Marketing Mix Apple - Lecture 2 - The 7Ps Flashcards
Marketing Mix Objectives
Corporate - Grow to the company
Marketing - to Increase market share
product e.g. to launch products
Place e.g. To recruit new stockists
Promotions e.g. to inform target audiences of new products
Price e.g. to cheaper than competitors
SOS(T)AC TACTICS -
details
Tactics are the details of the strategy
S - Situation analysis O - Objectives S - Strategy (T) - Tactics A - Action C - Control
In other words the application of the classic marketing mix and in particular the communications mix
Optimising the Marketing Mix
- Primary responsibility of marketing
- By offering correct combo can massively improve their results
- Making LARGE changes in any of the 7Ps can be considered strategic
- Making small can be considered tactical
Differential Advantage
The soft P’s and the 3 other
Make It separate to competitors provide a competitive advantage
The Service - Celebs etc more extract
Advantage - The Service
The Service - Celebs etc more extract
Advantage - The product
The Product - Branding Quality Features, Benefits Offered - Marketing is fundamentally about providing the correct bundle of benefits
- Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer
Advantage - Pricing Strategy
Deals with methods of setting profitable and justifiable prices
Subject to regulation and public scrutiny
A good pricing strategy:
- Creates value for customers
Builds and strengthens customer relationships with a firm and its products
Advantage - Pricing Strategies 2
Pricing is the only mix which generates a turnover for the organisation
Penetration Skimming Competition Product Line Bundle Psychological
Prices
Sometimes you need to lower your prices.
At other times, it may be appropriate to raise your prices.
Many companies have found that the profitability of certain products or services doesn’t justify the amount of effort and resources that go into producing them.
Promotion
A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organisations promotional mix can consist of:
Advertising Public Relations Sales Promotion Personal Selling Direct Mail Internet/E-commerce
Promotion Strategy
Communication link between sellers & buyers
Firms may communicate messages:
- Directly through salespeople
- Indirectly through advertisements and promotions
- Many companies use integrated marketing communications (IMC)
Place Strategy
Direct Distribution
Manufacturer - Consumer
Indirect Distribution
Manufacturer- Retailer - Consumer
Place
Technology has opened new channels of distribution in many industries
Consumers find their products in the proper quantities at the right times and places
Involves modes of transportation, warehousing, inventory control, order processing, and selection of marketing channels
People Strategy
The reputation of your brand rests in the hands of your staff.
They must be appropriately trained, well-motivated and have the right attitude.
Process Strategy
Many customers no longer simply buy a product they invest in an experience
That means the process of delivery and the behaviour of those who deliver the service are important to satisfaction.
