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Strategic Marketing For Engineers

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37 views

Strategic Marketing For Engineers

Uploaded by

micahbintad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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STRATEGIC MARKETING

FOR ENGINEERS
PRESENTED BY: MIKA
STRATEGIC MARKETING
FOR ENGINEERS
COMPANIES, INCLUDING THOSE MANAGED BY
ENGINEER MANAGERS, MUST SERVE MARKETS THAT
ARE BEST FITTED TO THEIR CAPABILITIES. TO
ACHIEVE THIS END, A VERY IMPORTANT ACTIVITY
CALLED STRATEGIC MARKETING IS UNDERTAKEN.

UNDER THIS SET-UP THE FOLLOWING STEPS ARE MADE:

1. SELECTING A TARGET MARKET


2. DEVELOPING A MARKETING MIX
01 SELECTING A TARGET MARKET

A MARKET CONSISTS OF INDIVIDUALS OR ORGANIZATIONS, OR


BOTH, WITH THE DESIRE AND ABILITY TO BUY A SPECIFIC
PRODUCT OR SERVICE. TO MAXIMIZE SALES AND PROFITS, A
COMPANY HAS THE OPTION OF SERVING ENTIRELY OR JUST A
PORTION OF ITS CHOSEN MARKET.

IN SELECTING A TARGET MARKET, THE FOLLOWING STEPS ARE


NECESSARY:

1. DIVIDE THE TOTAL MARKET INTO GROUPS OF PEOPLE


WHO HAVE RELATIVELY SIMILAR PRODUCT OR SERVICE
NEEDS.

2. DETERMINE THE PROFIT POTENTIALS OF SEGMENT.

3. MAKE A DECISION ON WHICH SEGMENT/S WILL BE


SERVED BY THE COMPANY.
FACTORS USED IN SELECTING A TARGET MARKET

A TARGET MARKET MUST HAVE THE ABILITY TO SATISFY THE


PROFIT OBJECTIVES OF THE COMPANY. IN SELECTING A
TARGET MARKET, THE FOLLOWING FACTORS MUST BE TAKEN
INTO CONSIDERATION:

1. THE SIZE OF THE MARKET, AND

2. THE NUMBER OF COMPETITORS SERVING THE MARKET.


02 DEVELOPING A MARKETING MIX

AFTER THE TARGET MARKET HAS BEEN IDENTIFIED, A MARKETING MIX


MUST BE CREATED AND MAINTAINED. THE MARKETING MIX CONSISTS
OF FOUR VARIABLES: THE PRODUCT, THE PRICE, THE PROMOTION,
AND THE PLACE (OR DISTRIBUTION).

GIVEN A MARKETING ENVIRONMENT, THE ENGINEER MANAGER CAN


MANIPULATE OR ALL VARIABLES TO ACHIEVE THE COMPANY’S
GOALS. AS SUCH THE QUALITY OF THE PRODUCT MAY BE ENHANCED,
OR THE SELLING PRICE MADE A LITTLE LOWER, OR THE PROMOTION
ACTIVITY MADE A LITTLE MORE AGGRESSIVE, OR A WIDER
DISTRIBUTION AREA MAY BE COVERED.
SUMMARY

TO SURVIVE, COMPANIES MUST CONTINUOUSLY GENERATE INCOME. TO BE


ABLE TO DO SO, THEY MUST BE ABLE TO SELL ENOUGH QUANTITY OF THEIR
PRODUCTS OR SERVICES. ENGINEERING FIRMS ARE NO EXCEPTION.

THE PROPER MANAGEMENT OF THE MARKETING FUNCTION HELPS THE


ENGINEER MANAGER CONVINCE CUSTOMERS TO PATRONIZE THE FIRM.
SPECIFICALLY, THE ENGINEER MANAGER MUST KNOW HOW TO USE
EFFECTIVELY THE FOUR P'S OF MARKETING WHICH ARE THE PRODUCT, THE
PRICE, THE PLACE, AND THE PROMOTION.

AN ACTIVITY CALLED STRATEGIC MARKETING IS DESIGNED TO MAKE SURE


THAT THE MARKETING OBJECTIVES OF THE FIRM ARE ACHIEVED. STRATEGIC
MARKETING CALLS FOR SELECTING A TARGET MARKET AND DEVELOPING AN
APPROPRIATE MARKETING MIX.

THE MARKETING MIX CONSISTS OF THE APPROPRIATE LEVELS OF PRODUCT


QUALITY, PRICE, PROMOTION, AND PLACE.

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