TOPIC 1: THE MARKETING FUNCTION
Identify need, link want, encourage demand.
Products: Any tradable offering that satisfies a need: tangible, service, ideas, experiences.
Markets: All potential buyers who share a need or desire and who are capable and have the ability to exchange
Consumer insight: a non-obvious understanding about your customers that has the potential to change their behavior for mutual benefit.
Marketing: identify and understanding and meeting customer and social needs.Creating, communicating, delivering and exchanging.
1.0= product orientation, traditional methods, unidirectional communication.
2.0= consumer orientation, dynamic, bidirectional, needs satisfaction.
3.0= values and society, multidirectional, interactive consumer, better world.
4.0= social values, eco social, omnidirectional.
3C´s: corporation, competitors and customers.
Types of marketing:
Business, political, public sector, NGO, individual and social
Desmarketing: reduce the demand (tabaco).
Antimarketing: use reverse psychological techniques (women, men).
Current markets and current products: market penetration strategy.
Current markets and new products: product development strategy.
New markets and current products: market development strategy.
New markets and new products: diversification strategy.
Marketing today: product, marketing, experience and trust orientation,
Product: the need; Price: its cost to consumer; Place: where it is sold
Promotion: its marketing and let it know
Political: gov, fiscal policy; Economical: unemployment, inflation
Social: family style, age, wages; Technological: I+d+i
Environmental: global warming, sustainable, renewable, ecological; Legal: laws
Marketing functions: planning, implementation, control, market research, logistics.
Strategy: a plan of action designed to achieve a l-t goal
Sustained competitive advantage: ways to produce a good of equal value at a lower price, lower cost or more desirable fashion.
TOPIC 2: THE MARKET
Market: people + money + a wish to spend
Direct competitors: same sector and product.
Indirect competitors: same sector different product.
Substitute competitors: different category.
Consumer behavior: is the study of the process in which individual or groups choose to buy o ruse goods to satisfy their needs
Consumer buying process: problem recognition, information gathering, evaluating alternatives, purchase, post purchase behavior.
Consumer journey: awareness, consideration, purchase, retention, advocacy.
Economical: income, standard living; Personal: age, occupation, lifestyle
Psychological: motivation, perception;
Cultural/social: social class, social groups, famous and leaders
Segmentation: identify and describe market segments.
Behavioral: brand attitude; Geographic: region, weather;
Demographic: education, age, gender; Psychographic: personality lifestyle
Useful segments: measurable, differentiable, sustainable, accessible, actionable.
Emerging segments: YUPPIEs, BOBOs, NYLONs, LATs, DINKYs, LOHAS
Targeting: evaluate segments and decide which one to go:
Full market coverage: (all markets, bad product mix cost)
Segment concentration: (certain markets, competitor invading)
Specialization policy: (1 product or market, reputation diversification but supplanted)
Positioning: design a product to meet segment needs and develop a marketing mix creating competitive advantage. Company chooses 1 or 2 key areas to concentrate and outshine.