Chapter 4

Chapter 4 - Marketing Management Changing Role of Marketing...

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Unformatted text preview: Marketing Management Changing Role of Marketing within Firm Focus on lower cost & physical efficiency Marketing shift from physical efficiency to selling Adoption of marketing approach Marketing and Four Functions of Management • • • • Planning Function Organizing Function Controlling Function Directing Function 1 4 Ps of Marketing • 4 Ps of marketing – – – – Product Price Place Promotion Marketing Mix • Marketing Mix: Mix: – Combination of 4 controllable variables • • • • Product Price Place Promotion The Business Plan Values Consumer Needs Needs Firm’s Purpose Marketing Plan 2 Firm’s Purpose • What firm is going to do Firm’s Objective • How to accomplish its purpose Marketing Plan • Analyzing – – – – – current market situation opportunities and issues implementation finance control 3 Marketing Plan I. Current Market Situation I. II. III. IV. Market Situation Competitive Situation Macroeconomic Environment Your costs of operation--have to know your cost operation--have so that you can determine profit V. Your competitors' cost of operation VI. Your competitors response to anything you might do Marketing Plan -Continued • Know the size of your market and your share of it. A clear understanding of your potential market – the size of the market – who are competitors – your costs of operation -- have to know your cost so that you can determine profit – your competitors' cost of operation – your competitors response to anything you might do. Marketing Plan II. Opportunities and Issues Analysis ~Opportunities & Threats outside firm ~Strengths & Weaknesses within firm ~Issues Analysis ~Financial & Marketing Objectives 4 Marketing Plan III. Marketing Strategy ~ID Target Market ~Sales Promotion ~Product Positioning ~Res. & Develop ~Product Line Line ~Market Research Market Research ~Price ~Distribution ~Sales Force ~Level of Service ~Advertising— ~Advertising—when and where Benefits of A Good Marketing Plan Firms achieve higher rates of return on invested capital when they have --A clear business purpose clear business purpose --A clear business objective 5 Benefits of A Good Marketing Plan that is reflected in a well-thought-out marketing well-thoughtplan with an effective marketing mix Analyzing Market Potential Transition mass to target marketing • Estimating market potential – Macroeconomic approach approach – Population approach – Consumption approach Discussion Questions 1. 2. 3. 4. Explain why an agribusiness manager should be interested in having a clear purpose and objective. Explain the relationship between marketing and the four functions of management four functions of management. Describe and explain how the role of marketing has changed the way agribusinesses operate. Explain why it is important to adopt the marketing approach to be successful in agribusiness. 6 Discussion Questions 5. 6. Describe the business planning process and explain the role of consumer needs in this process. The unifying theme of this book is maximizing the long term profits of the firm by profitably satisfying long-term profits of the firm by profitably satisfying consumer consumer needs. Explain this in your own words. Do you agree or disagree with it? Explain why you feel this way. Discussion Questions 7. In this chapter you found the phrase “by meeting a consumer need the firm earns its right to make a profit.” Explain this in your words. Do you agree with this statement? Explain why you feel this way. Discussion Questions 8. The use of the marketing approach in an agribusiness leads to greater economic efficiency and greater consumer satisfaction. Do you agree or disagree with this statement? Explain why di you feel this way. Identify the 4 P’s of the marketing mix and explain why they are called controllable. Explain why you would want to control them. 9. 7 Discussion Questions 10. What is the difference between business planning and strategic planning? 11. Describe how information technology has changed the marketing management process. Explain your answer. 8 ...
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