Marknadsföring

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• New product development: Ways to obtain new products? - Acquisition refers to buying of a whole company, a patent, or a license to produce someone else's product. - New product development refers to original products, product improvements, product modifications, and new brands developed from the firm's own research and development.
• New Product Development Process Idea generation, idea screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, commercialization
• Idea generation Internal - Internal sources refer to the company's own formal research and development, management and staff, and intrapreneurial programs. External - sources refer to sources outside the company such as customers, competitors, distributors, suppliers, and outside design firms.
• Idea screening Identify goods ideas and drop poor ideas
• R-W-W screening Is it real? Can we win? Is it worth doing?
• Concept Development and Testing - Product idea: Is an idea for a possible product that the company can see itself offering to the market. - Product concept: Is a detailed version of the idea stated in meaningful consumer terms. (Prototype) - Product image: Is the way consumers perceive an actual or potential product.
• Concept testing Refers to testing new product concepts with groups of target consumers. Many firms routinely test new product concepts with consumers before attempting to turn them into actual new products.
• Marketing strategy development Is a designing an initial marketing strategy for a new product based on the product concept.
• Marketing strategy statement consists of - Target market description - Describes the target market; the planned value proposition; and the sales, market-share, and profit goals for the first few years. - Value proposition planned - Outlines the product's planned price, distribution, and marketing budget for the first year. - Sales, market-share, and marketing mix - Consists of planning long-run sales, profit goals, and marketing mix strategy.
• Business analysis Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal. Business analysis involves a review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives. If the business analysis satisfies the company's objectives, the product can move to the product development stage.
• Product development & Testing Product development is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering. For many new product concepts, a product may exist only as a word description, a drawing, or perhaps a crude mock-up. If the product concept passes the business test, it moves into product development.
• Test marketing A method that aims to explore consumer response to a product or marketing campaign by making it available on a limited basis to test markets before a wider release
• PLC 5 stages 1. product development 2. introduction 3. growth 4. maturity 5. decline
• Select customers to serve - Segmentation: Divide the total market in to smaller segments. - Targeting: Selecting the segment or segments to enter.
• Decide on a value proposition: - Differentiation: Differentiate the market offering to create superior customer value. - Positioning: Position the market offering in the minds of target customers. This all together creates value for the targeted customer.
• Market segmentation Is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs.
• Basis of segmenting Often segmenting consists of a set of buyers who share common needs or characteristics that the company decides to serve.
• A target market Is a group of people that have been identified as the most likely potential customers for a product because of their shared characteristics such as age, income, and lifestyle.
• Positioning Defines where your product (item or service) stands in relation to others offering similar products and services in the marketplace as well as the mind of the consumer.
• Segmenting consumer markets - Geographic segmentation (Dividing the market into different geographic units, such as nations, regions, states or even neighborhoods.) - Demographic segmentation (Dividing the market based on age, gender, income, occupation, education, religion, ethnicity, etc.) - Psychographic segmentation (Dividing buyers based on their lifestyle or personality characteristics.) - Behavioral segmentation (Divides buyers into segments based on their knowledge, attitudes, uses or responses to products (e.g., occasions, usage status, rates or loyalty)
• What is - User status, Usage rate and Loyalty status - User status divides buyers into ex-users, potential users, first-time users, and regular users of a product. - Usage rate divides buyers into light, medium, and heavy product users (hyperstores). - Loyalty status divides buyers into groups according to their degree of loyalty (e.g., airline and point system).
• Using multiple segmentation bases - Age: (Younger audience and social media) - Education level: (Offers targeted towards students segment) - Family composition (Family pack) - Occupation (Target markets by job function, job seniority, and job title) - Free time activities (Based on activities and behaviors) - Ethnicity (Consumption of Certain types of products e.g., halal)
• Multiple segmentation Is used to identify smaller, better-defined target groups.
• Geo-demographic segmentation s an example of multivariable segmentation that divides groups into consumer lifestyle patterns.
• Segmenting international markets: - Geographic location - Economic factors - Political and legal factors - Cultural factors
• Market segmentation 5 steps Measurable (Market data, quantifiable, market size, etc.) Differentiable (Make sure that different target markets respond differently to different marketing strategies.) Accessible (Customers and consumers are easily reached at an affordable cost) Substantial (The market a brand should want to penetrate should be a substantial number.) Actionable (As a business owner, it's important to identify what kind of marketing strategies work for a certain segment.)
• Target markets Consists of a set of buyers who share common needs or characteristics that the company decides to serve.
• Mass customization Is the process through which firms interact one-to-one with masses of customers to design products and services tailor-made to meet individual needs. Has made relationships with customers important in the new economy. Provides a way to distinguish the company against competitors
• The marketing environment Includes the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers.
• Macro-environment Consists of the larger societal forces that affect the microenvironment— demographic, economic, natural, technological, political, and cultural forces.
• Microenvironment Consists of the actors close to the company that affect its ability to serve its customers the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
• The Demographic and Economic Environments - Demography is the study of human populations—size, density, location, age, gender, race, occupation, and other statistics. - Demographic environment involves people, and people make up markets. - Demographic trends include changing age and family structures, geographic population shifts, educational characteristics, and population diversity.
• The demographic Environment - Generational marketing is important in segmenting people by lifestyle or life stage instead of age. - Generational marketing: Baby boomers and millennials are now moving over to make room for younger Generation Alpha.
• The Economic Environment Economic environment: Consumers adopted a new back-to basics sensibility in their lifestyles and spending patterns. To serve the tastes of these more financially frugal buyers, companies like Target are emphasizing the "pay less" side of their value proposition.
• The Natural Environment The natural environment is the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities. - Trends in the Natural Environment - Growing shortages of raw material - Increased pollution - Increased government intervention - Developing strategies that support environmental sustainability
• The Political Environment - Legislation regulating business is intended to protect companies from each other. - Consumers from unfair business practices. -The interests of society against unrestrained business bahavior.
• The Social Environment The social environment comprises the beliefs, desires, values, and attitudes of consumers and public members. Other social environment examples are the consumption patterns, desires, and behaviors of the market.
• The Cultural Environment: The cultural environment consists of institutions and other forces that affect a society's basic values, perceptions, and behaviors.
• Customer insights Are fresh marketing information-based understanding of customers and the marketplace that customer value, engagement, and relationships.
• Customer insights Fresh and deep insights into customer needs and wants. Companies use customer insights to develop a competitive advantage. Insights can be difficult to obtain; marketers must manage marketing information from a wide range of sources.
• Marketing information and today´s "big data" - Big data is the huge and complex data sets generated by today's sophisticated information generation, collection, storage and analysis technologies. - Big data comes from marketing research, internal transaction data, and real-time data flowing from its social media monitoring, connected devices, and other digital sources.
• Managing marketing information: Customer insights teams: - Include all company functional areas - Collect information from a wide variety of sources -Use insights to create more value for their customers
• MIS A marketing information system (MIS) refers to the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
• Assessing marketing information needs A marketing information system (MIS) provides information to the company's marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies.
• Marketing intelligence Is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment. -Observing consumers firsthand - Quizzing the company's own employees - Benchmarking competitors' products -Researching the internet - Monitoring internet buzz
• Marketing research Is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization. Companies use marketing research in a wide variety of situations. For example, marketing research enables marketers to: Gain insights into customer motivations, purchase behavior, and satisfaction assess market potential and market share measure the effectiveness of pricing, product, distribution, and promotion activities.
• The marketing research process: 1. Defining the problem and research objectives 2. Developing the research plan for collecting information 3. Implementing the research plan - collecting and analyzing the data 4. Interpreting and reporting the findings
• Defining the Problem and Research Objectives - Exploratory research - (investigating thet seeks to answer questions about a previously unknown subjects) - Descriptive research - ( aims to accurately and systematically describe a population, situation or phenomenon) -Causal research - ( cause - and - effect relationship between two separate events)
• Developing the Research Plan - Outlines sources of existing data - Spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data
• Defining the problem and research objectives - Written proposal - Management problem - Research objectives - Information needed - How the results will help management decisions -Budget
• Developing the research plan - Secondary data: Is information that already exists somewhere, having been collected for another purpose. - Primary data: Is information collected for the specific purpose at hand.
• Strategic planning Is the process of developing and maintaining a strategic fit between the organization's goals and capabilities, and its changing marketing opportunities.
• Strategic planning Sets the stage for the rest of planning in the firm. Companies usually prepare annual plans, long-range plans, and strategic plans. In contrast, the strategic plan involves adapting the firm to take advantage of opportunities in its constantly changing environment.
• Steps in strategic planning 1. Defining the company mission and purpose 2. Setting company objectives and goals 3. Designing the business portfolio (choice of product/services) 4. Planning marketing and other functional strategies, company wide strategic planning guides marketing strategy and planning.
• Mission statement "To change the way we think about saving the planet"
• Goal Empower individuals to save money while saving the planet by intersecting creative, sustainable packaging with wearable technology that educates, inspires, and drives earth-friendly action.
• The mission statement Is the organization's purpose. What it wants to accomplish in the larger environment.
• Mission statement (IKEA) To offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.
• Forging a mission statement begins with the following questions: These simple questions are among the most difficult the company will ever have to answer. Successful companies continuously raise these questions and answer them carefully and completely. - What is our business? - Who is the customer? - What do consumers value? - What should our business be?
• Product- vs market oriented business definitions - We sell coffee and snacks. - We sell "The Starbucks Experience, " one that enriches people's lives in one moment, one human being, one extraordinary cup of coffee at a time.
• Company-wide strategic planning Turning your mission into goals and objectives.
• Business objectives - Build profitable customer relationships. - Invest in research to enhance product or service performance. - Improve profits by reducing costs or making products perform better on the market.
• Marketing objectives - Increase market share - Create local partnerships - Increase promotion
• Designing The Business Portfolio The best business portfolio is the one that best fits the company's strengths and weaknesses to opportunities in the environment.
• The business portfolio Is the collection of businesses and products that make up the company.
• Business portfolio planning involves two steps 1. The company must analyze its current business portfolio and determine which businesses should receive more, less, or no investment (Exploit) - 2. It must shape the future portfolio by developing strategies for growth and downsizing (Explore)
• Designing the business portfolio (The BCG Growth-Share Matrix): The best-known portfolio-planning method is the now-classic Boston Consulting Group (BCG) approach. The growth-share matrix defines four types of SBUs. On the vertical line is the market growth rate and on the horizontal axis is relative market share.
• Stars: Are high-growth, high-share businesses or products requiring heavy investment to finance rapid growth. They will eventually turn into cash cows.
• Cash cows: Are low-growth, high-share businesses or products that are established and successful SBUs requiring less investment to maintain market share.
• Question marks: Are low-share business units in high-growth markets requiring a lot of cash to hold their share.
• Dogs: Are low-growth, low-share businesses and products that may generate enough cash to maintain themselves but do not promise to be large sources of cash.
• Market penetration: More sales by adding new stores.
• Market development: Identifying new markets.
• Product development: Involves offering modified or new product to current markets.
• Diversification: Involves starting up or buying businesses beyond its product and market.
• Planning marketing, partnering to build customer value: Value chain is a series of departments that carry out value creating activities to design, produce, market, deliver, and support a firm's products. Value delivery network is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system.
• Marketing Strategy and the Marketing Mix: Consumers stand in the center of figure 2.4 where the goal is to create value for customers and build profitable customer relationships. Next comes marketing strategy. The marketing logic by which the company hopes to create this customer value and achieve these profitable relationships. The company decides which customers it will serve (segmentation and targeting) and how (differentiation and positioning). Guided by marketing strategy, the company designs an integrated marketing mix made up of factors under its control—product, price, place, and promotion (the four Ps). To find the best marketing strategy and mix, the company engages in marketing analysis, planning, implementation, and control. Through these activities, the company watches and adapts to the actors and forces in the marketing environment.
• Marketing strategy: Involves deciding which customers the firm will serve (segmentation and targeting) and how (differentiation and positioning). It identifies the total market and then divides it into smaller segments, selects the most promising segments, and focuses on serving and satisfying the customers in these segments.
• Marketing: A process by which companies create values for customers and build strong customer relationship to capture value from customers in return.
• Classical definition of marketing: Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.
• To design a winning marketing strategy: Marketing manager must answer two important questions. What consumers will we serve, what is our target market? How can we serve these customers best, what is our value preposition?
• Building customer equity Is the total combined customer lifetime values of all of the company's customers. It is calculated by multiplying the number of customers by the average value of each customer. Customer equity is important because it reflects the potential future revenue that a company can generate from its existing customer base.

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