Marketing has often been identified in conditions of gratifying customers needs and would like critics however maintain that marketing goes beyond that and creates needs and needs that did not exist before. Relating to these critics, marketers encourage consumers to spend additional money than they have to on goods and services they actually don't need.
Marketing was described by the American Marketing association Table of Directors as
"Marketing is the activity, set of institutions, and operations for creating, conversing, providing, and exchanging offerings that have value for customers, clients, partners, and society most importantly. " (Approved Oct 2007)
http://www. marketingpower. com/aboutama/pages/definitionofmarketing. aspx
"Marketing is the process whereby society, to supply its consumption needs, evolves distributive systems made up of participants, who, interacting under constraints - specialized (financial) and ethical (communal) - create the deals or flows which resolve market separations and cause exchange and usage. " - Bartles2
http://www. skylinetradeshowtips. com/what-is-marketing-how-10-experts-define-it/
The marketing process includes analyzing marketing opportunities, growing marketing strategies, planning marketing programs, and managing the marketing work. (Kotler)3
http://nraomtr. blogspot. ie/2011/12/marketing-strategy-marketing-process. html
Analyzing Marketing Opportunities
Market analysis consists of market research in regards to service or product on offer it entails using principal and extra data, considering the economical situation of the country and the legal aspects politics aspects, the legislation the opponents new entrants in to the market and their market position. This data will be analysed using different statistical tools this will be used in identifying brief, medium and long term on various marketing activities. This data provide useful information which allows the company to ideas it's marketing strategy. For example Tesco a supermarket can look at what Asda, Lidl Aldi and also what famous brands Sainsbury, grades and spencer are doing and their market show. Its in view as this that Tesco will determine what its online marketing strategy will be.
Developing Marketing Strategies
Based on the Marketing research conducted Tesco can determine what marketing strategy it will take up for another quarter on each of its product range and determine what market segment it'll concentrate on. it might opt to contrate on fruit and veggies or it might decide to focus of clothing differentiation decision is made to arrive at something that will lead to the optimal profit. For instance Tesco might decide to be a damage leader on a specific product while maximising profit in other areas Usually at Tesco price of some items are reduced but customers will come in for that reason program but will wrap up buying other not discounted.
Marketing strategy brings about marketing mix, illustrations are budget allocation for a specific office, products etc
Marketing Combination is the combination of four elements, called the 4P's (Product, Price, Advertising and Place), that each company has the option of adding, subtracting, or modifying in order to make a desired marketing strategy. (Philip Kotler)4
Larry Steven Londre Marketing, IMC, Advertising, Campaign, Media and much more. 2012 Edition
There are large number of marketing tools. McCarthy5 provided a categorization for them in terms of four Ps of marketing: Product, price, place and campaign. Under each P, there are range of tools.
Depending on the organisational choice it is possible to involve some on a short term medium term or permanent new products are usually over a long term basis In other to handle budgeting for different marketing tools, sales functions this functions will relate with how sales will be afflicted be any incremental amount, That is known as sensitivity analysis.
Product related marketing tools are in the form of quality, branding design, product packaging, etc. While price related to commissions, discount rates and middlemen commission rate to discount pricing like buy one and pay for I/2 price for the second.
Place related are like on line sales Tesco in retail recreation area, Tesco in large shopping centres and the Tesco exhibit which may be in filling channels or in a neighborhood
Promotion pertains to Tesco club greeting card owners who get personal sales promotions or instore promotions and Television set and radio jingles or adverts, online and interpersonal media promotions.
Market Orientation was identified by McNamara (1972 p. 51) as "a idea of business management structured upon a corporation wide acceptance of the necessity for a customer orientation. Revenue orientation and acceptance of the top role of interacting the needs of the marketplace to all commercial departments. "5 Journal of marketing apr 1990 Ajay Kohl and Barnard J Jaworski Market Orientation: the construct, research proposition and managerial implications
The main points outlined here are customer concentrate and profitability.
The chances of new products failing is very much indeed reduced and it supply the opportunity to cut its damage if indications are it might not exactly be profitable the a stop can be placed to it prior to the product is launched
Where market Orientation methodology can be used there chance that consumer needs are being satisfied with appropriate products or services are higher and undoubtedly the life product of such products or service will be long term and hence more earnings.
Constant reviews from consumers - That is an unending process through this regular general market trends this will permit the organization to make changes to the product as its see matches hence making higher earnings and coordinating those of their rivals. .
The negatives of marketing Orientation are
It may be difficult to target campaigns at a big Market
Constant market research it is very expensive thereby minimizing profit*
Where there's a specialised markets it'll be difficult to fulfill the needs of the sub market(consumers) A good example of this is actually the graphic plotters used for architects similar plotters may not be ideal for factories with specialised specialized engineering or tool making.
Product differentiation may at time be difficult specifically for the likes of retail supermarket where they don't produce the products but for the business branding it is difficult to distinguish something and stick out from competition
consumer needs often change anticipated to income and use patterns for example a person who lost his/her job changes quickly from buying from Tesco to famous brands Lidl and Aldi. it might be hard to keep up with need of such people.
Marketing environment is mainly manufactured from two variables the micro and the macro factors these factors are mainly inner environment- micro and exterior environment macro
The micro environment are factors that may be handled or by management.
E Jerome McCarthy 6 said the parameters that the business can control to be able to reach its target market will be the 'four Ps'. Price, products, campaign and place.
A Communication-Based Marketing Model for Taking care of Relationships
Tom Duncan and Sandra E. Moriarty
Journal of Marketing
Vol. 62, No. 2 (Apr. , 1998), pp. 1-13
Macro are those outside the control of the organisation. they are
The dealer environment
The distributive environment
The wider macro-environment
proximate macro-environment This calls for the external pushes for example, in the legal, cultural, economic and technical sub-environments. This are the people or companies with company immediate exterior environment. Of they may be marketing businesses, are suppliers, competitors and distributors (intermediaries).
The company environment They are businesses that provide the firm with material and distribute to their retails in includes logistic companies and stores so on of Tesco
The distributive environment Emphasis is put on intermediaries such as wholesalers, factors, providers and distributors so that last consumer get products
The competitive environment The threat of competition can't be over emphasised the orgainsation must be aware of the potential risk of other companies offering the same product. Ie Pepsi and Coke companies marketing similar and substitute product if they are of domestic or foreign origins.
The wider macro-environment Changes in the wider macro-environment might not be as close to the business's day-to-day operations, but they are evenly important this comes into four The main factors making up these wider macro-environmental forces fall into four categories.
Political and legal factors
Social and social factors
Demography In places like Iran, Tunisia, Syria and the center east on the whole which were mainly dominated by Pepsi, the advent of battle has change the demography of the area. This is from the control of Pepsi and it'll have to readjust its online marketing strategy and marketing Combine because of this region.
Market segmentation is defined as "The process of defining and subdividing a large homogeneous market into clearly identifiable segments having similar needs, would like, or demand characteristics. Its aim is to create a marketing mixture that precisely fits the expectations of customers in the targeted segment. " 7
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http://www. coriolisresearch. com/pdfs/coriolis_tesco_study_in_excellence. pdf
Fig 1 http://www. coriolisresearch. com/pdfs/coriolis_tesco_study_in_excellence. pdf
Fig2 http://www. coriolisresearch. com/pdfs/coriolis_tesco_study_in_excellence. pdf (source)
Gig 3 http://www. coriolisresearch. com/pdfs/coriolis_tesco_study_in_excellence. pdf
Tesco provided six market sections to target the different consumers Need from the up school to the lower category income. The sections are self applied narrative with this concept Tesco was able to continuously increase its market talk about.
Buyers behaviour often change depending on products, the consumers' spending electric power, consumers needs and how urgent he need the merchandise.
The customer recognizes a need :This often occurs from ad from Television set, Radio, Bill board social marketing or words of mouth
Looking for information At this level the customer wishes more information about the merchandise and needs to start to see the product and discuss more with the sale representative
Checking out alternate products and suppliers The consumer at this stage will look for an improved buy either in conditions of quality, rates and will compare the product or service with those of other providers,
Purchase decision. time at this time the buyer is preparing to buy and the sales personnel need to close the sales by giving the purchaser an incentive to buy. Maybe it's after sales service maybe it's a voucher.
Using the product Cognitive dissonance - a dread that the customer may have made an incorrect decision comes to play here particularly when it can be an expensive here simple how to use and after sales suffice or a form of warranty.
There are four main factors that affect a buyer behaviour namely:-Social, Culture, mental health and personal. .
Social: Groups membership, reference, aspirational thoughts and opinions leaders or buzz marketing and members of the family.
Culture: A person's wants or behaviour group with show ideals and ones interpersonal class.
Personal; Get older and life cycle, occupation personality and personal concept
Psychological: Motivation perception and beliefs and behaviour.
Market setting is the manipulation of an brand or family of brands to make a positive understanding in the eye of the general public. If something is well positioned, it will have strong sales, and it could become the go-to brand for folks who need that particular product. Poor setting, on the other hands, can lead to bad sales and a dubious reputation. Several things are involved in market positioning, with entire businesses specializing in this activity and dealing with clients to position their products effectively. 9
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With the existing economic situation Tesco has gone to the cheap end of the marketplace competing the likes of Lldl and Aldi. So the target will be on main stream with competitive price