MARKETING

MANAGEMENT
LECTURE 1(MAY 19,2018)
 WHAT ARE MARKETS?
• Compose of people who share similar needs and wants.
• People who are capable of buying products and services.
• Defined as various group of customers.
• Group of individuals/organizations that have needs for products in
a product class and have the ability, willingness, and authority to
purchase those products.
 2 TYPES OF MARKET
• CONSUMER MARKET
• Consists of consumers who purchase goods and services for personal use.
• Consumer’s needs and wants generally fall into few categories that address
their lifestyles.
• Consumers are interested in products that will save them money, make their
life easier, improve their appearance, and create status in the community.
• It also provide satisfaction related to some other personal motivation.
• INDUSTRIAL MARKET
• Often called as B to B market includes all businesses that buy or purchase
products for use in their operations.
• The goals and objectives of business firms are different from those in the
consumer market. (profit oriented)
• Companies want to improve productivity, increase sales, and decrease expenses.
• Resellers are part of the industrial market.
 WHAT IS A MARKET SHARE?
• It is the company’s percentage of total sales volume
generated by all competition in a given market.
• It is a higher level of selective demand for a product.
• Market shares change all the time as new competitors
enter the market and as the size of the market increases or
decreases in volume.
 TARGET MARKET
• Target market is a group of individuals identified as those who are most likely to
become customers.
• Target markets are important simply because they give direction to a firms
marketing plan.
• Marketing strategies are directly linked to its target market.
• Target markets can be directed into several segments depending on the type of
products being offered.
MARKET SEGMENTATION
• It is the process of classifying people who form a given market into even smaller
groups.
• It is a way for companies and firms to determine the type of market they would
like to concentrate into and focus their resources in order to promote their
product offering to the consumers.
• It is a way to evaluate and analyze which segment of the market will give them a
better standing and good returns for their products and services offered.
 DEMOGRAPHICS
• It refers to the statistics that describe a population in terms of personal characteristics such as the
following:
• Age
• Gender
• Income
• Marital Status
• Ethnic background
• Education
• Occupation
 GEOGRAPHICS
• It refers to the segmentation of the market based on where people live. It is
similar to demographics because of the similarities among people who live in a
certain area.
• Local
• Regional
• National
• Global
 PSYCHOGRAPHICS
• It involves grouping people with similar lifestyles, as well as shared attitudes,
values, and opinions.
• Activities
• Attitudes
• Personality and Values
 BEHAVIORAL
• It is based on product related behavior involves looking at the benefits desired
by three things:
• Consumers
• Shopping Patterns
• Usage Rate
 SWOT ANALYSIS
• SWOT is an acronym for strengths, weaknesses,
opportunities and threats.
• It is also a process wherein the internal and external
awareness will help a business deal with weaknesses and
prepare it to handle threats such as competition or a
changing marketplace.
 INTERNAL STRENGTHS AND
WEAKNESSES
• This are internal factors that affect business operations.
• Internal analysis focuses on the 3 Cs’ namely:
• Company
• Customer
• Competitor
 EXTERNAL OPPORTUNITIES AND
THREATS
• Companies must always look for opportunities to create competitive advantage
due to the following external factors:
• Competition
• Political
• Economic
• Socio-Cultural
• Technology
 WHAT IS A MARKETING PLAN?
• A marketing plan is a formal , written document that directs a company’s
activities for a specific period of time.
• It provides a detailed research effort and provides a roadmap for how a product
will enter the market, advertised, and sold.
• It also communicates the goals, objectives and strategies of the company to all its
members of the management team.
• The specifics in the plan let managers know their responsibilities, budget, and
timeline for completion.
ELEMENTS OF A MARKETING PLAN
• EXECUTIVE SUMMARY: A brief overview of the entire marketing plan. It
briefly addresses each topic in the plan and gives an explanation of the cost
involved in implementing the plan.

• SITUATION ANALYSIS: It is the study of the internal and external factors that
affect marketing strategies. This part provides a snapshot of the company’s
current position. It often reports the results of the SWOT and environmental
scanning.
ELEMENTS OF A MARKETING PLAN
• GOALS AND OBJECTIVES: This part defines specific goals to be met.
• Objectives should be single minded. It should be specific, realistic, measurable
and have a time frame.
• A company’s mission statement provides the focus for a firm’s goals with its
explanation of the company’s core competencies, values, expectations and vision
for the future.
ELEMENTS OF A MARKETING PLAN
• MARKETING STRATEGIES: This is where the company defines how it is
going to meet its objectives.
• It identifies target markets and sets marketing mix choices that focus on those
markets.
• All strategies need to take the customer’s needs and wants into account.
• An effective marketing strategy should be focused on the key points of
difference.
ELEMENTS OF A MARKETING PLAN
• IMPLEMENTATION: Implementation is putting the marketing plan into action
and managing it.
• Make the plan. Work the plan.

• This part of the marketing plan outlines a schedule of activities, job assignments,
sales forecasts.
ELEMENTS OF A MARKETING PLAN
• EVALUATION AND CONTROL: This part tells how the marketing plan will be
evaluated and how will it be measured, and who will be responsible for
providing the evaluation.
• A. Marketing Objectives
• Financial Objectives
• Marketing Mix strategies
• B. Corrective Action
 MARKETING PLAN SUMMARY
• ANALYSIS: STRATEGY:
• SWOT PROMOTION
• ECONOMICS PLACE
• SOCIO – CULTURAL PRICE
• POLITICAL PRODUCT
• TECHNOLOGICAL
 MARKETING PLAN SUMMARY
• IMPLEMENTATION: BUDGET:
• ORGANIZATION COST OF SALES
• MANAGEMENT COST OF PROMOTION
• STAFFING INCOME AND EXPENSE

• CONTROL:
• EVALUATION
• PERFORMANCE MEASURES
• PERFORMANCE ANALYSIS