I. MARKETING EXPLAINED1.1 Marketing is an organizational
function and a collection of processes designed to plan for,
create, communicate, and deliver value to customers and to build
effective customer relationships in ways that benefit the
organization and its stakeholders. Marketing is the process
ofcommunicatingthe value of a product or service tocustomers, for
the purpose of selling that product or service. Another simple
definition of "marketing" is "managing profitable customer
relationships".1.2 Marketing Concept is an organizational
philosophy dedicated to understanding and fulfilling consumer needs
through the creation of value. It holds that the key to achieving
organizational goals consists of the company being more effective
than competitors in creating, delivering, and communicating
customer value to its selected target customers. The marketing
concept rests on four pillars:target market, customer needs,
integrated marketing and profitability.
1.3 Marketing Functions are activities performed within
organizations that create value for specific products or services.
This helps a company to identify and source potentially successful
products for the marketplace and then promote them by
differentiating them from similar products. Typicalmarketing
functiontypeswithin a largerbusinessmight include performingmarket
research,producingamarketing plan, andproduct development, as well
as strategically overseeingadvertising,promotion,distributionfor
sale,customer serviceandpublic relations.
1.4 Marketing Environment is a set of forces, some controllable
and some uncontrollable, that influence the ability of a business
to create value and attract and serve customers. represents a mix
between the internal and external forces which surroundan
organization and have an impact upon it, especially their ability
to build and maintain successfulrelationships with target
customers.The marketing environment consists of themicro and
macroenvironment. Macro environmentalfactors include social,
economic, political and legal influences, together withdemography
and technological forces. These are sometimes referred to as the
PESTLE factors andare discussed in more detail inPESTLE analysis.
The organization cannot control these forces, it can only prepare
for changes taking place.Micro environmentrefers to the forces
closely influencing thecompany and directly affect the
organizations relationships. The factors include the company and
itscurrent employees, its suppliers, marketing intermediaries,
competitors, customers and the generalpublic. These forces can
sometimes be controlled or influenced and are explained in more
detail inPorters 5 Forces.
1.5 The consumer markets and business markets Consumer markets
are the end user of the product or service and include individuals
and households that are potential or actual buyers of products or
services. They can be segmented into various groups taking into
account factors such as age, education, location,attitudinal
values, income, etc., meaning that various marketing strategies can
be applied. Business markets include individuals and organizations
that are potential or actual buyers of goods and services that are
used in, or in support of, the production of other products or
services that are supplied to others. It represents the sales
process between organizationsor institutions. Transactions in these
markets are often more complex, the distribution channels
areshorter and more direct with stricter product standards and
specifications.
1.6 Global marketing- includes all marketing activities
conducted at an international level by individuals or businesses.
This is the processof conceptualizing and then conveying a final
product orserviceworldwidewith the hopes of reaching the
internationalmarketingcommunity. Proper global marketing has
theabilityto catapult a company to the next level, if they do it
correctly. Differentstrategiesare implemented based on theregionthe
company is marketing to. For example, the menu at McDonald's varies
based on thelocationof the restaurant. The company focuses on
marketing popularitemswithin thecountry. Global marketing is
especially important tocompaniesthatprovideproductsorservicesthat
have a universaldemandsuch asautomobilesandfood.
II. CREATING VALUE FOR CUSTOMERS2.1.1 Customer Value
is the difference between the benefits a customer expects
toreceive from a product and the total cost incurred from
acquiring, using and disposing of the product. Customer value can
be examined at different levels. At a low level, customer value can
be viewed as the attributes of a product that a customer perceives
to receive value from. At a higher level, customer value can be
viewed as the emotional payoff and achievement of a goal or desire.
When customers derive value from a product, they derive value from
the attributes of the product as well as from the attribute
performance and the consequence of achieving desired goals from the
use of the product.
2.2 Customer Satisfaction
is the degree to which a product meets or exceeds customer
expectation. Customer satisfaction levels can be measured using
survey techniques and questionnaires. Gaining high levels of
customer satisfaction is very important to a business because
satisfied customers are most likely to be loyal and to make repeat
orders and to use a wide range of services offered by a
business.
2.3 Relationship marketing
is the organizational commitment to developing and enhancing
long-term, mutually beneficial relationships with profitable or
potentially profitable customers. This involves developing long
term relationship with customers so that they provide you with
ongoing business. An organisation must exceed customer satisfaction
expectations to retain and develop long term relationships with
customers. Traditional transactional marketing used to focus on
attracting customers for "one off sales" rather than repeat
business. It takes a lot of work to persuade customers to make
their first purchase with you, but if you can persuade customers to
give you repeat business it will cost you less money and time. So
it makes sense to keep existing customers happy!
2.4 Customer relationship marketing
comprises the activities that are used to establish, develop and
maintain customer sales. is a strategy for managing all your
companys relationships and interactions with your customers and
potential customers. It helps you improve your profitability
enables you to focus on your organizations relationships with
individual people whether those are customers, service users,
colleagues or suppliers. Some of the biggest gains in productivity
can come from moving beyond CRM as sales and marketing tool and
embedding it in your business
2.5 Loyalty programs
are structuredmarketingefforts that reward, and therefore
encourage, loyal buying behavior behavior which is potentially
beneficial to the firm. Inmarketinggenerally and inretailingmore
specifically, aloyalty card,rewards card,points card, advantage
card, orclub cardis a plastic or paper card, visually similar to a
credit card, debit card, or digital card that identifies the card
holder as a member in a loyalty program.Loyalty cards are a system
of theloyalty business model. Cards typically have abarcodethat can
be easilyscanned, some arechip cardsorproximity cards.
2.6 Consumer behavior
is the dynamic interaction of affect and cognition, behavior,
and the environment in which human beings conduct the exchange
aspects of their lives. it is the study of consumers and the
processes they use to choose, use (consume), and dispose of
products and services. A more in depth definition will also include
how that process impacts the world. Consumer behavior incorporates
ideas from several sciences including psychology, biology,
chemistry and economics.
2.7 Consumer decision making process
is the steps that consumers take to identify and evaluate choice
options. There are 5 steps in a consumer decision making process a
need or a want is recognized, search process, comparison, product
or service selection, and evaluation of decision. Problem
Recognition- Most decision making starts with some sort of problem.
The consumer develops a need or a want that they want to be
satisfied. Search Process- In the searching phase we research for
products or services that can satisfy our needs or wants.
Evaluating Alternatives- Once the consumer has determined what will
satisfy their want or need they will begin to begin to seek out the
best deal. This may be based on price, quality, or other factors
that are important for them. Customers read many reviews and
compare prices, ultimately choosing the one that satisfies most of
their parameters. Selection Stage-After tallying up all the
criteria for the decision the customers now decide on what they
will purchase and where. Evaluation of Decision- Once the purchase
has been made, does it satisfy the need or want? Is it above or
below your expectations? The goal for every marketer is not for a
one-time customer but a repeating lifetime customer. 2.8 Marketing
research is the acquisition and analysis of information used to
identify and define marketing opportunities that connect consumers
to marketers. Market research allows a company to discover who
their target market is and what these consumers think about a
product or service before it becomes available to the public.
Market research may be conducted by the company itself or by a
third-party company that specializes in market research. Test
subjects are usually compensated with product samples and/or paid a
small stipend for their time.2.9 Marketing information systemsor
MIS is a series of steps that include collection, analysis and
presentation of information for use in making marketing decisions.
is a set of procedures and methods designed to generate, analyze,
disseminate, and store anticipated marketing decision information
on a regular, continuous basis. An information system can be used
operationally, managerially, and strategically for several aspects
of marketing.
A marketing information system can be used operationally,
managerially, and strategically for several aspects of marketing.We
all know that no marketing activity can be carried out in
isolation, know when we say it doesnt work in isolation that means
there are various forces could be external or internal,
controllable or uncontrollable which are working on it. Thus to
know which forces are acting on it and its impact the marketer
needs to gathering the data through its own resources which in
terms of marketing we can say he is trying to gather the market
information or form amarketing information system.
2.10 Brand
is a promise to deliver specific benefits associated with
products or services to consumers. An effective brand strategy
gives you a major edge in increasingly competitive markets. But
what exactly does "branding" mean? Simply put, your brand is your
promise to your customer. It tells them what they can expect from
your products and services, and it differentiates your offering
from that of your competitors. Your brand is derived from who you
are, who you want to be and who people perceive you to be.
2.11 Building strong brands
occupies a distinct position in consumers mind based on relevant
benefits and creates an emotional connection between businesses and
consumers. A brand is be represented tangibly by branding, which
allows the customer to easily identify a product using an identity
which sometimes formalised in a corporate identity document. This
can include the colour scheme, logo, slogans, typeface and can go
into depth of how these all work together. Successful branding
focuses on the company brand values which should be obvious from
the promotional materials.2.12 Managing brands
is the overall coordination of a brands equities to create long
term brand growth through overseeing marketing mix strategies.
Brands can be very powerful influencing tools, but only once they
have been established and it can take time to build up the
necessary trust. When a customer has made up their mind it's often
very hard to persuade them to think differently.
III. STRATEGIZING1.1 SEGMENTING, TARGETING AND POSITIONING3.1.1
Segmentation is the division of consumer markets into meaningful
and distinct customer groups. Market segmentation enables companies
to target different categories of consumers who perceive the full
value of certain products and services differently from one
another. Generally three criteria can be used to identify different
market segments: 1) Homogeneity (common needs within segment)2)
Distinction (unique from other groups)3) Reaction (similar response
to market)
3.1.2 Segmentation base is a group of characteristics that is
used to assign segment members. Segmentation base is simply the
factor that is used to define the overall market up into its
individual market segments. These factors usually include
description of the consumers, usually relating to their lifestyle,
purchasing behavior, goals, or life-stage
attributes.3.2Targeting
is the process of evaluating and selecting the most viable
market segment to enter. Targeting is choosing an appropriate
market for a given product.Marketersof a given product need to
evaluate the different market segments and decide which and how
many to serve. To do this effectively, they must examine three
general factors: (1) segment attractiveness (i.e., the impact of
competitors); (2) segment size and growth; (3) company objectives
and resources. 3.3 Positioningis the placement of a product or
service offering in the minds of consumer targets. Effective
product positioning requires a clear understanding of customer
needs so that the right communication channels are selected and key
messages will resonate with customers. Product positioning starts
with identifying specific, niche market segments to target. The
more specific, the better. In addition to identifying the customer
based on demographic and psychographic (personality/lifestyle)
attributes, marketers need to understand customer needs, especially
relative to the products and services they have to offer, to
clearly convey value as part of their marketing plan.3.4 Marketing
Plan
is a written document that defines the operational and financial
objectives of a business over a particular time, and defines how
the business plans to accomplish those objectives. A marketing plan
clarifies the key marketing elements of a business and maps out
directions, objectives and activities for the business and its
employees. It draws on the broader perspectives outlined in a firms
business plan. The business plan states how a company will take a
product idea and transform that into a commercially viable
proposition.
IV. MANAGING4.1 PRODUCTS AND SERVICES EXPLAINED4.1.1 Levels of a
product- It is when you are finalizing a product for your business
or when you want to analyze a product. You have to consider these
three stages/levels. The Core product is also known to as benefits
and is general intangible in nature. The second is the Actual
Product this talks about the combination of tangible and
intangible. Basically, this is about the actual product that you
will buy. Lastly is the Augmented Product this is about the
additional services or benefits that enhance the ownership of the
actual product, means to say that as a consumer its up to us if we
will accept the additional services or benefits of the certain
product that we will buy.
4.1.2 Product Classification- This is about classifying products
into meaningful categories that help marketers decide which
strategies and methods will help promote a businesss product or
service.In short its important that we categories each products for
us to have a clear classifications of each of them. This will help
us marketers to really know what categories of product are in to
this season or usually buy by the consumers and so on. Also in here
you will know what kind of consumer that you are serving, from this
you will be able to know the necessary products that you think that
kind of segment will buy because product classifications help a
business design and execute an effective marketing plan.
4.1.3 New Product Development- Processofdevelopinga
newproductorservicefor themarket.Basically this type
ofdevelopmentis considered the preliminary step in poduct or
service development that involves a number of steps that must
becompletedbefore the product can be introduced to the market. In
short this is stages where in you consider everything that means
this is important because you are introducing your product to the
market. With that new product development may be done todevelopan
item to compete with a particular product/service or may be done
toimprovean alreadyestablishedproduct.
4.1.4 Product Portfolio
- Also called a product mix. It is the collection of all
products and services offered by a company.Product portfolio means
to say that youre analyzing consumer behavior to determine how to
expand with new products and how to improve profitability by
removing underperforming or money-losing products. A broader
product portfolio offers consumers more choices and gives a company
more opportunities to capture consumers with different needs and
tastes. This is good because if your company offers a wide product
portfolio and that consumer are loyal to you, that consumer will
purchase other products that he/she might just want to purchase to
you not into the other brands, means to say that you are earning a
big profit if your offer to your target markets a wide product
portfolio.
4.1.5 Product Life Cycle- is a model that describes the
evolution of a products and profits throughout its lifetime. The
stages of the product life cycle are as follows: Introduction,
Growth, Maturity, and Decline.As a product moves through these
stages, its pricing,promotion,packaging, anddistributionare
re-evaluated and changed ifrequiredto prolong its life. In the
beginning of a product's life, it may have a little to no
competition in the market place until competitors start to emulate
it when it shows signs of success. As the product becomes more
successful, it will face increasing numbers of competitors and may
lose market share. When you reach the last stage of the PLC your
critical thinking must work and you must execute properly and
effectively the necessary things or changes on the product.
4.2 PRICING STRATEGIES 4.2.1 Establishing prices- Price is the
exchange value of a product or service in the marketplace.Upon
establishing a price on a certain product you have to evaluate
first all the expenses incurred such as the labor, raw materials
and etc. In order for you have right prices you have to consider
this formula Value is equal to benefits over price. The price is
the formal expression of the value. A fair price is important in
this topic. You have to evaluate all the things before you come up
with a price because unfair pricing will lead your consumers to a
negative mindset about the product that you offer to them.
4.2.2 Pricing Practices- are consideration such as legal
requirements or bidding practices- that must be taken into account
when establishing a price for a product or service. Bidding
practices will give you guidelines in your pricing practices make
sure you know best of your product with regards to your costing for
you to determine how much bid will you offer. Although it limits
your mark up it is still a good practice since it allows you to
supply your product on a definite period of time. From there you
will already forecast the demand, sales, and profits within that
period. It practices you to be competitive with other brand.
4.2.3 Pricing Strategies
- It identifies what a product will charge for its products or
services.The pricing strategy you should consider your costing
analysis. Then make a survey on price of your competitors on the
existing in the market. Then you will have an idea and a starting
base during you costing.
4.3 SUPPLY CHAIN AND DISTRIBUTION CHANNELS
4.3.1 Marketing Channels
- is the network of parties involved in moving products from the
producer to consumers or business customers.
This is an avenues used by marketers to make products available
to consumers. Wholesalers, distributors, sales agents, retailers,
and all other sources used in getting the product to consumers are
included in the category ofmarketingchannels. Basically it is the
way products and services get to theend-user, theconsumer; also
known as adistribution channel.
4.3.2 Channel Strategies- It involves the decisions a
manufacturer makes to effectively and efficiently move its product
to the costumer. Basically it is a plan for guiding decisions about
the path a product or service takes from production through
delivery to the end user. According in our book this is one of the
goals of the channel strategy that determine the best way of making
a product available to the target market. Although it determines
you dont have any guarantee yet of the products that you offer to
the market. Therefore it is important that our decision and plan
are effective.
4.3.3 Logistics- is the coordination of all activities related
to the movement of raw materials and finished goods that occur
within the boundaries of a single business or organization.This
talks about the flow from the start up to distribution. It focus on
the handling procedures from one place to another at the right time
and a right place as scheduled.
4.3.4 Physical Distribution - The process of moving finished
goods to customers through various transportation modes. It
pertains to delivery of the finished product to various clients as
per purchase order. It takes to consider the safety in carrying out
distribution of the product. Proper handling and stocking during
the transport is highly observed because this product is not yet
considered sold unless it is officially delivered and received by
the ordering party. It facilitates the on time movement and
distribution of the product from point A to point B.
4.5 RETAILING AND WHOLESALING4.5.1 Retailing- is the activities
involved in the sale of products to consumers for their personal,
non-business use.Retailing means is it your personal business
rules. Basically, t his is different from other types of marketing
because of the components of the retail trade, such as selling
finished goods in small quantities to the consumer or end user,
usually from a fixed location. Retailing business are somewhat
limited because theyre trying to compete to a larger chain
store.
4.5.2 Retail Strategies are the decisions to be made regarding
the establishment and ongoing operations of a retailer.- Retail
strategy is established in order to satisfy the business objectives
of the organization. It is a clear and definite plan outlined by
the retailer to top the market and build a long-term relationship
with the customers. Developing a retail strategy begins with an
understanding of the wants and needs of the target customers. They
use segmentation to select a target market and then establish a
position in the market space this appealing to target customers.
Next is they decide on the elements of the retail marketing mix
(which consist of product, place, promotions and price). The
product in this case involves decision about merchandise assortment
(the breadth and depth of product lines a stores carries.), the
level of service (the service offered to customers on the continuum
between full and self-service) to offer, and the stores
atmospherics (the layout, furnishings, and color scheme that
establish the image customer have of a retailer).
4.5.3 Wholesaling is sorting, storing, and reselling of products
to retailers or businesses.- Wholesaling involves selling
merchandise to retailers, merchants, or to industrial, commercial
and institutional users. It is one step on the supply chain, which
includes various companies like suppliers, manufacturers and
retailers. Retailers and other users purchase goods from
wholesalers, and then sell the products at a higher price to cover
costs and generate profits. Wholesaler is a firm that purchases
products from manufacturers and act as a middleman brokering deals
between these businesses to resell the product. There are 3 types
of wholesalers: Merchant wholesalers (a broad group of wholesalers
that take title to the products that are purchased from
manufacturers); agents and brokers (independent businesses that may
take permission of product but never take title); and manufacturers
branches.
4.6 ADVERTISING AND SALES PROMOTION STRATEGIES4.6.1 Marketing
communication are the messages sent from organizations to members
of a target market in order to influence how they feel, and act
toward a brand or marketing offering.-marketing communication is
essentially a part of the marketing mix which are the 4Ps. It is
the message your organization is going to convey to your market
through different mediums. It is important though that the message
you give in one medium should tally with the message provided in
other medium. For example, you should use the same logo in on your
website as the one you use in your email messages. Similarly, your
television messages should convey the same message as your blogs
and websites.
4.6.2 Advertising is the paid, non-personal communication of a
marketing message by an identified sponsor through mass media. -
Advertising is a cost-effective, creative way to communicate with
groups of people, educate the audience about a product or category,
and help initiate or maintain a dialogue with a target market.
Advertising is everywhere, on radio, TV, newspapers, billboards,
magazines and even on the side of the town buses. The global market
has expanded tremendously, and manifolds. Advertising serves three
main purposes: (1) To get or win new customers. (2) To increase use
of products or services among existing customers. (3)To help
potential customers make a choice among competing brands
4.6.3 Sales promotion is marketer-controlled communication to
stimulate immediate audience response by enhancing the value of an
offering for a limited time.- Sales promotion are used to achieve
short-term marketing objectives by offering incentives to consumers
to take immediate action. It is used to introduce new product,
clear out inventories, attract traffic, and to lift sales
temporarily. It is more closely associated with the marketing of
products than of services. Sales promotion is a media and non-media
marketing pressure applied for a predetermined, limited period of
time in order to stimulate trial, increase consumer demand, or
improves product availability.These are the common sales promotion
techniques that a company uses: Coupons a limited-time discount to
encourage consumers to try hew product or repeat purchase an
existing product. Samples and trial offers consumers can try and
evaluate a certain product for free or at a low price Refunds and
rebates - some part of the price of a product is refunded to the
customer on showing proof of purchase. Loyalty programs reward
consumers for repeat purchases of a product Contest and sweepstakes
offer prizes to build excitement and involve customers in a
brand-related activity Premiums giveaways or free items in the
products package, in the store, or by mail. Point-of-purchase
displays draw consumers attention by eye catchy in-store
displays.
4.7 PERSONAL SELLING AND DIRECT MARKETING STRATEGIES4.7.1
Personal selling is when a representative of a company interacts
directly with a customer to inform and persuade him or her to make
a purchase decision about a product or service.- It is one of the
oldest and most effective forms of marketing communication. What
makes personal selling effective is that it allows a sales
representative or salesperson to have a one-on-one interaction with
a customer or prospects. It also involves in developing customer
relationship, discovering and communicating customer needs,
matching the appropriate products with these needs.4.7.2 Personal
selling process is a set of activities that salespeople follow in
acquiring new customers.- This process allows the salesperson to
identify (prospecting), research (preapproach), and contact
(approach) potential customers. During the meeting with the
potential customer (sales presentation), the salesperson highlights
the benefits of the product and also respond to any concerns and
issues (overcome objectives) raised by the prospect. After that she
now ask for the order (close the sales). But it is still not over.
The salesperson needs to contact the customer (follow-up) to ensure
that the order was delivered as promised.
4.7.3 Sales management is the process of planning, implementing,
and controlling the personal selling function.-sales management
clearly communicates company objectives, strategies, and product
information so the salespeople can communicate with customers. It
is the discipline of maximizing the benefits a company and its
customers receive from the efforts of its sales force.
4.7.4 Sales management process is a comprehensive approach used
by sales managers to determine how the sales force is organized and
managed and how they will hire, recruit, manage, motivate, and
evaluate the performance of the individual salespeople.- Sales
management process should be examined from the operational
perspective, which determines how salespeople are recruited,
compensated, trained, managed, motivated, and evaluated. The goal
of the sales management process is to ensure that the sales force
is organized to effectively and efficiently meet the sales
objectives of the company
4.7.5 Direct marketing it is any communication addressed to a
consumer that is designed to generate a response.- It is an
interactive process that uses communication that is addressed to an
individual consumer to generate an action or response from that
consumer. Direct marketing is sometimes referred to as one-to-one
marketing because marketers can target the communication and even
personalize the massage. Types of direct marketing materials
include catalogs, mailers and fliers. Direct marketing removes the
"middle man" from the promotion process, as a company's message is
provided directly to a potential customer. This type of marketing
is typically used by companies with smaller advertising budgets,
since they cannot afford to pay for advertisements on television
and often do not have the brand recognition of larger firms.
V. INTEGRATING5.1 THE COMMUNICATIONS MIX5.1.1 Integrated
marketing communications is the coordination of advertising, sales
promotion, public relations, and personal selling to ensure that
all marketing communications are consistent and relevant to the
target market.- Integrated marketing communications promotes the
use of multiple delivery methods as a more effective way than any
single delivery method to deliver a message. It ensures that all
forms of communications and messages are carefully linked together
which means integrating all the promotional tools, so that they
work together in harmony.
5.1.2 Communication mix Also known as a promotional mix, is the
various elements companies can use to communicate with the target
market, including advertising, public relations, sales promotion,
and personal selling.- A marketing communications mix is a term
used to describe the varied strategies used to advertise and
promote a business or its product line. Considering one of the four
components that make up a marketing mix, the marketing
communications mix focuses on four broad classes of approaches that
may be used to alert consumers to the benefits and availability of
products. The five essential aspects of this type of communications
mix include sales promotions, personal selling, direct marketing
efforts, general advertising, and public relations.5.2.3 Media type
also known as media vehicle, is a form of media used for marketing
communications, including types such as broadcast, print, digital,
and branded entertainment.- It is a specific channel or publication
for carrying the advertising message to a target audience. Media
can be classified in numerous ways. For mass communications, the
major categories of media are: Broadcast includes TV and radio
Print includes newspapers, magazines, and direct mail Out-of-home
display advertising such as billboards, signs and posters. Digital
media media such as e-mail, web advertising and websites. Branded
entertainment incorporates rand messages into entertainment venues
such as movies and TV shows
5.2.4 Media selection refers to the process of choosing which
media types to use when, where, and for what duration in order to
achieve marketing objectives.-it is a step-by-step process to
select, implement, and measure advertising media. The process
starts by establishing a media budget (specifies total amount a
firm will spend on all types of advertising media) and media
objectives (is a clear, unambiguous statement as to what media
selection and implementation will achieve). Second is to develop
customer media profile. Next is to create the media plan. After
that, buy and place the media. And lastly, evaluate the media plans
performance.
5.2.5 Media optimization is the adjustment of media plans to
maximize their performance. - It is the process of adjusting media
plans to improve their performance by reviewing the media audit
reports (measures how well each selected media vehicle performs in
terms of its estimated audience delivery and cost) and relocate
media weights away from weak properties and toward strong ones.
5.2 THE MARKETING MIX 5.2.1 Marketing mix is a group of
marketing variables that a business controls with the intent of
implementing a marketing strategy directed at a specific target
market.- Marketing mix is referred as the 4Ps which is product,
place, price, and promotions. It is a general phrase used to
describe the different kinds of choices organizations have to make
in the whole process of bringing a product or service to market.
Businesses must be sure that they are putting the right product in
the right place, at the right price, at the right time.
5.2.2 Marketing mix strategy is the logic that guides the
selection of a particular marketing mix to achieve marketing
objectives.- Certain marketing mixes are more desirable than others
for some of the following reasons: Ability to achieve business and
marketing objectives Time available to fulfill objectives
Resources, human and financial, available to fulfill objectives.
Influence of market factors, such as competition and consumer
interest Consistency with business mission and vision Level of risk
and exposure to businessA change of business or marketing
objectives is a common reason to reconsider a marketing mix
strategy. When the market changed, significant marketing mix
decisions needed to be made related to that vehicle. A variety of
changes could occur that would require a re-evaluation of marketing
mix strategies: Competitors could enter or leave the market or
reposition themselves New products or services could be offered in
the market. The market could grow or shrink Target consumers could
change their attitude New trends could emerge Technology could
evolve or change the cost structure for products or services. New
distribution channel could emerge or evolve
References:
http://www.slideshare.net/giri.singh143/retail-strategy
http://www.investopedia.com/terms/w/wholesaling.asp
http://www.managementstudyguide.com/marketing-communications.htm
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