L2 - Maketing Environment and Policy 2024

Their interests or pain points.

Unique Selling Proposition.

Generating revenue.

The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.

Beliefs passed on through family and reinforced by institutions.

Inbound focuses on potential customers finding you, while outbound pushes your message in front of them.

Outbound marketing.

MTR Corporation.

Factors and forces outside of a marketer’s direct control that affect management’s ability to develop and maintain successful transactions with target customers.

Buyers.

Clarity, Credibility, Consistency, Competitiveness.

SWOT analysis, Ansoff matrix, and BCG analysis.

Advertising, direct marketing, public relations, and sales promotion.

To analyze the marketing competitive and product situation.

Achieving marketing objectives through applying digital technologies.

It helps to understand the competitive forces in the market that affect the organization.

Analyse the situation.

Different stages of economic and technological development in various countries and customer needs.

Fail points, critical incidents, and system failures.

Convenience for customers to buy products.

Education-based content such as blogs, webinars, and video series.

Product, Price, Place, Promotion.

Competitive analysis.

Larger societal forces that affect the organization’s microenvironment, analyzed through tools like PEST, PESTLE, or PESTEL.

Opportunities and threats.

Over the past 20 years.

They can be adopted into the digital marketing aspect.

Changes in income, continued consumer spending, rising consumer debt levels, and changing spending patterns.

Staff recruitment and training.

Product, Price, Promotion, Place.

It is the only variable that has implications for revenue.

The context in which marketing activities occur, including external and internal factors.

Pricing policies or models, real-time comparison, and price transparency.

A framework that includes the 4Ps (Product, Price, Place, Promotion) to strategize marketing efforts.

To serve as a guide for what the organization wants to accomplish.

Company, Customer, Competitor, Collaborator, and Climate.

Customers.

Quality and reliable local ferry services.

Marketing communications.

Companies are sensitive to changes in the economy, such as inflation rates and recessions.

Economic forces, natural forces, technology, politics, law, and cultural changes.

Different stages of economic and technological development.

It indicates potential financial strain on consumers, affecting their spending habits.

Market Penetration, Market Development, Product Development, and Diversification.

Increasing sales of existing products in existing markets.

Demographics, including size, density, location, age, race, sex, occupation, and education.

Creating dialogue with potential customers based on their needs and lifestyles.

Demographics.

A subsidiary.

To analyze the current market position of the organization.

Boston Consulting Group (BCG).

Customs wants and needs, Cost to satisfy, Convenience, Communication.

Unique Selling Proposition.

By improving costing and quality, and fostering stronger relationships.

Human factors who participate in service delivery.

It is non-invasive, allowing prospects to engage with content at their own pace.

Hong Kong, Kowloon, and the outlying islands.

The amount a customer pays for a product and the customer's perceived value.

Sincerity and goodwill in customer service.

Uniforms, scripting, queuing systems, and handling complaints.

To enhance shareholder value while contributing to the social and economic development of Greater China.

Managing interactions between staff and customers.

Distinctive customer service.

Virtual channels and online selling.

Allowances (rebates for distributors), discounts (for customers), and payment terms (credit, payment methods).

Direct mail, events, billboards, cold calling, newspapers, radio, and TV.

MTR Corporation.

To be an internationally recognized company that connects and grows communities with caring, innovative, and sustainable services.

Unique Selling Proposition.

Secondary beliefs are more open to change.

All factors outside your control that affect your company’s success.

Equipment and comfort.

The hiring process.

Recruitment, training, skills, and experience.

The procedures, mechanisms, and flow of activities by which a service is delivered.

It is difficult to make outbound marketing appealing and relevant to everyone.

Virtual products that combine tangibility and intangibility, like airlines.

It takes a great deal of time and effort to develop and test content that entices customers to convert.

Government actions, rules, and regulations that affect the business environment.

They can easily tune it out, often muting TV commercials or sending emails to junk mail.

How often to communicate the message.

A statement that defines the purpose and primary objectives of a company.

Cathay Pacific is known for its premium service, extensive route network, and commitment to quality and safety.

Society’s basic values, perceptions, preferences, and behaviors.

They have a direct impact on business strategies.

Marketing Audit.

To assess key areas applicable to marketing decisions.

A subsidiary focused on public transportation.

Institutions and other forces that influence cultural values and behaviors.

Age, financial situation, geographic location, and needs.

The world is getting smaller, with different countries at various stages of economic and technological development.

Create differentiation.

Promotional mix - the appropriate balance of advertising, PR, direct marketing, and sales promotion.

It is used to identify growth strategies for a business.

Process design, flowcharting, standardization vs customization decisions.

Quality, design, features, brand name, packaging, sizes, services, warranties, and return policies.

Identify marketing objectives.

List price, discounts, allowances, and payment terms.

They can introduce quotas, duties/taxes, and technical requirements.

Internationalization and localization.

Resource allocation and performance measurement.

It guides the subsidiary's operations and aligns them with the parent company's goals.

Pay-per-click advertising and spam emails.

MTR Corporation.

The internal, micro-environmental, and macro-environmental situation.

Collaborators and Climate (context).

MTR Corporation is known for its efficient and reliable public transportation system.

It helps staff work effectively and efficiently, especially in service sectors.

By understanding competitors' marketing mix strategy.

Substitutes.

Big-picture items that affect everyone, such as aging population, global warming, and technology changes.

The customer orientation or business philosophy.

It is essential for business success and survival.

Local factors that affect one company but not all, such as issues with suppliers or customers.

It suggests consumer confidence and a stable economic environment.

It can yield immediate results, prompting interested consumers to take action.

To determine how to reach the target audience.

They are quantifiable and can tie each part of the strategy to a metric that is monitored over time.

A holistic strategy that requires tools for implementing integrated, cross-channel campaigns.

Channels, coverage, assortments, locations, inventory, and transport.

World population growth, changing age structure, changing households, higher education, and geographic shifts.

Unique attributes or benefits that allow a company to outperform its competitors.

Sustainable business practice.

Shareholders.

Functionality and efficiency.

Relative price performance of substitutes, switching costs, and buyer propensity to substitute.

Factors like noise, air quality, and temperature that affect the service experience.

Differentiation of inputs, switching costs, supplier concentration, and importance of volume to the supplier.

Strong brand identity can reduce buyer power by increasing customer loyalty and reducing price sensitivity.

The organization's goals and capabilities with changing marketing opportunities.

Creating and distributing content that draws people into your website.

Where are we now?

They help the company achieve its goals and objectives.

New Entrants.

External Factors and Internal Factors.

"Customer First and Foremost".

On 4/8/2024, Page 51.

Lauterborn, Jobber and Fahy, Culliton, McCarthy.

To analyze the macro-environmental factors affecting an organization.

It can reach people who haven’t heard of the brand before.

Understand, beat, and lead the market.

Educational content specifically designed for each stage in the sales funnel.

It considers the total cost of ownership and other factors like cost to change and implement.

External factors that influence marketing strategies, including social, economic, and technological aspects.

Continuously upgrading services and facilities for optimum performance.

Service performance metrics.

Sales promotion, advertising, sales force, public relations, and direct marketing.

Marketing mix strategies and tactics.

Through continuous innovation.

They can adapt to changes and implement strategies to mitigate risks.

Choice of target market (where to compete) and creation of differential advantage (how to compete).

Product, Place, Price, Promotion.

Product, Place and Time, Price and Other User Outlays, Promotion and Education, Process, Physical Environment, People.

It helps manage events and risks effectively.

Souvenirs and mementos that enhance the service experience.

New competitors.

Transport, warehousing, and logistics plan.

Forces close to the company that affect its ability to serve customers, including tools like SWOT, Ansoff matrix, and BCG analysis.

Themselves, others, organizations, society, nature, and the universe.

Consistent rock bottom prices.

SWOT Analysis.

Yes, it can have multiple unique market positions.

Suppliers.

The 4Cs classification.

Industry Competition.

Customers' wants and needs.

Determining what is to be communicated.

Routing, food (catering), frequency, reliability, responsibility.

To send a message to a large audience in hopes of making sales.

Cost, period, travel purposes, distance, loyalty, internal/external factors, government policy, economy.

The larger the group you message to, the larger the return.

Consumers are used to it and may trust ads in specific media like newspapers.

Technologies that promote convenience in buying and finding information.

Marketing plan with timing and action.

MTR Corporation.

The space and environment where service interactions occur, including tangible elements like equipment and furniture.

It influences the occupation and economic status of the population.

Productivity and Quality (or Packaging).

The amount charged for a product or service.

Strategies to inform and educate customers about the service.

Higher switching costs can decrease buyer power as it makes it more difficult for buyers to change suppliers.

Providing customers access and convenience.

By creating specific benefits and uniqueness.

To analyze the marketing competitive and product situation.

External factors that influence a company's marketing strategy, including economic cycles.

It is fundamentally the same as the Marketing Mix.

After sales services and value-add services.

SWOT analysis.

A specialist, not a generalist.

Key Performance Indicators (KPI) and safety.

Communicate with your market.

To be a leader in line with the city’s development.

Price strategy, price tactics, and price setting.

Select and quantify target markets.

Introducing existing products to new markets.

Direction, direct/indirect service points, privilege.

Creation and measurement of service performance.

It should be neither too narrow nor too broad.

Promises made by the seller regarding the quality and longevity of the product.

It includes the tangible aspects that influence customer experience.

They represent the staff and customers involved in the service process.

Growing market.

Strategies such as intensive distribution, selective distribution, exclusive distribution, and franchising.

Providing and supplying inputs to enhance processes and deliver outputs, including information, ticketing, help desks, and complaints.

The wants and needs of customers.

SWOT analysis.

They interact between customers and provide service.

Requires continuous maintenance to ensure content meets consumers' evolving wants and needs.

The overall goals to be achieved in financial terms.

Opportunities and threats.

They guide the development of objectives and goals.

The key benefit for your business.

At each level in the organization hierarchy.

The speed of globalization.

To assess market conditions and inform marketing strategies.

An item that satisfies the consumer’s needs and wants, which can be tangible or intangible.

They should be market-oriented rather than product-oriented.

Advertising, public relations, personal selling, and viral advertising.

The ability of buyers to influence the price and terms of purchase.

They help build and maintain a positive public relationship with the market.

It creates market exposure and helps reach the target market.

They can affect business sustainability, such as in the scrap business.

Strategies.

Reliable performance.

It is boundaryless and can reach any people globally.

A strategy that focuses on reducing the time taken to deliver products or services to gain a competitive edge.

Introducing new products to new markets.

Monitor and control actual results.

Identifying target markets, analyzing competitors, and defining a unique value proposition.

The goods or services offered to meet customer needs.

The distribution channels and locations where products are available.

Factors that make it difficult for new competitors to enter the market, such as economies of scale and capital requirements.

No take-off or landing slots.

Channel member relationships.

It helps in predicting and taking precautionary measures.

It is harder to measure results compared to outbound marketing.

To pursue marketing objectives in the target market.

Operations manuals and process design.

Facilities, spatial layout, signage, interior design, ambient conditions, design of livery, and artifacts.

It provides directional guidance and communicates information through symbols and other signage.

Industry growth, fixed costs, product differences, brand identity, and exit barriers.

The design of stationery, brochures, menus, and other branded materials.

The tangible aspects of the environment where the service is delivered.

Euro-Star capturing market shares.

They affect products and processes, leading to rapid changes and improved business productivity.

Creating new products for existing markets.

To differentiate from competition on attributes that target customers highly value.

Product range, product mix, and product lines.

New Entrants, Buyers, Suppliers, Substitutes, Industry Competitors.

Through the provision of high-quality services and solutions.

They seek returns on their investment.

It aids in brand image building.

The procedures and flow of activities involved in delivering the product.

Strong financial position.

Aged aircraft.

Cost effectiveness and improved productivity.

Advertising, personal selling, promotion, public relations, responsible solutions, image/reputation.

Environmental responsibility.

There is a notable shift in the age demographics.

It refers to where to compete.

Changes in population distribution across different regions.

They work in unison to enhance service delivery and customer satisfaction.

The activities that communicate the product's benefits and persuade customers.

It refers to the procedures and flow of activities in service delivery.

Operating cost reduced.

Current, available, and changing technology.

Product design (features, quality), branding, packaging, label, product assortment, and managing product through the life cycle.

Costs can include traveling to trade shows, paying for banner ads, and purchasing billboard spaces.

They should be motivating.

The location and timing of service delivery.

Product, Place, Price, Promotion, Process, Physical Environment, People, Productivity and Quality.

Assortment, location decisions, and inventory.

They should fit with the market environment.

It refers to how to compete.

Buyer concentration vs. firm concentration, buyer volume, switching costs, buyer information, and ability to backward integrate.

Through elements like furniture and color schemes that enhance the service environment.

The staff and customers involved in the service delivery.

Good reputation.

Legal factors refer to the susceptibility of a company to legal changes that can affect business sustainability.

The efficiency of service delivery and the standard of service provided.

Poor network of ticket agents.