Analyzing Marketing Opportunities

Analyzing market Opportunities marketing has a nigh(a) deal been defined in conditions of satisfying customers take ins and wants critics however suffer that commercialise goes beyond that and creates needs and wants that did not exist before. According to these critics, marketers abet consumers to spend much money than they should on goods and assistances they really do not need.Marketing was defined by the Ameri croupe Marketing standoff Board of Directors asMarketing is the activity, set of institutions, and processes for creating, communication, delivering, and exchanging offerings that piss value for customers, clients, partners, and ball club at large. (Approved October 2007)http//www.merchandisingpower.com/ab eruptama/pages/definitionofmarketing.aspxMarketing is the process whitherby society, to supply its consumption needs, evolves distributive systems collected of participants, who, interacting under constraints technical ( scotch) and ethical (social) crea te the transactions or flows which scatter market separations and result in exchange and consumption. Bartles2What Is Marketing? How 10 Experts regulate ItMarketing ProcessThe marketing process consists of analyzing marketing opportunities, developing marketing strategies, planning marketing programs, and managing the marketing effort. (Kotler)3http//nraomtr.blogspot.ie/2011/12/marketing-strategy-marketing-process.htmlAnalyzing Marketing OpportunitiesMarket depth psychology involves market search ab protrude a product or proceeds being offered it involves using primary and secondary data, looking at the economic situation of the country and the legal aspects political aspects, the legislation the competitors new entrants into the market and their market position. This data go forth be analysed using different statistical tools this provide be utilise in identifying short, medium and long term on various marketing activities. This data provide useful info which enables the o rganisation to plans its marketing strategy. For example Tesco a grocery store go away look at what Asda, Lidl Aldi and also what the correspondings of Sainsbury, marks and spencer atomic number 18 doing and their market sh argon. Its in view as this that Tesco leave behind chequer what its marketing strategy go out be.Developing Marketing StrategiesBased on the Marketing research conducted Tesco will be able to determine what marketing strategy it will accept for the next quarter on each of its product range and determine what market segment it will concentrate on. it might decide to contrate on fruit and vegetables or it might decide to concentrate of clothing speciality decision is made to arrive at a product that will expand to the optimal profit. For example Tesco might decide to be a loss leader on a particular product slice maximising profit in early(a) beas Usually at Tesco cost of virtually items are reduced but customers will come in because of this package b ut will end up buying different not discounted.Marketing ProgramsMarketing strategy leads to marketing mix, examples are work out allocation for a particular department, products etcMarketing Mix is the combination of four elements, called the 4Ps ( produce, Price, Promotion and Place), that every company has the option of adding, subtracting, or modifying in disposition to create a desired marketing strategy. (Philip Kotler)4Larry Steven Londre Marketing, IMC, Advertising, Promotion, Media and More. 2012 EditionThere are large number of marketing tools. McCarthy5 provided a categorization for them in ground of four Ps of marketing Product, charge, place and promotion. Under each P, at that place are number of tools.Depending on the organisational choice it is possible to have some on a short term medium term or long term new products are usually on a long term basis In other to carry out budgeting for different marketing tools, sales functions this functions will relate to how sales will be affected be any incremental amount, This is known as sensitivity analysis.Product related marketing tools are in the ashes of quality, branding design,packaging, etc. While price related to commissions, discounts and setmen commission to discount set like buy one and pay for I/2 price for the second.Place related are like on line sales Tesco in retail park, Tesco in large shopping centres and the Tesco express which can be in filling stations or in a neighborhoodPromotion relates to Tesco club card owners who get personal sales promotions or instore promotions and TV and radio jingles or adverts, online and social media campaigns.Market taste was defined by McNamara (1972 p.51) as a philosophy of business counselling based upon a Company wide acceptance of the need for a customer orientation. Profit orientation and recognition of the important role of communicating the needs of the market to all corporate departments .5 Journal of marketing april 1990 Ajay Ko hl and Barnard J Jaworski Market orientation course the construct, research proposition and managerial implicationsThe chief(prenominal) points highlighted here are customer focus and profitability.The chances of new products failing is very ofttimes reduced and it provide the opportunity to cut its loss if indications are it whitethorn not be profitable the a stop can be put to it before the product is launchedWhere market Orientation approach is used there chance that consumer needs are being met with appropriate products or services are higher and inevitably the life product of such products or service will be prolonged and hence more than than profit..Constant feedback from consumers This is an unending process through this constant market research this will enable the firm to make changes to the product as its show fits hence making higher profits and matching those of their competitors..The disadvantages of marketing Orientation areIt whitethorn be difficult to target campaigns at a large MarketConstant market research it is very overpriced thereby reducing profit*Where there is a specialised markets it will be difficult to fulfill the needs of the sub market(consumers) A good example of this is the graphic plotters used for architects similar plotters may not be ideal for factories with specialised technical construction or tool making.Product differentiation may at time be difficult curiously for the likes of retail supermarket where they do not produce the products but for the company branding it is often difficult to differentiate a product and stand out from disputationconsumer wants often change due to income and consumption patterns for example person who lost his/her job will change quickly from buying from Tesco to the likes of Lidl and Aldi. it may be hard to keep up with need of such deal.Marketing environment is mainly made of two variables the micro and the macro factors these factors are mainly internal environment- micro and e xternal environment macroThe micro environment are variables that can be controlled or by management.E Jerome McCarthy 6 said the variables that the company can control in beau monde to reach its target market are the four Ps. Price, products, promotion and place.A Communication-Based Marketing Model for Managing RelationshipsTom Duncan and Sandra E. MoriartyJournal of MarketingVol. 62, No. 2 (Apr., 1998), pp. 1-13Macro are those outside the control of the organisation.they areproximate macro-environmentThe supplier environmentThe distributive environmentThe wider macro-environmentDemographyproximate macro-environment This involves the external forces for example, in the legal, cultural, economic and technological sub-environments. This are the people or firms with organisation adjacent external environment. Of they are marketing firms, are suppliers, competitors and distributors (intermediaries).The supplier environment These are businesses that provide the firm with material an d distribute to their retails in includes logistic companies and retailers the like of TescoThe distributive environment Emphasis is placed on intermediaries such as wholesalers, factors, agents and distributors so that final consumer get productsThe competitive environment The threat of competition cannot be over emphasised the orgainsation must be alert to the strength threat of other companies selling the same product. Ie Pepsi and Coke companies marketing similar and substitute product whether they are of domestic or overseas origin.The wider macro-environment Changes in the wider macro-environment may not be as close to the companys casual operations, but they are equally important this falls into four The main factors making up these wider macro-environmental forces fall into four throngs.Political and legal factors sparing factorsSocial and cultural factorsTechnological factorsDemography In places like Iran, Tunisia, Syria and the middle east in general which were predomin antly dominated by Pepsi, the orgasm of war has change the demography of the area. This is out of the control of Pepsi and It will have to readjust its marketing strategy and marketing Mix for this region.Market part is defined as The process of defining and subdividing a large homogeneous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its intent is to design a marketing mix that precisely matches the expectations of customers in the targeted segment. 7Read more http//www.businessdictionary.comhttp//www.coriolisresearch.com/pdfs/coriolis_tesco_study_in_excellence.pdfFig 1 http//www.coriolisresearch.com/pdfs/coriolis_tesco_study_in_excellence.pdfFig2 http//www.coriolisresearch.com/pdfs/coriolis_tesco_study_in_excellence.pdf (source)Gig 3 http//www.coriolisresearch.com/pdfs/coriolis_tesco_study_in_excellence.pdfTesco provided half-dozen market segments to target the different consumers Need from the up class to the start class i ncome . The segments are self narrative with this concept Tesco was able to unceasingly increase its market share.Buyers behaviour often change depending on products , the consumers disbursal power, consumers needs and how urgent he need the product.The customer identifies a need This often occurs from advertisement from TV, Radio, Bill board social media or manner of speaking of mouthLooking for in stoolation At this stage the customer wants more information about the products and needs to see the product and discuss more with the sale representativeChecking out alternative products and suppliers The consumer at this stage will look for a better buy either in ground of quality, pricing and will compare the product or service with those of other providers,Purchase decision . time at this stage the emptor is install to buy and the sales personnel need to close the sale by giving the buyer an incentive to buy. It could be after sales service it could be a voucher.Using the produc t Cognitive dissonance a fear that the buyer may have made a misuse decision comes to play here especially when it is an expensive here fair how to use and after sales suffice or a form of warranty.There are four main factors that affect a buyer behaviour namely-Social, Culture, psychological and personal..Social Groups membership, reference, aspirational opinion leaders or buzz marketing and family members.Culture A persons wants or behaviour group with share values and ones social class.Personal Age and life cycle, byplay personality and self conceptPsychological Motivation perception and beliefs and attitudes .Market positioning is the manipulation of a brand or family of brands to create a positive perception in the eyes of the public. If a product is hygienic positioned, it will have strong sales, and it may become the go-to brand for people who need that particular product. Poor positioning, on the other hand, can lead to bad sales and a dubious reputation. A number of th ings are involved in market positioning, with entire firms specializing in this activity and work with clients to position their products effectively. 9http//wiki.answers.com/Q/What_are_examples_of_market_positioningWith the current economic situation Tesco has gone to the seedy end of the market competing the likes of Lldl and Aldi. So the focus will be on main stream with competitive price