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Advertising and Promotion

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Advertising and Promotion (MKT621)
VU
Lesson 27
MARKETING ENVIRONMENT
OVERVIEW
In this lecture we will explain about the importance of knowing about the environment of the
market and different analysis pertaining to it. Moreover, the different influences in the
marketing environment will be explained and the future of market growth examined.
ANALYSIS OF MARKETING ENVIRONMENT
All of the marketing is based on the idea that you must thoroughly know the environment in
which your business operates in order to successfully promote and sell your product or service.
Ultimately your idea must:
a) Fulfill a need for your buyers; and
b) Must do so in a way i.e. somehow superior to the competition, however, you define it.
If you to be sure that your idea will do these two above mentioned crucial things you need to
know as you can about the following:
A. Competitors.
B. Target Buyers.
C. Marketing Environment.
A.
Competitors
1. Who are your competitors?
Level 1: Specific brands which are direct competitors to your product or service.
Level 2: Competitors offering similar products in a different business category.
Level 3: Competitors competing for "same occasion".
2. What are competitor's strength's and weaknesses?
·  Know each competitor's market share, as compared to your own.
·  How target buyers perceive or judge your competitor's products & services.
·  Your competitor's financial strength to spend money on advertising & promotions.
·  Each competitor's ability & speed of innovation for new products & services.
3. What are competitor's plans to do next?
·  Annual forecast of sales, spending &profits.
·  Promotion & advertising programs.
·  Introduction, support & success of new products & services.
·  Direction for future growth.
4. What are competitors' spending trends?
Amount of money your competitors are willing to spend will impact.
·  The success of current products & services.
·  Your ability to obtain target buyer's attention & purchases.
·  Key account's attention & commitment to your programs.
·  Your company's introduction of new products.
B.
The Target Buyer:
To understand the market it is essential that you should know precisely who your customers
are? You have to really know what type of people or business they are. In order to refine your
understanding of you own customer based you will need to:
·  know precisely who your customers are?
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Advertising and Promotion (MKT621)
VU
·  what type of people or business they are and the key factor is to look at the issue from two
angles:
·  Niche marketing: Identifying main users of your product so you can direct marketing
efforts to those users.
·  Segmenting market. Divide existing market into segments as new niches for your
business.
Niche Marketing: Picking right market segment that it is ­
i. Measurable in quantitative terms.
ii. Substantial enough to generate planned sales volume.
iii. Accessible to your company's distribution methods.
iv. Sensitive to planned/affordable marketing spending events.
Segmenting your Market: Market has to be divided in sections or segments based on different
factors ­
i. Demographics. Age, gender, income, education, race, marital status, size of household,
location, size of city and profession.
ii. Psychographics. Refers to personality & emotionally based behavior linked to purchase
choices, e.g. risk takers, risk avoiders, impulsive buyers etc.
iii. Lifestyle. Refers to collective choice of hobbies, recreational pursuits, entertainment,
vacations & other non-work pursuits.
iv. Belief & Value systems. Includes religious, political, nationalistic & cultural beliefs &
values.
v. Life stage: Refers to people's lives at different stages e.g. pre teens, teenagers, etc.
vi. Customer & product data collection. Researchers gather data from users of similar products
on:
·  Number & timing of brand purchases.
·  Reasons for purchases.
·  Consumer's attitudes about various product attributes.
·  Importance of product to the lifestyle of consumer.
·  Category user information.
vii. Factor & Cluster Analysis. Researchers analyze the data collected to find correlations
between product & other factors, as a basis for identifying actionable consumer target
"clusters".
·  Clusters are defined as "niche markets"
·  Where there are buyers and users who are similar and can be reached by advertising and
promotion.
viii.
Cluster's identification & importance.
·
Whether Clusters are large & worth spending money on them?
·
Whether marketing to this group fit your existing image and long - term goals.
C.
Marketing Environment:
Today it is influenced by global marketplace & explosion of information age. To be fully ready
Company must recognize & understand:
1. Cultural influences.
2. Government & political influences.
3. Demographic & lifestyle trends.
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Advertising and Promotion (MKT621)
VU
4. Local, national & world economic trends.
5. The strength of multi national competitors.
6. The influence of technology on physical distribution.
FUTURE OF MARKET GROWTH:
Once the market has been identified it is essential to know as to what is the size of the actual
market that you can compete in. Each total market must be examined in light of:
1. Size of total market.
2. Size of market that is interested in your products.
3. Size of market that is available for distribution of your products.
4. Size of market that already buys competitive products.
5. Size of market that your company can serve.
6. Size of the market that your company can reach with advertising & distribution.
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Table of Contents:
  1. INTRODUCTION TO ADVERTISING:Its growing importance, Explanation of Personal and non-personal selling
  2. INTRODUCTION TO ADVERTISING:ADVANTAGES, Communication, Information, Various Media
  3. INTRODUCTION TO ADVERTISING:FUNCTIONS OF ADVERTISING, IMPACT OF ADVERTISING
  4. ADVERTISING AND SOCIETY:PRACTICAL BENEFITS, ETHICS IN ADVERTISING, Marketplace & Market space
  5. MARKETING TOOLS:COMPONENTS OF MARKETING MIX, PRODUCT LIFE CYCLE (PLC) CURVE
  6. MARKETING TOOLS:SWOT Analysis, Contents & Structure, ROLE & FUNCTION OF ADVERTISING
  7. ROLE AND FUNCTIONS OF ADVERTISING:Structure of an Advertising Agency, How to Select an Advertising Agency
  8. ADVERTISING PLANNING:ADVERTISING OBJECTIVES, Types of Advertising, Positioning Strategies
  9. POSITIONING:BRANDING, 7 Steps of Creative Process, UNIVERSAL ADVERTISING STANDARDS
  10. ADVERTISING MESSAGE:Message Content, BASIC TERMS & CONCEPTS
  11. ADVERTISING BUDGET:4 Methods to determine, ADVERTISING RESEARCH, ADVERTISING RESEARCH
  12. ADVERTISING REACH:BROAD COMMUNICATION OBJECTIVES, ADVERTISING COPY METHODS, MEDIA RESEARCH
  13. PRE – PLACEMENT EVALUATION:ACCOUNT PLANNING, MARKET, COMPETITION
  14. WORKING OF ADVERTISING:12 Steps to develop effective campaign, SOURCE or THE ADVERTISER
  15. ADVERTISING RESPONSE HIERARCHY MODELS:AIDA MODEL, PROCESS REQUIRED TO GET BIG IDEA
  16. PROBLEM SOLVING STRATEGIES:Procedure to Handle Problems, In brief, Eight principles apply to consumer behavior
  17. CONSUMER BEHAVIOUR:ADVERTISING APEALS, MEDIA MIX DECISIONS, Target Rating Point (TRP)
  18. CREATIVITY IN ADVERTISING:Three aspects are most accepted, Four Rules of Creativity
  19. COPY WRITER:CHARACTERISTICS OF COPYWRITER, IMPORTANCE OF LANGUAGE
  20. WHY ADVERTISING:Advertising & Market Education, ADVERTISEMENT CAMPAIGNS
  21. METHODS TO APPRECIATE A PROBLEM:SPONSORSHIP—an important tool, Special Characteristics
  22. IMPORTANT TOOL OF ADVERTISING:TELEVISION ADVERTISING, TRANSIT ADVERTISING
  23. ONLINE ADVERTISING:Banners, Logos, Email Ads, Keywords on Search Engines, New Developments
  24. ONLINE ADVERTISING:Structural Challenges, Adobe Photoshop, JAVA, HTML, DHTML, ASP & JSP
  25. SALES PROMOTION:Consumer Oriented Promotion, HOW TO USE TRADE PROMOTION, Dealing with the Trade
  26. PUBLICITY:PERSONAL SELLING, ROLE OF SALES PERSON, FUTURE OF GLOBAL ADVERTISING
  27. MARKETING ENVIRONMENT:Competitors, The Target Buyer, Segmenting your Market, FUTURE OF MARKET GROWTH
  28. MARKETING PLAN:Situational Analysis, Macro – Environment Situation, Marketing Objectives, Financial Objectives
  29. MARKETING PLAN:PROMOTING BUSINESS IN LOW COST, SUPPLY CHAIN, BUYER IDENTIFICATION
  30. HOW TO BE GOOD CLIENTS:CHANNEL BUYERS, HOW TO BE GOOD CLIENTS 14 RULES
  31. CLIENT – AGENCY RELATIONSHIP:HOW TO KEEP CLIENTS (10 Ways), Three Points for Consideration
  32. CLIENT – AGENCY RELATIONSHIP:ADVERTISING WITHOUT AN AGENCY, LOGO AND CORPORATE IDENTITY
  33. NEWSPAPER ADVERTISING:AD PRODUCTION,TYPES OF NEWSPAPER ADS, CIRCULATION
  34. OTHER ADVERTISING MEDIUM:HOW TO USE MAGAZINES, HOW TO USE RADIO, Daypart buying options
  35. UTILITY OF VARIOUS MEDIA:TAPE OR FILM, UTILITY OF TV, DIRECT MAIL PACKAGE
  36. OTHER ADVERTISING MEDIA:POINT OF PURCHASE (POP), TRANSIT ADVERTISING, LIMITS OF ADVERTISING
  37. CONTINUOUS TRACKING:PLANNING CAMPAIGN, HOW TO UNDERSTAND ADS, ASK BASIC QUESTIONS
  38. SEASONAL ADVERTISING:MAXIMIZING IMPACT, THE WEB ADVERTISING, MEASURING ADVERTISING
  39. COMPONENTS OF ADVERTISING:BUY - OLOGY OF MIND, BUY - OLOGY OF MIND
  40. CRITICISM ON ADVERTISING:SHOULD ADVERTISING BE ABOLISHED,
  41. EFFECT OF ADVERTISING:HOW TO PROMPT AWARENESS, CREATING DESIGN THAT SELLS
  42. CREATING EFFECTIVE DESIGN:LANGUAGE OF TYPOGRAPHY, HEADLINES THAT COMMUNICATE
  43. WORKSHEETS:DEMOGRAPHICS OF YOUR TARGET, YOUR COMPETITOR
  44. GLOSSARY OF ADVERTISING:ACCOUNT EXECUTIVE, PROOF, VOICE OVER
  45. CONCEPT OF AN AD:HOW TO DEVELOP A CONCEPT OF AN AD