Samenvatting Class notes - Introduction to Marketing

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- Introduction to Marketing
- Jarman
- 2020 - 2020
- University of Sussex
- Marketing and Management BSc
133 Flashcards en notities
1 Studenten
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Samenvatting - Class notes - Introduction to Marketing

  • 1580684400 Lecture 2 - The Marketing Environment

  • What does SOSTAC stand for?
    Situation (macro, micro and internal environment, summed up in SWOT)
    Objectives (what you need to achieve)
    Strategy (how you're going to achieve your objectives)
    Tactics (how you're delivering your strategy (7Ps))
    Actions (when/where you're going to deliver your tactics)
    Controls (how you're going to ensure that everything works)
  • What is the macro-environment?
    The large-scale, nationwide factors affecting all businesses and industries: PESTLE (political, economic, social, technological, legal and environmental factors)
  • What is the micro-environment?
    The environment in which you, as a manager, have a small amount of control; largely, you will be impacting your industry. If you set prices low, you may exert a downward pressure on the prices of competitors.
  • The internal environment is essentially your company, where you theoretically should have control. Control is limited here by working practices, unions and what people know about your organisation. Control is further limited by having a large number of stakeholders.
  • List all of the forces considered in Porter's Five Forces Analysis
    Threat of Potential Entrants
    Threat of Substitutes
    Bargaining Power of Suppliers
    Bargaining Power of Buyers
    Industry Competitors
  • Things to consider for each of Porter's Five Forces:

    Potential Entrants

    How easy is it to enter your industry and market? Are the barriers to entry high or low?   

    Threat of Substitutes

    This is when customers find other ways of doing what you do. Can customers do it themselves? Can they find another kind of service that does the job just as well?

    Buyer Power      

    How easy is it for buyers to drive your prices down? How much would it cost them to switch from your products to those of rivals?

    Supplier Power

    How easy is it for suppliers to drive up prices? How many potential suppliers do you have? How unique is the product or service that they provide?

    Industry Competition

    The number and strength of your competitors. Who are your competitors and how doe their products compare to yours in terms of quality.
  • What are McKinsey's 7Ss?
    Shared Values
    Staff
    Structure
    Style
    Skills
    Strategy
    Systems
  • What is environmental scanning?
    The process of gathering information about events and their relationships within an organisation's internal and external environments. 

    This helps management determine the future direction of the organisation.
  • Environmental scanning increases an organisation's sensitivity to changing needs. It improves public image. It enables opportunities to be capitalised upon.
  • What is a value chain?
    The interrelated operating activities that businesses perform during the process of converting raw materials into finished products.

    Primary activities include: inbound logistics, operations, outbound logistics, marketing and sales, and service.
  • Consider the following in the analysis of your company:

    - Value chain
    - McKinsey's 7Ss
    - Financials
    - Portfolio analysis

    Take all of these into account when carrying out your SWOT analysis.
  • 1581289200 Lecture 3 - Marketing Communications

  • What are the elements that make up an organisation's marketing communications mix?
    - Direct marketing
    - Advertising
    - Personal selling
    - Public relations
    - Sales promotion
  • What is a marketing communications channel?
    A medium through which marketers can convey messages about their product or service to their target audience. Includes television, social media, newspapers, etc.
  • Define integrated marketing communications.
    Making sure that every element of the promotional mix is complementary to the others in order to avoid mixed messages and strengthen the brand.
  • What are the overarching objectives of a promotional campaign?
    - Differentiate
    - Remind/reassure
    - Inform
    - Persuade
  • Define the communication strategies push, pull and profile.
    Push: pushing products; sending your message down a distribution channel.

    Pull: promote your product directly to the consumers to get them to come into stores or go online and purchase your products.

    Profile: all about building reputationCommunicating simultaneously with wholesaler and retailer to give your product a grand reputation.
  • List all of the words in the AIDA model.
    - Awareness (build it)
    - Interest (stimulate it)
    - Desire (stimulate this, too)  
    - Action (encourage your target audience to take it)
  • What steps need to be taken to ensure effective communication of your message regarding your product?
    1. Identify the target audience
    2. Determine communication objectives
    3. Design your message (AIDA framework)
    4. Choose media appropriate for your target audience
    5. Personal communication channels
    6. Selecting the message source
    7. Collect feedback
  • Define frequency and reach.
    Frequency: the average number of times a member of the target audience will have been exposed to a promotional message during a specified time period.

    Reach: The percentage of a target audience exposed to a promotional message at least once during a specified time period.
  • What are the 4 Cs making up the 4 Cs Framework? What is their use?
    - Cost
    - Control
    - Credibility
    - Communication effectiveness

    All Cs must be considered when deciding which elements of the marketing communications mix should be used.
  • Integrated marketing communications are all about ensuring that all elements of the marketing communications mix communicate the same message and that all promotional tools support each other.
  • Stakeholders

    - Intermediaries such as wholesalers, retailers, distributors and agents need to be communicated with in order to develop trust.

    - Employees need to be communicated with in order to develop a corporate culture and create employee branding.

    - Miles and Mangold (2004)  define employee branding as "the process by which employees internalize the desired brand image and are motivated to project the image to customers and other organizational constituents."

    https://ukznextendedlearning.com/wp-content/uploads/2017/05/A-Conceptualization-of-the-Employee-Branding-Process.pdf

    - Wider stakeholders such as shareholders need to be communicated with in order to ensure that their expectations and needs are met.
  • Are you going to send all of your stakeholder groups exactly the same message or are you going to vary your message between stakeholder groups?

    If you are sending them all different messages, how will you maintain message consistency?

    What is the main message that you would like all of your shareholder groups to receive?

    How are you going to deliver your message? (i.e. Direct marketing, advertising, personal selling, public relations, sales promotions?)
  • Map each of your stakeholders as soon as possible.

    High power, highly interested people (Manage Closely): aim to fully engage these people, making the greatest efforts to satisfy them.

    High power, less interested people (Keep Satisfied): put enough work in with these people to keep them satisfied, but not so much that they become bored with your message.

    Low power, highly interested people (Keep Informed): adequately inform these people, and talk to them to ensure that no major issues are arising. These audiences can also help point out any areas that could be improved or have been overlooked.

    Low power, less interested people (Monitor): don’t bore these stakeholder groups with excessive communication, keep an eye to check if their levels of interest or power change.
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