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E. money, resources, etc. 3. Customers must be willing to use their money and resources to buy products 4. They must have authority to buy different products or services! Targeting as a marketing activity Six components of target marketing Options for deciding on target marketing include: 1. 2. 3. 4. 5. 6. e. e. achievable objectives n Incremental budgeting – is where the budget is based upon an incremental rise on budgetary expenditure per year, in line with predicted growth in the forthcoming year n Competitive parity – is where the budget is set, based on spending the same percentage as competitors within the same industry n Judgemental methods – this is where budgets are developed, based upon the judgement of managers most directly involved in the future of the business REMEMBER - You must be able to describe a budgetary process and evaluate it in context of a given scenario!
E. e. ensuring high-level of spins offs in promotions, optimizing cost effectiveness, advertising, merchandising and promotional incentives Personal Selling Personal Selling – An interpersonal communication tool which involves face-to-face activities undertaken by individuals, often representing an organization, in order to inform, persuade or remind an individual or group to take appropriate action, as required by the sponsor’s representative Responsibilities of the marketer in supporting the sales team: n Provision of market information and competitor intelligence n Provision of potential leads n Client history/database information n Financial reports – Dunn and Bradstreet n Provision of appropriate promotional materials Objectives of personal selling n Provision of sales aids, promotional plans and incentives n To increase sales turnover n To reduce the number of clients with minimum viable orders n To reduce the costs of sales n To increase the number of distribution outlets MARKETING PLANNING 47 PROMOTIONAL OPERATIONS Hints and Tips n Ensure that you can link the organization perspective of the marketing mix with the customer perspective.
E. 5 years 26 n Narrow focus n Daily marketing activity is the key task n Broad focus n Information and problems are structured, internal and repetitive n Defining marketing and competitive positioning is a key task n Advertising is an example of a tactical marketing activity n Information and problems are unstructured, external speculative n Market growth is an example of a strategic marketing activity Ansoff Matrix MARKETING PLANNING 27 MARKETING PLANNING, IMPLEMENTATION AND CONTROL Stages in marketing segmentation process n Identify the possible segments within the market – this will consist of individuals or organizations with similar needs or preferences n Gather information on those market segments identified – to do this the segments need to be accessible n Evaluate the attractiveness of different segments — they need to be large enough to be viable n Ascertain the competitive position within each of the target segments n Develop variations on product/service specifications to meet the needs of individual segments 28 n Design the appropriate communications mix to meet the target market demands REMEMBER!