative of population
• Bias in the research collection
 Confidence Level
• Allow for margin of error
• 95% confidence (1 in 20 is invalid)
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Market Research - Limitations
 Accuracy of data
• Method of collection
• Sample
• Source bias
Garbage In
 Cost of research
Garbage Out
Sha Tin College Business Education Department
Business Case (Stratified
sample)
 Assume that the management at secondary school
(high school) is proposing to change the timing of the
school day. This will involve an earlier start to the day,
but an earlier finish too. The management are seeking
the views of staff. The demographics of the staff are
as follows:

Full-time teachers: 40 male and 30 female staff

Part time teachers: 10 male and 20 female staff.
In order to get their stratified sample, calculate how
many people should be sampled from each segment
according to the above information
Sha Tin College Business Education Department
Answer
Step 1: Calculate the percentage of staff in each
group
Step 2: Stratify each group according to the
percentages
Category of staff
Full-time
Part-time
Total
Staff
Males
Females
Males
Females
40
30
10
20
100
Percentages
(40/100)x100= 40%
(30/100)x100= 30%
(10/100)x100= 10%
(20/100)x100= 20%
100%
Stratified sample size
40% of 40= 16
30% of 30= 9
10% of 10= 1
20% of 20= 4
30 staff
* 16 male full-time teachers who represent 40% of the teaching
* 9 female full-time teachers who represent 30% of the teaching population
* 1 male part-time teacher who represent 10% of the teaching staff
* 4 female part-time teacher who represent 20% of the teachers
Sha Tin College Business Education Department
Segmentation
 Market Segment
• Distinct group of customers with similar characteristics, such as
age or gender, and similar wants or needs.
 Market Segmentation
• The process of splitting the market into groups of buyers. The
main methods of market segmentation are based on:

Demographic factors
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Geographic factors
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Age, Gender, Race and Ethnicity, Marital status, Religion, SocioEconomic, and Language
Location, climate
Psychographic factors
•
Status, Values, Culture, Hobbies and interests
Sha Tin College Business Education Department
Segmentation
 Effective Segmentation
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Differential
Actionable
Measurable
Accessible
Substantial
 Advantages
• Better understanding of
customers
• Increase sales
• Growth opportunities
• New product opportunities
Sha Tin College Business Education Department
Consumer Profile
 Characteristics of a typical
customer within a given
market segment, such as:
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Age
Income
Gender
Buying habits
Etc.
 The more information about
the customer the better
chance of a successful
marketing mix
Sha Tin College Business Education Department
AGE
INCOME
GENDER
Targeting
 …refers to the market segments the business plans
to sell into.
 A strategy is developed for each of the target
markets
 There are three broad targeting strategies that a
business can use
• Niche
• Mass
• Differentiated
Sha Tin College Business Education Department
Niche Marketing
 Targets a small and welldefined segment
 Usually new or underserved segment
 Highly Specialized
product/service
 Smaller sales volume,
therefore higher prices per
unit
 Can be both large and small
companies
 Must know their customer
http://www.youtube.com/wat
ch?v=Cqv5_U1e4aI
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Niche Marketing
Advantages
 Product/Service will meet
the needs of customer
 Specialized product/service
should encourage customer
loyalty
 Higher profit margins
Disadvantages
 Smaller number of
customers
 Little opportunity for
economies of scale
 Risk of competitors
Ex: Businesses that cater for
minority sports, such as horse
riding and Tae Kwon Do. Also,
high-end luxury goods.
Sha Tin College Business Education Department
How has the
internet
impacted
Niche
Marketing?
Mass Market
 Also known as
undifferentiated marketing or
market aggregation
 A large number of different
market segments are
targeted in order to
maximize sales volume.
 Requires mass production,
to lower costs
Sha Tin College Business Education Department
Mass Marketing
Advantages
 Economies of scale,
reduces costs
 Fewer marketing mixes,
reduces costs
 Larger customer base,
increased revenue
Disadvantages
 High barriers to entry
 Very competitive
 Marketing campaigns can
be very expensive and
inefficient
Which type of
marketing strategy
has more risk,
Niche or Mass?
Sha Tin College Business Education Department
Differentiated Marketing
First Class
 a.k.a. selective marketing or
multi-segment marketing
 More than one segment is
targeted for a given
product/service
 A marketing mix is created
for each segment, which
could include new products
Sha Tin College Business Education Department
Business Class
Economy Class
Differentiated Marketing
Advantages
 Better chance of satisfying
customer needs
 Marketing campaigns more
successful
 Reduces risk
Disadvantages
 More expensive
 Economies of scale not fully
exploited
 Customer confusion
 Brand dilution
What is the difference
between Niche and
Differentiated
marketing?
Sha Tin College Business Education Department
Target Market Activity
 For each of the target market strategies
• Niche
• Mass
• Differentiated
 identify an Hong Kong company that employs the
strategy
 For niche marketing, describe the segment
 For differentiated, describe how the marketing mixes
differ
Sha Tin College Business Education Department
Positioning
 All product/services within a
market segment have a
perceived rank or position
by the general public.
 Most common ranking
attributes are price and
quality
 Corporate Image can have
a significant impact on a
product/service position
Sha Tin College Business Education Department
Unique Selling Point (USP)
 A USP is any aspect of a
product/service that is
different from the
competition
 Usually a key competitive
advantage is emphasized in
the marketing mix
 a.k.a Unique Selling
Proposition
Sha Tin College Business Education Department
For any product you
are familiar with,
list 2 USP’s?
Position Maps
High
Cowboy
Brands
Premium
Brands
Bargain
Brands
Economy
Brands
Low
Price
High
Low
Quality
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Position Map
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Low
High
Low
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High
Position Maps
 Develop strategies based
on position
 Identify gaps in the market
 Identify need to reposition
 a.k.a. Perception maps
What are some other
possible attributes used on
a position map for an
automobile?
Sha Tin College Business Education Department
Position Map Assignment
 For any product you can
purchase in Hong Kong
 Prepare a position map
based on price and any
other attribute (e.g. quality,
after sales service, etc.)
 Use PowerPoint and the
logos of the company/brand
Sha Tin College Business Education Department
Sales Forecasting
 Quantitative technique to
estimate sales over a period
of time
 Essential for planning
purposes
 Identify problems &
opportunities
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Techniques
 Extrapolation
 Delphi technique.- Independent
experts, consensus on forecasting)
 Market Research
 Time Series Analysis
• Trends (Growth or decline sales)
• Erratic fluctuations (Unpredictable
fluctuations)
• Seasonal fluctuations (Summer
holidays or Christmas season)
• Cyclical factors (Economic cycle of
bums and slumps)
• Responses to events (Ex: Promotions)
Sha Tin College Business Education Department
Factors affecting choice

How accurate forecasts need to be (It would be more meaningful to use
monthly or quarterly data to forecast the sales of ice cream, using annual
figures would not reveal seasonal fluctuations in demand)

Time frame (It is easier to predict sales for the next day, month or week than
over the next five years)

Data availability (If access to information is highly expensive, the choice of
forecasting method will be affected)

Stage of life cycle (More data and information will become available during the
growth and maturity)
Sha Tin College Business Education Department
Benefits




Cash flow
Stock control
Operational productivity
Access to finance
Is forecasting more
important for a NEW or
EXISTING company?
Sha Tin College Business Education Department
Limitations
 Assumes future will mirror
the past
 Trend line is based on
averages
 Quantitative
 Time lag
 Dependent on stage of
product life cycle
Sha Tin College Business Education Department
Statistical Analysis Techniques
The sales for the first semester of the year
are:
January $201
February $197
March
$202
April
$199
May
$ 199
June
$ 198
What is the forecast of July?
Sha Tin College Business Education Department
Statistical Analysis Techniques
What
we
call
in
Statistics “Dispersion”,
in finance it’s named
“Risk”
If you say “There is too
much dispersion in
some statistical data”, it
means there is too
much risk that the
mean occurs.
Sha Tin College Business Education Department
Statistical Analysis Techniques
Junuary
$
200,00
February
$
200,00
March
$
299,00
April
$
298,00
May
$
200,00
June
$
1.000,00
Mean
$
366,17
The mean is not representative
Sha Tin College Business Education Department
Statistical Analysis Techniques





Mean
Median
Modal
Range
Standard Deviation
Jan
Feb
Mar
Apr
May
100
300
600
100
250
Mean
Median
250
Modal
100
Range
Pearson: St Dev/Mean =
(183,30/270)x 100= 67,88%
Sha Tin College Business Education Department
270
Std
Dev
500
183,30
Is it
easier to
forecast
when the
Std Dev
is small
or large?
Up 20% = The mean is not
representative
Assignment
 Hoang, page 493
 Question 4.2.10
 All parts (a,b,c)
 Hoang, page 494
 Question 4.2.11
 All parts (a,b,c,d)
Sha Tin College Business Education Department
Business Case
Koz and Richard Paisey own and run their own bed
and breakfast boarding house in New Plymouth, New
Zealand. Located near the waterfront, Paised B&B
booms in the summer season but suffers form a lack
of tourists in the winter months. Their sales forecasts
for the next twelve months, based on past data, are
shown below.
March
SALES
April
3500
May
3000
June
3000
July
2500
August
2800
September October November December January February
2600
2900
3000
3600
4500
4000
4000
Sha Tin College Business Education Department
Questions
1) Calculate the mean, median and modal averages
from the sales data above.
2) Calculate the range and comment on your
findings.
3) Explain the importance of forecasting sales
4) Explain how the above calculations may be of use
to Roz and Richard Paisey
Sha Tin College Business Education Department
Answers
Sha Tin College Business Education Department
Moving averages
The most frequently method of calculating averages
is the arithmetic mean. However, moving averages
are a more accurate method of identifying trends so
are, perhaps, more useful for sales forecasting.
Mean: 555000/5 =111000 per annum
Moving averages helps to identify the trend that exists
within a set of data (above) by smoothing out
fluctuations that may exist.
Sha Tin College Business Education Department
Moving averages
1) (100000+110000+120000)/3 = $110000
2) (110000+120000+95000)/3 = $108333
3) (120000+95000+130000)/3 = $115000
Whist more time consuming to calculate than the
simple arithmetic mean, moving averages show how
the underlying trend has moved over the five-year
period, by smoothing out irregular fluctuations in the
series of data.
Sha Tin College Business Education Department
Summary
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Marketing Mix
Ethics of marketing
Marketing Audit
Porter’s Five Forces
Marketing Objectives
Market Research
Sampling
Segmentation
Targeting
Positioning
Marketing strategies and tactics
Sales Forecasting
Sha Tin College Business Education Department
Learning Outcomes
 Apply the elements of the marketing mix to given
situations.
 Discuss the effectiveness of a selected marketing
mix in achieving marketing objectives.
 Construct an appropriate marketing mix for a
particular product or firm.
 Discuss the effectiveness of a selected marketing
mix in achieving strategic objectives.
Sha Tin College Business Education Department
Learning Outcomes
 Discuss the ethical issues of what is marketed and
how it is marketed: nationally, internationally and
across cultures.
 Explain the value of a marketing audit as a business
tool.
 Apply Porter’s five forces model to classify and
analyse competitive pressures in the marketplace
 Examine how appropriate the marketing objectives
are in achieving the goals of an organization.
Sha Tin College Business Education Department
Learning Outcomes
 Analyse the role of market research.
 Evaluate different methods of market research.
 Evaluate different methods of sampling, for example,
quota, random, stratified, cluster and snowballing.
 Analyse the usefulness of market segmentation and
consumer profiles.
Sha Tin College Business Education Department
Learning Outcomes
 Identify possible target markets.
 Apply an appropriate marketing mix to the target
market(s).
 Construct a position map from given information.
 Discuss how organizations can differentiate
themselves and their products from competitors.
 Develop and evaluate strategies designed to change
customer perceptions.
Sha Tin College Business Education Department
Learning Outcomes
 Design or evaluate marketing strategies for given
situations. Apply an appropriate marketing mix to the
strategy.
 Analyse sales trends and forecasts from given data,
and evaluate the significance for marketing and
resource planning.
Sha Tin College Business Education Department