Marketing Management

 

MARKETING MANAGEMENT 

RESUME

 

Lecturer :

Bambang Purnomo, S.E., M.M.

 

 Compiled by :

Cherly Rhesfinola C1B021135

R-008 (International Class)

 

MANAGEMENT DEPARTMENT

FACULTY OF ECONOMICS AND BUSINESS

UNIVERSITY OF JAMBI

2022

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1^st Meeting Marketing Management

A. Developing Strategy & Marketing Plan

            1. Business Organization Structure

           

            2. Definition of Marketing and Marketing Management

Philip Kotler defines Marketing is the human activity directed at satisfying human needs and wants through an exchange process. And the definition of marketing management is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

3. Organization Objective and Marketing Management Objective

Organization Objective :

·         Company vision : Where do we see the business going?

·         Company mission : Why does our business exist?

·         Marketing objectives : What do we want to accomplish with our marketing strategy?

·         Marketing strategies : How will we accomplish our marketing objectives?

Marketing Management Objective :

·         Creating new customers

·         Raising the standard of living of the people

·         Satisfying the needs of customers

·         Determining the marketing mix

·         Enhancing the profitability of the business

4. Marketing Strategy

Based on First Principles and Data Analytics : All Customers Differ, All Customer Change, all competitors react, all resources are limited. First Principles. The foundational concepts or assumptions on which a theory, system, or method is based (Oxford Dictionaries).

Marketing strategies : Viral Marketing, Branding, Content Marketing : Written Content, Visual Content, Video Content.

Marketing Plan : Manage Results, Implement, Financial Plan, Price, Product, Market share

5. Marketing Plan

The definition of marketing plan is A document, or set of documents, outlining the platforms and methods a company will use to reach their target market.

7 Parts of a Marketing Plan

·         define what your business does ; mission & goals > strengths & weaknesses

·         describe your product or service ; key benifits and problem being solved

·         define your target audience

·         the p's of your product or service ; postition promotion, place, & price

·         whats your offer or message

·         communication medium

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2^nd Meeting Marketing Management

 

1. Collecting Marketing Information

            Collecting Marketing Information is knowing more about customer wants like collect data about potential customers, competitor’s analysis and better market research. This 10 benefits of collecting customer data : Know your customer, Identify high-value audiences, Turn one-time buyers into repeat customers, Improve and personalize the in-store experience, Prevent customer churn. Improve digital advertising (without violating privacy regulations), Improve cross-functional collaboration, Keep track of your marketing performance, Save costs and Offer seamless customer experiences.

2. Scaning Marketing Environtment

the importance of environmental scanning ;

·         What are the most important changes in the business world?

·         How do these affect them and us?

·         What are the implication of these changes?

·         How do businesses react to them?

Purpose of environmental scanning ; Effective utilisation of resources, Constant monitoring of resources, Strategy formulation, Identification of threats and opportunities, Useful for the managers and Prediction of future.

3. Marketing Research

Market Research is the process of collecting, analyzing and interpreting data about your target market, consumers, competitors and the industry as a whole. Marketing research has 4 types ; positioning, forecasting, optimization, reducing risk.

Components of market research is identify trends, analysis reports, marketing plan, SWOT analysis report, location analysis report, competitive analysis, target market analysis, domestic/international competitors and price analysis.

4. Marketing Forecast

            Market Forecast Process

·         Define the market, Detailing of the market including all categories of potential and customers.

·         Industry demand & the components, All the industry demands and associated components to be categorized into actionable buckets

·         Predicting demand drivers, Forecasting the demard drivers for each category and project how they change.

·         Sensitivity analysis, Understanding the critical assumptions and risks to the baseline forecast through sensitivity analysis.

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 3^rd Meeting Creating Value, Customer Satisfaction & Loyalty

 

1. Creating the Value to Customers

            Create value for customers and build customer relationships

Ø  Understand the marketplace and customer needs and wants

Ø  Design a customer-driven marketing strategy

Ø  Construct an integrated marketing program that delivers superior value

Ø  Build profitable relationships and create customer delight

Capture value from customers in return

Ø  Capture value from customers to create profits and customer equity

Types of Customer Value

Customers derive value from three sources

·         Economic Value: Monetary advantage

·         Functional Value: Features, Benefits and Performance

·         Psychological Value: Brand Image

Value defined by customers: Low price, expectation from a product/service, quality comparing the price, What receive against the exchange.

According to Kotler, Value has four categories: Product, Services, Personnel and Image Value

Customer value > cost, quality, service, social, marketing, past experience

How marketers create value

·         Value = Costs/Benefits,

·         Utility-ability of goods and services to satisfy consumer "wants"

·         Form Utility-inputs that have been converted into a finished product

·         Time Utility-providing goods and services at convenient times

·         Place Utility-offering goods and services in convenient locations

·         Ownership Utility- offering favorable. terms of purchase

CV = (Perceived Customer Benefits – Total Cutomer Cost)

2. Customer satisfaction & Loyalty

Definitions

·         Customer Satisfaction is customer's perception of the degree to which the customer's expectations have been fulfiled.

·         Customer Loyalty: Feelings or attitudes that incline a customer either to retury to a company shop or outlet to purchase there again, or ellis to re-purchme a particular product service or brand.

·         Customer Churn; loss of customers. Also known Customer attrition

·         Customer Retention: a strategy whose objective is to keep a company's customers and to retain the reverse contribution Primally it aims to prevent customers from going to the competitor

·         Complaint is an expression of dissatisfaction made to an organization related to its products, where a response or resolution is explicitly or implicitly expected

·         Customer service is the experience that a customer gets when dealing with the business, and the extent to which this experience meets or exceeds the customers needs and expectations.

Importance of customer satisfsction

·         Reduce customer churn

·         Decreases negative word of mouth

·         Retaining customers is cost-effective

·         Gets repeat business

·         Differentiates from competition

How to improve customer satisfaction : Become obsessed with customer feedback, Create a sense of convenience, Deliver fast responses, Make satisfaction a company-wide focus, Lead with empathy.

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4^th Analyzing Business & Consumers Markets

 

1. Market Analysis

Market Analysis is A formal approach to collection, analysis, interpretation and reporting of information for making rational marketing decisions An ongoing process to understand customers, competitors and the industry. Its like Market Size, Market Growth Rate, Market Trends, Customer Segmentation, Assessing Competition and Business Environmental Factors.

2. Conducting a Market Analysis

·         Identify industry characteristics

·         Determine the target audience

·         Conduct a competitor analysis

·         Make prognoses/analyses

·         Comply with laws and regulations

3. One of Tools Market Analysis

            Swot Analysis is a framework for identifying and analyzing an organization's strengths, weaknesses, opportunities and threatsis a framework for identifying and analyzing an organization's strengths, weaknesses, opportunities and threats

4. Customer analysis

            Benefits of Customer Analysis :

·         Increase Customer Retention Rate                            

·         Better Customer Segmentation

·         Develop Personalized Marketing Strategies              

·         Accurately Predict Customer Behavior

·         Reduce Customer Acquisition Costs

·         Enhance Customer Services

·         Accurate Sales Forecasting

·         Revamped Product Portofolio           

            6W Model of Customer Analysis : Who, Why Not, Why, What, Where, When.

Voice of the Customer : Social Media Listening, focus group & interviews, Surveys, Email, chat & call data, NPS, Customer Reviews, Blogs & Forums.

5. Business Analysis, is the set of tasks and techniques used to work as a liaison among stakeholders in order to understand the structure, policies, and operations of an organization, and to recommend solutions that enable the organization to achieve its goals.

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5th Meeting Identify Segment & Target Markets

1. Marketing Strategy

STP Marketing Model 

• Segmentation

• Targeting

• Positioning

Marketing Segmentation Benefits

• Custom Tailored Messages

• Effective Marketing Stategy

• Attract Quality Leads

• Differentiate from Competition

• Enables Better Control

Types of Market Segmentation

• Geographic Segmentation

• Demographic Segmentation

• Psychographic Segmentation

• Behavioral Segmentation

2. Target Market

Target Market is a target market is a segment of potential customers who are more likely to buy a product or service from you

Target Audience ; for a spesific media avenue 

Target Market ; for a particular product or service

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6th Meeting Brand Equity & Brand Positioning

1. Brand Equity 

Brand equity is a very powerful, intangible asset for an organization, Essentially, brand equity refers to the added value a business delivers, beyond its product or service. This value is derived from the degree of brand recognition a company has, as well as how positively negatively customers view the business.

Benefits of Brand Equity

Customer Loyalty Price Premiums

Customer Satisfaction Leverage Distribution

Customer Confidence Market Share

2. Brand Positioning

The art of designing a business' offering and image that resonates with a person and keeps the business at the forefront of their mind

What is Positioning? The way a product or brand is viewed in comparison to other products or brands in the same market, Based on consumer perception and Can be a source of differentiation.

Steps in Brand Positioning Strategies

• Determine current brand positioning

• Determine your competition

• Identify your unique selling proposition

• Create a Brand Positioning Statements

• Test your brand positioning statement

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7th Meeting Analysis of Competition

1. Competitor Analysis

What is the meaning of Competitor analysis? it is the process of identifying, assessing, and selecting key competitors

What is the stage of Competitor analysis process?

1) Identifying the company's competitors.

2) Assessing competitors' objectives, strategies, strengths and weaknesses, and reaction patterns.

3) Selecting which or avoid.

Competitor Analysis Defined

• Through competitor analysis, firms can:

• Identify who their key competitors are

• Develop a profile for each competitor 

• Identify competitors' objectives and strategies

• Assess their strengths and weaknesses 

• Gauge the threat they pose, and

• Anticipate their reaction to competitive moves!

Competitive analysis involves identifying your competitors using research to reveal their strengths and weaknesses in relation to your own.

Benefits of Competitor Analysis

• Understanding the Market Value

• Targeting Customers

• Check Market Potential Forecasting

• Climate Tracking

• Competitor Product Tracking

• Competitor Pricing

• Tertiary Market Possibilities

• Customer Acquisition

Competitor Analysis : Market Position, Strengths, Market Shares, Weaknesses

4 Easy Steps to Your First Competitor Analysis

1. Make a List of Competitors

2. Build Competitor Profiles

3. Uncover Their Strategies

4. Put Your Learnings into Action