MGT301 Objective By Pin ✌️And Muhammad

They are actually the stakeholders.

Customers are the king of business.

The role of Media is that much strong that it can make or break the companies.

Macro environment consists of six external forces i.e. demographic, economic, natural, technological,
political and cultural.

The microenvironment consists of the Organization itself, Suppliers, Intermediaries, Competitors,

Customers and Public

Parts of strategic planning are: 1. Environment analysis 2. Internal analysis 3. Vision 4. Mission 5.
Objectives

Actors---------e.g supplier, distributors etc. Factors____ public Forces______e.g economic, political forces

Strategic Business Unit (SBU)

BCG matrix is a tool for portfolio analysis. It is done on the scale of relative market share and market
growth rate.

Star: This Quadrant has High growth rate with High market share.

Question mark: This Quadrant has high growth rate with low market share

Cash cow: This Quadrant has Low growth rate with high market share

Dog: This Quadrant has low growth rate with low market share.

4 Ps are developed for the product.

In the first step of marketing research process problem is defined and objectives of the research are
designed.

In the second step research plan is developed for the sake of collecting information. Information could
be collected through interviews, surveys, and from published material.

In the third step of research process research plan is implemented for the sake of collecting and
analyzing the data. In the last step the interpretation and reporting of findings is conducted.

Surveys offer a quick way of collecting required information. Survey research is conducted in public areas
or visiting targeted offices, schools, universities etc.

Market information system (MIS)

Consumers’ buying is significantly affected by social, cultural, personal, and psychological factors. These
are the factors which are not in the control of marketers

Cultural factors have a huge effect on the buying behavior of consumer

Marketers have to understand that consumers don not purchase products, they purchase values and
lifestyle.

Question 7: What role marketing plays in our life?

Answer: We live in an interdependent world where we have to convince others and seek their support
for any activity we do in our life. This is a fact that others will only get convinced and extend their
support if what we are offering has relevance for them. At all such occasions, fundamentally, marketing
will teach you to understand what concerns others and how to present your offer in a way that appeals
to others. Marketing will also guide you to express yourself to the world around to get maximum out of
it.

Marketing help consumer to take decisions,

“meeting the needs profitably

Customers\ consumers are important for marketers

Exchange is the act of finding a desired thing

Demand of any unhealthy product is called unwholesome demand like narcotics and drugs etc

Customer lifetime value;

“is the value of the entire stream of purchases that the customer would make over the lifetime of
investment”. Take example of female who uses lipstick regularly. Suppose if she uses a particular lipstick
of a company and on average, she will use it for 10 years. Then suppose if one lipstick is of Rs. 500 and it
lasts for one month so in one year she will use 12 lipsticks. So, she will spend 500 *12 = 6000 in one year
and in 10 years she will spend 6000*10=60000. If the company has won the customer, company is not
selling one lipstick to the customer but it’s winning the sale of 60000 and if the customer is lost then it is
losing this amount.

Customer-generated marketing (CGM)

Customer-generated marketing (CGM) is the type of marketing in where firms invite their customers
either to develop the content for company marketing campaign or to review it. Initially only companies
were marketing the products now customers are also marketing. Everyone can now access everyone else
so they are sharing their experience good or bad with others. We can say that Customer-generated
marketing is leading now.

Stimulation Marketing is the task of converting no demand into positive demand. So, it is the process of
creating a demand for a product.
We can't change our environment suddenly.

Marketing intermediaries usually consist of wholesalers, distributors, and retailers that make a
relationship between the organization and the customers.

financial publics, media publics, government public, local public, general public or internal publics etc.
They are actually the stakeholders.

The role of Media is that much strong that it can make or break the companies

Government is the protector of the state's public interest

To check the health of the economy and growth rate, we have many economic indicators, which are GDP
volume and growth rate, Per capita income, Interest rate, inflation, Import Duty rate etc.

Marketing is all about serving customers profitably.

Vision gives long term direction, what it wants to be in long term.

Mission: Organization’s purpose

BCG matrix is a tool for portfolio analysis.

Product/ market expansion Grid is a tool for identifying company growth opportunities

Marketing mix is developed after segmentation, targeting and positioning are done. Marketing mix
consists of marketing tools such as products, price, place and promotion

These are actually 4 Ps of marketing mix .4 Ps are developed for the product. Market is divided into
segments and then appropriate segment is targetted and positioned.

For building marketing strategy we need to do SWOT analysis as well.

S Strengths – It shows internal capabilities of the company to reach its objectives

W Weaknesses- It shows internal limitations of the company that creates hindrance for a company to
achieve its objectives

O Opportunities – It shows how a company can take advantages of opportunities available externally

T Threats- It shows how factors may challenge a company’s performance

Managers make major marketing decisions based on the information they gather from marketing
environment and this information is stored in marketing database to maintain a record and for further
decision making when needed. This is called internal data. While talking about the external data,
Marketing Intelligence helps marketers in a variety of marketing decisions i.e. increasing sales, building
customer retention capacities, and keeping an eye on competitors.
Surveys offer a quick way of collecting required information

The most important component of the marketplace is consumer.

Buyer’s black box has two components; buyer’s characteristics which deals with how consumer perceives
and responds and other is buyers decision process which affects buyer behavior.

Cultural factors have a huge effect on the buying behavior of consumer.

Different Groups impact the consumer’s behavior.

People’s occupation plays a major role in what they buy.

Another factor which plays a major role in consumer’s buying pattern is his economic situation.

An exploratory research is the investigation of a problem which is not clearly defined and answers the
'why' element of a question. While in descriptive research we describe the characteristics of a
phenomenon under study by answering the 'what' element of a question. For example, a researcher
wants to investigate the purchasing pattern of a clothing brand so in order to answer the question 'what
is the purchasing pattern of customers in Lahore'; he conducts descriptive research. While in order to
study the 'why the customers of Lahore purchase a particular clothing brand?' he conducts exploratory
research.