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Business Marketing Class Work Typed
Asset VS MarketLed Approach
Product Led = When a company produces a product with no input from consumers and
then tries to sell it.
Asset Led = When a company researches what consumers want and then matches it to
their own strengths to produce a product.
Market Led = When a company researches the market and identifies what consumers
want and produces a product to match their requirements.
Assets are things e.g. Computers, buildings etc
Competencies are skills e.g. customer relationships, effective market research.
What are the effects of using an asset led approach?
Because they are making a product that customers want, and are also matching /
playing to their own strengths, they aren't wasting any resources therefore making
it more efficient
If it is done well a brand name could be established
If there is an awareness of strengths and weaknesses there can be more focus on
It will depend on strategies used by competitors (The External Market)
It will depend on how accurately assets have been matched to customer needs
It will depend on the companies ability to carry out accurate market research
The Marketing Model
The Marketing Model is a framework from which a firm can determine its marketing
decisions. It adopts a circular pattern implying that marketing is a continuous process that
is under constant review, always adapting to changing circumstances.
The starting point must be the objectives, and from this a broad marketing strategy can be
devised, Next a detailed marketing plan is set, put into action and the results monitored.
1. Mission statement
2. Corporate objectives
3. Set marketing objectives
4. Gather and analyse data (Market Research, SWOT, product life cycle, sales
5. Develop marketing strategy and tactics (Porter, Ansoff, the marketing mix)
6. Write the marketing plan (details a firms marketing decisions)
7. Implement marketing strategy and tactics
8. Review results.
+ Focuses on objectives
+ Encourages research
+ Provides a common direction to aid motivation for employees
+ Attempts to eliminate hunch / bias and therefore risk.
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Slows down the decision making process
Cost (increases opportunity cost)
Success is not guaranteed there are always uncontrollable variables
Employees may selectively use this data to support their own individual goals.
What is it?
Correlation analysis measures the relationship between two sets of data. Correlation
occurs when it can be determined that a change in one factor is related to the change in
another i.e. cause and effect.…read more
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Experts opinions could be wrong
If a forecast is made too far in advance.
Synergy / Synergies
Usually occur when two organisations merge / come together
When taking two businesses and combining them, their skills, expertise etc.
therefore it should be a more efficient business, now they are together.
A marketing plan includes:
Introduction (executive summary)
Mission statement and corporate objectives
Action plans (operational tactics e.g. Marketing Mix)
Control tools to monitor and review performance.…read more
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Calculating the Market Share:
The extent to which the market share of individual firms in the market can be maintain or
increased will depend upon the influence of certain factors:
Marketing Finance People Operations Management
Have they got Are they using How well is Workforce planning will
accurate market their staff benefit the business.…read more