Market - Philip Kotler states, "A market consists of all the possible consumers sharing a certain need or want who would be ready and able to participate in trade to fulfill that need or desire.” + Market definition from Marketing perspective: + Describes customer groups + Egs: + Need Markets * Product Markets + Demographic markets + Geographic markets * Labour markets + Donor marketsWHAT IS MARKETING? a a AR el ple) leis Crs delivering value to satisfy the needs Ce RMR olla Tac) Ce Tuan (ats Pets and services,” Ch eaMarketing : Definition + Simply meeting needs profitability + It is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. * Socially — deliver a high standard of living + Manager's perspective : the art of selling productsTypes of Marketing Entities Properties Persons vonwa Marketer is someone who seeks a response/ Marketer as stimulator for demand raise attention/ an action from another party called Prospect8 demands > + Products/ services that people dislike and merely don't want. Non-existent Demand + Products/ services that people don't know or uninterested in. propordon is made physical by ts, Services, experiences). Ww from a known source.Offering and Brands: La Va ae _ aeav ao wUSTDOTE. ohare! * Companies address customer needs by putting forth a value proportion, set of benefits that satisfy those needs. * The intangible value proportion is made physical by an offering (products, services, experiences). ¢ A brand is a offering from a known source.Marketing Channels * Communication Channel * Distribution Channel * Service ChannelMulti-Channel Marketing + Communication Channel ia) E-Marketing ChannelsDistribution Channel Levels of a Distribution Channel+ Warehouse NY aVi[o-3 + Tranportation companies Channels * BanksDigital signage s Atomisation Pa 2 orcontent placements ‘ pguatinn Partner networks * Pre yob. ‘kPublisher editonal 7 con Influencer outreach ie a Word-of-mouth oble apes Social networks, Social presence Atomisation of conversations through shared APIS ‘and social widgets+ Impressions refer to the number of times your content is displayed to your audience. + (CPI)/ Cost per thousand impressions (CPM) * Cost per impression ($) = Advertising cost ($) / Number of Impressions (#) * CPI: The number of interactions people have had with your content. This includes likes, comments, retweets, shares etc. * Cost-per-click ($) = Advertising cost (S$) / Ads clicked(#)Value and Satisfaction + Value : Quality + Service + Price (QSP) (customer value triad) + Value perceptions increase with quality and service but decrease with price. Value and Satisfaction = Value ~ relationship between benefit and cost © Satisfaction — Comparison between customer's expectation and product performance = Expectation = performance (Satisfied Customer) Expectation > performance (Dissatisfied Customer) = Expectation < Performance dMetighted Customer)Figure 6.5 Torms used to describe the management ofthe supply chain percep side Dewntreami demand side Pra ean Swefen —rocrerert Opwetore Porc des Ctcvare : a eso 2) Ost i(ote ecto eel en) Tol [V(o || A sree lll Ne oe ass) Tt coe a Cog Psu aeeli tie oe 1Marketing Environment Competitors Market Environment The Companyltselt- Members, Make-up ‘Money, ete. Macro / External } Environment (Uncontrollable) Political, Economic Demographic ievavel = e ey Analysispolicy Political stability, Corruption: Foreign trade policy Tax policy Labour law rade Weather Clima Environmen: tal policies Climate change Pressures from NGO's Discriming Antitrust laws Employment Consumer protection laws Copyright and patent laws Health and+ Uncover all the key influences on the organization + Peer into the future Why is it + get a better understanding of our strengths and weaknesses important? + find new growth opportu + identify the key threats + set the right objectives + decide the right strategy, timing, and resources to achieve themEC CR koa + Government policy + Political stability + Corruption + Tax policy + Labour laws + Trade restrictions + Business incentives + Competition policyTo conduct an analysis of economic factors + How strong is economic performance in our country Pennie ee and what does that mean for our company? : + Economic growth + Exchange rates i+ How much foreign direct’ investment is our} + Interest rates i naan company likely to benefit from? : + Disposable income + Unemployment rate + Foreign direct investment +How high is the unemployment rate in our geography and how might this impact ourt company’s performanefactors -How does the size and age distribution of the population impact. demand for our products/servic How could changing lifestyle attitudes affect our performance? + To what extent could rising health consciousness affect demand for our products/services? + Population growth + Age distribution caress - Safety emphasis + Health consciousness + Lifestyle attitudes + Cultural barriers i ccscanal Bae> x To conduct an analysis of technological factors + What technological developments are occurring in our industry and is our company keeping up? Technological factors to consider: = Technology incentives + Has our company automated its operations or + Level of innovation could it ben + Automation + R&D activity + Technological change + Technological awareness it from doing so? + How much does our company invest in R&D to help release new produets/service lines?Analysis of legal factors + Does our company treat its staff fairly and comply with all relevant employment laws? + Discrimination laws + Antitrust laws + Employment laws + Consumer protection laws and patents? + Copyright and patent laws + Health and safety laws + Does our company protect its intellectual property through the use of copyrighting + Do our operations comply with health and safety regulations? GEG» JTo conduct an analysis of environmental factors + How high are our emissions and what are we doing to reduce pollution? | Environmental factors to consider: + Weather + Climate Environmental policies + What environmental initiatives does our + Climate change + Pressure from NGOs + Are we complying with environmental targets set by the government? company have in place?os rz worsen neseDifference between Micro and Macro Environment COMPONENT MICRO ENVIRONMENT MACRO ENVIRONMENT Definition The micro-caviroament Basically an internal or nearby environment ofa company in Which it operates “The macro-environment i considered at an extemal or general cuvironment ofthe company that can ‘Geate an impact on the working of the whole business of the company. Hlements or accom The 6 main elements ofthe ‘istomers, suppliers, media or public, employees, Shareholders, competitors The 6 main factors of Macro ‘environment include demographic, ‘Sconomic, natural, socio-cultural, technological. political legal Blancas narare ‘The nature of the elements of the microenvironment is lest complex and more specific Generally indusuy-speciGe factor. Elements are more complex and gener ‘More of regional, national or global Tafisence on organization Disect and regular impact oa ‘marketing decisions and also Femains independent Teereater an indirea impact 6 ‘marketing decisions up to great Raivities of marketer Tateraction of marketers with different functions within the organization. ‘The intcrscion of marketer ie wih ‘other clements that are outside ‘Marketing contol Controllable facior BY marketers ‘Uncontrollable factors that are bevond the control of marketer. Functioning Factors may funciona he form of strengths and Weaknesses of an organization Factors may function in the form of ‘opportunities and threatsto the ‘extemal marketTechniques Used For Environmental Scanning - SWOT ANALYSIS - PEST ANALYSIS - ETOP - QUESTENVIRONMENTAL THREAT AND O How to Prepare an ETOP?Internal External ciptcl Opportunities Harm ful WeaknessesSWOT —Employee Monitoring Strengths: + Efficiency Improvement + Performance Tracking + Data-Driven Decisions + Compliance and Security + Remote Work SupportWeaknesses: + Privacy Concerns + Employee Resistance + Accuracy Challenges + Resource Intensive Opportunities: + Customization + Integration + Employee Engagement + Al and Analytics + Remote Work SolutionsThreats: + Legal and Ethical Issues Competitive Landscape Negative Perception Technological Advancements Economic FactorsQUEST - Quick Environmental Scanning Techniques 1. Internal strategists will observe and identify the jor events Speculate on a wide r that might affect the future of their or ation. 1 Preparing a report summarizing the major Issues and their implications and 3-5 scenarios incorporating the major themes of their discussion. y 4. Report and scenar trategists who identif- “ANALYSIS |Assignment Google: SWOT Analysis 2020 coatPESTLE Analysis coonle + 2° PESTEL Analysis of Google