Page 12 of 39 2 Design a customer driven marketing strategy 2. The economic environment consists of factors that affect buying power and patterns. Objective 4: Changes in political and cultural environments Political environment - laws, government agencies and pressure groups that influence and limit various organizations and individuals in a given society. The term demand chain might be better, because it suggests a sense-and-respond view of the market. There are three types of business buying situations. Choosing mediaPersonal Communication ChannelPersonal communication involves two or more people communicatingdirectly with each otherPersonal communication is effective because it allows personaladdressing and feedbackControl of personal communication Company Independent experts Word-of-mouth 36. Wants — are needs that have been shaped by culture and personality; they can be described by an objects that is able to satisfy them need for food can be satisfied with pizza.
Growth stage: - Sales increase. All new products need to be tested for safety and meet certain standards which marketer should be aware of. Countries may set quotas and limits on the amount of foreign import, which can lead to barriers. Of course profit is the financial reward that comes from starting and running a business. True friends are profitable and loyal, company should nurture the © StuDocu. Marketers can choose from two basic promotion mix strategies. Fortunately, anyone can learn to be an effective writer.
. Design a customer-driven marketing strategy 3. Brand development strategies: Brand name Product category Existing New Existing Line extension Multi brands New Brand extension New brands Line extension: Extending the current product line with new products. Environmental sustainability involves preserving the natural environment, while marketing sustainability involves both the natural and social environments. Business markets buy goods for usage in production processes, while reseller markets buy to resell at a profit. They are distinct, but not necessarily mutually exclusive. International pricing: charging different pricing for customers in different countries.
There is also criticism of deceptive practices. . A customer database is an organised collection of comprehensive data about individual customers or prospects, including geographic, demographic, psychographic and behavioural data. Some styles are: - Slice of life: normal people using a product in a normal setting. Population has also been shifting geographically as many migrate across and within countries.
All these consumers add up to the consumer market: all the households and individual that buy or acquire goods and services for personal consumption. The four types of industrial structures are as follows: - Subsistence economies: the vast majority of people engage in simple agriculture, which they consume themselves. Merchant wholesalers are independently owned wholesale businesses that take title to the merchandise it handles. These can be physical products, but also services — activities that are essentially intangible. Setting the right price is one of the most complex tasks. New technologies have paved the way for two-way customer relationships, where consumers have more power and control. .
Competitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors and developments in the marketing environment. Communicate and deliver the chosen position to the market. Therefore, this adds to the customer lifetime value, all the purchases a customer makes over a lifetime of patronage. All customers within a zone pay the same total price, the more distant the zone, the higher the price. Page 13 of 39 2. Some companies make use of this by inviting consumers to participants in marketing efforts by collecting new ideas or generating ads.
Retailers can also be classified according to the price they charge for their goods and services. Product quality are the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. Things to consider: - Product quality and image must support the high price. A regional shopping centre is large, containing more than 50 to 100 stores. . Advertising is organised differently in different companies.
Just-in-time logistic systems involve small stocks, while new stock arrives exactly when needed. It consists both of the micro and macro environment. Customer relationships exist at multiple levels. Marketers should carefully adjust levels of expectation as low levels fail to attract new buyers, whereas high ones disappoint. Objective 4: Marketing strategy and mix Marketing strategy: the logic which the company uses to create value and profitable relationships.