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