Chapter 4 THC3

Marketing Process

Once the strategic has defined the company’s overall mission and objectives, marketing plays a role in carrying out these objectives.

Analyzing Marketing Opportunities

The first step of the marketing process is analyzing marketing opportunities and availing these opportunities to satisfy the customer’s requirements to have a competitive advantage.

Marketing manager

She/He must analyze the long-run opportunities in the market to

improve the business unit’s performance.

Selecting target market

To succeed in today’s competitive marketplace, companies must be customer-centered. They must win customers from competitors and keep them by delivering greater value.

Market segmentation

Dividing the market into groups based on needs, characteristics, or behavior. Helps hotels identify customer needs, create suitable products, and build customer loyalty

Market targeting

Evaluating and selecting the most profitable market segments. Companies can focus on one segment or serve multiple segments. Many businesses start with one target and expand if successful.

Market Positioning

arranging for a product to occupy a clear distinctive and desirable place relative to competing products in the

minds of target consumers

Customer solution, Customer cost, Convenience, Communication

4Cs

Product

stands for the " goods-and-service" combination the company offers to the target market.

Price

stands for the number of money customers have to pay to obtain the product.

Place

stands for company activities that make the product available to target consumers.

Promotion

stands for activities that communicate the merits of the product and persuade target consumers to buy it.

Marketing Analysis

involves a complete analysis of the company’s situation. The company performs analysis by identifying environmental opportunities and threats.

Marketing Plan

involves deciding on marketing strategies that will help the company attain its overall strategic objectives. A detailed plan is needed for each business, product, or brand.

Executive summary

The opening section of the marketing plan that presents a summary of the main goals and recommendations to be presented in the plan.

Current Marketing Situation

the section of a marketing plan that describes the target market and the company's position in it.

Functional organization

Specialists handle different tasks (e.g., sales, advertising).

Geographic organization

Teams focus on specific locations (e.g., by country, region).

Product management organization

A product manager leads strategies for a product/brand.

Market/Customer Management Organization

Plans are tailored to different customer groups.

Combination Plan

Large companies mix different structures for efficiency

Marketing control

It ensures marketing strategies are effective.

Operating and Strategic control

Two types of Marketing control

Operating control

Ensures plans are working within the year, with adjustments when necessary.

Strategic control

Checks if strategies align with market opportunities using a marketing audit (independent, detailed company review).

Opportunities and Issues Analysis

This section requires the marketing manager to look ahead for threats and opportunities that the product(s) might face. A company marketing opportunity would be an attractive arena for marketing action in which the company would enjoy a competitive advantage

Objectives

should be stated as goals the company would like to reach during the plan’s term.

Marketing Strategy

consists of specific strategies for target markets, marketing mix, and marketing expenditure level. Strategies should be created for all marketing mix components

Marketing budget

section of the marketing plan that shows projected revenues, costs, and profits.

Action programs

This section sets out what will be done, when, by whom, and how much will be spent doing it.

Marketing implementation

the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives