Production concept
Management The loss of the that buyers prefer goods and services which are cheap and widely available while others prefer products that have the most quality
Product concept
Understanding the dynamics of the product in order to showcase the best qualities and maximum features of the product
Selling concept
The idea that if customers are left to themselves they will not make the effort to buy a company’s products therefore it dictates a company and they must be aggressive in pushing their sales
Marketing concept
According to a firms. Goals can be best achieved through identification and satisfaction of the customers stated in unstated needs and wants
Societal concept
Marketing concept that holds that a company should make marketing decisions by considering consumers wants the company’s requirements and societies long term interest
Marketing myopia
Focuses on the needs of the company instead of defining the company and its products in terms of the customers needs and wants. It results in the failure to see in just to the rapid changes in the market
Digital age
The. Starting in the 1970s with introduction of the personal computer with technology introduced providing the ability to transfer information quick quickly
Steps and the strategic planning process
One. Define company’s mission
- set goals
- design business portfolio
- Develop marketing plans and strategies
Goals need to me
Measurable
Defined time
Financial/non financial
Stars
Hi growth/high marketshare
Cashcow
Low growth high marketshare
Question marks
Hi growth low market share
Dogs
Low growth/low market share
Hold-invest enough to maintain market share
Harvest-stop investing and reap remaining profits
Divest-so off or take off the shelves
Demographics
Age, gender, race, marital status, education
Baby boomers
78 million people born between 1946 in 1964, 50% consumer spending
Gen X
49 million people born from 1965 to 1976, best educated
Millennial’s
80 million people born between 1977 and 2730 $3 billion in purchasing power, ethnically diverse, fluent with digital technology
Economic factors
UnEmployment rate interest rate and homebuilding right
Natural environment
Natural resources, weather, sustainability
Environment sustainability
Developing strategies and practices that create a world economy that can support indefinitely
Political and legal forces
- To protect companies from each other
- to protect consumers from unfair business practices
- To protect the interests of society again’s on restrained business behavior
Culture forces
- recession lift; men and women look younger
- merging artistry and technology
- clanning; consumers join group
- mancipation; softer feminine side(grocery shop, buy food)
Microenvironment forces
Collaborators
Competitors
Public(stock holders, politicians)
Company (strengths and weaknesses)
Marketing
Satisfying customer needs while meeting corporate goals
- exchange
- win win
- add value