MARKET SEGMENTATION AND TARGETING
The market consists of many people heterogeneous in nature, therefore the company has to select a more
homogenous section of the market and target its activities to such segments.
Market segmentation is the p
MARKETING PLANNING AND BUDGETING
Importance of marketing planning in marketing
o Resources are limited in terms of time, financial and management effort.
o Planning provides systematic and futuristic thinking which helps in organising marketing
OVERVIEW OF MARKETING
Marketing is responsible for satisfying customers, which in turn increases our standard of living and
quality of life. In todays competitive environment, a strong focus on customer satisfaction is essential to
Marketers task begins before a company produces its products and continues even after sales
Definition: Strategic marketing is the process of analysing opportunities, choosing objectives,
developing strategy, formulating plans and car
Importance of marketing function
a) Importance to the society
1. Marketing avails ideas, products, goods and services to the society
2. Marketing avails information to the society-this helps consumers to make informed decisions
leading to good choices
Developing a marketing strategy
Strategy is the grand design of achieving objectives. It is a battle plan consisting of marketing,
financial and manufacturing elements.
5 strategic concepts that form a basis of marketing segmentation;
a) Market segmentati
MARKETING INFORMATION SYSTEM AND MARKETING RESEARCH
Definition: marketing information system is a structured interacting complex of persons and procedures
designed to generate an orderly flow of pertinent information, collected from intra and extra-firm s
b) External marketing environment
1) Economic environment
This is the most important environmental factor which a business organisation should take into
It covers those factors that give shape and form to the development of economic activities.
Branding-this is the development of a specific identity for the product. This implies that a product is given
a specific position in the mind of the consumer.
It involves developing a strategy which identifies the value and quality of a