02 - IBBusinessAndManagement.com WEB READY2

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IBBusinessAndManagement.com, IB Business and Management, Marketing, The Role of Marketing

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© IBBusinessandManagement.com IB Business and Management The IB Diploma Business and Management course delivered IN STYLE, ONLINE.

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z © Consumer markets Markets for goods & services bought by the final user of them Industrial markets Markets for goods & services bought by businesses to be used in the production process of other products

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z © Marketing consumer goods & services Cell phones will be marketed differently to cell phone plans Services are consumed immediately (they cannot be stored). so cheap off-peak minutes are a great way to gain customers once businesses have finished using networks for the day. Services cannot be taken back to be repaired or replaced, so the service quality must be right first time or consumers will not return. Consumers find it much more difficult to compare service quality than manufactured goods, so promotion must be informative & detailed about the range & quality of services offered. People (trained, approachable, helpful staff) are very important to successful services marketing (e.g. helping customers choose the right plan or with problems with data connections). The product doesn’t just tend to sell itself (e.g. wii™).

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z © How not to market a service!!

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z © Marketing business to business Requires a different approach: Not focus on retail stores, but use more resources on industrial exhibitions & direct or personal selling to companies. Customize each cellular network contract to the exact requirements of each business customer. Promote the product as being a cost-saving & profitable choice, not something that will satisfy a consumer desire or need Produce technical promotions & literature that will recognize that business customers will very likely be knowledgeable and will be making an informed choice.

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z © Market orientation An outward looking approach basing product decisions on consumer demand, as established by market research Product orientation An inward looking approach that focuses on making products that can be made – or have been made for a long time - & then trying to sell them

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z © Market orientation Market research & market analysis to indicate present & future consumer demand The business attempts to produce what consumers want

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z © Product orientation “If I had of asked people what they wanted, they would have said a faster horse.” – henry ford (father of the modern automobile) The business thinks it knows what consumers want, then produce it & have confidence that their innovation will sell profitably Product orientated businesses invent & develop products in the belief that they will find consumers to purchase them. They have belief in their strong r & d processes. Big pharma (the next blockbuster drug is always just around the corner) & electronic industries (nintendo was sure the wii™ would take the market by storm)are the classic examples here. Product orientated businesses concentrate their efforts on efficiently producing high-quality goods. They believe they will be valued above market fashion. Think premium watches & luxury cars Question: 4.1.2, p. 444

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z © Market orientation Product orientation an evaluation Trend is towards market orientation, but there are limitations: Overstretching resources trying to respond to every passing consumer trend Trying to offer choice & range is expensive In contrast, researching & developing an innovative product can be successful, even without formal market research

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A firm will consider its core competencies (strengths) in terms of people, assets & brand image & will only make products that use & take advantage of those strengths. An approach to marketing that bases strategy on a firm’s existing strengths & assets instead of purely on what a customer wants z © Asset-led marketing Product-led market-led Asset-led marketing

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A set of core competencies for a business is essential. z © Bmw does not make commercial vans or light trucks. They know there is market demand there, but they are not the right company to supply these goods (whereas Mercedes does). Watch the video: What are the indicators that apple ® is engages in asset-led marketing? Remembering that Marketing does not mean promotion!! Asset-led marketing

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z © Asset-led marketing

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This approach not only considers the demands of the consumers but also the effects on all members of the public (‘society’) involved in some way when a firm meets their demands. It is not marketing through social media z © social marketing It is an attempt to balance three concerns: company profits, consumer wants & society’s interests. There is a difference between short-term consumer wants (low prices) & long-term consumer & society welfare (jobs & environment ). Social marketing considers long-term social welfare. Businesses should still aim to identify consumer needs & wants & to satisfy these more efficiently than competitors do – but in a way that enhances consumers’ & society’s welfare. Using this concept of ‘shared value’ could give businesses a significant competitive advantage. Many consumers prefer to purchase products from firms that are seen as socially responsible. A social marketing strategy, if successful, could lead to the firm being able to charge higher prices for its products as benefiting society becomes a unique selling point.

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In the video, Professor michael porter, a leading business & marketing guru, believes that purely profit-driven firms are responsible for the failings of western capitalism (great recession, high unemployment, growing inequality). He talks about his shared value model. z © social marketing

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z © social marketing

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Charities have very clear Fund-raising objectives, & marketing needs to be done in the most cost-effective way. z © Marketing in not-for-profits Maintain high ethical standards Constant feedback on campaigns to be able to maintain public interest & awareness Use of free publicity to promote causes within a tight marketing budget Question 4.1.5. p. 451

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A detailed report on an organization’s marketing strategy. It Should include: z © Marketing plans S.m.a.r.t objectives e.g. to increase sales by 15% in each of the next three years Strategic plans An overview of the steps to be taken to meet these objectives e.g. selling existing products in new markets & how this will be attempted Specific marketing actions e.g. which new markets? By when? Which methods of promotion will be used? A marketing budget The finance that will be needed to pay for the overall cost of the marketing strategy & actions

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z © Marketing plans limitations benefits Provide a focus to the work of the marketing department Plans that are not revised to meet changing internal or external conditions will become outdated Marketing strategies linked to s.m.a.r.t objectives will increase the chances of attaining marketing objectives Plans are insufficient on their own. They need to be reviewed constantly & the final outcome judged against the original objectives to aid future decision-making

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