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Chapt 1B - Markets and MKTG

The Marketing Mix is the basic, tactical components of a marketing plan. Price, place, product and promotion are the Four P's of the Marketing Mix. Can you sell anything without getting in touch with your customers? Organizations rely on third parties to reach customers: - Merchants Take title to the goods, that is they become owners of the goods.

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49 views

Chapt 1B - Markets and MKTG

The Marketing Mix is the basic, tactical components of a marketing plan. Price, place, product and promotion are the Four P's of the Marketing Mix. Can you sell anything without getting in touch with your customers? Organizations rely on third parties to reach customers: - Merchants Take title to the goods, that is they become owners of the goods.

Uploaded by

kool_nguyen
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 20

Chapter 1B Markets and Marketing

3.1 Market forces


The market forces are as follows:

- Motivation of consumers
buying habits & attitudes

- Trade motivation and attitudes


trade structure and practices

- Competition analysis
refer to course book for list of competition analysis questions
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A competitor orientation is very important for an organization as it must develop an awareness and understanding of its competitors, their strengths and weaknesses and the essence of their strategic approach.
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What is a marketing mix?


The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's, the marketing mix elements are price, place, product, and promotion.
Source: http://marketingteacher.com/lesson-store/lesson-marketing-mix.html

3.2 The ingredients of the marketing mix

The Four Cs

Marketing Mix

Product

Place

Customer Solution

Convenience Price Promotion

2000 Prentice Hall

Customer Cost

Communication

What is a product?

A product is what the consumer buys. A product is composed of a bundle of features


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3 Level s of a Total Product

Figure 1 Three levels of product

3.2 The ingredients of the marketing mix (contd)

- The core product


is the most basic description of the product

- The actual product


includes physical features such as powerful engine, comfortable seats and sun roof

- The augmented product


Core product plus the benefits which come with it such as delivery, servicing, warranties and credit facilities for buyers.

When setting prices, what aspects must companies think about?


- Costs
fixed cost they do not change over a given level of production or sales e.g. factory rent &staffs salaries variable cost they do change with a level of production e.g. manufacturer spends more on materials to meet the increased production, more on light, heat and power and more on transportation.

- Competitors prices
-

Consumers perceptions
of value some consumers expect to pay a high price because they suspect that a cheap product will be of low quality.

Can you sell anything without getting in touch with your customers?
Organizations rely on third parties to reach customers:

- Merchants
Take title to the goods, that is they become owners of the goods. They then resell them. Wholesalers and retailers are in this category.

- Agents and brokers


They do not own the goods but merely assist in the transfer of ownership from say the manufacturer to customer. E.gs. insurance brokers and estate agents.

- Franchising
Is a means of gaining distribution for a product or service. Operator invests their own money and receives guidance and support from the company behind the operation. E.g. The Body Shop, Kentucky Fried Chicken.

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How could a potential buyer be influenced, informed or persuaded by you?


The different ways of promoting your product using promotional mix are:

- Sales promotion - Advertising - Direct marketing - Personal selling and - Publicity

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Refer to course book pg 24 for a list of constant attempt to measure the direct results of promotional expenditure.

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You need to match the companys strengths to the customers needs more effectively than the competition can do.

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Definition:

A service is any activity or benefit by one party to another which is essentially intangible and does not result in the ownership of anything physical. E.g. seat on an aircraft.
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Special characteristics of services are:


- Intangibility - Variability - Inseparability - Lack of ownership

Additional marketing mix for services are:


- Process - Physical evidence - People

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4.1 Marketing management


Definition:

Marketing management is the process of devising, implementing and monitoring the marketing plan. It involves analysis, planning and control.
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4.2 The development of marketing departments 4.3 Relationship with other departments
- Read course book page 28 & 29.

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5.1 Societal marketing and social responsibility


Definition:

The societal marketing concept is a management orientation that holds the key task of the organization is to determine the needs and wants of target markets and to adapt the organization to delivering the desired satisfactions more effectively and efficiently than its competitors in a way that preserves or enhances the consumers and societys well-being. Social responsibility is accepting responsibilities to the various publics of an organization which go beyond or legal requirements.

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All firms have a responsibility to society as a whole and to the environment.


(a) Some products which consume energy (e.g. motor cars) should perhaps make more efficient use of the energy they consume. (b) It may be possible to extend the useful life of certain products (c) Other products might be made smaller, so that they make use of fewer materials (e.g. products made using micro technology)

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Read course page 30 to 32 for 5.2 Social responsibility, business objectives and ethics. Read course page 32 to 34 for 5.3 Responsibilities to stakeholders (customers; community; employees; suppliers; competitors).

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