Is a management process that identifies,anticipates and satisfy consumer needs at aprofitIdentifyAnticipateSatisfyProfit
Identify By research findings from independent and or in-housesurveys• Anticipate– By research and forecasts• Satisfy– Provide the consumers with their needs using themost effective mix of the 4P’S of marketingThe producer devices marketing programmes that will make real and prospectiveconsumers buy more of its brand above competition
Most effective way to practice marketing is tofind out first What to be accomplished and then plan how toaccomplish it. In other words you need to planyour marketing activity This plan will constitutemarketing Objectives, identification of one ormore target markets and an specific offering toserve each market
In marketing jargon this offering is called themarketing mix.The Marketing Mix is studied under the section calledtactical MarketingThis is called Tactical Marketing as it is changed allthe time and the decisions taken are usually shorttermDirectional- such as vision, mission, objectives andStrategic- such as market, market segments,targeting and positioning are not changed in the shortterm
Defining marketing mix “ Marketing Mix is the set of controllabletactical marketing tools that the firm blendsto produce the response it wants in themarket. The marketing mix consists ofeverything the firm can do to influence thedemand for its product” Kotler 12th edition
Traditionally it is comprised of :ProductPricePlace ( Placement)Promotion ( Communication)For ease of useMccarthy.
These elements in the Marketing Mix are in thecontrol of the marketer.Therefore marketing Mix is set of controllableelements ( tools) in the hands of the marketer touse to achieve desired targets.In other words marketing Mix is used toinfluence the buyer in the target market to createpositive responses towards the marketersproduct
Product itself has its own way of offeringit to the Target Market. Therefore it iscalled the product Mix It comprises of Variety, Design, Brandname, image, quality, features andbenefits, packaging, styling, accessories,warranty, after sales services etc.
Price should be affordable to the targetmarket The cost of the product is very important todecide the price. Further pricing objectivesand pricing strategies also will decide theprices. Price offer also could be called as the priceMix It will have the suggested retail price,wholesale price, discounts, trading price,strategies, allowances, payment terms, creditetc.
The product should be made available to thetarget market where customers could buy itconveniently.The Place mix could have distribution channels,Channel members, market coverage, inventory (stock) control, warehousing, order processing,transport and logistics.
The major role of promotion is to makeaware the target market that there is aproduct offering of this nature and developinterest, desire and action to buy theproduct. (AIDA) The promotion mix includes Advertising,personal selling, Sales Promotion, Publicrelations, Direct marketing, etc. Setting the communication budget are alsopart of the promo mix.
Effectivemarketing MixMatches Customers needsCreatesCompetitiveadvantageWell BlendedMatchescorporateresourcesThe mastery of the right combination of these marketing tools bearing in mind thepeculiarities of the market, ultimately enables a brand achieve its objectives
Takes a creative idea and transforms it into attention-gettingadvertisements designed for various media (television, radio,magazines, and others). Messages travel to audiences throughvarious transmission devices. a channel or medium delivers the message. Decoding occurs whenthe message reaches one or more of the receivers senses.Consumers both hear and see television ads. Others consumershandle (touch) and read (see) a offer. One obstacle that prevents marketing messages from beingefficient and effective is called barrier.Note: Barrier is anything that distorts or disrupts a message. It canoccur at any stage in the communication process. The mostcommon form of noise affecting marketing communication isclutter.
Advertising is a form of communicationfor marketing and used to encourage, persuade,or manipulate an audience (viewers, readers orlisteners; sometimes a specific group) to continueor take some new action.
Advertising is a one-way communication whose purpose isto inform potential customers about products and servicesand how to obtain them. Promotion involves disseminating information about aproduct, product line, brand, or company. It is one of thefour key aspects of the marketing mix. Advertising may be one form of promotion.hyperlink Advertising vs. promotion.docx
Communication channels through which news, entertainment, education, dataor promotional messages are disseminated.Media includes every broadcasting and narrowcasting medium suchas newspapers, magazines, TV, radio, billboards, direct mail, telephone, fax,and internet.
Reach FrequencyReach: The number of people that gets hit by your advertising expressed a percentageof the entire TGFrequency: The average number of time that your advertisement reachesyour target.
Advertising is any paid form of non personal communicationby an identified sponsor and should be via a medium that isaccessible to everyoneNon personal: it has to be directed to a wide number of peopleSponsor: There has to be a brand that is responsible for the exposureMedium: It has to be channelled through a mediumAccessibility: It should be accessible to all
Position my self in such a way as to:See significant leap in brand awarenessGain more market share and or sales volumeContinuously recruit brand loyalistsBe perceived as high qualityBe seen as reliablecommand respectAmongst its target audience
The most persuasive creative advertisement in the world willnot be effective unless:Deliver the message to your intended target marketAt the right timeIn the right measure
It has become a very though and complex task for brand inreaching their target marketClutter: multiple brands exposing materials all at the same timeWhen can Iexposemy AD?
Competition: brands within the same category jostling for the same markeHow can I expose my A
Increasing cost: campaign executions are becoming more expensiveHow much is effective to sp
Changing behaviours: the target audience is becoming more dynamicHow do I understand
Audience Fragmentation: different blocks of groups with unique characterHow do I isolate andsolve thepeculiar problems
A target group is the category of people that a brand intends toreach with its messages, he targets them with the hope that theyrespond in certain ways towards its brand when hit by thosemessages.
The brands fist step is to decide on what role it wants to play in the market, premiumor mass market.In most cases, a brand TG is not limited to one group of similar characteristics.Brands scan the market and categorize the entire relevant elements into TG segmentsIt then treats each segment of usually distinct characteristics differently, Understandingeach segments peculiar needsThe brand together with its creative unit together with help from agencies then preparetailor made advertising solutions that addresses each of the segments
DemographicsAge: What age or age range are my target audienceGender : What gender am I looking at, what percentage of my TG is male or femaleNumbers: What is the total size of my target audienceReligion: What are the religious believes of my target audience and prospective onesas it affects my brandSEC (socio-Economic Class): What SEC does my target audience fall i.e. what income dgenerate and how will this affect their purchasing powerLSM( Living Standard Measurement): What is the life style of my target audienceLocation/Distribution: Where exactly are they and how are they distributed across the m
Psychographics/ behavioural patternWhat are their Passion points:SportsEntertainmentLeisureSocializingFamilyCareerHow do they think?What kind of television programmes do they watch,are they trendy or conservative,are they impulsive or objectiveAre they superstitiousAre they emotional
The target audience characteristics are varied and dynamic, thus theneed for brand managers to always be in tune with their markets andTG.As brand solution providers through concepts/idea generation andimplementations, we need to understand the brands as well as thetarget audience’s needs, find a meeting point where both the brand andTG interaction becomes one that can be described as ‘’A WIN-WINSITUATION, in other wards, we should anticipate not only the TG butalso the brands.By doing this, we would have truly bridged the gap between brands andtheir TG by creating value and achieving our corporate goals