MGT301 Objective by Muhammad

MGT301 Objective By Pin✌️And Muhammad

Customers are the king of business.

Macro environment consists of six external forces i.e. demographic, economic, natural, technological, political and cultural.

The microenvironment consists of the Organization itself, Suppliers, Intermediaries, Competitors, Customers and Public

Parts of strategic planning are: 1. Environment analysis 2. Internal analysis 3. Vision 4. Mission 5. Objectives

Actors---------e.g supplier, distributors etc. Factors____ public Forces______e.g economic, political forces

Strategic Business Unit (SBU)

BCG matrix is a tool for portfolio analysis. It is done on the scale of relative market share and market growth rate.

Star: This Quadrant has High growth rate with High market share.

Question mark: This Quadrant has high growth rate with low market share

Cash cow: This Quadrant has Low growth rate with high market share

Dog: This Quadrant has low growth rate with low market share.

4 Ps are developed for the product.

In the first step of marketing research process problem is defined and objectives of the research are designed.

In the second step research plan is developed for the sake of collecting information. Information could be collected through interviews, surveys, and from published material.

In the third step of research process research plan is implemented for the sake of collecting and analyzing the data. In the last step the interpretation and reporting of findings is conducted.

Surveys offer a quick way of collecting required information. Survey research is conducted in public areas or visiting targeted offices, schools, universities etc.

Market information system (MIS) Consumers’ buying is significantly affected by social, cultural, personal, and psychological factors. These are the factors which are not in the control of marketers

Marketers have to understand that consumers don not purchase products, they purchase values and lifestyle.

Q7. What role marketing plays in our life?

Answer: We live in an interdependent world where we have to convince others and seek their support for any activity we do in our life. This is a fact that others will only get convinced and extend their support if what we are offering has relevance for them. At all such occasions, fundamentally, marketing will teach you to understand what concerns others and how to present your offer in a way that appeals to others. Marketing will also guide you to express yourself to the world around to get maximum out of it.

Marketing help consumer to take decisions,

“meeting the needs profitably

Customers\ consumers are important for marketers

Exchange is the act of finding a desired thing

Demand of any unhealthy product is called unwholesome demand like narcotics and drugs etc

Customer lifetime value;

“is the value of the entire stream of purchases that the customer would make over the lifetime of investment”. Take example of female who uses lipstick regularly. Suppose if she uses a particular lipstick of a company and on average, she will use it for 10 years. Then suppose if one lipstick is of Rs. 500 and it lasts for one month so in one year she will use 12 lipsticks. So, she will spend 500 *12 = 6000 in one year and in 10 years she will spend 6000*10=60000. If the company has won the customer, company is not selling one lipstick to the customer but it’s winning the sale of 60000 and if the customer is lost then it is losing this amount.

Customer-generated marketing (CGM)

Customer-generated marketing (CGM) is the type of marketing in where firms invite their customers either to develop the content for company marketing campaign or to review it. Initially only companies were marketing the products now customers are also marketing. Everyone can now access everyone else so they are sharing their experience good or bad with others. We can say that Customer-generated marketing is leading now.

Stimulation Marketing is the task of converting no demand into positive demand. So, it is the process of creating a demand for a product. We can't change our environment suddenly.

Marketing intermediaries usually consist of wholesalers, distributors, and retailers that make a relationship between the organization and the customers.

financial publics, media publics, government public, local public, general public or internal publics etc.

Government is the protector of the state's public interest

To check the health of the economy and growth rate, we have many economic indicators, which are GDP volume and growth rate, Per capita income, Interest rate, inflation, Import Duty rate etc.

Marketing is all about serving customers profitably.

Vision gives long term direction, what it wants to be in long term.

Mission: Organization’s purpose

BCG matrix is a tool for portfolio analysis.

Product/ market expansion Grid is a tool for identifying company growth opportunities

Marketing mix is developed after segmentation, targeting and positioning are done. Marketing mix consists of marketing tools such as products, price, place and promotion

These are actually 4 Ps of marketing mix .4 Ps are developed for the product. Market is divided into segments and then appropriate segment is targetted and positioned.

For building marketing strategy we need to do SWOT analysis as well.

S Strengths – It shows internal capabilities of the company to reach its objectives

W WeaknessesIt shows internal limitations of the company that creates hindrance for a company to achieve its objectives

O Opportunities – It shows how a company can take advantages of opportunities available externally

T ThreatsIt shows how factors may challenge a company’s performance

Managers make major marketing decisions based on the information they gather from marketing environment and this information is stored in marketing database to maintain a record and for further decision making when needed. This is called internal data. While talking about the external data, Marketing Intelligence helps marketers in a variety of marketing decisions i.e. increasing sales, building customer retention capacities, and keeping an eye on competitors.