Market: Marketing and Target Market Analysis Essay

Submitted By Stephen-Britannia
Words: 5671
Pages: 23

Core concepts
Exchange
Needs- wants – demand
Exchange : parties all receive - Value
Consumer
needs met costs low
Firm
Growth
Profits
Core exchange concepts Part one
Needs
Physical and/ or psychological requirement for survival
Wants
Expressed or desired form of consumption in order of satisfy a need.
Demand
Having ability & desire to address a want to satisfy a need
↑↑creates a market ( group of people with a demand ) & acquires customers ↑↑
Core exchange concepts Part two
Satisfaction
Rating of usage experience
Loyalty
Purchase insistence & frequency
Relationship
Natural interactive connection of lives or lifestyles
↑↑maintains a market ( group of people with a demand)
Definition of a relationship or relational exchange
A relationship or relational exchange is a :
Mutually beneficial
On-going, interactive
Two-way connection of operations, lives, or lifestyles among organizations, and customers
A product has a relationship with a consumer when:
Product takes on a ‘persona’
Product becomes part of person’s lifestyle
Product is part of conscious scenery of some image or nostalgic memory.
Product is customized to taste.
Product is part of a tradition
Exchange is relational
Definition of a relationship marketing
Relationship marketing is the development and maintenance o successful relational exchanges that link the organization to its individual consumers, employees, suppliers and other partners for their mutual long term benefit.
Marketing Planning Process
An organization’s ultimate goal → Survival
Business organization
Survival can’t be taken for granted
Factor leading to extinction
Between 1998 to 2003. 10% of fortune 1000 lost more than 25% of its shareholder value within one month
Firm’s adapt through strategic planning
Strategy is the long-term courses of action the delivers a unique customer experience (position) while achieving its goals.
Core components:
Positioning ( value proposition)
Competitive advantages
Adaptability (Fit with environment)
Corporate level strategic plan
Sets overall organizational visional direction
Strategic business unit’s (SBU’s) level strategic plan
Select value creating opportunities, select target segments.& strategic Direction
Functional level tactical plan
Details specific methods of executing creation, delivery and capturing of value.
Marketing is one of the primary forces guiding firm’s adaptation presses.

The role of marketing in firm
This orientation has five keys
Understand customers’ needs & wants
Create customer value
Manage relationships
Operate more effectively & efficiently
Increase organization’s wealth
Marketing Plan
A written document foe business unit/profit center providing guidelines for achieving strategic position & efficiency in marketing programs to achieve competitive advantages & long term performance goals.
Components of marketing plan
Informational foundation stage
1. Vision analysis - organization
2. Situation analysis – environment & competitors
3. Target market analysis - customer
Strategic framework
4. Objectives
5. Segmentation Strategy
6. Positioning strategy
7. General marketing (Demand Strategy)
8. Competitive strategy
9. IMC Strategy
10. Channel Mgt. Strategy
↑↑Bullseye, Who, Connect/ Relate, How↑↑
Tactical implementation
11. Marketing mix plans
12. Control plan
Crate & Creature Value, contingence

Overview class objectives
Concept od value
Role of marketing mix
Marketing planning overview
Ultimate goal: survival
Adapt: say nothing and try to look, look like you belong
Adaptability
Marketing planning overview
Marketing contribute to vision
Marketing directly creates values
All definitions lead to value
The path to value
Customer value
The difference between the contribution a product to service makes to consumer’s ‘array of needs’ and extraction from consumer’s required resources
Marketing crates value
By providing customer utility at…