Marketing Model

Marketing Model:

A framework for making marketing decisions in a scientific manner. It is derived from F W Taylor’s method of basing decisions on scientifically gathered research evidence.
The model has five stages:

1.    Set the marketing objective based on the company’s objectives. For example, if the corporate goal is diversification, the specific marketing objective may be to launch a product into a new market that can achieve minimum sales of £5 million within 18 months.

2.    Gather data: this will require the collection of quantitative data and qualitative data about the market’s size, competitive structure, distribution pattern and consumer attitudes.

3.    Form hypotheses, theories about how best to achieve the objective. For example, a producer of canned food might consider whether to:

•    move into the frozen-food market
•    move into the chilled-food market
•    take the more radical route of moving into petfoods. 

4.    Test the hypotheses: this may be done solely through market research or, more thoroughly, by test marketing new product ideas. After the results are evaluated, a decision can be reached on how to proceed.

5.    Control and review: making decisions is only one part of the marketing function; implementing them is no less important. The means of implementation will be via the marketing mix. The effectiveness of the distribution, pricing or promotion policies must be controlled, with careful conclusions drawn from the success or failure of the project.

02/12/2020

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