TOPIC 2: MARKETING
Marketing Process
(also known as a Marketing Plan)
• situational analysis – SWOT, product life cycle
• market research
• establishing market objectives
• identifying target markets
• developing marketing strategies
• implementation, monitoring and controlling – developing a financial forecast; comparing actual and planned results, revising the marketing strategy
• market research
• establishing market objectives
• identifying target markets
• developing marketing strategies
• implementation, monitoring and controlling – developing a financial forecast; comparing actual and planned results, revising the marketing strategy
Situational analysis
- SWOT: See the video above for a good, solid examination of a SWOT analysis. The Queensland Government Business and Industry Portal also provides a good overview of a SWOT Analysis and FormSwift provides a Guide to SWOT Analysis. Tutor2u looks at SWOT Analysis and Marketing as does Kickstart Salesforce in How to Apply SWOT Analysis to Your Marketing Campaigns (pic to the left is from this website). Just for fun, watch the video below, 'Santa gets the SWOT Analysis treatment'.
Product Life Cycle
- Product Life Cycle: QuickMBA provide a good overview of the Product Life Cycle (pic to the left is from this website). Tutor2u also has good information on the Product Life Cycle.
TASK: Create posters for both a SWOT Analysis and a Product Life Cycle.
Market Research
- Tutor2u provides a nice Introduction to Market Research.
- The video below is popular for students studying Market Research. It's a shame a lot of these videos aren't Australian.
TASK: Design market research for introducing a new ice-cream flavour.
Establishing market objectives
Again, Tutor2u has a good webpage addressing marketing objectives.
Identifying target markets
Developing marketing strategies
Go to the next topic Marketing Strategies.
Implementation, monitoring and controlling
Implementation = making it happen (eg obtaining the funds from finance and the people from HR)
Monitoring = checking that it happens (as intended)
Controlling = changing to make it happen better
For aa good outline see CEOpedia's Implementation and control of marketing plan
PIZZA
Think about a pizza company wanting to engage with young people on social media and encourage online orders. Each week they plan to offer a different item free for people who order online and this offer is only promoted through Facebook and Twitter.
Implementation requires finding someone capable of setting up a Facebook page and a Twitter Account and then use both for the promotions.
Monitoring could be in the form of comparing sales before and during the campaign, counting the number of orders online and how many use the associated promotion code. They could also compare the products promoted each week to see which proves the most seductive and cost effective.
Controlling could involve removing the free products that don't generate sufficient sales or changing the frequency of the deals or allow the deal for phone orders too.
Monitoring = checking that it happens (as intended)
Controlling = changing to make it happen better
For aa good outline see CEOpedia's Implementation and control of marketing plan
PIZZA
Think about a pizza company wanting to engage with young people on social media and encourage online orders. Each week they plan to offer a different item free for people who order online and this offer is only promoted through Facebook and Twitter.
Implementation requires finding someone capable of setting up a Facebook page and a Twitter Account and then use both for the promotions.
Monitoring could be in the form of comparing sales before and during the campaign, counting the number of orders online and how many use the associated promotion code. They could also compare the products promoted each week to see which proves the most seductive and cost effective.
Controlling could involve removing the free products that don't generate sufficient sales or changing the frequency of the deals or allow the deal for phone orders too.