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Look through the following vocabulary notes which will help you understand the text and discuss the topic




UNIT 2 MARKETING STRATEGY

Getting started.

The days when companies could quite happily operate on the basis of selling what they can make are over, even for those in mass production industries such as car manufacturing. To a greater or lesser extent, all companies must make what they can sell. Marketing therefore becomes the central function in the organization, undertaking the following activities:

- identifying suitable markets;

- identifying customer requirements (quality, design, and price);

- becoming aware of the organizations ability to produce what the customer wants;

- communicating customer requirements to the organization;

- working with other functions to ensure that requirements are met;

- liasing constantly with customers.

The marketing personnel are therefore the eyes and ears of the organization. Their aim must be to enable the organization to target the right markets, within a long-term strategic plan. Marketing thus involves analysis, planning, and control of satisfying customer requirements.

A production-led company will emphasise the use of techniques to maximise output and minimise cost, with products designed to be standardised. A sales-led company will emphasise product differentials, and advertising to create and retain market share, without reference to the need of customers. A marketing-led company will seek to identify, anticipate and supply customer requirements efficiently and profitably. In this unit, we seek to set out the nature and process of decision making in marketing.

 

Discuss the following points.

1. Can we say that marketing is a dynamic activity, which should lead the organization? Why?

2. Businessmen say that marketing is both the philosophy of the business and the set of behaviours needed to make it effective. Comment on this statement.

3. Why do you think in the modern business environment companies must be market oriented, not production or even sales led?

Look through the following vocabulary notes which will help you understand the text and discuss the topic.

to a greater or lesser extent
to liase
to target markets ,
analysis, pl. analyses
to satisfy
requirements
production-led
sales-led
marketing-led
to emphasise ,
techniques , ,
product differentials
to retain ,
market share
to seek to do smth /
marketing research
to identify
business environment
market oriented -
a set of behaviours
product mix product portfolio product range (, , , )
advertising
manning
desk research
market penetration /
packaging ,
product life cycle
observation
historical data
to forecast to predict to anticipate
product modification
to design
personnel , ,
to be a centrepiece
sales forecasting
target marketing
benchmarking , , , .
Boston Box model
market segments
appropriate ,
market trends
product concept testing
product testing ,
test marketing /
media sing. medium
media selection
copy testing
warehouse
retail outlet
retailer ,
location ,
advertising agency
confidentiality
a rival company -
research methods
sampling
survey ,
field experiments
industrial espionage
slack
surplus
capacity
input costs
manning
budgeting
niche marketing (niching)
niche ,
positioning , , , ,
market segment , , , , .
target marketing
market segmentation
salesforce
cost centre -
promotion ,
divestment ,
pricing
to commence ,
commonplace ,
time scale
failure rate /
sound
product awareness
penetration pricing
brand image ,
economies of scale /
product line ,
repositioning /
price discounting

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