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Why is marketing important?-Most of the times, financial success un a company is a direct result of the ability the organizacition has to effectively market its products and services-If they do this right, they will achieve profitability, as they will be selling their products and services at the right price-Through marketing we try to identify and understand what influences customers´ buying decisions
The benefits of marketing-The ability to add perceived value to goods and services-Making the buying process easy and convenient for consumers-Offering a variety of good and services-Increasing production-Save time-Encourages referrals-Brand recognition-Establish trust-Gain and retain customers-Provide information
The marketing mixRefers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix – Price, Product, Promotion and Place
Marketing mixIn other words:The tactics a business follows to sell a product, deciding its price, the places where it is going to be sold, and the promotional strategies that are going to be used and how you’re going to make a difference with it
The 7Ps Marketing Mix–Products: the goods, services, or ideas used to satisfy consumer needs-Product catalogue: what products does a company have right now? What products are the offering now?-Product portfolio: What products has the company ever sold? What relation is there between the products? How successful have they been?-Product line: does the company have products of the same type? Cosmetics, clothes… is there a predominant type of products in their catalogue?-Product lifecycle: what are the stages in the life of a product? Introduction, Growth, Maturity, Decline. How well or how bad did the product do in this stages?-Product positioning: How is the product seen in the market? How would a company want it to be seen?-Product placement: Do companies pay to have that product appear in: Films? TV shows? Books?-Price: How much is the product going to cost? Why?-Place: Where do we sells the products?-Chain store-Convenience store-Discounters-Department store-Hypermarket-Supermarket-Shopping centres-Franchises-Promotion: How do companies promote their products?-Name-Slogan-Logo-Promotion. Target market: Who are we going to sell the product to? Why?-Promotional activities-Special offers-Free sample-Free gifts-Cross-promotion-Product placement-Loyalty cards-Social media-Sponsorship-Competitions with prices-Advertising-People: who is involved in creating and selling the product?-Physical evidence: how do we know that the brand exists?-Buildings-Clothes the workers wear-Website-Social networks-Process: what protocols are they in the company?-Payments-Delivery
To make products recognizable what do companies do?They give products a brand or a brand name -Sometimes the name is just the name of the company(LG) -Other times companies give specific brand names to models
This leads to the fact that, sometimes, a specific brand name becomes the name of a whole product category-Bic-Kleenex-Hoover-Scottex
What strategies do companies follow when they price their products?-Low-priced products-Expensive-Loss-leaders
Approaches to pricing–Cost- plus: add% to obtain benefit-Consumer-led: finding out fair price-Competitive: compete with competition-Penetration: low price, then increase-Skimming: high, then lower-Premium: high, luxury-Economy: cheap
Sometimes the price is based on quality-Lowend-Mindrange-Highend
7 Ps-Product-Price-Place-Promotion-People-Process-Physical evidence
If we look at the 7Ps… from what point of view are they seen?Marketers, companies´point of view
Some marketers felt like that wasn’t enough-Customer into consideration-How they feel-What they think-4Cs: customer, cost, convenience, communication-4As: acceptabiLity, affordability, accessibility, awareness-4Ps: product, price, place, promotion
4Cs-Consumer´s perspective-Understand the customer-Requires more market research
Cs-Product: customer´s needs: What needs does the customer have? People don’t have time too clean their house, companies created automatic vacuum cleaners-Price: cost to user-Place: convenience-Promotion: communication: What is the best way to communicate with your customers? Maybe email? Social networks? Not only focused on selling but on understanding the customer
4As-Consumer´s perspective-Understand the customer-Requires more market research
As-Product: customer: acceptability: How acceptable is your product? Do people approve of it? S it socially acceptable? Fashionable? Attractive? Is it legally acceptable? Does it comply with everything your target market needs?-Price: cost: affordability: Can people afford your product? Do they have enough money to buy it? Do people want to pay for your product?-Place: convenience: accessibility: Is your product available? Is your product convenient to acces? Is the product easy to access by the general public? Can people with disabilities access your product without impediments? What problems may people have when they try to access your product?-Promotion: communication: awareness: Are people aware of your product? Do they know it exists? How many people are aware of it? Do people have a good perception of the brand?
Product: What are you selling?Customers needs: How does it comply with the customers´ needs and wants?Acceptability: Is your product accepted by the public?Price: How much does your product cost?Cost to user: Do people think the price is fair?Affordability: Can people afford to buy your product?Place convenience: Where can people by your product? Is it easy/convenient for the public?Accessibility: Is it easy or difficult to find? Do people find problems when trying to find it?Promotion: How do people get to know your product?Communication: What are the best ways to communicate with your customers?Awareness: Are your customers aware that your product exists’