Marketing Roleplay Concepts Flashcards
4 Ps of Marketing
- The 4Ps of marketing is a model for enhancing components of your “marketing mix,” the way in which you take a new product or service to market
- Marketing mix and the 4Ps are often used as synonyms for one another, however, they are not necessarily the same thing
- Marketing mix is a general phrase used to describe the different kinds of choices organizations have to make during the process of bringing a product or service to market
- Product (or service)
- Place
- Price
- Promotion
Promotional Mix
- The marketing department in large companies is usually the one responsible for the promotional mix, establishing budget, allocating resources, coordinating campaigns, supervising outside resources, and measuring results
- Manufacturers often develop a promotional mix for each segment of the distribution channel
- Push policy: promotions are directed towards retailers
- Pull policy: promotions are directed towards consumers
- 5 Parts of Promotional Mix (DAPPS)
1. Direct Marketing - a type of advertising directed to a targeted group of prospects and customers rather than to a mass audience
2. Advertising - a form of nonpersonal promotion and can be found everywhere
3. Personal Selling - one-to-one communication between seller and prospective purchaser
4. Public Relations - enable an organization to influence a target audience
5. Sales Promotion - represents all marketing activities other than personal selling, advertising and public relations
SWOT Analysis
- Used to list favorable and unfavorable factors that go against a particular situation
- Considers all the internal and external aspects of the business and market
- Allows business managers to understand whether a situation has enough aspects in its favor and ultimately worth being pursued
S - Strengths
W - Weaknesses
O - Opportunities
T - Threats
Environmental Scan
Internal and external lessons, trends, opportunities, threats that can hurt the company:
- Industry and market conditions
- Emerging technology
- New regulations
- Social changes (consumer spending habits)
PESTLE:
- Gathering and monitoring data
- Conversations with executives
- Benchmarking achievements
- Consulting secondary sources (media, newspapers, reports)
First step is identifying participants and responsibilities
P - Political
E - Economic
S - Social
T - Technological
L - Legal
E - Environment
Porter’s Five Forces
- A model that identifies and analyzes five competitive forces that shape every industry and helps determine an industry’s weaknesses and strengths
- Defines the most important criteria to consider when looking at the competitive landscape of a corporation
- Competition in the industry
- Potential of new entrants into the industry
- Power of suppliers
- Power of customers
- Threat of substitute products
Target Markets
Target Market?
* A group of people that have been identified as the most likely potential customers for a product because of their shared characteristics
* Identifying the target market is important in the development and implementation of a successful marketing plan for any new product
- Demographic: age, income, gender, education, etc.
- Geographic: country, province, etc.
- Psychographic: lifestyle, attitudes, interests, values, etc.
- Behavioural: buying habits, etc.
Maslow’s Hierarchy of Needs
- Physiological needs
- Safety needs
- Love and belonging needs
- Esteem needs
- Self-actualization needs
5 Segments of Technological Adoption
1.Innovators (2.5%)
* the first individuals to adopt an innovation
* willing to take risks, youngest in age, have the highest social class, have great financial lucidity, very social and have close contact to scientific sources and interaction with other innovators
2.Early adopters (13.5%)
- the second fastest category of individuals who adopt an innovation
- they have the highest degree of opinion leadership
- most discrete in adoption choices than innovators
- they realize judicious choice of adoption will help them maintain central communication positions
3.Early majority (34%)
- adopt an innovation after a varying degree of time
- they have above average social status, contact with early adopters, and seldom hold positions of opinion leadership in a system
4.Late majority (34%)
- they are typically skeptical about an innovation, have below average social status, very little financial lucidity, in contact with others in late majority and early majority
5.Laggards (16%)
- the last to adopt an innovation
- typically tend to be focused on “traditions”, likely to have lowest social status, lowest financial fluidity, be oldest of all other adopters, in contact with only family and close friends
- very little to no opinion leadership
Goals of Advertising and Promotion
- Getting people’s attention
- Prompting immediate action
- Replacing lost customers
- Building sales and profits
- Building brand awareness
7 Functions of Marketing
different from the 4Ps
- Marketing info management: helps understand customers’ needs
- Distribution: determines how and where customers can obtain your products
- Pricing: helps determine market success and profitability
- Promotion: makes customers and prospects aware of your products and your company
- Selling: marketing and selling are complementary functions
- Financing: plays a role in marketing success by offering customers alternative methods of payment, such as loans, extended credit terms or leasing
- Product/service management: information on customers’ needs helps identify the features to incorporate in new products and product upgrades
