Business Strategy and International Marketing Chp 1

General startegic process in Marketing

What is Marketing and its objectives?

The functions of the company specific to a product/ service are based on the needs of the market.

Objective

To be judged better than the offer of the relevant competitor in the perception of the potential buyer

SMART Abreviation

Specific (volumes and Frequency)

Measurable (Clearly defined monititoring procedure)

Ambitious (More than present state)

Realistic (Possible to manage)

Timed (Clearly defined period)

Market Definition

Relevant market

Potential market

Non- relevant market

Categories of Market Segmentation and their criteria

Socio- demographic

• Socio economic

• Geographic

• Social

Psycho- graphic

• psycho graphic( general)

• psycho graphic( Product related)

Buying behaviour

Usage and benefit

PESTEL Analysis

Political

Economic

Technological

Social

Environmental

Legal