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Marketing activities influence
- Revenue
- Advertising
- Brand
- Research
- Product development
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Marketing Mix
Product, price promotion, place. Mixture of activities a company uses when planing the products it will make and sell.
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Product: A company should have a right product for each of the target markets
- Product variety
- Quality
- Design
- Features
- Brand name
- Packaging
- Sizes
- Services
- Warranties
- Returns
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Price: a company should price its products correctly in ralation to each other product and to competitor's products
- List price
- Discounts
- Allowances
- Payment period
- Credit terms
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Promotion: a company should advertise its products effectively
- Sales promotion
- Advertising
- Sales force
- Public relations
- Direct marketing
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Place: a company should distribute its products through the right channel and make them available in the right outlets
- Channels
- Coverage
- Assortments
- Lacations
- Inventory
- Transport
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Market
Place: Physical, Virtual. Group of people. Product category.
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Define Marketing
Planing + Execution of 4p, to create exchange B > C + Satisfy both.
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Marketing Concept
Business philosophy that customers are king, taking care of customers
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Goal of marketing managers
To increase market share, to increase revenues
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Characteristics of good Marketing manager
- creativity
- customer sensitivity
- integrity
- experience
- Decision making skills
- analitical
- communication
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Marketing people should study CB to:
understatnt consumer satisfaction / needs
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CB includes:
- Searching for product
- Buying
- using
- Evaluating
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Marketing strategy
To develop a sustainable competitive advantage that delivers long-term profitability higher than industry averages and adequate to attract sufficient capital for growth.
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Marketing Strategy includes:
target market, positioning, marketing mix
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Brand
- is a personality that identifies a product: name, sing, symbol, design.
- Psychological aspect - added value.
- Extendable
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How to establish price
- Cost
- ROI on equipment
- Compare to competitors
- Comparison with alternative product
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Retailing
- Is an intermediary between manufacturer and consumer.
- Functions: Inventory, credit, customer service.
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Push promotion
- is marketing activity that uses company's sales force and trade promotion to build up consumer demand.
- Personal seling by retailer.
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Pull promotion
- Strategy that requires high spending on advertising
- Directed to customer
- Advertising
- Direct promotions
- Discount promotions
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STP - Segmanation, targeting, positioning
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Segmentation
process of dividing markets occording to different needs of many customers in to the smaller segment of similar needs of customers.
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Segment by:
- Geographic
- Demographic
- Psychographic
- Behavioral
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Target marget
- market segment to which a particular product is marketed.
- Which segment to serve.
- how to select: fit abilities,competition, growth.
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Positioning
- Process by which marketers try to create an image or identity in the minds of their target market,
- Distinctive benefit to consumer
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Role of positionsing
positioning guides to create marketing mix
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Purpose of the marketing plan
- direction,
- profit oportunities
- Communicate realistic expectations
- disciplined thinking
- get approval for funding
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