As a blogger, marketing, and management consultant, I get asked often about marketing. Here are some of the most common questions concerning marketing that I will answers. I will call it the ABC of Marketing.
The ABC of Marketing:
Define the term supply chain.
A supply chain is the labyrinth of technology, activities, actions, resources, organizations, and people engaged in the creation and sale of a product from the delivery of raw materials from the supplier to the manufacturer to the delivery to the consumer (Ref. Simchi-Levi, 2005). The supply chain for products includes all the companies creating parts for the product, assembling, delivering, and finally selling it (Ref. Simchi-Levi, 2005).
What is the task environment?
The task environment is the external environment of an organization that the firm likes to focus on because it influences its capability to achieve business goals (Ref. Kotler & Keller, 2012). The task environment consists of the industry it operates in, the competitors, suppliers, and customers, supply of labor, methods of production, raw materials, and the stock market.
What is meant by holistic marketing?
A firm that develops a marketing strategy by taking a comprehensive look at the business, where it operates, its place, and interaction with society and customers (Ref. Kotler & Keller, 2012). It has various perspectives on the business activities of the firm. It sees the development, design, and implementation of marketing activities, processes, and programs from broad angles to come up with the best result. It harmonizes the exploration; creation, and delivery of value with the goal of creating relationships among stakeholders that are beneficial (Ref. Kotler & Keller, Marketing management, 2012).
What is the Product Market Expansion Grid?
The product market expansion grid is a pragmatic structure for identifying new all-embracing opportunities for growth. It consists of the market penetration strategy, market development strategy, product development strategy, and diversification (Ref. Pleshko & Heiens, 2008).
The penetration strategy believes in the thesis that if the product is in the current market, it can continue to grow. The market share can be increased by supporting the customer to buy more of your product, make the product attractive to the customers of the competition and persuade consumer who does not use your product to use the product (Ref. Pleshko & Heiens, 2008).
The market development strategy looks at when an existing product is introduced to a new market then the firm must increase the distribution channels, find new locations to sell the product, and find potential customers (Ref. Pleshko & Heiens, 2008).
The product development strategy analyzes when a new product is introduced into the current market then new feature, quality levels need to be established and the technology improved (Ref. Pleshko & Heiens, 2008).
Diversification is important when a new product is launched. It is critical to develop new products using existing technology for new segments, develop new products for new markets and finally develop new products with innovative technology for existing customers (Ref. Pleshko & Heiens, 2008).
Explain the differences between a strategic marketing plan and a tactical marketing plan.
When a marketing plan is created, strategic marketing planning is first. Strategic market plans deal with the course of the growth of the business against the competition and the image of the brand to advance market position. The idea is strategic marketing the action is tactical marketing. Strategic marketing calls for an intensive comprehension of trends, demographics, purchasing behavior of the customer, and the competitive position. Research is done and then goals are made (Ref. Solomon, Marshall, & Stuart, 2012). A road map aids in the firm achieving its goals and a marketing budget. A SWOT analysis is done to examine the strengths, weaknesses, opportunities, and threats that exist in the business landscape. A brand identity is created and the SWOT analysis is used to send the message. The analysis is used to look at the gaps, take advantage of weaknesses in the competition, and leverage the strengths of the company (Ref. Solomon, Marshall, & Stuart, 2012).
A tactical marketing plan consists of sales promotion, advertising, and building relations with the community (Solomon, Marshall, & Stuart, 2012). Advertising broadcasts the image of the brand and educates the target consumer of the presence in the market. Advertising is marketing done via print, television, radio, and online social media. It includes planning those activities that buttress the strategic marketing plan. The tactics are spread evenly through the marketing season so a presence is always maintained in the minds of consumers (Ref. Solomon, Marshall, & Stuart, 2012).
Define Market Opportunity Analysis (MOA).
A market opportunity analysis, questions whether the benefits involved in the opportunity can be verbalized in a compelling manner to the defined target market. It examines whether the defined target market be found and reached with cost-effective media and trade channels. It looks at whether the firm has or can access resources and means to deliver the customer benefits better than the competition. Finally, whether the rate of return financially will meet or exceed the firms required threshold for investment (Ref. Kotler & Keller, Marketing management, 2012).
Good mission statements have five major characteristics. List and discuss each of these
A mission statement should focus on a limited number of goals (Ref. Kotler & Keller, Marketing management, 2012). It should be an accurate, useful summary of the firm and communicate to all stakeholders. It should focus on the most important policies and values of the firm. It should define the major competitive spheres and take a long-term view. It should be meaningful, short, and memorable. The mission statement should be succinct that fits in a business card. It should be memorable that all stakeholders remember and are unique to the firm. It should focus on what the firm does differently and how it achieves excellence. It should be realistic, give the raison d’etre for the existence, and be current (Ref. Kotler & Keller, Marketing management, 2012).
Distinguish between the five types of needs humans require.
Marketers try to understand the requirements of the consumer. It is critical to look at the needs, wants, and demands of the customer. Food, clothing, shelter needs. Needs turn to wants when the focus is on a service or product that will meet the need. Wants are an expression of needs that are shaped by the expectations of the individual or the culture. Wants convert to demand if the consumer can pay for the product or service. The assortment of needs is stated, real, unstated, delight, and secret (Ref. Solomon, Marshall, & Stuart, 2012). A stated need is what the consumer asks for. A real need is the real meaning of the stated need. When the consumer expects something but does not ask for it is unstated need. A need that is not crucial but would be happy if met is delight. When the consumer does not express the needs, which is intangible is a secret need. It is critical to appeal to this need and gain a competitive edge (Ref. Solomon, Marshall, & Stuart, 2012).
Author Bio –
Jerry Godinho is a graduate of Hotel Management School Les Roches, Bluche Switzerland. He has worked in restaurants and hotels in Dubai, Geneva, Fribourg, and Toronto. Jerry did his MBA from Anglia Ruskin University in Cambridge. Jerry is a blogger on food, faith, finance, and family empowering women to live a balanced life in the 21st century. Feedspot streams his blog to more than a million households in the U.S. and U.K. Fourcolumnsofabalancedlife.com is number #11 in lifestyle blog in Canada and #12 most powerful blogs on women empowerment on the planet. Jerry has been to more than 30 countries and is fascinated by food and its influence on culture.
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