What is marketing
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Improve your skills as a marketer with a CIM qualification through CIM Academy
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What is marketing
- 1. CIM Certificate in Professional Marketing Marketing 1
- 2. CIM Certificate in Professional Marketing Learning outcomes At the end of this session you will be able to: § Define what marketing is and its role in business § Outline the marketing planning process § Understand the importance of customer buying behaviour to marketers § Compare the different types of consumer and business to business buying behaviour § Explain the principles of marketing segmentation and how markets are segmented
- 3. CIM Certificate in Professional Marketing “The process of defining, anticipating and creating customer needs and of organizing the company’s assets and resources to satisfy them for the greater profit of the customer and the firm” (Anon) “The management process responsible for anticipating and satisfying customer requirements profitably” (CIM) “A company philosophy, not merely a business function” (M.McDonald) What is marketing?
- 4. CIM Certificate in Professional Marketing Exchange process Marketing is often described as an ‘exchange process’ where goods and services are exchanged usually for money. Marketers are key in managing this process and making sure that both parties benefit and the process is a smooth as possible.
- 5. CIM Certificate in Professional Marketing Marketing’s evolution Production orientation Product orientation Sales orientation Marketing orientation
- 6. CIM Certificate in Professional Marketing Marketing orientation Achieving Marketing Orientation Common Goals Common Information and Control Systems Marketing Providing Internal Services Marketing Contributes to Internal Strategy Clear Company Policies Internal Relationships are Important
- 7. CIM Certificate in Professional Marketing Tangibles and Intangibles Features Quality Packaging Performance Sales and Service Style Prestige Cost of ownership Transaction price Resale Value Operating Costs Financing Value = What customers receive/What customers pay
- 8. CIM Certificate in Professional Marketing Explain marketing’s role in business Create and maintain customer, brand and stakeholder value Identify market trends and inform business decision making Monitor and act to remain competitive
- 9. CIM Certificate in Professional Marketing The function of marketing Bridge between customer and organisation Impact on company performance linked to strategic planning Cross- functional working Collecting and analysing information Understanding and championing customers
- 10. CIM Certificate in Professional Marketing The planning cycle - APIC Analyse PlanImplement Control
- 11. CIM Certificate in Professional Marketing The marketing planning process – SOSTAC® PR Smith’s SOSTAC® Planning System SOSTAC® Situational Analysis Control Objectives SMART Actions Strategy Ansoff’s Matrix Tactics 7Ps SOSTAC® Where are we now? Where do we want to be? How do we get there? When and where? Who does what? Are we achieving?
- 12. CIM Certificate in Professional Marketing Customer analysis Customers Who is important? What are their choice criteria? When do they buy? Where do they buy? How do they buy? Jobber, D. (2010) Principles and practice of marketing. 6th edition. Maidenhead, McGraw-Hill.
- 13. CIM Certificate in Professional Marketing Areas of influence The buying situation Factors affecting decision-making Examples of marketing implications/considerations Extended problem-solving Limited problem-solving Habitual problem-solving Level of information to provide for consumers to make informed decisions Personal Influences Information processing Motivators Beliefs and attitudes Personality Lifestyle Life cycle & age Extent to which personal influences inform decision-making, e.g. an individual perceptions can distort marketing messages; lifestyle can determine interest and opinions Social Influences Culture Social Class Geodemographics Reference Groups Extent to which social influences inform decision-making, e.g. culture can determine societal values, which might affect individual behaviour. Influences on consumer purchasing behaviour
- 14. CIM Certificate in Professional Marketing Influences on organisational purchasing Personal characteristics • Personality • Perception • Motivation • Beliefs/attitudes • Buying-style • Risk tolerance Individual circumstances • Gender • Age • Income • Education/training • Buying experience Organisational decision-making processes Purchase Business environment External Internal Macro-environment Objectives Micro-environment Systems Structure
- 15. CIM Certificate in Professional Marketing Consumer versus organisational buying behaviour Consumer § Routine response § Limited decision making § Extensive decision making Organisational § Straight rebuy § Modified rebuy § New task
- 16. CIM Certificate in Professional Marketing Segmenting markets, targeting and positioning Segmentation Consider variables for segmenting market Look at profile of emerging segments Validate segments emerging Targeting Decide on targeting strategy Decide which and how many segments should be targeted Positioning Understand consumer perceptions Position products through communication Design appropriate marketing mix
- 17. CIM Certificate in Professional Marketing Segmentation: three questions Are the segments different in a meaningful way? Are the segments big enough? Can companies be easily positioned in any of the segments?
- 18. CIM Certificate in Professional Marketing Why is segmentation so important? § Because different people/groups have different needs § It allows us to target, develop and deliver more precisely § To be useful, market segments should be: – Measurable – Substantial – Accessible – Differentiable – Actionable So spend your time and effort where the greatest rewards are!
- 19. CIM Certificate in Professional Marketing Demographic Age/Sex/Income Social class/Life cycle Lifestyle Buyer behaviour Frequency of purchase Loyalty/Amount Channel Needs/Motivations Rational/Emotional Value of segment Size/Profit Prestige Consumer segmentation
- 20. CIM Certificate in Professional Marketing B2B segmentation § Industry • Government, industry, retail, etc. § Buyer size • Large, small, etc. § Geography • North, south, etc. § Customer needs • Speed, Security, Accuracy, etc. § Selection criteria • Service, Price, Credit, etc. ‘Firmographic’ (Business demographic) Background • Decision Making Unit composition • Players, needs • Usage rates • Heavy, light, nil • Buy patterns • Where, when, how • Attitude to suppliers • Good, bad • User status • Current, potential, lost Needs/Motivations Sought Buyer Behavioural
- 21. CIM Certificate in Professional Marketing Targeting Strategies Undifferentiated marketing Differentiated marketing Niche marketing Customised marketing
- 22. CIM Certificate in Professional Marketing Perceptual or positioning map Price Quality + - - +B A D C Key A = brand positions
- 23. CIM Certificate in Professional Marketing Want to know more? Need advice about which qualification is right for you? Phone +44 (0)1628 427240 or apply now at http://cimacademy.co.uk/apply/