unit 2 the marketing process changed
TRANSCRIPT
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 1/16
UNIT 2
THE MARKETING PROCESS
Book Code MB 0046Dr. Smita Choudhary
1
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 2/16
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 3/16
INTRODUCTION
In this chapter, we understand the components of
marketing, the marketing process and the marketing mix of
product, price, place and promotion.
3
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 4/16
LEARNING OBJECTIVES
After studying this unit, you should be able to
Understand the marketing mix that exists in the company
Describe the company wide strategic planning
Discuss how to design marketing planning models Prepare marketing planning for the company
4
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 5/16
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 6/16
Price: It is the value at which a
customer is prepared to buy aproduct. For e.g., BSNL recharge
coupons are available for Rs. 175,
335, 500, 1000, 2000 and 5000.
Place: It is the distribution of goodsfrom the factory to the consumer. It
consists of distributors, stockists and
retailers.
Promotion: It is to inform the
consumers about the features of the
product and its uses. For this,
companies use different media like
TV, radio and newspaper.
6
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 7/16
MODERN COMPONENTS OF THE MIX:
ADDITIONAL 3PS
Modern authors have added three more Ps to the traditional 4Ps. They are
People: People are the front office staff of an organization. For services sector,
people are the real competitive advantage that differentiate and organization
from others.
Processes: Processes show the work behind the end product.
Physical evidence: It is displaying photograph of a product on the displayboard.
7
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 8/16
DEVELOPING AN EFFECTIVE MARKETING MIX
SWOT means strengths, weaknesses, opportunities and
threats.
SWOT analysis helps the company to
Grow its strengths
Overcome its weaknesses
Utilize the opportunities
Reduce threats
8
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 9/16
Strengths: A company should have the following
strengths:
Useful competencies
Important physical assets
Valuable human assets
Good organizational assets
Effective intangible assets Important competitive skills
Weakness: It is something that a firm does not have, does not do
it properly or a condition due to which a firm is at a disadvantage. A
company may have the followingweaknesses:
Lack of skills, expert knowledge or intelligence
Lack of physical and organizational assets
9
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 10/16
Opportunities: Opportunities are chances that a firm
can hold using its financial and organizational resources.
These chances when well utilized can generate profitsfor the firm in the long term and become strengths in
future.
Threats: Threats are external risks that a firm faces. A
company may have the following threats:
Improved technology
Improved products by competitors
Dumping of materials
Unfavorable political situation
Situation of a takeover
Change in the demography
10
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 11/16
MARKETING PLANNING, CONTROL AND
IMPLEMENTATION
Marketing planning Besides strategic plan, an organization should have functional
plans to coordinate activities of departments. Contents of a marketing plan
a) Analyzing the current market situation The following factors should be taken care of in this section
The proposed market and market segment The consumer buying behavior process for products. How favorable the market is to do the business?
Whether the company has the right marketing mix to satisfy theneeds of the target consumers?
The company must know its competitors and their marketingstrategies.
11
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 12/16
b) PEST analysis: It is the study of the external environment ofthe company to find opportunities and threats.
c) Objectives and issues: In this part of the marketing plan themarketing objectives of a company are discussed. The period for
achieving these objectives and the factors that may affect them arealso discussed.
d) Marketing strategy: This part of the marketing planfocuses on
1. Identifying the segmentation, target customer and positioning
strategy
2. 4P’s of marketing
3. Planned activities: The following factors are discusseda) The programs that a company wants to start
b) The person responsible for handling these programs
c) The time taken to complete the programsd) The cost of the program
4. The budget for marketing
5. Audit to control the implemented program
12
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 13/16
Marketing implementation and controlMarketing implementation
It is the process in which marketing strategies and plans are
changed to actions to achieve the objectives. Marketing implementation depends on
Organization structure
Organization culture
Marketing control
It is the process of assessing the performance of marketingand taking suitable corrective actions.
Marketing control is divided into four steps. They are Set specific marketing goals
Measure the marketing performance Evaluate to check whether the marketing performance meets the
objectives or not.
Take corrective action if required.
13
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 14/16
Marketing control has two parts
Operation control: It is the assessment of the current activities
against annual plan and taking corrective actions.
Strategic control: It is used to assess whether existing strategic
plans of the company meets the opportunities exist for it.
“Marketing audit is comprehensive, systematic,
independent and periodic examination of a company’s
environment, objectives, strategies and activities to
determine problem areas and opportunities and to
recommend a plan of action to improve the company’s
marketing performance.” ---- Philip Kotler
14
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 15/16
Characteristics of marketing audit
1. Comprehensive
2. Systematic3. Independent
4. Periodic
Components of marketing audit
1. Marketing environment audit2. Marketing strategy audit
3. Marketing organization audit
4. Marketing systems audit
5. Marketing productivity audit
6. Marketing function audit
15
8/13/2019 Unit 2 the Marketing Process Changed
http://slidepdf.com/reader/full/unit-2-the-marketing-process-changed 16/16
16