... Promotional Mix What it is The 'promotional mix' is a term used to describe the set of tools that a business can use to communicate effectively the benefits of its products or services to its customers. The promotional mix includes the following tools – advertising public relations sales promotion direct marketing personal selling The promotional mix is part of the wider marketing mix. To find out about the marketing mix see the 10-minute Marketing Mix. The challenge is to select the right mix of promotional activities to suit your particular business at a particular time – and to then use it correctly to achieve a result. The combination of tools you use will depend on the target audience, the message you wish to communicate and the budget you make available. There would be little point in advertising new gas boilers in a fashion magazine – much more appropriate to advertise in a trade magazine for builders and gas fitters. Here is a 10-step checklist for developing and managing your promotional mix. 1. Decide how the products and services you provide can be 'packaged' together. The image of your business is formed by the way you promote the elements of the marketing mix – your products, prices and the places through which you sell. It is often helpful to think about promoting the business as opposed to a single product or service. If you need to think more about the marketing mix before going any further, take a look at the 10-minute Marketing Mix briefing. 2. Develop...
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...steps in marketing. Why? One of the most important elements of a marketing strategy is the development of an ideal target customer profile. Effectively understand who makes an ideal customer allows you to build your entire business, message, product, services, sales and support around attracting and serving this narrowly defined customer. When working with businesses that have an established customer base you can generally identify their ideal customer by finding the common characteristics found in their most profitable clients that also refer them to others.. Today, however, I want to address the needs of the start-up or business with very little customer experience. Finding and serving an ideal customer is equally important for a business just getting started and establishing a focus on discovering a narrowly defined ideal client from the very beginning will save months of wandering in the dark trying to be all things to all people. The targeted audience will heavily affect the communicator’s decision on what will be said, how it will be said, when it will be said, where it will be said, and who will say it. Explain the use of the U.S. information and VALS indicators as just two ways to identify customers. An important part of a social marketing campaign is segmenting your market, i.e. dividing it into coherent groups, each of which might respond to a different approach. Creating an approach for each segment of your target audience will make it more likely that your message...
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...competitive pressures increase, marketing is more and more key to being successful in business. It plays a key role in many business success stories. Most small businesses carry out a great deal of marketing, but don’t always recognise it as such and don’t always plan it to its fullest. You probably already know your customers well; you know that you should be continually improving and extending your products.All this is part of the marketing mix. Marketing is so much more than just sales and advertising. Marketing allows your business to identify, anticipate and satisfy customer requirements profitably. Get it right and marketing will allow you to get the right product or service to your customers at the right price, in the right place, at the right time. 1 Product Don’t develop a product or service first and then hope to find a market for it afterwards. Research the market before you launch your product or service so that it meets the needs of customers, put a system in place to regularly check that your product is what the market wants. If you are already in business and have a product, then you should have a means to develop and extend your product to meet those ever changing needs. 2 Price A product/service is only worth what customers are prepared to pay for it. The price also needs to be competitive, but this does not necessarily mean the cheapest. For example, a small business may be able to compete with larger rivals by adding extra services that will offer customers...
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...The Marketing Mix Abstract The marketing mix also known as the four P’s of marketing is generally used by marketers as means to assist with implementing effective marketing strategies. When used efficiently and effectively to generate the optimum response within a target market, businesses are typically successful. The four P’s can be adjusted as needed by marketers to meet the changes and demands of consumers. These four elements consist of product, price, place and promotion. The product is the merchandise or service that is offered to consumers. The aspect of a product includes functionality, appearance, quality (value), service, support and warranty. Pricing involves the list price as well as discounts, financing, leasing and other options. Placement (place) in marketing consists of distribution channels, locations, logistics, and service levels including support. Promotion involves how consumers or a particular target market is informed and/or educated about a product or service. This would include advertising, public relations, sales, and media. According to Goi, the concept of the four P’s has been criticized in numerous studies. However, in spite of its insufficiencies, these four elements remain fundamental to the marketing mix (2009, p. 3). The Marketing Mix Marketing has been around for many years. It includes planning and implementing the proper marketing plan for an organization. For many, marketing only involves selling and advertising. However marketing...
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...Marketing Management Swati Sisodia swati.sisodia@nmims.edu Introduction to Marketing What is Marketing ? ‘Marketing is the ManageMent process that identifies, anticipates and satisfies custoMer requireMents profitably’ What is marketing? ‘the right product, in the right place, at the right tiMe, and at the right price’ What is marketing ? ‘Marketing is the huMan activity directed at satisfying huMan needs and wants through an exchange process’ Management definition it is the process of planning and executing the conception, pricing, proMotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. What is Marketed? • • • • • • • • • • Goods Services Events Experiences Persons Places Properties Organizations Information Ideas Implications of Marketing Who are our existing/potential customers? What are their current/future needs? How can we satisfy these needs/ Can we offer a product/service that the customer would value? • Can we communicate with our customers? • Can we deliver a competitive product or service? • Why should customers buy from us? • • • • CUSTOMER VALUE AND SATISFACTION Customer Value & Customer Cost Customer value Customer cost “Is the bundle of costs customers expect to incur in evaluating, obtaining, and using the product or service” “Is the bundle of benefits customer expect from a given product or service” Total Customer Cost is the summation of: -Monetary...
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...Principles of Marketing Executive Summery Marketing principles influences largely on the activities of a business firm. The marketing principles focus on the key principles, functions and practices. These help the business firm or a company to compete effectively in the market in the ever changing trend to ensure profitability and growth. Through market research and analysis, the market is being categorized according to the business need. The marketing environment influences the business activities. Market segmentation divides the market to reach the customers properly. How the internal and external factors influence on the business strategies, how to set a positioning map, how to analyse competitors etc. have been discussed in this assignment. Contents Principles of Marketing 1 Executive Summery 2 Introduction 4 P1 Explaining the various elements of the marketing process using the key elements from the case 5 P2 Evaluating the benefits and costs of a marketing orientation. 7 P3 Macro and micro environmental factors which influence marketing decisions 8 P4 Proposing segmentation criteria to be used for products in different markets 9 P5 A targeting strategy for a selected product/service. 10 P6 Demonstrating how buyer behaviour affects marketing activities in different buying situations. You may draw your answers from the factors identified in case above. 12 P7 Proposing new positioning for a selected product/service. 13 P8 Explaining how products are developed...
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...begins with a brief overview of three marketing approaches that companies can take: mass marketing, product-variety marketing, and target marketing. A fuller discussion details the three steps of target marketing, beginning with market segmentation: dividing a market into groups that is measurable, accessible, substantial, and actionable. This can be done in different ways by using geographic, demographic, psychographic, behavioral, or other variables. Next, the process of market targeting and the different approaches a company can take are discussed. These include undifferentiated, differentiated, and concentrated marketing. The chapter concludes by covering market positioning strategy and how companies can position their products for the best competitive advantage. CHAPTER OBJECTIVES Students should be able to: 1. Explain market segmentation, and identify several possible bases for segmenting consumer markets, business markets, and international markets. 2. List and distinguish among the requirements for effective segmentation: measurability, accessibility, substantiality, and actionability. 3. Outline the process of evaluating market segments, and suggests some methods for selecting market segments. 4. Illustrate the concept of positioning for competitive advantage by offering specific examples. 5. Discuss choosing and implementing a positioning strategy, and contrast positioning based on product, service, personnel, and image differentiation...
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...begins with a brief overview of three marketing approaches that companies can take: mass marketing, product-variety marketing, and target marketing. A fuller discussion details the three steps of target marketing, beginning with market segmentation: dividing a market into groups that is measurable, accessible, substantial, and actionable. This can be done in different ways by using geographic, demographic, psychographic, behavioral, or other variables. Next, the process of market targeting and the different approaches a company can take are discussed. These include undifferentiated, differentiated, and concentrated marketing. The chapter concludes by covering market positioning strategy and how companies can position their products for the best competitive advantage. CHAPTER OBJECTIVES Students should be able to: 1. Explain market segmentation, and identify several possible bases for segmenting consumer markets, business markets, and international markets. 2. List and distinguish among the requirements for effective segmentation: measurability, accessibility, substantiality, and actionability. 3. Outline the process of evaluating market segments, and suggests some methods for selecting market segments. 4. Illustrate the concept of positioning for competitive advantage by offering specific examples. 5. Discuss choosing and implementing a positioning strategy, and contrast positioning based on product, service, personnel, and image differentiation...
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...How Costa Coffee would benefit and create additional value for their coffee store clients by using elements of Starbucks marketing strategy? Contents Introduction 3 Coffee Market in the UK 3 Market Leading Coffee Shops in the UK 4 Costa Coffee 4 Identifying competition 6 Starbucks 6 Conclusions 8 Recommendations 9 References 11 Appendix 1 13 Appendix 2 14 Appendix 3 15 Introduction Competitive marketing strategy is described by Kotler and Armstrong (2012) as a strategy which positions company against competition giving it the strongest possible strategic advantage. I have chosen Costa Coffee as it currently is the market leader in terms of most coffee retail outlets in the United Kingdom as demonstrated on appendix 1. Kotler and Armstrong (2012) point out that competitor analysis includes assessing competitions objectives, strategies, strengths and weaknesses, reaction patterns and selecting which competitors to attack or avoid. For he purposes of this assignment, I have identified competition based on the market share and customer view. Competitive marketing strategy is selected on the basis of it creating further value for the customer. Blythe (2009) concludes that competitive advantage is the outcome of effective...
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...| | | | | | | Word Count: 2058 Table of Contents Abstract 3 Section One 4 Marketing Mix 4 Section Two 8 Coca Cola – A Universally Successful Brand 8 History of the Brand 9 Advertising 9 Packaging 10 Point of Purchase Display of Coca-Cola 11 Conclusion 12 References 13 Biblography 14 Abstract This paper will seek to define what are cognitive, affective and behavioural responses and link them to how the Coca-Cola Company has used its marketing mix to influence consumer responses in these ways. Section One Introduction Coca Cola (Coke) is one of the most successful brands in history and definitely the most well-known. The brand is identifiable in even the most remote parts of the planet and according to its website has a brand value of approximately $81.6 million (coca-cola company.com). Thought little has been done to alter the taste of the original coca cola formula, the 128 year old soft drink giant continues to evolve as the needs of the market change via innovation and keeping on top of trends. This is accomplished through continuous analyse of the needs of the customers within an ever changing market in order to meets and exceeds the consumer’s expectation. (Interbrand.com). Undoubtedly, the company’s reach is wide and within recent years Coca Cola has managed to develop a vast portfolio of products ranging from water to juices to diet drinks thereby widening its market share by aiming to satisfy all the...
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...development of the marketing mix for the manufacturer of HDTV sets. Consumer research describes the process and tools used to study consumer behavior. Broadly speaking, there are two theoretical perspectives that guide the development of consumer research methodology: the positivist approach (objective and empirical causal research) and the interpretivist approach (qualitative and based on small samples). The focus of the marketing concept is consumer needs. Three elements for creating a strategic framework for discovering and analyzing those needs are market segmentation, market targeting, and positioning. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics. Because most companies have limited resources, few companies can pursue all of the segments identified for the company to pursue. Market targeting is selecting one or more of the segments identified for the company to pursue. Because many companies have adopted the marketing concept, the marketplace is filled with many products and services claiming to satisfy consumer needs. Positioning is developing a distinct image for the product or service in the mind of the consumer, an image that will differentiate the offering from competing ones and squarely communicate to consumers that the particular product or service will fulfill their needs better than competing brands. The marketing mix consists of a company’s service and/or product offerings to...
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...CONCEPT OF MARKETING MIX. Financial Times (FT) VS Manchester Evening Newspaper (M.E.N) extended marketing mix PRODUCTS Developing the satisfactory product which suits the needs of the target market is important for any organisation. FT is a financial newspaper offering highly specialised information in finance, business and industry specific. This Includes international business news covering political, fashion, entertainment, sports and property news. M.E.N Media dominates Greater Manchester reaching adults each week within the region providing local and regional community news, sports coverage, entertainment, jobs, and motors. It is particularly renowned for its classifieds section. PRICE Price is simply defined as a quantitative expression of the value of a particular product to a particular audience. E.g. How much will we charge for the product? How much will customers pay? Kotler (2009). FT adopts premium pricing strategy which means setting a higher price for the product reflecting the elitism of the product. FT paper cost £2.50, however with the target segment being of higher class price isn’t of concern as information is highly sought by international business owner, etc. M.E.N on the other hand uses “part free, part-Paid” where copies are free within Manchester city on Thursdays and Fridays while readers outside have to pay for the paper costing them 70p. The price between the two products show a significant different in terms of audience and position the...
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...segment consumers, including demographics, psychographics, product benefits sought and product usage-related factors. 2.3 Behavioral targeting and its key role in today’s marketing. 2.4 How to position, differentiate and reposition products. CHAPTER SUMMARY Learning Objective 2.1: To understand the interrelationship among market segmentation, targeting and positioning and how to select the best target markets. Segmentation is defined as the process of dividing a potential market into distinct subsets of consumers with a common need or characteristic and selecting one or more segments to target with a specially designed marketing mix. Besides aiding in the development of new products, segmentation studies assist in the redesign and repositioning of existing products, in the creation of promotional appeals, and the selection of advertising media. In order to be a viable target market, a segment must be identifiable (by some criteria such as demographics, lifestyles, or others), sizeable (i.e., large enough to be profitable), stable or growing, accessible (i.e., can be reached economically), and congruent with the marketer’s objectives and resources. Learning Objective 2.2: To understand the bases used to segment consumers, including demographics, psychographics, product benefits consumers seek, and other product usage-related factors. A segmentation strategy begins by dividing the market for a product into groups that are relatively homogeneous and share...
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...development of the marketing mix for the manufacturer of HDTV sets. Consumer research describes the process and tools used to study consumer behavior. Broadly speaking, there are two theoretical perspectives that guide the development of consumer research methodology: the positivist approach (objective and empirical causal research) and the interpretivist approach (qualitative and based on small samples). The focus of the marketing concept is consumer needs. Three elements for creating a strategic framework for discovering and analyzing those needs are market segmentation, market targeting, and positioning. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics. Because most companies have limited resources, few companies can pursue all of the segments identified for the company to pursue. Market targeting is selecting one or more of the segments identified for the company to pursue. Because many companies have adopted the marketing concept, the marketplace is filled with many products and services claiming to satisfy consumer needs. Positioning is developing a distinct image for the product or service in the mind of the consumer, an image that will differentiate the offering from competing ones and squarely communicate to consumers that the particular product or service will fulfill their needs better than competing brands. The marketing mix consists of a company’s service and/or product offerings to...
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...Marketing Principles Lecture Notes 31/7/2014 Marketing Process Create value for customers and build customer relationships Capture value from customers in return 1. Understand the marketplace and customer needs and wants. 2. Design a customer driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture Value from customers to create profits and customer equality Create value for customers and build customer relationships Capture value from customers in return 1. Understand the marketplace and customer needs and wants. 2. Design a customer driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture Value from customers to create profits and customer equality Figure 1.1 Figure 1.1 To explain the various elements of the marketing process, we must first understand the steps in the marketing process. There are five steps in the marketing process and each step consists of many elements. Figure 1.1 present a simple five step model of the marketing process. In the first four steps, the first three steps lead up to the four and most important step; building profitable customer relationships. The fifth (or) final step involves capturing value in return in the form of current and future sales, market share, and profits by treating superior customer value the firm...
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