14 Marketing Concept to Consider to Incorporate Marketing

1. 14 Marketing Concept to Consider to Incorporate Marketing
The academic field of marketing is a vast pool of interrelated concepts and theories from
areas such as the marketing environment, market research and new product development,
marketing tactics and strategy, marketing mix, customer segmentation, customer
management and more.
A range of concepts from the field of marketing to help participants understand of the
interconnectedness of business decisions in a fast moving and competitive environment.
Concepts to consider are focused below:
1. Business Objectives (SMART): All businesses need to set objectives for
themselves or for the products or services they are launching. The importance of
objective setting is to focus on specific aims over a period of time and can motivate
staff (in this case team mates) to meet the objectives set.
This simple acronym of SMART stands for Specific, Measurable, Achievable,
Realistic and Time.
2. PEST Analysis: To starts with a new market outlook that helps participants
determine the likely development of the market, this is a great opportunity for doing a
PEST analysis (political, economic, social, and technological).
3. Competitor Analysis: In multiplayer environment it is though for the role player to
develop market based on your competitor's decisions from round to round regular
competitor analysis. The teams have to conduct in order to stay ahead of the curve
and be able to pivot their strategies against that of competing teams.
4. Micro-Environmental Factors: The micro environmental factors to be consider
includes customers, employees, competitors, media, shareholders, suppliers, and
the company.
5. Objectives, Strategy & Planning: Coordinate the stages to get fruitful outputs.
6. Market Research: Conduct market research, involves researching specific
industries or markets. It is the only tool an organization has to keep in contact with its
external operating environment. In order to be proactive and change with the
environment, certain questions need to be asked: How are competitors operate
within the environment? Are their strategies exceeding or influencing ours? What
should you do?

2. 7. New Product Development: Few decision have to make called as product
decisions-
- Product name
- Market selection
- Upgrade (if you want to keep existing product do not click upgrade)
- Design (one design only)
- Features (one or more features)
- Compactness level (higher is better)
- Battery life level (higher is better)
8. The Marketing Mix (4 P’s): Decisions regarding product, price, promotion and place
complete one of the most well-known marketing concepts; the marketing mix. It is a
tool used by the teams to assist them in pursuing their objectives by carefully
managing these four controllable variables to meet the needs of the defined target
groups.
9. Marketing Budgets: There are a number of ways in which firms can calculate how
much to allocate to their marketing and advertising spend. These methods are:
- The objective and task method
- Competitive parity method
- Percentage of sales approach
10.Marketing Budgets: What influences consumers to purchase products or services?
The consumer buying process is a complex matter, as many internal and external
factors have an impact on the buying decisions of the consumer.When purchasing a
product, there are several steps the consumer goes through. These are:
- Problem/Need Recognition
- Information Search
- Evaluation of Different Purchase Options
- Purchase Decision
11.SWOT Analysis: Have to conduct analysis of Strength, Weakness, Opportunity, and
Threat, as a framework to help the firm develop its overall corporate, marketing, and
product strategy.
12.Product Life Cycle (PLC): Follow up product life cycle concept suggests that a
product passes through four stages of evolution:
- Introduction
- Growth

3. - Maturity
- Decline
13. Market Segmentation, Positioning, Targeting:
14. Ansoff's Matrix: Follow up Ansoff’s Matrix, A common tool used within marketing
was developed by Igor Ansoff in 1957. He suggested that a business can grow in
one of four ways, from the lowest risk to a high risk strategy of growth. These are:
- Market Penetration
- Product Development
- Market Development
- Diversification