Marketing
- Created by: [email protected]
- Created on: 19-03-14 15:37
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- THE 4 P's
- Promotion
- Advertisment
- Paid-for method of promotion
- Main form of "above the line" promotion
- Public relations & sponsorship
- Broad series of activities involving a businees managing its relationships with different parts of the public.
- Personal selling
- Businesses use people to sell products once meeting face-to-face.
- Direct marketing
- Describes a range of promotional activities that are aimed directly at the customer.
- Sales promotion
- Used to persuade a potential customer to buy the product.
- Advertisment
- Place
- Retailers
- Final step in the chain.
- Focused on consumer markets.
- Specialist chains
- Department stores
- Convenience stores
- Independents.
- Franchises
- Wholesalers
- Stock a range of products from different producers.
- selling onto retailers
- Usually specialise in particular products. e.g. Food poducts.
- Franchises
- Independent businesses that operate a branded product.
- Often used by businesses that want to expand.
- Distributers
- Similar to wholesalers
- Taking products from producers and selling them on.
- Often sell onto the end customer instead of a retailer.
- After-sale services.
- Agents
- Sell the products and services of producers in return fro commision.
- Retailers
- Price
- Competitors
- a huge impact on pricing decisions.
- influences whether a business can set prices independently
- Costs
- A business cannot ignore the costs of production.
- In th elong term, a business will fail if it sells at a lower price then normal.
- gross profit margin is too low to cover the fixed costs then it will fail.
- The state of the market for the product
- If there is a high demad for a product, but a shortage of supplies a company can up their prices.
- The state of the economy
- Some products are more sensitive to changes in umemployment etc.
- Luxury products will need to have drop their prices when the economy is in turndown.
- Bargaining power of the customer
- Who are the buyers of a product?
- Do they have any bargaining power over the price set?
- An individual consumer has little bargaining power over a supermarket.
- Other elements
- Distribution channels used will affect price.
- Competitors
- Product
- Core Benefits
- What the product does - the main functions of the product.
- Tangible or physical elements
- What the product is made of - What it looks like.
- Augmented benefits
- The extra elements of the product which adds to the percieved value of the product.
- Market Research
- Find out what customers want
- Who they are
- Where the gaps are in the market.
- Product development and testing
- Making prototypes.
- experiment by allowing a sample of potential customers to try the product.
- Distribution of produts to outlet
- The product cannot be sold unless it is in the position where customers WILL by it
- Promotional Launch
- To inform the customer of new features
- The customers need to know when the product is ready. etc...
- Core Benefits
- Promotion
- Price
- Competitors
- a huge impact on pricing decisions.
- influences whether a business can set prices independently
- Costs
- A business cannot ignore the costs of production.
- In th elong term, a business will fail if it sells at a lower price then normal.
- gross profit margin is too low to cover the fixed costs then it will fail.
- The state of the market for the product
- If there is a high demad for a product, but a shortage of supplies a company can up their prices.
- The state of the economy
- Some products are more sensitive to changes in umemployment etc.
- Luxury products will need to have drop their prices when the economy is in turndown.
- Bargaining power of the customer
- Who are the buyers of a product?
- Do they have any bargaining power over the price set?
- An individual consumer has little bargaining power over a supermarket.
- Other elements
- Distribution channels used will affect price.
- Competitors
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