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Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
Text 4. Marketing Strategy
A company’s marketing strategy describes how company will position itself and the products it sells or the services it provides in the competitive marketplace. Marketing strategy is the marketing logic by which the business unit hopes to achieve its marketing objectives. It shows how strategies for target markets and positioning create the firm's differential advantages. Marketing strategy should detail the market segments on which the company will focus. These segments differ in their needs and wants, responses to marketing, and profitability. The company should put its effort into those market segments it can best serve from a competitive point of view. Company should develop a marketing strategy for each targeted segment. A marketing strategy includes the following: • Analysis of the wider business environment. More specifically: the political / legal, economic, social / cultural, and technological factors operating in the external world. • Identification and analysis of target markets for new products in terms of volume and revenue. • The marketing budget. • Elements of the marketing mix, and their timing. Marketers often use the term ‘total product offer’ to reinforce the diversity of elements that make up a 'product'. These include value-for-money (= relationship between quality and price), brand name and image, packaging, convenience of sales channel, service, speed of delivery, the guarantee, etc. The company’s marketing plan is the written document which details the marketing methods selected (advertising, price, promotion, etc.) and specific marketing actions or marketing activities. It should open with a short summary of the main goals and recommendations in the plan. The marketing plan also examines the resources needed (both financial and human) to achieve specified marketing objectives, such as an increase in sales or a successful product launch, over a given period of time. You can develop a marketing plan using the stages known as AOSTC (Analysis, Objectives, Strategies, Tactics and Control).
The summary of the marketing plan helps top management to find the plan's central points quickly. A table of contents should follow the summary. The market consists of many types of customers, products and needs. The process of dividing a market into groups of buyers with different needs, characteristics or behavior, who might require separate products or marketing mixes, is market segmentation. Who is the target market for a product? An immediate distinction is whether it is an industrial product (B2B: business-to-business), or a consumer product (B2C: business-to-consumer) aimed at end-users. A third category might be products for use in hospitals, schools, public transport, etc (B2G: business-to-government). There is one more type of selling when individual people sell to other individuals (C2C: consumer to consumer). In relation to consumer products, the 'mass market' is becoming an old-fashioned concept. Products are increasingly targeted at specific market segments. There are four basic methods for segmenting a market: •Product-related: comfort, safety, luxury, good value-for-money, convenience, durability, etc. • Demographic: age, gender, education, family life cycle, income, occupation, etc. • Psychographic: attitudes, lifestyle, opinions, values, self-image, etc. • Geographical: region, post code, etc.
Exercise 30. Answer the questions. 1. What is marketing strategy? 2. What does marketing strategy include? 3. What is the company’s marketing plan? 4. What does abbreviation AOSTC stand for? 5. What are the stages of a marketing plan? 6. What is USP analysis? 7. What are SMART objectives? 8. What does a marketing plan start with? 9. What is market segmentation? 10.What are the product categories? 11. What are the methods for segmenting a market? Exercise 31. Give Ukrainian equivalents. Company’s marketing strategy, to position the products in the marketplace, to achieve marketing objectives, business unit, to focus on market segment, political /legal, social/ cultural, analysis of target markets in terms of volume and revenue, increase in sales, to examine the resources, sales figures, promotion, speed of delivery, competition in the marketplace, profitability, industrial product.
Exercise 32 . Give English equivalents. Ринок з конкуренцією, відмінні переваги, потреби та бажання, розробляти маркетингову стратегію, гарне співвідношення ціни ті якості, докласти зусиль, порівняльний аналіз, ринок товарів масового виробництва, пропозиція сукупного продукту, конкретна маркетингова акція, маркетинговий план, успішний випуск нового товару на ринок, трудові ресурси, аналіз унікальних властивостей продукції, споживчі товари, застаріла концепція. Exercise 33. Fill in the missing letters. 1. Data collected by market research can be 'qu_ _ _itative' (= factual and numerical), or 'qu_ _ itative' (= opinions and attitudes that are difficult to measure). 2. Another word for the final consumer of a product is the 'e_ _ -u_ _r'. 3. The relationship between quality and price is referred to as 'v_ _ _ _-for-m_ _ _ _'. This phrase often has the word good in front, to mean 'cheap' ('cheap' can have a negative connotation). 5. Marketers tend to emphasize 'be_ _ _its' (= advantages for the customer) rather than 'fea_ _ _es' (from a product design point of view). 6. A name or symbol that has legal protection is called a 'registered tr_ _ _ _ _ _k'. 7. Two key concepts in pricing are 'm_ _ _-up' (= the % added to the cost to give the selling price) and 'br_ _ _even volume' (= the sales volume at which the product starts to make a profit). Exercise 34. Make word combinations with market and marketing using words from the box. Then match the word combinations with the definitions below.
____________market Marketing_______ ________ ________ ________ ________ · groups of consumers with similar needs or purchasing desires · the consumers, clients or customers you want to attract · a definition of the company, the product / service and the competition · detailed information about how to fulfill the marketing strategy · the techniques you can use to communicate with your consumers · the combination of different elements used to market a product or service
Exercise 35. Complete the text with the words in the box.
Proctor & Gamble is a very well-known company in the household and personal goods sector. It has 22 different (1)… including baby care, cosmetics, household cleaners, laundry, etc. The combination of all these makes up P&G's (2)… (= product range). P&G has many well-known (3)… such as Ariel, Pampers, Pantene, but notice that the brand is not the same as the company name (although in other companies it is). P&G spends a very large marketing budget maintaining the (4)… of its customers - it wants them to be satisfied and committed to further purchases. But even larger sums are needed when it launches a new product- (5)… (= brand recognition) has to be built up from zero. What about P&G's pricing policy? Well, they are a (6)… so they don't have to set artificially low prices to gain sales volume and (7)… Instead, they can focus on (8)… - maximizing revenue and minimizing costs.
Exercise 36. Marketers use a PEST analysis to look at the business environment. Typical items are listed a)-l). Put them into the correct category below. a) age structure of population b) changes in the fixed and variable costs of business c) new production methods d) national government policy e) changing tastes and fashions f) level of consumer spending g)developments in IT that open new markets h) the economy, inflation, unemployment i) EU / WTO regulations j) lifestyle changes (e.g. more people living alone) k) pressure from environmental or fair trade lobbies I) breakthrough products arising from R&D
1. Political / legal factors: 2. Economic factors: 3. Social / cultural factors: 4.Technological factors: Exercise 37. Match the words to their definitions. Be careful – they are very similar.
Exercise 38. Learn the following words and word combinations.
Exercise 39. Read, translate and give the gist of text 5. Text 5. Market Research How do marketers identify the need for new products? How do they decide how to improve existing products? One very important way is by collecting data using market research. Marketing research is the process of gathering information about a market, analyzing it and interpreting it. Although the term market research is often used to mean the same thing, technically it only refers to research into a specific market. Consumer research - used to discover behavior patterns (how people act) and customer needs is an essential element of marketing research. Motivation research investigates the psychological reasons why individuals buy specific types of merchandise, or why they respond to specific advertising appeals. The easiest data to collect is information that is already available (= secondary data). This may be internal company data such as the company's sales figures broken down according to different categories (customers, product lines, territories, etc). Alternatively, it may be external data found in published sources such as reports from government agencies, trade associations and professional research firms. Another important source of secondary data is simply to look at consumer buying patterns in more developed markets where the product is already available. Data collected for the first time (= primary data) is more difficult and expensive to obtain, but will give answers to the exact questions that marketers are interested in. It includes both quantitative information (e.g. carrying out a survey with customers using a questionnaire) and qualitative information (through focus groups, etc). Another important source of primary data is looking at the activity of competitors (= benchmarking), and this may include looking at their product range or their marketing strategy. A new area of research is ethnography: studying people's behavior in natural environments. There are two main methods of consumer research: • desk (desktop) research or secondary research: an analysis of the information you can find easily without leaving your desk. Examples include the internet, books, news magazines, and government statistics. • field research or primary research: involves talking to people and finding out what they think about a market, a product, a business sector, etc. It is usually carried out by market research institutes. Consumer research can be either qualitative or quantitative. In qualitative research, small group discussions or in-depth interviews with consumers are used to understand the problem better. Quantitative research involves collecting, or gathering large samples of data (for example, on how many people use different products), followed by statistical analysis – examining, or analyzing, the data. Quantitative research is often used to investigate the findings from qualitative research. Of all the techniques above, focus groups in particular can give very valuable information. A small group of consumers sit in a room and discuss a variety of predefined topics. They might be asked how they feel about a particular brand, which of various possible new advertising campaigns they prefer, what ideas they have for improving an existing product, etc. The interview is usually recorded for later analysis. Exercise 40. Answer the questions. 1.What is marketing research? 2. What types of research do you know and what are they used for? 3. What are secondary and primary data? 4. How many methods of consumer research are there? What do they analyze? 5. What technique can give very valuable marketing information?
Exercise 41. Give Ukrainian equivalents. To identify the need, to analyze and interpret information, published sources, merchandise, internal company data, primary data, desk (desktop) research, secondary data, company's sales figures.
Exercise 42. Give English equivalents. Вторинні дані, визначити завдання, асортимент, дослідження споживацького попиту, збір поточної маркетингової інформації, „позакабінетне” дослідження, кількісна інформація, якісна інформація, надавати цінну інформацію, рекламна кампанія.
Exercise 43. Read the notes on marketing research techniques, translate them paying special attention to the marked words. Focus group: small group from the target group plus moderator to mediate or run the session. The moderator prepares questions for the session. Package test: used to taste ideas for new packaging, could be in focus group. Taste test: used to taste what consumer think about new flavors. Home test: consumers try the product at home, in a real situation. A self-administrated questionnaire is completed (or filled in) by the respondent, and an interviewer-administrator questionnaire is filled in on behalf of the respondent by an interviewer. Telephone surveys are carried out by telephoning the respondent and asking questions. A mail survey is mailed to the respondent, who completes it and posts it back. Online surveys are administrated on the internet. Mystery shopping: a person poses as a consumer and checks the level of service and hygiene in a restaurant, hotel or shop. Omnibus surveys: a market research institute carries out (or conducts) research for several companies at the same time. A long survey is given to respondents: some institutes have a panel of existing respondents who are accustomed to answering the survey.
Exercise 44. Complete the text with words from the box.
1) A lot of marketing research institutes carry out … surveys. They ring people at home and ask them questions. 2) A … is a small discussion group, led by … who asks questions to get detailed and qualitative information. 3) A marketing research institute may prepare a lengthy … survey which it posts to consumers at their homes. These … surveys have questions from several different companies on them. 4) Some questionnaires are completed by the … (self-administered questionnaires) and some are completed by the interviewer (...-… questionnaires). 5) … surveys are usually carried out in-store to assess the levels of service quality and cleanliness. 6) A … test is designed to find out what consumers think about packaging, and a … test is to find out what they think about the flavors of a product.
Exercise 45. Cross out the incorrect sentence in each group. Look at Ex.43 to help you.
Exercise 46. Translate the sentences into Ukrainian. 1. Focus groups can give very valuable information, can’t they? 2. Consumer research can be either qualitative or quantitative. 3. The evolution of marketing could be caused due to overcapacities in the last decades. 4. A firm will be able to attain the highest sales in a year. 4. Marketing can’t take place between businesses and organizations. 5. He couldn’t have persuaded a consumer to buy a product. 6. The consumer will be able to search for alternative means to satisfy the need / want. 7. Computer-based information systems can be employed, aiding in a better processing and storage of data. 8. Marketing researchers could have used computer systems to convert data into information but they decided not to. 9. Technological advancements will be able to facilitate lesser barriers between countries and regions. 10. Although Wunderman could have been the first to use the term direct marketing, the practice of mail order selling essentially began in the U.S. upon invention of the typewriter in 1867. 11. He can’t have developed the marketing plan in two days. Exercise 47. Learn the following words and word combinations.
Exercise 48. Read, translate and give the gist of text 6. |
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