Some Recent Developments

Affecting Marketing
• Globalization:
– International sales account for more of
company’s revenue
– Differences in market and competitive
conditions across country boundaries require
adaptation of strategies and programs
– Even if similar strategies are appropriate,
need to consider differences in infrastructure,
culture, legal systems – may require changes
in the 4 Ps
 Some Recent Developments
Affecting Marketing (Contd)
• Increased Importance of Service:
– 75% of economic activity and growing fast
– While marketing concepts can basically be
used in services, Intangible nature of services
provides marketing challenges
– Provision of accompanying and innovative
services adds competitive edge in this
environment of ever-increasing changes – a
means of differentiating
 Some Recent Developments
Affecting Marketing (Contd)
• IT:
– New technologies allow firms to collect and
analyse more info about customers/potential
customers – hence enabling targeting of
smaller segments
– Opens up new channels of communication
and transactions (Amazon.com)
 Some Recent Developments
Affecting Marketing (Contd)
• Relationship Across Functions & Firms:
– With new info technologies, firms moving away from
“arms length” relationships towards other
firms/customers to “chain” and cooperative
relationships (Supply chain)
– Leads to quicker adaptability to environmental
changes and increase “lifetime” value for customers
– Similar cooperation across functions within firms:
approach more of cross-functional teams
 Marketing Plan
• This is a document that puts together the
process that the organisation will undergo in
order to achieve its marketing objectives
• It spells out the following activities that marketing
managers need to do:
– Set marketing objectives
– Evaluate opportunities
– Create marketing strategies
– Prepare marketing programmes
– Specify expected results
 Marketing Plan - Contents
• Executive Summary • Objectives
• Current Situation and • Marketing Strategy
Trends • Action Plans
• Performance Review • Projected Profit/Loss
(for existing (if possible)
product/service only) • Controls (if
• Key issues (main applicable)
opportunities/threats/s • Contingency Plans
trengths/weaknesses)