Marketing Fundamentals and Strategic Planning
This comprehensive page covers essential marketing concepts, objectives, and strategic planning tools. The content explores various aspects of marketing performance measurement and strategic decision-making processes.
Definition: Marketing is the process of identifying, anticipating, and satisfying wants and needs profitably.
Vocabulary: Net Promoter Score NPS - A metric that measures customer loyalty by subtracting the percentage of detractors from promoters.
Example: The Boston Matrix categorizes products into four types: Stars highgrowth,highmarketshare, Question Marks highgrowth,lowmarketshare, Cash Cows lowgrowth,highmarketshare, and Dogs lowgrowth,lowmarketshare.
Highlight: Brand loyalty offers multiple benefits including repeat customers, reduced marketing costs, and the ability to charge premium prices.
The page details several key marketing objectives:
- Sales volume and value measurements
- Market size and growth analysis
- Market share calculations
- Brand loyalty metrics
- Segmentation, targeting, and positioning strategies
The marketing mix elements are thoroughly explained:
- Product portfolio management
- Pricing strategies
- Promotional activities
- Place distribution considerations
- People management
- Process optimization
- Physical evidence importance
Market research methods are outlined:
- Primary research: Original data collection through surveys and interviews
- Secondary research: Utilizing existing data from various sources
Quote: "Having many products in portfolio at different stages of the cycle can help lock in growth or rejuvenate."
The content concludes with internal and external influences on marketing objectives, emphasizing the importance of adaptable strategy development.
