Marketing reviewer o Communicating information to

help customers determine if the

Lesson 1: Marketing Principles and Strategies
product will satisfy their needs
“Marketing is the science and art of exploring,  Marketing Mix
creating, and delivering value to satisfy the needs of o Four Marketing Mix
a target market at a profit. Marketing identifies  Product
unfulfilled needs and desires. It defines, measures  Place
and quantifies the size of the identified market and  Promotion
the profit potential. It pinpoints which segments the  Distribution
company is capable of serving best and it designs o A firm can control to meet the
and promotes the appropriate products and services” needs of customers within its target
(Kotler) market
Figure 1.1 – Components of Strategic Marketing  There is a limit to how much
these variables can be
controlled
 Marketers must…
o Aim to create and maintain the
right mix of elements to satisfy
customers in the target market.
o Collect detailed and up-to-date
information on:
 Their target market
 Consumer preferences
 Competitors in order to
develop the marketing mix
 Product Variable
o Product can be:
 Marketing Focuses on…  Good — a physical entity
 Customers - Purchasers of the products that you can touch.
that organizations develop, promote,  Service — the application of
distribute, and price. Focal point of all human and mechanical
marketing activities efforts to people or objects to
 Target Market - A specific group of provide intangible benefits to
customers on whom an organization customers
focuses its marketing efforts  Idea — concept, philosophy,
 Marketing Mix Variables image, or issue.
 Marketing is more than simply o Product variable includes the
advertising or selling a product creation or modification of brand
 Involves names and packaging
o Developing and managing a  May also include decisions
product regarding warranty and
o Making the product available in repair services
the right place o Product variable decisions and
o Pricing the product at an activities directly impact the
acceptable level for buyers creation of products that meet
customers’ needs and wants
 Distribution Variable
 o Make products available in Price is a critical component
quantities desired to as many target of the marketing mix as
market customers as possible customers are concerned
o While minimizing these three about value obtained in an
costs: exchange
 Inventory  Price is often used as a
 Transportation competitive tool
 Storage  Intense price competition
o To satisfy customers, products sometimes leads to price
must be available at the right time wars
and in convenient locations  Marketing Creates Value
o Marketing managers may:
 Select/motivate
intermediaries (wholesalers
and retailers)
 Establish/maintain inventory Value is a customer’s subjective
control procedures assessment of benefits relative to costs in
 Develop/manage determining the worth of a product
transportation and storage o Customer benefits include
systems anything a buyer receives in an
o Internet has dramatically impacted exchange
distribution o Customer costs include anything a
 Making it faster and more buyer must give up to obtain the
wide-spread benefits the product provides
 Netflix uses digital including cost, time, effort, and
distribution that allows risk
consumers to stream movies  Value is a subjective assessment of
right off its website. benefits relative to costs
 Promotion Variable  Marketing has the ability to increase
o Relates to activities used to inform consumers’ perceptions of a product’s
individuals or groups about the quality and social approval
organization and its products  Marketing Builds Relationship
 Aim to increase public  Exchanges are the provision of transfer
awareness of the of goods, services, or ideas in return for
organization and of new or something of value
existing products  Figure 1.2
 Educate customers about
product features
 Urge people to take a stance
on a political or social issue
 Help sustain interest in
established products
 Price Variable
o Relates to decisions and actions
associated with establishing  Relationship with Customer
pricing objectives and policies and  For an exchange to take place:
determining product prices
 o Two or more parties must influencing buyers’ reactions to the
participate, and each must possess firm’s marketing mix
something of value that the other  Effects of these forces on buyers/sellers
party desires can be dramatic and difficult to predict
o The exchange should provide a  Impact on value can be extensive as
benefit or satisfaction to both market changes can easily impact how
parties stakeholders perceive certain products
o Each party must have confidence  Unlike marketing mix variables, a firm
in the promise of the something of has little control over marketing
value held by the other environment forces
o To build trust, the parties to the  Understanding Marketing Concept
exchange must meet expectations  According to the marketing concept, an
 Relationship with Stakeholders organization should try to provide
 Stakeholders are constituents who have a products that satisfy customers’ needs
stake, or claim, in some aspect of a through a coordinated set of activities
company’s products, operations, that also allows the organization to
markets, industry, and outcomes achieve its goals
 Stakeholders include: o A management philosophy guiding
o Customers an organization’s overall activities
o Employees o A firm must satisfy not only its
o Investors and shareholders customers’ objectives but also its
o Supplies own objectives
o Government, communities and  Evolution of the Marketing Concept
more  Production Orientation
 Marketing Environment o Second half of the 19th century,
 The marketing environment is dynamic the Industrial Revolution improved
and includes the following forces: speed and efficiency
o Competitive o As a result of new technology and
o Economic new ways of using labor, products
o Political poured into the marketplace, where
demand for manufactured goods
o Legal and regulatory
was strong
o Technological
o Firms were developing the ability
o Sociocultural
to produce more products, and
 These forces affect a marketer’s ability competition was becoming more
to facilitate value-driven exchanges in intense
three ways:
 Sales Orientation
o Influence customers by affecting
o During the first half of the 20th
their lifestyle, standards of living,
century competition increased and
and preferences and needs for
focus shifted to selling products to
products
buyers
o Help to determine whether and
o Marketers were able to learn that
how a marketing manager can
many products did not meet
perform certain marketing
consumers’ needs
activities
o Businesses viewed sales and
o May affect a marketing manager’s
selling as the main means of
decisions and actions by
increasing profits
 o Some people incorrectly equate fundamental goal of every marketing
marketing with a sales orientation strategy
o Some firms still use a sales  Profits can be obtained through
orientation relationships in the following ways:
 Marketing Orientation o By acquiring new customers
o Emerged in the mid-20th century o By enhancing the profitability of
o Market orientation requires an existing customers
organization-wide generation of o By extending the duration of
market intelligence pertaining to: customer relationships
 Current and future customer  Implementing the marketing concept
needs means optimizing the exchange
 Dissemination of the relationship
intelligence across  Relationship Marketing
departments  Relationship marketing:
 Organization-wide o Refers to long-term mutually
responsiveness to it beneficial buyer/seller relationships
o New-product innovation by o Focused on value enhancement
developing a strategic focus to through the creation of more
explore and develop new products satisfying exchanges
to serve target markets o Continually deepens the buyers trust
 Implementing the Marketing Concept o Increases the company’s
 Management must first establish an understanding of the customer’s
information system to discover needs
customers’ real needs and then use the o Through the use of e-marketing,
information to create satisfying products companies can personalize customer
o An information system is usually relationships on a nearly one-on-one
expensive; management must basis
commit money and time for its  Customer Lifetime Value
development and maintenance  Customer lifetime value predicts the net
o Without an adequate information value (profit or loss) for the future
system, however, an organization relationship with a customer
cannot be market oriented o Requires identifying patterns of
 To satisfy customers’ objectives as well buying behavior and using that to
as its own, a company also must focus on the most promising and
coordinate all of its activities profitable customers
 Implementing the marketing concept o Intangible asset that can be
demands the support not only of top augmented by addressing the
management but also of managers and customer’s varying needs and
staff at all levels of the organization preferences
 Customer Relationship Management (CRM) o May include an individual’s strong
 Customer relationship management word-of-mouth communication
(CRM) means using information about about the company’s products
customers to create marketing strategies  Emphasis changes from share of market
that develop and sustain desirable to share of customer
customer relationships o Most basic application of this idea is
 Achieving the full profit potential of 80%of business profits come from
each customer relationship should be the 20% of customers
  Calculated by taking the sum of the o Internet allows marketers to
customer’s present value contributions to disseminate information about
profit margin over a specific time frame products and interact with target
o Helps determine how best to allocate markets
resources to marketing strategies to  Can promote the welfare of customers
sustain a customer over a lifetime and stakeholders
 The Importance of Marketing in our Global o Green marketing—is a strategic
Economy process involving stakeholder
 Costs consume a sizable portion of assessment to create long-term
Buyer’s dollars relationships with customers while
o About ½ of buyer’s dollars goes maintaining, supporting, and
toward marketing cost enhancing the natural environment
 Used in non-profit organizations o Market orientation combined with
o Government agencies at all levels social responsibility improves
engage in marketing activities to business performance
fulfill their mission and goals  Offers many exciting career prospects
o Private nonprofit organizations o 25-33% of civilian workers in the
employ marketing activities to U.S. perform marketing activities
create, price, distribute and promote  What is marketing and its traditional
programs that benefit particular approaches?
segments of society  Marketing Definition according to the
 Important to business and the economy American Marketing Association:
o Marketing activities help produce o Marketing is the activity, set of
profits which are essential to the institutions, and processes for
survival of individual businesses, creating, communicating, delivering,
help create a successful economy and exchanging offerings that have
and contribute to the well-being of value for customers, clients,
society partners, and society at large.
 Fuels our global economy (Approved July 2013)
o Advances in technology, falling  The importance of Marketing
political and economic barriers, and o Marketing is of vital importance to
the universal desire for a higher any business. It is the key process of
standard of living, have made researching, promoting and selling
international marketing products or services to your target
commonplace while stimulating market. The bottom line of any
global economic growth business is profit. Profit is largely
 Knowledge enhances consumer the result of successful sales.
awareness Marketing is an important business
o Studying marketing allows us to process where you inform, attract
understand the importance of and convince people that your
marketing to customers, firms, and products or services are of value to
our economy and make better them.
purchasing decisions o Without Marketing, many
 Connects people through technology businesses would fail to exist. You
o Technology helps marketers could have the most amazing
understand and satisfy more product or service, but if no one
customers than ever before knows it exists or understands the
 value, you won’t make a single sale. goals are key for marketers to be
It’s important that you use successful.
marketing to promote your business,  Some examples of marketing goals
brand and offerings. Without it, how include:
will you make those sales? o Building brand awareness
 Benefits of marketing o Generating a high volume of
o Increases awareness – Most of the qualified leads
time we see an advertisement, or get o Establishing thought leadership
a recommendation, but we don’t o Attributing marketing activities to
always buy the product or use the revenue generation
services straight away. By raising o Increasing brand engagement
awareness through marketing, you’ll  Measuring your marketing goals
build an audience of potential o Once you have your goals, don’t
customers who know who you are,
forget that measurement is key. Do
know what you can offer, and know
this yearly, quarterly, weekly, and
exactly where to find you when they
get your entire team involved. Set
are ready to purchase your products
Key Performance Indicators (KPIs)
or services.
which provide metrics to evaluate
o Increases Sales – When people
success factors enabling you to track
know your business exists, they’re progress.
much more likely to become your o You can also create custom goals in
customers. If your marketing
Google Analytics to fit your
campaigns are doing their job
company’s unique needs. Tracking
properly, you’ll start to see an
how each marketing campaign or
increase in sales shortly after you
piece of content contributed to these
get started.
custom goals empowers you with
o Creates trust – People want to buy
the right data to prove and improve
from a business that has a your marketing strategy.
trustworthy reputation. They want to  Contemporary Approaches to Marketing
know that they can trust the business  Marketing has most definitely evolved
they are buying from. It takes time over the past 5 decades, with new ideas
to build the trust and reputation for and theories developing yearly from a
your business. Once your business variety of different academic scholars
can establish this trust with your and strategists alike. For this reason
clients, it creates customer loyalty. If identifying which tools are best suited
your clients are happy with your for your marketing message are crucial.
products or services, they will talk This article seeks to explain which
about your business. Word of mouth traditional marketing theories exist and
is the most effective type of which contemporary marketing theories
marketing, and it’s free. you should consider in the future.
 Goals of Marketing
 What is Traditional Marketing?
 Marketing goals are specific objectives
o Traditional marketing is an umbrella
described in a marketing plan. These
term that covers the wide array of
goals can be tasks, quotas, improvements
advertising channels we see daily.
in KPIs, or other performance-based
These may include print media,
benchmarks used to measure marketing
billboard and TV advertising, flyer
success. When explicitly set, measurable
 and poster campaigns and radio marketing proposal. However
broadcast advertising. this theory as well as Ansoff's,
o These traditional marketing can be drastically improved
messages are not necessarily with the use of contemporary
outdated, however, research has marketing strategies.
shown those companies that have o Traditional Marketing seeks to pull
abandoned simply using these customers to a product, whatever the
channels, and adopted contemporary cost. It is, for this reason, considered
marketing channels proposed in this to be fairly outdated as it does not
article, have remained prosperous consider the customer they are
and in fact seen an increase in leads, selling to, more the market that the
sales and traffic to web content. company operates within. There are
o Ansoff's Matrix Theory however channels that have
 Traditional marketing theories developed from traditional
include Ansoff's Matrix, a marketing, including digital, that
theory that proposes aim for the same goal, however, use
products/services fall into one more subtle and approachable
of four categories depending on mediums so as to capture their target
the market and the product audience. This may include Pay-Per-
released. New Product- New Click campaigns, social media posts,
Market is considered as search engine optimisation and
diversification. This theory email marketing.
recommends that businesses  What is Contemporary Marketing?
should try to diversify their o Contemporary Marketing refers to
product portfolio so as to spread theories that stress the importance of
risk amongst their product customer orientation versus the
range. An example of this traditional market orientation. They
would be when Apple created are strategies that, when
the first iPhone released in implemented, offer greater support
2007. This product was new and for their client base with a product
introduced into a new market. range that varies depending on what
Apple soon reaped the benefits the target market desires. Rather
of introducing this hugely than what the company wants them
popular phone. Their product to have.
range grew from o Products including the vast array of
accommodating for designers kitchen appliances with built in
on the Apple Mac, to mobile failure components attracting their
devices, tablet devices, watches customer base back to them for
and beyond. further purchases are an example of
o The Marketing Mix product orientation. Traditional
 Another marketing theory that's marketing theories are said to favour
considered to be traditional is this ideology. Though somewhat
the marketing mix. Made up of devious, it is most definitely
the 7 P's. These include product, effective. Attracting customers to
place, promotion, price, their product range has become
packaging and positioning. All more difficult because consumers
these components, when have become more literate in
combined, create a solid technology and, therefore, can
 research items before purchase. This can be invited and discuss
allows them to make a conscious amongst themselves offers they
and informed decision to avoid can give each other.
companies with this ethos.  Can These Strategies Be used
o Co-Creation eclectically?
 Contemporary marketing o Both traditional and contemporary
theories include Co-Creation. have advantages and disadvantages
This theory suggests creating a in their application. The former
bridge between customer and works greater for companies who
business through gamification. wish to diversify their product
A practical example would be portfolio, attracting customers to
attracting customers through their product rather than their brand.
social media content relevant to Contemporary methods look to build
their needs or writing article a trusting relationship with their
blog posts that have useful customer base through co-creative
information. Research strategies and gamifying their
conducted by Harvard business market plan, as well as information
school and the London School attained through market sensing
for Business found that research. However, both can be used
businesses that utilised the in tandem. Contemporary marketing
contemporary marketing strategies can be used to build the
strategy, incorporating both co- relationship with the client. Through
creative and shared value ideas, market sensing and identifying
over the long run prospered far categories for your clientele.
more than those companies who Bridging the gap via the use of
hadn't chosen this avenue. digital inbound marketing
o Shared Value techniques. A tool JDR Group can
 Another popular contemporary help with.
marketing theory is shared
Lesson 2: Customer Relationship: Customer Service
value. This theory considers the
market that the company is  Strategic Marketing Management
wanting to penetrate and seeks  The process of planning, implementing,
to offer perks in said market. A and evaluating the performance of
successful example of this marketing activities and strategies, both
would be Tesla. They have effectively and efficiently
invested millions of dollars o Effectiveness is the degree to which
building charging stations for long-term customer relationships
electric cars across North help achieve an organizations
America, Europe and Asia. The objectives
stations can be used by many o Efficiency refers to minimizing the
different branded electric cars. resources an organization uses to
They have actively tried to achieve a specific level of desired
improve the market whilst customer relationships
simultaneously attract more  Strategic Planning Process
customers to them. For B2B  Strategic planning is the process of
companies, this may include establishing an organizational mission
creating events where and formulating goals, corporate
companies in the same industry
 strategy, marketing objectives, and o Broadcasting a company’s mission,
marketing strategy goals, and values
o Should be guided by a market o Sending a consistent image
orientation to ensure that a concern o Implementing a visual identity with
for customer satisfaction is an stakeholders
integral part of the process and  Figure 2.2 – Levels of Strategic Planning
permeates the entire company
o A market orientation is also
important for the successful
implementation of marketing
strategies
 Figure 2.1 – Components of Strategic
Planning Process

 Corporate Strategies
 Corporate strategy determines the means
for utilizing resources in the functional
areas of marketing, production, finance,
 Organizational Mission Statement and Goals research and development, and human
 Mission statement is a long-term view, resources to reach the organization’s
or vision, of what the organization wants goals
to become o The broadest of the three levels of
 The goals of any organization should strategy (corporate, business unit,
derive from its mission statement and marketing) and should be
 An organization’s mission statement developed with the organization’s
should answer two questions: overall mission in mind
o Who are our customers?  Who are our customers? What
o What is our core competency? is our core competency?
 Corporate Identity  Corporate strategy planners are
 Companies develop and manage their concerned with broad issues such as:
corporate identity—their unique o Corporate culture
symbols, personalities, and philosophies o Competition
—to support all the firm’s activities, o Differentiation
including marketing o Diversification
 Managing identity requires:
 o Interrelationships among business products and overall portfolio
units strategies
o Environmental and social issues
 Match the resources of the organization
with the opportunities and threats in the
environment
 Business – Unit Strategies
 Business-unit strategy should be
consistent with corporate strategy
 Figure 2.3 – Growth Share Matrix
o Strategic business unit (SBU) is a
division, product line, or other profit
center within the parent company
o Each of these units sells a distinct
set of products to an identifiable
group of customers, and each
competes with a well-defined set of
competitors
o The revenues, costs, investments,
and strategic plans of each SBU can
be separated from those of the
parent company and evaluated
 Strategic planners should recognize the
strategic performance capacities of each  Growth Share Matrix
SBU and allocate scarce resources  Stars are products with a dominant share
among those divisions of the market and good prospects for
o A market is a group of individuals growth O
and/or organizations that have needs  Cash cows have a dominant share of the
for products in a product class and market but low prospects for growth O
have the ability, willingness, and  Dogs have a subordinate share of the
authority to purchase those products market and low prospects for growth
o The percentage of a market that  Question marks have a small share of a
actually buys a specific product growing market and generally require a
from a particular company is large amount of cash to build market
referred to as that product’s (or share
business unit’s) market share  Long-term health of an organization
 Market Growth/Market Share Matrix depends on having some products that
 The market growth/market share matrix generate cash and others that use cash to
is a helpful business tool, based on the support growth
philosophy that a product’s market  Assessing Organizational Resources and
growth rate and its market share are Opportunities
important considerations in determining  The strategic planning process begins
its market strategy with an analysis of the marketing
o All the companies SBUs and environment, including a thorough
products should be integrated into a analysis of the industry in which the
single, overall matrix and evaluated company is operating or intends to sell
to determine strategies for individual its products
 o Any strategic planning effort must much as possible, offer organic
assess the organization’s available and hormone-free foods, and
financial and human resources and use less energy than typical
capabilities as well as how the level grocery stores
of these factors is likely to change in
the future

 Core Competences  Figure 2.4 – Competitive Advantage

 Core competencies are things a company
does extremely well, which sometimes
gives it an advantage over its
competition
o Walmart’s core competency, which
is efficiency in supply chain
management, has enabled the chain
to build a strong reputation for low
prices at high quality levels on a
wide variety of goods
 Marketing Opportunities and Strategic
Windows
 Market opportunity is a combination of
circumstances and timing that permits an
organization to take action to reach a
particular target market
 SWOT Analysis
 Strategic windows are temporary periods
 SWOT analysis is a tool marketers use to
of optimal fit between the key
assess an organization’s strengths,
requirements of a market and the
weaknesses, opportunities, and threats
particular capabilities of a company
o Strengths and weaknesses are
competing in that market
internal factors that can influence an
 Competitive Advantage
organization’s ability to satisfy its
 Competitive advantage is the result of a
target market
company matching a core competency to
o Opportunities and threats exist
opportunities it has discovered in the
independently of the company and
marketplace
therefore represent issues to be
o Tesco, a large-scale grocery chain
considered by all organizations,
from the U.K., entered the western
even those that do not compete with
U.S. market with its Fresh & Easy
the company
Neighborhood Markets
 Figure 2.4 – SWOT matrix
 The company seeks competitive
advantage by offering cheap,
healthy food options such as 98-
cent produce packages and
cheap cuts of meat
 The store seeks to source
produce and meats locally as
 o High cost associated with creating a
new product from scratch
 Market research, product
development, production, and
marketing or buyer education
costs
o Early sales growth may not be as
high as the company predicted if it
makes mistakes with regard to the
product or its marketing
o Risk that the product will fail due to
market uncertainty, or that the
product might not meet consumers’
expectations or needs
 Last Mover Advantage
 Late-mover advantage is the ability of
 Strengths refer to competitive later market entrants to achieve long-
advantages or core competencies that term competitive advantages by not
give the company an advantage in being the first to offer a certain product
meeting the needs of its target market in a marketplace
 Weaknesses refer to any limitations a o Learn from first mover’s mistakes
company faces in developing or and thus create an updated/improved
implementing a marketing strategy product design and marketing
 Opportunities refer to favorable strategy
conditions in the environment that could o Lower initial costs since first mover
produce rewards for the organization if has developed an
acted on properly infrastructure/educated buyers
 Threats refer to conditions or barriers o More certainty about the success of
that may prevent the company from the market for the product
reaching its objectives  Last Mover Risks
 First Mover Advantage  Disadvantages of being a late mover:
 First-mover advantage is the ability of an o First mover may have patents on its
innovative company to achieve long- technology and trade secrets that
term competitive advantages by being prevent the late mover from reverse
the first to offer a certain product in the engineering its product or producing
marketplace a product that is too similar
o Build a firm’s reputation as a market o Customers who have already
leader purchased the first mover’s product
o Market is free of competition may believe that switching to the
o Establish brand loyalty for the firm late mover’s product is too
due to its customer’s costs to switch expensive or time-consuming for
later on them
o Firm can protect its trade secrets or o Timing of entry to the market is
technology through patents crucial and can determine the
 First Mover Risks amount of late-mover advantage that
 Risks of being the first to enter a market: is actually possible
 Marketing Objective
  A statement of what is to be resources to develop the right
accomplished through marketing marketing mix to meet the needs of
activities a particular target market
o Should:  Creating Marketing Mix
 Be based on a study of the  Decisions made in creating a marketing
SWOT analysis mix are only as good as the
 Match strengths to opportunities organization’s understanding of its target
and/or eliminate weaknesses or market
threats  Requires:
 Be stated in clear, simple terms o In-depth research into the
 Be accurately measurable characteristics of the target market
 Specify a time frame for o Analysis of customer needs,
accomplishment preferences, and behaviors with
 Be consistent with business-unit respect to product design, pricing,
and corporate strategy distribution, and promotion
 All marketing mix decisions should be:
o Consistent with the business-unit
and corporate strategies
o Flexible to permit the organization
 Marketing Strategy to alter the marketing mix in
 A plan of action for identifying and response to changes in market
analysing a target market and developing conditions, competition, and
a marketing mix to meet the needs of customer needs
that market  Sustainable Competitive Advantage
 At the marketing mix level, a company
can detail how it will achieve a
competitive advantage
 A sustainable competitive advantage is
one that the competition cannot copy in
the foreseeable future
 How can an organization make its
competitive advantage sustainable over
time?
 Marketing Implementation
 The process of putting marketing
strategies into action
 Target Market Selection  Depends on:
 Selecting an appropriate target market o Organization of the marketing
may be the most important decision a department
company makes in the strategic planning o Motivating marketing personnel
process o Effectively communicating within
o Identification and analysis of a the marketing unit
target market provide a foundation o Coordinating all marketing activities
on which a company can develop a o Establishing a timetable for the
marketing mix completion of each marketing
o Marketers should also assess activity
whether the company has the  Organizing the Marketing Unit
 Companies that truly adopt the with other departments in
marketing concept develop a distinct the organization
organizational culture:  Coordinating Marketing Activities
o A culture based on a shared set of o Marketing managers must work with
beliefs that makes the customer’s other departments to ensure
needs the pivotal point of the marketing activities mesh with other
company’s decisions about strategy functions of the firm
and operations  Must coordinate the activities of
 Centralized organizations marketing staff within the firm
o Authority is concentrated at the top and integrate those activities
level with the marketing efforts of
o Very little delegation to lower levels external organizations
 Decentralized organizations  Managers can improve
o Decision making authority is coordination by making each
delegated as far down the chain of employee aware of how his or
command as possible her job relates to others and
 Motivating Marketing Personnel how his or her actions
o To motivate marketing personnel, contribute to achieving
marketing objectives
managers must discover their
 Establishing a Timetable for
employees’ needs and then develop
motivational methods that will help Implementation
employees satisfy those needs o Establishing an implementation
 Rewards to employees should timetable involves several steps:
be tied to organizational goals  Identifying the activities to be
and be fair, ethical, and well performed
understood by employees  Determining the time required
 Selecting effective motivational to complete each activity
tools has become more complex  Separating the activities to be
because of greater differences performed in sequence from
among workers in terms of race, those to be performed
ethnicity, gender, and age simultaneously
 Communication with the Marketing Unit  Organizing the activities in the
o One of the most important types of proper order
 Assigning responsibility for
communication in marketing is
completing each activity to one
communication that flows upward
or more employees, teams, or
from the frontline of the marketing
managers
unit to higher-level marketing
 Evaluating Marketing Strategies
managers
 Communication is facilitated by o Strategic performance evaluation
an: consists of:
 Effective training program  Establishing performance
where employees can standards
learn, ask questions, and  Measuring actual performance
become accountable for  Comparing actual performance
marketing performance with established standards
 Information system within  Modifying the marketing
the marketing unit and strategy, if needed
 Establishing Performance Standards customers, and scale of
o Performance standard is an expected operations
level of performance against which  Comparing Actual Performance with
actual performance can be compared Performance Standards
 For example, a 20% reduction o If actual performance exceeds
in customer complaints, a performance standards:
monthly sales quota of  Marketing strategy is viewed as
$150,000, or a 10% increase per being effective
month in new-customer  Try to gain an understanding of
accounts O why the strategy is effective
 Performance standards are o If actual performance does not meet
derived from marketing performance standards:
objectives that are set while  Determine why a marketing
developing marketing strategies strategy was less effective
 Analyzing Actual Performance  Determine whether the
o Sales analysis uses sales figures to marketing objective, against
evaluate a firm’s current which performance is measured,
performance is realistic or not
 Most common method of  Marketing Plan
evaluation because sales data  Written document that specifies the
partially reflect the target activities to be performed to implement
market’s reactions to a and control the firm’s marketing
marketing mix and often are strategies
readily available o The systematic process of:
 Current sales data must be  Assessing marketing
compared with forecasted sales, opportunities and resources
industry sales, specific  Determining objectives
competitor’s sales, or the costs  Defining Strategies
incurred to achieve the sales  Establishing guidelines for
volume implementation and control of
o Marketing cost analysis breaks the marketing program
down and classifies costs to o Aligned with corporate/business-
determine which are associated with unit strategies and is
specific marketing efforts accessible/shared with employees
 One way to analyze costs is by  Table 2.1 – Components of Marketing
comparing a company’s costs Plan
with industry averages
 When looking at industry
averages, a company
should take into account
its own unique situation
 Company’s costs can
differ from the industry
average for several
reasons, including its own
marketing objectives, cost
structure, geographic
location, types of
 Relationship marketing mainly involves
the improvement of internal operations.
Many customers leave a company not
because they didn't like the product, but
because they were frustrated with the
customer service. If a business
streamlines its internal operations to
satisfy all service needs of their
customers, customers will be happier
even in the face of product problems.
 Technology also plays an important role
in relationship marketing. The Internet
has made it easier for companies to
track, store, analyze and then utilize vast
amounts of information about customers.
Customers are offered personalized ads,
special deals, and expedited service as a
token of appreciation for their loyalty.
 Social media sites allow business to
engage their customers in an informal
and ongoing way. In the past, it would
have been impossible to keep useful
records about every single client, but
technology makes it easy for companies
to automate their marketing efforts. (See
also Analytical Marketing)
 Branding is the final component of
relationship marketing. A company can
form a long-term relationship with a
client if that client feels like the brand
 What is Relationship Marketing? they purchase reflects who they are or
 Relationship marketing is about forming who they want to be. Customers are less
long-term relationships with customers. inclined to switch to a different brand if
Rather than trying to encourage a one- they think that switch makes a statement
time sale, relationship marketing tries to about their identity.
foster customer loyalty by providing  Who does Relationship Marketing?
exemplary products and services. This is  Many types of companies have
different than most normal advertising something to gain from developing long-
practices that focus on a single term relationships with their customers.
transaction; watch ad A and buy product Smaller businesses often serve a steady
B. Relationship marketing, by contrast, stream of regulars, and make little effort
is usually not linked to a single product to draw in new customers. Imagine a
or offer. It involves a company refining small restaurant that sees a steady stream
the way they do business in order to of business from the morning commute.
maximize the value of that relationship Their daily presence is a large part of the
for the customer. business that restaurant does every day.
 Larger companies typically invest the
most in carrying out sophisticated
 relationship marketing campaigns. In o Vyvanse – The makers of the
some major companies, relationship popular ADHD drug created an
marketing is a strategy that affects every extensive online portal that included
department with a client facing purpose videos, forums, expert articles, and
(sales, customer service, shipping etc). mobile apps to help those who suffer
Industry leaders constantly face from ADHD. Rather than relying on
competition from new companies who the strength of the product alone, the
claim to provide similar goods with a drug makers created a place for
higher-quality level of service. Holding users to gather and interact that was
onto their existing customers is the only linked back to the company.
way they can maintain their position at  The value of Customers
the top of their industry. This is true for  A fundamental tenet in customer
businesses in all industries, from cell relationship management is that
phones to baby food. companies win by attracting and keeping
 Examples of companies using their most valuable customers. This is a
relationship marketing: simple concept if you know who your
o Ikea – The Swedish furniture maker most valuable customers are. But many
has a worldwide base of intensely companies take a simplistic view of
loyal customers. When the company measuring customer value. To really
changed the font in their ubiquitous understand what your customers are
catalog, Ikea lovers took to the worth, you need to think broadly about
Internet to air their complaints. the ways in which customers add value
Rather than alienate their customers to your company. And you need to create
for a trivial reason, Ikea changed the more sophisticated approaches to
font back in the next catalog. quantifying the value of customer
o Direct Recruitment – The direct mail relationships. Knowing the true value of
marketing firm sends out your customers will lead to better
handwritten birthday cards to clients decisions about how you deploy your
and associates every year. This technology resources in offline and
simple, personal touch helps clients online sales channels.
feel like Direct Recruitment cares  The most common way to measure the
about them as people rather than value of a customer is the Customer
simply consumers. Lifetime Value. Customer Lifetime
o American Airlines – The airline Value is defined as the net present value
maintains a comprehensive frequent of the revenue stream from a customer
flyer program that rewards customer relationship. It measures how much
loyalty with the promise of free business the customer is expected to do
flights, upgrades, and discounts. with your company during the lifetime of
o Dell – Dell computers created a your relationship. But few large
special online store for high volume companies know how much business
corporate customers. By tailoring they do with a customer today, let alone
the ordering process to the specific how much they expect to do in the
customer's needs, Dell was able to future. Customers may buy several
expedite many of the hassles different products from different
corporate technology buyers face. business units within a company, but the
Providing a higher level of service silos that separate divisions don’t allow
leads to increased loyalty. for accurate accounting of the total value
of each relationship. For instance,
 Procter & Gamble found that many know how you’re doing, how will
households spend almost 50 percent of you know if you need to improve?
their consumer packaged goods dollars From cost-effective management to
on P&G products. However, P&G product price and client service, find
doesn’t know which customers are ways to evaluate how you’re doing
buying what because the company is business and you’ll know quickly
organized around brands, not customers. when and where changes need to be
 Know Customer Potential and made to increase your productivity
Profitability and client satisfaction.
o By using activity-based costing  Know What Your Clients Want
approaches to allocate marketing, o Don’t know where to start your
sales and support costs to specific evaluation process? How about
customer accounts, you can create a asking your clients? Nothing makes
more accurate picture of what your a customer feel more valued and
customers are really worth. Once appreciated than being asked what
you know the revenue and the cost they want and then seeing those
to serve specific customer accounts, things being delivered. It’s easy to
you can align sales-force incentives assume you know what they want,
around customer profitability, as but asking them is still the best way
opposed to customer revenue. You to find out. You may be surprised by
can even use this information to the results. How do they really feel
improve customer profitability by about the service or
shifting customers who seek lower  Always Exceed Your Clients’
prices to online sales and service Expectations
channels, where your service costs o It is better to promise less and then
might be lower. exceed your clients’ expectations,
 Leverage Early Adopters than to promise them the world and
o But profits aren’t the only measure under-deliver. Be careful to promise
of the value of a customer only what you can deliver, but make
relationship. There are customers every effort to exceed their
you earn from, and there are expectations every time. My friend
customers you learn from. is fiercely loyal to a certain
 Five New Approaches to Customer mechanic in town. He’s not the
Value cheapest, but every time she has her
o The total value of their relationship car repaired she finds it washed,
with your company vacuumed and shined up inside.
o The potential value of their She’s paying for a repair, but she’s
relationship getting an added value that has
o The profitability of their relationship inspired her loyalty.
o The insights they can provide your  Remember the 80/20 Rule
company o Remember, 80% of your business
o The influence that they wield over will come from 20% of your
other customers customers. A successful business is
 Customer Service Strategies 80% client-focused and 20%
 Make Sure You Measure prospect-focused. Don’t lose sight
o Have systems in place to measure of this important fact and spend your
everything you do. If you don’t time, money and energy nurturing
the clients you already have.
 Empower All of Your Staff to Deal With product and leave it with every
Clients estimate or purchase. A bit of
o Nothing frustrates a customer more money, for the benefit of getting
than calling with a problem, only to your clients to remember you, is
be told the person on the phone worth the cost.
can’t do anything for them. Every  The Customer is Still Always Right
employee who answers your phone o Ask any consumer and they’ll tell
should be empowered to give the you how hard it is to find good
customer some level of satisfaction. service. Few businesses are standing
Even a response like “I’ll look into behind this principle. Be the
it right away and someone will get business that always says YES. If
back to you before noon” satisfies you can do it, do it well. If you can’t
the customer’s desire to have do it, find someone who can do it
something done without feeling like for them.
he’s being put off.  Old Fashioned Values Still Work
 Have a Proactive Customer Care o Showing politeness and respect is
Strategy not a lost art. Last week I was at a
o Your marketing strategy should department store looking for a
include a continuous plan of specific cleaning product. When I
customer care that has nothing to do located a clerk she rolled her eyes,
with you and everything to do with pointed to where I had just been
your customers. Regular contact, looking and said “Aisle 10”. Across
client-focused seminars and events, the street at another store, I asked a
gifts, invitations to social events, clerk where I could find the same
newsletters, open houses, and product. She smiled and made
discounts, are just a few ways to friendly small talk as she took me to
focus on your customers. Do this the right aisle. Where do you think
and your clients will begin to I’ll shop from now on?
develop the kind of loyalty that  Establish a Strategy to Maintain Regular
keeps them coming back. Contact
 Use Your Imagination to Stand Out in a o The more regular and frequent your
Crowd contact with your clients, the more
o Remember when you were starting solid your relationship will become.
your business you had to come up Some ideas… Get your client’s
with a USP that set you apart from address or email and send them
everyone else? Use your things you think might interest them
imagination to come up with ways about one of their hobbies, a
to make your business stand out relevant web site or a newspaper
again. Offer your customers a spring clipping. Distribute a monthly or
or fall discount, invite your best quarterly newsletter. Fix problems
customers to a special event, or send quickly every time - don’t let
a gift at Easter or Thanksgiving for anyone fall through the cracks.
instance. Connect your marketing
Lesson 3: Market Opportunity Analysis and
with your product or service. Are
Consumer Analysis
you a realtor? Leave a package of
flower seeds with your flyers. Do
you sell a product? Have a local
chocolatier create a mold of your
 serve, they establish a set of
competitors
o Marketing managers must consider
the type of competitive structure in
which the firm operates
 Type of Competitors
o Brand Competitors – Firms that
market products with similar
features and benefits to the same
customers at similar prices
o Product Competitors – Firms that
compete in the same product class
but market products with different
features, benefits, and prices
o Generic Competitors – Firms that
provide very different products that
solve the same problem or satisfy
 Marketing Environment the same basic customer need
 Environmental Scanning o Total Budget Competitors – Firms
o The process of collecting that compete for the limited
information about forces in the financial resources of the same
marketing environment customers
 Environmental Analysis  Competitive Structures
o The process of assessing and o Monopoly
interpreting the information  A competitive structure in
gathered through environmental which an organization offers a
scanning product that has no close
o How you deal with the information substitutes, making that
collected during scanning organization the sole source of
 Responding to Environment Forces supply
 Marketers take two approaches to o Oligopoly
environmental forces:  A competitive structure in
o Passive – Accepting them as which a few sellers control the
uncontrollable supply of a large proportion of a
o Proactive – Attempting to influence product
o Monopolistic Competition
and shape them
 A competitive structure in
 No best way to react
which a firm has many potential
 Depends on the organization,
competitors and tries to develop
management, and the situation
a marketing strategy to
 Competitive Forces
differentiate its product
 Competition – Other organizations that
o Pure Competition
market products that are similar to or can
 A market structure
be substituted for a marketer’s products
characterized by an extremely
in the same geographic area
large number of sellers, none
o Most firms have competition
strong enough to significantly
o When marketing managers define
influence price or supply
the target market(s) their firm will
  Does not exist in the real world, assess the performance of their
although some industries come own marketing efforts and to
close recognize the strengths and
weaknesses in their own
marketing strategies
 The Business Cycle
 A pattern of economic fluctuations that
has four stages:
o Prosperity – Low unemployment
and relatively high total income,
which together ensure high buying
power (provided the inflation rate
stays low)
o Recession – Unemployment rises
and total buying power declines,
stifling both consumer and business
spending
o Depression – Unemployment is
extremely high, wages are very low,
total disposable income is at a
minimum, and consumers lack
confidence in the economy
o Recovery – The economy moves
from depression or recession to
prosperity
 Difficult to ascertain how
quickly and to what level
prosperity will return
 Maintain as much flexibility in
marketing strategies as possible
to allow for any needed
adjustments
 Buying Power and Income
o Buying Power – Resources, such as
money, goods, and services, that can
be traded in an exchange
 Monitoring Competition o Income – For an individual, the
o Helps determine competitor’s amount of money received through
strategies and their effects on firm’s wages, rents, investments, pensions,
own strategies and subsidy payments for a given
 Guides development of period
competitive advantage and o Disposable Income – After-tax
adjusting firm’s strategy income
 Provides ongoing information o Discretionary Income – Disposable
about competitors income available for spending and
 Information about competitors saving after an individual has
allows marketing managers to
 purchased the basic necessities of
food, clothing, and shelter
 Credit
o Credit enables people to spend
future income now or in the near
future
o Credit increases current buying
power at the expense of future
buying power
o Factors affecting credit use:
 Must be available
 Interest rates
 Credit terms (such as size of
down payment and amount and
number of monthly payments)
 Willingness to Spend
o An inclination to buy because of
expected satisfaction from a product,
influenced by the ability to buy and  Legislation
numerous psychological and social o Procompetitive Legislation
forces  Preserves competition
 Factors that affect consumers’  Laws have been created to
general willingness to spend: prevent businesses from gaining
 Expectations about future an unfair advantage through
employment bribery
 Income levels o Consumer Protection Legislation
 Prices  Protects people from harm
 Family size  Prohibits hazardous products
 General economic  Requires information disclosure
conditions  Aimed at particular marketing
 Political Forces activities
 Enactment of legislation  Table 3,2 – Laws that affect marketing
 Legal decisions interpreted by courts decisions
through civil and criminal cases
 Influence of regulatory agencies
 Marketers may:
o View political forces as beyond their
control and simply adjust to
conditions that arise
o Influence the process through
contributions and lobbying
 Legal and Regulatory Forces
 Figure 3.1 – L&R Forces
 Encouraging compliance with Law
o Current trend is away from legally-
based organizational compliance
programs
 Emphasis on providing
incentives to create ethical and
responsible corporate cultures
o Regulatory agencies monitor
marketing activities and may
enforce some laws
o Table 3.3 – Major Federal
Regulatory Agencies

o Table 3.4 – Self Regulatory Issues

in Marketing
  Intellectual property protection
issues
 Adoption and Use of Technology
o Firms must keep up with technology
to maintain their status as market
leaders
 Must ensure that their
technology is not easily copied
o Use a technological assessment to
learn about and attempt to foresee
the effects of new products and
processes
 Estimate whether benefits of
adopting a specific technology
 Technological Forces outweigh costs
 Sociocultural Forces

 Technology
o The application of knowledge and
tools to solve problems and perform
tasks more efficiently
o Impacts of technology:  The influences in a society and its
 Dynamic change culture(s) that change people’s:
 Ability to reach customers o Attitudes
 Self-sustaining in nature; spurs o Beliefs
more development o Norms
o Rapid technological growth and o Customs
change are expected to accelerate o Lifestyles
 Impact of Technology  Determine what, where, how, and when
o Mobile devices and consumers’ people buy products
increasing use of the Internet have  Demographic and Diversity
changed: Characteristics
 How people communicate o Changes in a population’s
 How marketers reach demographic characteristics lead to
consumers changes in how people live and
o Can improve productivity and consume products
opportunities for e-commerce  Increasing market of retired
o Negative impacts include: Baby Boomers
 Concerns over privacy  Generation Y
  Growing Hispanic/Latino
market in the U.S.
o A more diverse customer base
means marketing practices must be
modified and diversified to meet
changing needs
 Cultural Values
o Changes in cultural values alter
people’s needs/desires for products
 Health, nutrition, and exercise
growing in importance (sales of
organic foods, herbal remedies,
and vitamins have escalated)
 Definition of family is changing
 Children continue to be very
important
 Trend towards eat-out and take-
out meals
 Green marketing helps establish
long-term consumer
 Both strategy and tactics require a broad
relationships by maintaining,
understanding of the target audience,
supporting, and enhancing the
their taste and preference and motivation
natural environment
to buy products apart from
 Strategic marketing vs Tactical marketing
understanding the status of the industry,
 In simple terms, strategy marketing is a
the company’s status and that of the
plan to achieve a target or a goal – it
competitors.
could be achieving more sales volume in
o Market share and strength of the
rural areas, it could be getting more
company:
women votes in the Assembly election or
 How much of the market share
it could be emerging number one in
you have in the industry and
cosmetics market and so on.
how you fare against the
 How you execute the plan is called
competition is vital for making
tactic. To gain women votes, politicians
a marketing plan.
may distribute shares for free in an area,
 A comprehensive SWOT
to emerge the leader in cosmetics
analysis (Strength, Weaknesses,
industry, a company may spend heavily
Opportunities and Threats ) are
on mass media campaigns and
required to do a situation
sponsoring beauty pageants.
analysis.
 According to Jim Joseph, marketing  Market strength refers to
expert and author, tactics are important number of your brands in top
in the sense that it connects with the five selling category, weakness
customers and motivates them to buy. could be a saturated market or a
lack of experienced people in
marketing and sales.
 Opportunities could include
legislative changes, new
markets opening up or the
 disintegration of a market tactics to be undertaken to
leader. achieve the objectives and the
 The product needs to be execution of the tactic brings
positioned in the market- entry, the desired impact on the
mid or premium. It depends on product and in the market.
your competition, which all o Create a Marketing Budget:
buyers are likely to buy the  At the outset whether it is a
product and at what price. start-up or an established,
o Identify the target audience: creating annual marketing
 A marketer should be able to budgets is of paramount
clearly identify the target importance. A mix of
audience for its products and newspaper, television, social
services. It should be defined in media, hoardings and banners
terms of demographics age, sex, may be required to develop the
family, income, lifestyle levels brand and achieve more sales.
among others.  It is very important to keep the
 Are they conservative or margin on sales as a barometer
traditional, do they have higher of how much should be spent on
disposable incomes and advertising promotion. In
motivated to spend more? Are industries with thin margins,
they business class, salaried and spending too much on
at marginal income levels? advertising may not be the
 Long term marketing goal desired tactic.
should be defined:  On the other in industries such
 A marketing goal can be as drinking cola where the
attain number one production costs are low
position in geography or compared to selling price,
with respect to a particular companies can afford to raise
brand or it could be to the marketing budget to get
achieve more sales.But it increased market share.
is very important to  Effort should be taken to keep
specify in quantitative marketing costs within the
terms, say 10 or 25% budgeted costs or else it may be
increase in sales. difficult to get finance approval.
o Marketing Communication strategy o Tactics-Everything revolves around
to be developed: the 4 P’s
 Once the product has been  It was once believed that if you
developed and target audience knew the four P’s of marketing
have been defined, the next step you knew everything- Product,
is to devise marketing Pricing, Place and Promotion.
communication strategies to However, market involves
reach the target and persuade much more complexities and
them to act. not easily understood by
 It could be through mass media common man.
advertisements, social media  Strategic marketing involves
campaigns (Twitter, FaceBook, adjusting the price of your price
Pinterest, Reddit).Then position, place of marketing and
marcomm strategy outlines the perhaps the product itself. For
 example, Maruti Suzuki Ltd, the  Pricing has a greater leverage
leading seller of passenger cars on products that have high
in India re-launched its elasticity of demand as it can
premium brands that didn’t cause significant increase or
succeed in the market through decrease in revenue. There are
design changes and re- two types of pricing –strategic
positioning the models in a new Marketing and tactical pricing.
showroom called Nexa.  Strategic Marketing pricing
 And results are to be seen the S- takes into account long-term
Cross premium cross over brand profit objectives of the
clocked sales of 50,000 in six organization while tactical
months after relaunch, pricing is about achieving short
according to Suzuki. term objectives such as festival
o Pricing the basic tactic offer, end-of-season sale at 50%
 Pricing is the basic tactic off and so on.
adopted by the companies to o Product Dynamic
attain their objectives. However,  Sometimes the product may
it is also the most complex of have to be altered or abandoned
the tactics to be pursued by and a new product developed in
marketers. view of the competition.
 Too high a price could dissuade Musquito repellents in India
buyers away from the product were initially smoke coils which
and get attracted to competitive caused breathing problems for
offers while a price that may be many people and also littered
perceived as too low may cause the place with the ash.
buyers to doubt its quality and  Thereafter, companies started to
value. develop liquid repellents that
 Contrary to popular perception, worked on electric current by
price is not calculated on the slowly discharging the liquid
basis of cost plus a reasonable and smell driving away
profit. It is based on the brand mosquitoes.
image created in the consumer o Place and Geographic Targeting:
minds and a level the market is  Most products are sensitive to
willing to bear. geographies and cultural
 According to experts, pricing as differences. What sells in the
a marketing instrument is rural market may not appeal to
difficult to leverage effectively the urban market.
as it involves decision making  Low priced cars may be more
horizontally and vertically suitable for emerging markets
within an organization. than developed markets while
 Pricing tactics are usually made places with extreme cold,
on the basis of supply and humidity and hot conditions
demand, its elasticity and other require different kinds of
parameters. Price elasticity products specifically for that
refers to a percentage change in region.
quantity demanded in response o Promotions and the changing
to a change in price upward or technologies
downward.
  Marketing promotion involves tactics are the best ways to
communicating the brand conceptualise a marketing plan. A
message to the consumer goal is a broad primary outcome
through mass media, email while strategy is the plan, objective
campaigns, social media, is the measurable step and tactics are
hoardings, banners, taking part the tools and techniques used to
in events, trade fairs. implement the strategy.
 Marketing communication o Any marketing strategy will not help
activities are part of the unless both strategic marketing and
marketing strategy to achieve tactical marketing are employed in
certain long term objectives of combination.
branding, achieving more sales, o The pre-requisites for a successful
more market share, or related campaign are knowing the status of
objectives. the company vis-as-vis competition
o (market share), developing
 The millennials were those born marketing communication and
in the US between 1980 and understanding the target audience.
2000 have a different mindset o With a proper understanding of all
towards buying, spending and the above factors any campaign may
consumption patterns. They end up to be a failure not able to
comprise 79 million people with achieve the objectives.
a purchasing power of $170 bn o Strategic marketing is vital for
a year. achieving long term goals of the
 This group are more disposed company and those only adopting
online, social media and mobile tactical marketing on an adhoc basis
technologies. Therefore, more risk the possibility of not able to
effort needs to be taken to convert potential leads.
address this target group. What o Disruptive technologies,
sets apart Millennials from recessionary market conditions, new
boomers and Gen Xers are they competition from other industry
tend to share everything with verticals and competition within the
friends online. industry are all factors that could
 Therefore, brands can capitalize impact the fortunes of brands and
on that behavior by giving hence marketers need to be
Millennials positive customer constantly on their toes to stay
experiences to share a tweet ahead.
about the company or let others o No marketer would be wise enough
know they have bought your to ignore the inbound marketing
product. strategies now in vogue thanks to
 Conclusion rise in internet penetration, websites,
o Changing market dynamics requires blogging and search engine
change in marketing strategies and optimization (SEO) techniques.
tactics.  The Marketing Environment
o Sometimes a refusal to change with  SWOT Analysis
the changing times can cost a o SWOT analysis is a tool for auditing
product dear an organization and its environment.
o According to Mikal E Belicove, It is the first stage of planning and
GSOT- goal, strategy. Objective and
 helps marketers to focus on key today, and where it could be in
issues. SWOT stands for strengths, the future.
weaknesses, opportunities, and  It should always be specific.
threats. Strengths and weaknesses Avoid grey areas.
are internal factors. Opportunities  Always apply the tool in
and threats are external factors. A relation to your competition i.e.
strength is a positive internal factor. better than or worse than your
A weakness is a negative internal competition.
factor. An opportunity is a positive  Keep your audit short and
external factor. A threat is a negative simple. Avoid complexity and
external factor. over analysis
 It is subjective.
o Strengths and weaknesses are
internal factors.
 Examples
 Your specialist marketing
expertise.
 A new, innovative product
or service.
 Location of your business.
 Quality processes and
o We should aim to turn our procedures.
 Any other aspect of your
weaknesses into strengths, and our
business that adds value to
threats into opportunities. Then
your product or service.
finally, SWOT will give managers
 A weakness could be:
options to match internal strengths
 Lack of marketing
with external opportunities. The
expertise.
outcome should be an increase in
 Undifferentiated products
‘value’ for customers – which
or services (i.e. in relation
hopefully will improve our
to your competitors).
competitive advantage.
 Location of your business.
o The main purpose of the analysis
 Poor quality goods or
has to be to add value to our
services.
products and services so that we can
 Damaged reputation.
recruit new customers, retain loyal
o Opportunities and threats are
customers, and extend products and
external factors.
services to customer segments over
 Examples
the long-term. If undertaken
 A developing market such
successfully, we can then increase
as the Internet.
our Return On Investment (ROI).
 Mergers, joint ventures or
o Tips in making SWOT
strategic alliances.
 Be realistic about the strengths
 Moving into new market
and weaknesses of your
segments that offer
organization.
improved profits.
 It should distinguish between
 A new international
where your organization is
market.
  A market vacated by an government policy may impact
ineffective competitor. on an organisation or a specific
 A threat could be: industry. This would include
 A new competitor in your political policy and stability as
home market. well as trade, fiscal and taxation
 Price wars with policies too.
competitors. o Economic Factors:
 A competitor has a new,  These factors impact on the
innovative product or economy and its performance,
service. which in turn directly impacts
 Competitors have superior on the organisation and its
access to channels of profitability. Factors include
distribution. interest rates, employment or
 Taxation is introduced on unemployment rates, raw
your product or service. material costs and foreign
 PESTEL Analysis exchange rates.
o A PESTEL analysis is an acronym o Social Factors:
for a tool used to identify the macro  These factors focus on the
(external) forces facing an social environment and identify
organisation. The letters stand for emerging trends. This helps a
Political, Economic, Social, marketer to further understand
Technological, Environmental and their customers’ needs and
Legal. Depending on the wants. Factors include changing
organisation, it can be reduced to family demographics, education
PEST or some areas can be added levels, cultural trends, attitude
i.e. International. changes and changes in
lifestyles
o Technological Factors:
 These factors consider the rate
of technological innovation and
development that could affect a
market or industry. Factors
could include changes in digital
or mobile technology,
automation, research and
development. There is often a
tendency to focus on
developments only in digital
technology, but consideration
must also be given to new
methods of distribution,
manufacturing and also
logistics.
o Environmental Factors:
o Political Factors:  These factors relate to the
influence of the surrounding
 These determine the extent to
environment and the impact of
which government and
ecological aspects. With the rise
 in importance of CSR  The major difference between
(Corporate Sustainability SWOT and PESTEL analysis is
Responsibility), this element is that PESTEL is used to analyse
becoming more important. a company’s external
Factors include climate, environment while SWOT can
recycling procedures, carbon be used for both internal as well
footprint, waste disposal and as external evaluations.
sustainability  SWOT Analyses can be used to
o Legal Factors: identify the current market
 An organisation must position of the company while
understand what is legal and PESTEL is used to identify the
allowed within the territories impact of external
they operate in. They also must environmental factors which
be aware of any change in may affect the business
legislation and the impact this operations, especially when
may have on business expanding the business
operations. Factors include operations into various other
employment legislation, regions.
consumer law, healthy and  Marketing Research
safety, international as well as  Market research is a critical component
trade regulation and restrictions. when you’re launching a product, try to
 Political factors do cross over improve your existing service, or when
with legal factors; however, the you’re just looking to be a step ahead of
key difference is that political your competitors. It will provide you
factors are led by government with all the information you need to
policy, whereas legal factors make a better business decision.
must be complied with. o It is crucial for a better
o Why do we need PESTLE Analysis? understanding of your customers
 A PESTEL analysis helps an  Who will buy your product?
organisation identify the Who are your ideal customer
external forces that could personas? How often will they
impact their market and analyse buy? What do they need? What
how they could directly impact do they want, expect?
their business. It’s important  The more answers you have the
when undertaking such an more understanding you’ll get.
analysis that the factors This will result directly in
affecting the organisation are meeting the customer’s needs
not just identified but are also better than your competitors.
assessed – for example, what  Market research will help you
impact might they have on the map out the full profile of your
organisation? The outcomes of ideal customer. Knowledge of
a PESTEL analysis can then be your customers will help you
used to populate the determine the market size and
opportunities and threats in a what triggers them to buy.
SWOT analysis. You’ll gain valuable insights
 Conclusion like their age, location, gender
o What is the difference between & income, which will help you
PESTLE and SWOT? in creating effectively tailored
 marketing and pricing marketing the product. You’ll
campaigns. also find the key message that
o 2. Knowledge about your resonates with clients.
competitors, and how they approach o You won’t go out of business
the market  “It is not the strongest or the
 The competitors are taking most intelligent who will
away your customers and win in survive but those who can best
the marketplace. That’s because manage change.” — Charles
they’ve done their research Darwin
ahead of you. And now, you  We’re not exactly sure if
need to do the same if you want Darwin did some market
to stay in the game. research in his free time. But,
 Market research will help assess his words are so important and
the market to identify both key still echoing today in possibly
players and those on the rise. the most innovative era in the
Furthermore, it will help you history of mankind.
find the weaknesses in your  We all saw how giant brands
competitor’s approach. These like now-bankrupt Blockbuster
are gaps that you can utilize to and Nokia that still struggles to
gain more customers. You can get back in the mobile game
also learn what performed the failed in their market
best for the competition. In turn, predictions and are nearly
you will be able to think more forgotten by consumers today.
creatively while modeling your  Netflix and Apple did their
new strategy. market research right prior to
 Knowing as much as you can any other competitors and
for your competition will be utilized every open gap in the
pivotal to the success of your movie shows and mobile phone
business. segments.
o Testing your product before launch  So, in order to remain in
 Testing is a very important part business and stay relevant, you
of learning what works before should not only anticipate
jumping into the business change, but you need to be able
world. Every business decision to predict change too. That’s
should be tested before fully how good your market research
exposing to your target needs to be!
audience. By market testing o Business growth
your idea or product, you will  Market research helps you
save yourself from additional comprehend the demands of
expenses and most importantly, your customers, detect more
from delivering a bad product to business opportunities, plan the
the marketplace. perfect marketing campaign,
 You can never be 100% sure minimize losses, and keep track
that your product will instantly of the competition. It allows
connect with your potential organizations to classify their
customer. With market research, objectives while following the
you’ll find out what approach current trends and take
you should take when
 advantage by reaching out to equipment will be required only
their target audience. if sales are expected to exceed
 Identifying problems before five hundred units. But as soon
they happen is crucial if you as the business buyer’s sale
want to grow. Effective market exceeds five hundred units, he
research will not only help you will buy another equipment,
predict some of the pitfalls that increasing the sale of business
can occur but also it will save marketer’s product by hundred
you a lot of money too. Your per cent. As a result, there is no
solution may look like a proper direct one-to-one relationship
market fit, but if it’s not the between the business buyer’s
case, you’re in big trouble. sales fluctuations and the
 The process of market research business marketer’s sales. This
itself is designed to reduce the makes the sales to business
risk and to make the marketing buyers more volatile than
strategy cost-effective for your changes of demand experienced
business. in consumer markets by a
 Conclusion. retailer.
o To conclude, market research  iv. When business buyers see
provides you with important prices starting to decline, they
information that will help you may postpone buying in the
identify and analyze the market expectation of obtaining an
needs, your customers, and your even lower price later. The
competitors. opposite happens if the business
 Consumer and Business Markets buyer anticipates continuing
 Business Markets in Comparison to price increases.
Consumer Markets:  In this case, when prices began
o Market Structure: to rise, more volume than is
 i. Business markets have fewer immediately needed is
sellers and buyers in any market purchased to avoid paying even
segment than do consumer higher prices later. Such reverse
markets. price elasticity of demand is
 ii. Customers in consumer rare in consumer markets.
markets initiate a direct demand  v. Business markets include the
with their purchases. The various early, value-adding
demand for business products or stages of manufacturing and
services depends on the level of distributing consumer goods,
activity that the buying and also the sales of business
organization can create in its goods and services to
own markets. Thus business manufacturing, processing,
demand is derived. This derived commercial, institutional and
demand would not exist if the government organizations. The
buyer organization could not business market is significantly
find customers for its own larger than the consumer
products or services. market.
 iii. The business buyer may buy  vi. The organizational buying
an equipment to produce five unit called decision-making unit
hundred units a day. A second involves several individuals
 because various departments of Business goods are less
an organization are affected by dependent on regional tastes
the purchase. The purchase of and preferences. Also, their
an equipment may affect the specialized technologies and
quality control department, the limited applications require that
plant manager’s budget, the customers be sought outside
operator’s productivity and the home markets to achieve
purchase department. economic production volumes
 vii. Businesses tend to and to justify high R&D costs
concentrate geographically and capital investments.
because of the availability of Therefore business marketers
natural resources or of skilled must have more global
work force, the distribution perspectives of markets, in
advantages, or the desire to be terms of both customers and
close to customers. Thus, competitors.
business markets tend to be  iv. Most consumer marketers
geographically concentrated and seek market share and sales
business marketers have to volumes. Business marketers
travel long distances from one are more likely to have a
cluster of customers to another. sizeable share of highly
Consumer markets are more segmented, smaller, specialized
diffuse markets, resulting in more
o Marketing Perspective: restricted sales volumes. Thus
 i. Consumer marketers use business marketers focus on
demographic variables like age, improving profits in the short
income, location and socio- run.
psychological variables like  v. In consumer markets,
attitudes, preferences, innovation involves greater
personality and lifestyle to emphasis on style and
segment their markets. Business incremental changes to products
marketers are segmented on the that can justify model changes.
basis of industry, end market Innovation tends to be more of
served, level of technology, demand-pull type, i.e., new
ownership and characteristics of products are developed as a
the buying unit. result of research of customer
 ii. Business markets have higher needs. Innovation in business
investments in capital markets is characterized by
equipment’s and R&D. R&D inspired technological
Consumer marketers’ push and radical-breakthroughs
investments are directed more that may revolutionize the entire
toward marketing activities like industry. Such innovations
researching their huge customer would not come by trying to
base and promoting to mass identify with unsatisfied
markets. customer needs.
 iii. Consumer marketers seek  vi. Business marketers deal with
regional or national markets smaller number of customers,
because their products are frequently on a face-to-face
created to appeal to local tastes. basis. They are more sensitive
 and responsive to their marketer’s sales volume and
customers’ requirements. Thus profitability. These important
business marketers are far more customers are called key
customer oriented than accounts. The marketer must
consumer marketers. Consumer maintain close contact with
marketers’ relations are these important customers to
distanced by long, indirect retain its business with them. A
channels of distribution and are similar situation is absent in
reduced to a mass of indifferent consumer markets. A small set
transactions. Business buyers of customers will not be able to
and sellers usually enter stable, affect the sales of a consumer
long-term relationships in which product severely because the
each party depends on the other number of customers is very
for continuing business success. large.
Thus strong loyalty is  ix. For many business marketers
developed between buyer and educating their customers is an
seller in business markets. important task. Business
Consumer marketers are marketers send their technical
desperately trying to engender and other staff to the facility of
loyalty among their customers. the buyer for long periods.
They have not been much Employees of the buyer and
successful. Loyalty in business seller organizations work
markets is the result of together to solve problems.
dependence that buyers and Business goods like
sellers have on each other. equipment’s have more
Unless the state of such complete instruction manuals,
dependence is replicated in specification sheets and
consumer markets, customers of maintenance books than
consumer products will remain consumer equipment’s.
fickle-minded. o Customer Behaviour:
 vii. In business markets, two  i. Because their number of
organizations can be buyers of customers is small and there is
each other’s products. An frequent face-to-face contact,
automobile manufacturer may business marketers are closer to
require computers for its customers and more in tune
employees and the computer with customers’ buying
manufacturer may require behavior.
automobiles for its employees.  ii. The number of customers in
In such situations reciprocity business markets are small, but
may be practiced i.e., they their per order size is normally
decide to buy from each other. high. They buy to keep in
Reciprocity is rarely possible in inventory so that the item can
consumer markets. be used in future. They buy in
 viii. Among the customers of bulk because they want to
business marketers there are minimize transportation cost
some customers whose business and the cost incurred in placing
is so important that its loss an order. They also buy in bulk
would seriously erode the and keep inventory to minimize
 chances of disruption in their on business in the future, or if
work if a supplier failed to the order represents a sizeable
supply on time. Business buyers portion of the marketer’s
may have contracts to purchase business, the customer can exert
items for a year with a supplier. a strong influence on the
Long-term contracts lasting for business marketer’s price,
the life-time of the component product design, delivery and
are becoming common in other dimensions of the
business markets. Buyers and supplier’s operations. The
sellers become interested in aggressive use of buying power
each other’s operations in many by a buyer organization to
ways. Such intrusive persuade a supplier to make a
relationships are not very product that more closely meets
frequent in consumer markets. the buyer’s requirement is
 iii. The purchasing motives of called reverse marketing. Such
business buying are maintaining buying power does not exist in
and furthering organizational consumer markets.
goals. These motives are  vi. Business buyers show strong
rational, economic, objective loyalty to their current supplier.
and profit or efficiency oriented. Such supplier loyalty is an
Business buyers are technically outcome of the strong
qualified purchasing specialists. interdependence between
They may have taken business buyers and their
specialized training. In large suppliers. The business buyers
companies they may be who change suppliers face high
specializing in certain type of switching costs, such as the
products. A purchaser may be costs of training a new supplier
responsible for buying paints in the intricacies of the buyer’s
only. Emotions and self- business, the possible loss of
gratifying motives underlie confidential trade secrets if the
most consumer purchases. supplier is abandoned, and the
 iv. Business buyers may impose high cost of identifying an
substantial penalties for non- alternative supplier. In
performance by suppliers. Such consumer markets, customer
penalties may be built in the loyalty to retailers or brands is
contracts with the suppliers. A weak and the consequence of
contract may specify that a supplier or brand switching is
supplier pay a certain amount not severe to customers.
for every day’s delay in delivery  vii. The business buyer’s
of an order or in the completion involvement in a purchase is
of equipment installation in a much greater than that of a
plant. Such penalties have not customer in consumer market.
yet become part of consumer The business buyer must plan
markets. his requirements and specify
 v. If a business marketer’s plant technical and delivery
is running under capacity, or a requirements of the purchase,
customer’s order today has the often with the assistance of the
potential of significant follow- supplier. The business buyer
 may help the supplier to reduced by purchasing from
develop the capability needed to large, well-known and reputable
supply the item. Negotiations suppliers and by continuing to
may go on for a long time about buy from the same supplier. In
specifications, quality and price. consumer markets the risks to
The buyer monitors supplier customers are less.
performance over the life of  Marketing Segmentation, Market Targeting,
contract. and Market Positioning (STP)
 viii. The business buying  How to use Segmentation, Targeting and
decision process is complex and Positioning (STP) to develop marketing
involves several functional strategies
areas of the buying o Today, Segmentation, Targeting and
organization. Each function Positioning (STP) is a familiar
may have a different point of strategic approach in Modern
view and interest in the Marketing. It is one of the most
purchase. Committees discuss a commonly applied marketing
purchase using documented models in practice. In our poll
data, proposals, specifications asking about the most popular
and supplier analysis. Business marketing model it is the second
buyers often have the option of most popular, only beaten by the
making the product themselves venerable SWOT / TOWs matrix.
instead of buying it. The This popularity is relatively recent
business decision making since previously, marketing
process is observable and approaches were based more around
moves through distinctive products rather than customers. In
stages. The decision making the 1950s, for example, the main
process for major supplies may marketing strategy was 'product
take a long time. In the differentiation'.
consumer markets the customer o The STP model is useful when
decision making process is creating marketing communications
comparatively simple and short. plans since it helps marketers to
It takes place in the buyer’s prioritise propositions and then
mind and cannot be observed. develop and deliver personalised
The option of making the and relevant messages to engage
product himself is generally not with different audiences.
available with the customer
 ix. The business buyer’s risk
can be very high. It is greatest
in the new-task situation, in
which the buyer has not
encountered such a buying
situation. Risk is least in the
straight-rebuy situation, in
which the item just has to be
reordered. But even in straight
rebuy there are risks such as the
item not being delivered on
time. Performance risk is
 o The needs of each segment are the
same, so marketing messages should
be designed for each segment to
emphasize relevant benefits and
features required rather than one size
fits all for all customer types. This
approach is more efficient,
delivering the right mix to the same
group of people, rather than a
scattergun approach.
o Well known ways to segment your
audience include:
 Demographics
 Breakdown by any
combination: age, gender,
income, education,
ethnicity, marital status,
education, household (or
business), size, length of
residence, type of
residence or even
 Applying Segmentation, Targeting and profession/Occupation.
Positioning to digital communications  Psychographics
o STP is relevant to digital marketing  This refers to 'personality
too at a more tactical and emotions' based on
communications level. For example, behaviour, linked to
applying marketing personas can purchase choices,
help develop more relevant digital including attitudes,
communications as shown by these lifestyle, hobbies, risk
alternative tactical email customer aversion, personality and
segmentation approaches. leadership traits.
magazines read and TV.
While demographics
explain 'who' your buyer
is, psychographics inform
you 'why' your customer
buys.
 Lifestyle
 This refers to Hobbies,
recreational pursuits,
entertainment, vacations,
and other non-work time
pursuits.
 Belief and Values
 Refers to Religious,
political, nationalistic and
cultural beliefs and
 How to use STP values.
  Life Stages  In the example here, I’ve taken
 Life Stages is the some cars available in the UK.
Chronological This isn’t a detailed product
benchmarking of people’s position map, more of an
lives at different stages. illustration. If there were no
 Geography cars in one segment it could
 Drill down by Country, indicate a market opportunity.
region, area, metropolitan
or rural location,
population density or even
climate.
 Behaviour
 Refers to the nature of the
purchase, brand loyalty,
usage level, benefits
sought, distribution
channels used, reaction to
marketing factors.
 Benefit
 Benefit is the use and
satisfaction gained by the
consumer.
o Market Targeting
 Criteria Size: The market must
be large enough to justify Lesson 4: Developing Marketing Mix
segmenting. If the market is  Marketing Research
small, it may make it smaller.  The systematic design, collection,
 Difference: Measurable interpretation, and reporting of
differences must exist between information to help marketers solve
segments. specific marketing problems or take
 Money: Anticipated profits advantage of marketing opportunities
must exceed the costs of o It is a process for gathering
additional marketing plans and
information that is not currently
other changes.
available to decision makers
 Accessible: Each segment must
o Purpose is to inform an organization
be accessible to your team and
about:
the segment must be able to
 Customers’ needs and desires
receive your marketing
 Marketing opportunities for
messages
particular goods and services
 Focus on different benefits:
 Changing attitudes and purchase
Different segments must need
patterns of customers
different benefits.
o The importance of Marketing
o Product Positioning
Research
 Positioning maps are the last
 Facilitates strategic planning
element of the STP process. For
 Assesses opportunities/threats
this to work, you need two
 Ascertains potential for success
variables to illustrate the market
overview.
 Helps determine feasibility of a observe interaction
strategy when members are
 Improves marketer’s ability to exposed to an idea or
make decisions a concept
o Types of Research  Conclusive Research
 Marketing research can involve  Research designed to
two forms of data: verify insights through
 Qualitative data yields objective procedures and
descriptive non-numerical to help marketers in
information making decisions
 Quantitative data yields  What percentage of
empirical information that consumers will
can be communicated consider an electric
through numbers car purchase?
 Marketers conduct either  Used when the marketer
exploratory research or has one or more
conclusive research alternatives in mind and
 Exploratory Research needs assistance in the
 Research conducted to final stages of decision
gather more information making
about a problem or to  Descriptive Research –
make a tentative Research conducted to
hypothesis more specific clarify the characteristics
 To better understand a of certain phenomena to
problem or situation solve a particular problem
and/or to help identify  Demands prior
additional data needs or knowledge
decision alternatives  Assumes problem is
 Customer advisory boards clearly defined
 Small groups of  May require
actual customers who statistical analysis
serve as sounding  Experimental Research –
boards for new- Research that allows
product ideas and marketers to make causal
offer insights into inferences about
their feelings and relationships
attitudes toward a  Provides strong
firm’s products and evidence of cause and
other elements of its effect
marketing strategy  Need a dependent
 Focus group variable and
 A study in which a independent
small group of 8-12 variable(s) in order to
people are set-up research
interviewed often project
informally, without a o Marketing Research Process
structured
questionnaire, to
  Accepted or rejected
hypotheses act as
conclusions for the
 Step 1: Locating and Defining research effort
problems  Reliability and Validity
 Focus on uncovering the  Reliability – A
nature and boundaries of a condition that exists
situation when a research
 The first sign of a technique produces
problem is a almost identical
departure from results in repeated
normal or expected trials
results  Validity – A
 Define the problem condition that exists
 Marketers must when a research
define the nature and method measures
scope of the situation what it is supposed to
in order to pin down measure
the pr  Step 3: Collecting Data
 Determine precisely  Primary Data
what is the aim of  Data observed and
research O recorded or collected
 Researchers and directly from
decision makers respondents
should remain in the  Is collected to address
problem or issue a specific problem
definition stage until that cannot be
they have determined answered by
precisely what they secondary data alone
want from marketing  Secondary Data
research and how  Data compiled both
they will use it inside and outside the
 Research will often be in- organization for some
depth purpose other than
 Step 2: Designing Research the current
Project investigation
 Research Design  Methods of Collecting
 An overall plan for Data
obtaining the  Population – All the
information needed to elements, units, or
address a research individuals of interest
problem or issue to researchers for a
 Hypothesis specific study
 An informed guess or  Sample – A limited
assumption about a number of units
certain problem or set chosen to represent
of circumstances the characteristics of
a total population
  Sampling – The to calculate the
process of selecting likelihood that a
representative units specific element of
from a total the population being
population studied will be
chosen
- Quota – in which
researchers divide
the population
into groups and
then arbitrarily
choose
participants from
each group
 Survey Methods
 Mail survey – A
 Sampling research method in
 Probability Sampling which respondents
– A type of sampling answer a
in which every questionnaire sent
element in the through the mail
population being  Telephone survey – A
studied has a known research method in
chance of being which respondents’
selected for study answers to a
- Random – All questionnaire are
units in a recorded by an
population have interviewer on the
an equal chance phone
of appearing in - Telephone depth
the sample, and interview – An
the various events interview that
that occur have an combines the
equal or known traditional focus
chance of taking group’s ability to
place probe with the
- Stratified – The confidentiality
population is provided by
divided into telephone surveys
groups with a  Personal interview
common attribute survey – A research
and a random method in which
sample is chosen participants respond
within each group to survey questions
 Non-probability face-to-face
Sampling – A - In-home (door-to-
sampling technique in door) interview –
which there is no way A personal
 interview that  Statistical
takes place in the interpretation –
respondent’s Analysis of what is
home typical and what
 Shopping mall deviates from the
intercept interview – average
A research method  Data requires careful
that involves interpretation
interviewing a  Managers must
percentage of understand the research
individuals passing results and relate them to
by “intercept” points a context that permits
in a mall effective decision making
- On-site computer  Step 5: Reporting Findings
interview – A  Prepare a formal, written
variation in which document
respondents  Determine level of detail
complete a self-  Clear and objective
administered presentation
questionnaire  Consider the intended
displayed on a audience
computer monitor  Point out deficiencies in
 Online survey – A the data
research method in  Researchers often give
which respondents their summary and
answer a recommendations first
questionnaire via e-  For decision makers
mail or on a website who do not have time
- Marketers can use to study how the
digital media result were obtained
forums such as  Products vs Services
chat rooms, blogs,  Goods are basically objects or products
newsgroups, which have to be manufactured, stored,
social networks, transported, marketed and sold.
and research  Services on the other hand are output of
communities to individuals and they can be a collective
identify trends in or individualistic action or performance
interests and by an individual
consumption
patterns
 Step 4: Interpreting Findings
 The first step in drawing
conclusions from most
research is displaying the
data in table format
 The data must be analyzed
next:
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