PRODUCT the product itself has to be sweet enough that people want it PROMOTION it’s all about how you sell it – raisin bread or cinnamon bread with raisins PLACE you have to make sure consumers get it where they want it – imagine cookies that had eggs added at the end? PRICE marketing is about the finding the sweet spot between expensive that no one can afford, and too cheap that although it sells the business can’t sustain it PEOPLE often overlooked, but without the most important ingredient that separates you from the rest – your consumer. Figure pt 1.13, page 17
NO TWO ARE IDENTICAL – ALREADY TAUGHT TARGET MARKETS, SEGMENTATION AND CONSUMER BEHAVIOUR
Quality Features Names USP Packaging Guarantees
High – premium Low middle
Channel choice and physical distribution
INTEGRATED MARKETING COMMUNICATIONS THROUGHOUT BIZ STRATEGIES, MULTI-CHANNEL, UNIQUE TO BIZ
Marketing Communications Mix (Promotions mix) The specific blend of advertising, sales promotion, public relations, personal selling, and direct marketing tools a company uses to pursue its advertising and marketing objectives.
Why do companies need IMC? •Moving away from mass marketing •Market/media fragmentation •Increase trends in interactions •Less broadcasting/more narrow-casting •Useful for sending clear, consistent, and compelling messages •Helps to recognize and exploit all touchpoints of customer contact with a company
WHAT COULD SOME OBJECTIVES BE? – POLL (save money, save time, make money…)
Using the sales force and trade promotion to push the product through channels.
using advertising and consumer promotions to build consumer demand. THINK ABOUT MY AUTHOR STRATEGY WITH CHRISTINE. Page 280
A combination of push and pull = a successful IMC strategy
Rule of 7 Hit them no matter where / when they go Reach = how many people / eyeballs Frequency = how much / often a person is exposed to message Continuity = how long it runs Page 286
Shotgun strategy – undefined or very broad target segment = mass media approach, expensive Rifle strategy – target defined by pyschographics / social graphics, niche market = niche channels, less reach
List channels (sometimes called mediums) on board 291 = PROS / CONS Any unique channels seen in TO?
SALES PROMO = incentives to inspire immediate consumer action GOALS = 1. TRIAL PURCHASE, 2. REPEAT PURCHASE, 3. MULTIPLE PURCHASE ANYONE SEE ONE OF THOSE IN TO? - Starbucks music download
Steps pg 323 1.Prospecting 2.Pre-approach 3.Approach 4.Presentation 5.Handling Objections 6.Closing (trial close & follow up)
We didn’t cover PR or events but these would be good to consider / read about for your final project.
We didn’t cover PR or events but these would be good to consider / read about for your final project. Customer Experience Marketing Guerilla Tactics Anyone see examples in TO of this? IMC Jeopardy Time Case Study
Marketing Mix and the 1st P - Promotion
TheMarketingMix Presented by Lindsey Fair
PRODUCT PROMOTION PLACE The PRICE PEOPLE 5 P’s of Marketing