Skript1 Basics

The activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large

We need Marketing, because of the market development

The market used to be a sellers market (more demand than supply, procurement management was important)

Now we have a buyers market:

• more supply than demand

• consumer is king, because it is a challenge for him to find the right product that he can afford

• consumer has power

• producer needs to think about needs and desires of customers - marketing generates an understanding

Relevant topics:

• distribution used to be the only important aspect of marketing

• competetive environment - companies compete in attracting clients, quality of marketing measures depends on competition

• environmental discussion - marketing is all about communication and creating measures that help the environment

• internet - changed market situation dramatically, distribution channels, way of communication with customers (Social media) -> more individualised marketing

• comercial marketing: selling and generating revenues and profit

  • investment goods, consum goods, services

• non profit marketing: attracting attention and donations, collecting money to finance additional marketing

  • zB Social concerns

both forms have the same principles and mechanics

• needs, wants, demands (target group has to be able to afford it)

• value and satisfaction

  • customer value triad: high quality, good service, low price

  • satisfaction: judgement of a products perceived performance vs expectations

• Target markets, positioning, segmentation

• marketing channels: communication, distribution, service channels

• paid, owned, earned media

• technology (zB digitalization: Data analytics, metaverse)

• globalization/deglobalization (dramatic changes in the marketplace zB energiekrise, auswirkung durch corona)

• Social Responsibility (Customer/companies/channels)

• Recession (demand and supply issues)

• 
  

• Strategy is deduced from the corporate strategy and objectives

• its made concrete in the marketing plan to direct and coordinate marketing efforts

• written document that summarizes what the marketer has learned about the market and indicates how the firm plans to rach its marketing objectives

• provieds direction and focus for a brand, product or company

• key contents:

  • executive summary

  • status analysis

  • marketing strategy

  • marketing mix/tactics

  • financials

  • controls

• the environment is constantly changing and presenting new opportunities and threats

• therefore its vital to continuously monitor, forecast and adapt to that environment

• analysing the market and its dynamics (buyer behavior) is important

a marketing information system is needed, that consists of:

• internal records system (sales info etc)

• marekting intelligence system (info on marketing environment)

• marketing research system

• It is vital to monitor 6 major environmental forces:

  • demographic

  • economic

  • socio-cultural (diversity leads to new segments of customers)

  • natural

  • technological

  • political-legal

  • pandemic