Developing Forecasts and Marketing Strategies in a Changing World

Developing Forecasts

• Quantitative forecasts: Typically based on historical data or tests and often involve complex statistical computations
• Exchange Qualitative forecasts: Based on intuitive judgements

Establish Goals and Objectives

• Goals: A broad, long-range target or aim
• Objective: Specific, short-range target or aim

Establishing goals and objectives

Specific-> Measurable-> Attainable-> Relevant-> Time limited

Art and Science of Marketing

Marketing in a Changing World

• The process of creating value for customers and building relationships with those customers in order to capture value back from them

The Role of Marketing in Society

• Needs: Differences between a person's actual state and his or her ideal state; they provide the basis motivation to make a purchase
• Wants: Specific goods, services, experiences or other entities that are desirable in light of a person's experiences, culture, and personality
• Exchange process: The Act of obtaining a desired object or service from another party by offering something of value in return
• Transaction: An exchange of value between parties
• Utility: The power of a good or service to satisfy a human need
• Marketing Concept: Selling Concept: Factory->Existing products-> Advertising and selling-> Profits through sales volume Marketing Concept: ->Market->Customer needs->Conversational communication->Profits through customer satisfaction->

• Marketing concept: An approach to business management that stresses customer needs and wants, seeks long-term profitability, and integrates marketing with other functional units within the organization
• Relationships marketing: A focus on developing with customers, suppliers, and distribution partners for mutual benefit
• Customer loyalty: The degree to which customers continue to buy from a particular retailer or buy the products of a particular manufacturer or service provider.

Challenges in Contemporary Marketing

• Involving the customer in the marketing process

• Making data-driven decisions

• Conducting marketing activities with greater concern for ethics and etiquette

Involving the Customer

• Customer relationship management (CRM): Type of information system that captures, organizes, and capitalizes on all the interactions that a company has with its customers
• Social commerce: Creation and sharing of product related information among customers and potential customers

Marketing Data-driven Decisions

• Marketing research: Collection and analysis of information for making marketing decisions

Marketing with Greater Concern for Ethics and Etiquette

• Permission- based marketing: A marketing approach in which firms first ask permission to deliver messages to an audience and then promise to restrict their communication efforts to those subject areas in which audience members have expressed interest
• Stealth marketing:

• The delivery of marketing messages to people who are not aware that they are being marketed to; these messages can be delivered by either acquaintances or strangers, depending on the technique

• FTC is against stealth marketing

Strategic Marketing Planning Process

1. Examine current marketing situation

2. Assess opportunities and set objectives

3. Develop marketing strategy

Pursuing Market Opportunities