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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 AnalysisThreat of Potential Entrants
Threat of Substitutes
Bargaining Power of Suppliers
Bargaining Power of Buyers
Things to consider for each of
How easy is it to enter your industry and market? Are the
barriersto entry high or low?
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?
How easy is it for
buyersto drive your pricesdown? How much would it cost them to switch from your productsto those of rivals? SupplierPower
How easy is it for
suppliersto drive up prices? How many potential suppliersdo you have? How unique is the product or service that they provide?
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
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
- 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
- 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?-
Define the communication strategies push, pull and profile.Push:
pushing products; sending your message down a distribution channel.
promote your product directly to the consumers to get them to come into stores or go online and purchase your products.
about building reputation. Communicating 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 (
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
Csmaking up the 4 CsFramework? What is their use?- Cost
- 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.
Intermediariessuch 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 internalizethe desired brand image and are motivated to project the image to customers and other organizationalconstituents." 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
stakeholdersas soon as possible.
High power, highly interested people (Manage Closely): aim to fully
engagethese people, making the greatest effortsto satisfythem.
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):
adequatelyinform these people, and talk to them to ensurethat no major issues are arising. These audiencescan also help point out any areas that could be improvedor have been overlooked.
Low power, less interested people (Monitor): don’t bore these
stakeholdergroups with excessivecommunication, keep an eye to check if their levelsof interest or power change.
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