4.2 business.docx

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Suffolk University
David Hartstein

Farhad Mehrtash Marketing Planning Unit 4.2 Marketing planning • Marketing planning is the systematic process of devising marketing objectives and appropriate marketing strategies to achieve these goals. Marketing planning process involves: • Marketing audit – an examination of the current climate in which the business operates. Market research is integral to this investigation. • Marketing objectives – The marketing audit enables the firm to set marketing goals and targets, such as increased market share. • Marketing strategies - the plan and use of the marketing mix to achieve the objectives • Monitoring and review – a continual process of checking and assessing that targets are being met. • Evaluation – an examination of the extent to which the firm has succeeded in achieving its market objectives. Marketing mix • The marketing mix is combination of the elements needed to successfully market any product. Four P’s: • Product – the good or service being marketed to meet the needs and wants of customers. • Price – how much customers are charged for the product. • Place – the distribution channels used to get the products to customers. • Promotion – informing, reminding and persuading customers to buy the product 3 examples of promotional activities • Advertising – this tends to be the most expensive form of promotion. • Sales promotion – these are temporary ways of boosting sales, e.g. price reductions, gift vouchers, and free gifts. • Publicity – this is the marketing process of getting good press (media) coverage, perhaps through using famous celebrities to endorse a firm’s products. Marketing ethics: • Marketing ethics refers to the moral aspects of a firm’s marketing strategies. Bait and switch • Bait and switch marketing techniques are considered to be unethical. This is a controversial marketing method used to entice customers by advertising deals that are simply too good to be true. 2 examples of businesses that use this type of marketing. • Mobile phone retailers • Real estate companies 3 other examples of misleading or deceptive forms advertising. • Health fraud – such as making unsubstantial promises of overnight medical cures. • Travel fraud – involving misleading information being given to travelers such as descriptions of hotel facilities and ‘sea view’rooms. • Unsubstantial claims – using promotional declarations that cannot proved such as ‘9 out of 10 tests prove…’or ‘4 out of 5 people prefer …’ Code of practice • Ethical codes of practice help to serve three main functions: • To identify acceptable business practices (from society’s point of view) • To foster internal management and control. • To avoid confusion regarding what is and what is not acceptable. Marketing audits • Amarketing audit is a review of the current marketing position of a firm in terms of its strengths and weaknesses • The audit helps to clarify the marketing opportunities and threats, and allows managers to make any necessary changes to their plan. Marketing objectives • Marketing objectives are the targets that the marketing department wishes to achieve. These objectives should be compatible with the firms overall objectives. Marketing objectives are important because the targets can: • Provide a sense of purpose, direction and motivation for the marketing department • Allow progress to be monitored and success to be assessed • Help in the planning and development of appropriate marketing strategies. They include: • Maintain/increase market share • Market leadership • Product positioning • Consumer satisfaction • Diversification • Market development • New product development • Product innovation • High market standing Constraints on achieving marketing objectives: • There are numerous constraints or limitations faced by firms trying to achieve their marketing objectives. These include internal constraints and external. Examples • Finance • Costs of production • The size and status of the firm • Social issues • Time lags • Activities and reaction of competitors • The state of the economy Marketing research • Marketing research refers to marketing activities designed to discover the opinion, beliefs and feelings of potential and existing customers 2 main categories of marketing research • Ad hoc market research takes place on an as and when necessary basis. The focus of the research is on specific marketing problems or issues and tends to be on a one-off basis. • Continuous research takes place on a regular and on-going basis, perhaps on a monthly basis. Purposes of market research • Gives businesses up-to-date information • Enables businesses to improve their marketing by using a distinct marketing mix for each customer target group. • Assesses customer reactions to a new product by testing it on a small group of customers • Gives businesses an understanding of the activities and strategies used by their rivals. • Helps businesses to predict what is likely to happen in the future. Answer questions such as: • Are customers likely to buy the product? • Which marketing segments are interested in the product? • How much are customers willing to pay? • How often are they likely to purchase the product? • Which brands do customers see as being a rival to the marketed product? • What are the preferred methods of promotion? • Where and how should the products be sold? Drawbacks of market research • Findings are only as good as the research methodology used. This is known as garbage in, garbage out whereby unreliable or inaccurate input data generates poor quality output of information • Data and information can also be inaccurate or unreliable due to bias • The cost of good market research is often very high Primary research:
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