lesson 8

• Role of each Marketing Mix Element

  • Product/Service - To satisfy consumer needs and wants
  • Price - To make product affordable to target consumers
  • Place - To make product available consistent with consumers' purchasing pattern
  • Promotions - To build and improve consumer demand
• Promotions Mix


  • Advertising
  • Sales Promotions
  • Public relations
  • Selling
• 4 Key Questions to ask in assembling the marketing mix

  • What do I tell my target market? (The communication channel decision)
  • Where can I find my target market? (The distribution channel decision)
  • How will I make my target market try me? (The sampling decision)
  • Will my product and service be compelling enough to encourage repeat and referrals? (The value proposition decision)
• Value Proposition


  • Superior - Better than what's available: HIGH QUALITY - HIGH PRICE
  • Parity - Same as what's available: SAME QUALITY - SAME PRICE
  • Inferior - Not as good as what's available: LOWER QUALITY - LOWER PRICE
  • Different - Different from what's available: Can be higher or Lower Price
• Branding


  Good branding are easy to pronounce, easy to remember and helps in the brand positioning process
• Marketing Mix and Product Life Cycle

  • Introductory - Low awareness, extensive information needed, slow decision making
  • Growth - High awareness, limited information needed, medium decision making
  • Maturity - High awareness, routine information needed, fast decision making
• The second gate of the 4-Gate model is marketing, which involves mindset, market and message, to seize the golden opportunity chosen.
• Marketing 


  is the promotion of business products or services to a target audience.
• Marketing Concepts


   a philosophy that determines what type of marketing tools are used by a company.
• Marketing Concepts

   are driven by a clear objective that takes into account cost efficiency, social responsibilities, and effectiveness within a particular market.
• Opportunity

  opportunity is anything that provides you with a chance to change your circumstances for the better.
• 1. Curiosity

  Opportunity desires a curious mind that is always asking deeper and more insightful questions.
• 1. Generosity

   opportunity desires a generous heart that is willing to give opportunities to others.
• 1. Perseverance


  opportunity desires someone who has determination, who will keep persisting and persevering despite the seemingly insurmountable obstacles that stand in their way.
• 1. Confidence


  Opportunity desires a confident demeanor — someone who never doubts their skills, strength, resources, and abilities.
• 1. Optimism


  opportunity desires an optimistic attitude that does not end if things do not go as expected.
• 1. Playfulness


  Opportunity desires a light-hearted approach that is willing to be a little creative, willing to think outside the box, and willing to break conventional rules.
• 1. Responsibility


  Opportunity desires someone who is fully committed and responsible for their decisions, behavior and actions, someone who does not make excuses or blames others.
• 1. Hindsight


  Opportunity desires someone with hindsight who can see beyond this fleeting moment into the future. This person understands that what might look like a problem now might actually be a once in a lifetime opportunity.
• 1. Gratitude


  Opportunity desires a grateful spirit that is thankful for anything that life throws its way, no matter how dark or grim it might seem on the surface.
• Target Market


  is a defined group most likely to buy a company's products or services. This group usually has similar product needs,
• Three ways that a firm can identify target markets

  1. Marketing opportunity analysis
  2. choose the basic target market strategy
  3. pursuing multiple market segments with multiple marketing mixes
• three strategies for selecting target markets

  1. pursuing markets with one marketing mix
  2. concentrating on one segment
  3. pursuing multiple market segments with multiple marketing mixes
• positioning

   

  communicating to overall positive impression of a brand, relative to completion.
• There are three points to remember in product and service positioning:

  1. It must be relevant

  2. It must be unique

  3. It must be communicated
• Being relevant is about identifying and solving pain points.

   
• Being unique is about creating distinctive value compelling enough to attract customers to buy continuously.
• Being unique can come in many ways depending on what is needed by the customers.
• Better- superior products or services
• Faster- speed or capacity to move quickly
• CHepaer- lower prices with the same or better value
• Closer- good relationship with customer, including localization
• Larger (smaller)- wider choices, including bundled choices with alliance partners (if smaller, more convenient)
• Easier- flexible services or total solution provider
• Rarer- exclusivity, or being the only choice in the area
• Prestige - reputation from favorable and aspirational perception
• Different- new category or innovation, including targeting underserved or unserved market
• Marketing Mix


  - A set of controllable and inter-related variables composed of product, place, price and promotions that the company assembles to satisfy a target group.
• Marketing Mix

   the perfect selection of product, place, price and promotion strategies used to have mutually beneficial exchanges with a target market.
• Product Strategies


   the beginning point of the entire mix and strategy.