Marketing mix
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The marketing mix is the set of marketing tools a firm uses to pursue its marketing objectives in the target market. It involves a deliberate choice of product, price, promotion, and place strategies. The marketing manager's task is to develop the most appropriate marketing mix for the organization. The marketing mix depends on factors like marketing objectives, target market, market structure, competitors, and the organization's marketing position. It is a key element in a firm's overall marketing program.
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Selling Concept and Marketing Concept
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If customers are left to themselves, they will not make the effort to buy a company’s product.
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Primary agenda is to earn profit through larger sales volume.
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It focuses on short term as intensive focus on pushing product to the market and clearing the market as soon as possible.
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Customer oriented and fosters on customer value,
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Process of selling starts with the creation of product, and pushing it to market through aggressive selling.
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This document discusses definitions and components of marketing mix. It provides definitions of marketing from Kotler, Armstrong, and The Chartered Institute of Marketing that focus on creating and exchanging value for customers. It defines marketing mix as a combination of product, price, place, and promotion that influence consumer purchases. It expands on this with the 7Ps model which also includes people, process, and physical evidence particularly relevant for services. Each P is described in 1-2 sentences with examples. Product refers to goods or services, price is the customer cost, place is distribution/accessibility, promotion uses advertising, public relations, and sales promotions. People considers target markets and business relations. Process covers systems like sales funnel. Physical evidence demonstrates service
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The document discusses the scope and concepts of marketing. It defines marketing as creating, promoting, and delivering goods and services to consumers and businesses. It outlines different demand states that marketers must address, such as negative demand where consumers dislike a product, and no demand where consumers are unaware of a product. The document also discusses key marketing decisions, concepts, tools, trends, and how companies can develop effective marketing information systems to gather and analyze relevant data to make strategic decisions.
Marketing Strategies
This document outlines the key aspects of developing a marketing strategy. It discusses strategic planning, including defining the company mission, setting objectives and goals, designing the business portfolio, and coordinating functional strategies. It also covers analyzing the current portfolio, using tools like the growth-share matrix and product/market expansion grid to identify opportunities. Finally, it discusses developing an integrated marketing mix of product, price, place and promotion to achieve marketing objectives.
MM 1 Unit 1 MBA (1).pptx
This document provides an introduction to key marketing concepts. It defines marketing as satisfying customer needs profitably through creating and exchanging value. The marketing mix, also called the 4Ps, is introduced as product, price, place, and promotion. The scope of marketing is described as including physical goods, services, experiences, events, persons, places, properties, information, and ideas. Marketing aims to fulfill needs and wants through offers that create value for customers. Demand depends on customer wants and buying power. Key terms like customer, consumer, and stakeholders are also introduced.
How to develop a marketing plan
1. A marketing plan is a blueprint for achieving marketing goals through determining objectives, strategies, and tactics as well as allocating necessary resources and schedules.
2. Developing an effective marketing plan involves conducting a thorough situational analysis of the internal and external environment through tools like SWOT and PESTEL analysis.
3. The marketing plan process then establishes SMART sales and marketing objectives, outlines strategies and tactics through the marketing mix, and includes action plans, budgets, and key performance indicators to ensure goals are met.
Lesson 3 MIM
Marketing information is needed to identify customers, products, opportunities and solve problems to implement and monitor marketing plans. This includes collecting data on customers, the marketing mix, and the business environment. Customer data includes demographics, psychographics, geography, and behavior. Information is gathered through surveys, reports, sales data, and more to obtain both quantitative and qualitative data.
Marketing
This document provides an overview of key marketing concepts and terms. It discusses the marketing concept of creating value for customers to build relationships and capture value in return. It also summarizes market offerings, market segmentation, the marketing mix of product, price, place and promotion, and the importance of strategic planning, analysis, implementation and control in effective marketing management. Customer value, satisfaction, and equity are important goals. Partner relationships within a company and across the value chain are also emphasized.
Ba5207 Marketing Management
This document provides an overview of key marketing management concepts including definitions of marketing, the marketing management process, the 4Ps of the marketing mix, and marketing orientations like production, selling, and marketing concepts. It also discusses the internal and external environment, needs, wants and demands, and holistic marketing including relationship marketing, integrated marketing, internal marketing, and social responsibility marketing. The marketing environment comprises demographic, economic, technological, political, legal, social, and ecological forces impacting marketing activities.
Strategic Marketing Planning
This document provides an overview of strategic marketing planning. It begins with defining key marketing terms and concepts. It then covers analyzing the marketing situation and identifying target markets through research. The bulk of the document outlines developing a marketing plan, including determining strategy and tactics. It discusses the marketing mix of product, price, place, and promotion. Finally, it briefly mentions controlling the marketing plan through audits, benchmarks, and key performance indicators.
Ch.1
The document provides an overview of fundamental marketing concepts and tasks for successful marketing management. It defines marketing as creating and delivering value for customers to benefit the organization. Marketing management is the process of choosing target markets and growing customer relationships. Key concepts include the marketing mix of product, price, place, and promotion. Successful marketing management requires developing strategies, insights, strong brands, and value while communicating with customers to create long-term growth.
The scope of marketing
The document discusses the scope of marketing and the decisions that marketers make. It covers different demand states that marketers must address, such as negative demand where consumers dislike a product, and no demand where consumers are unaware or uninterested in a product. The document also outlines various marketing concepts and tools that marketers use, such as segmentation, branding, and the marketing mix. It examines the role of marketing in organizations and trends affecting the evolving nature of marketing.
What is strategy
Strategy is about determining the long-term direction and scope of an organization. It involves choosing markets to compete in, configuring resources to achieve competitive advantage, and meeting stakeholder expectations. There are three levels of strategy - corporate, business, and functional. Corporate strategy determines the business areas and approach. Business strategy determines how to compete in each business. Functional strategies support the other strategies through effective resource allocation.
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Marketing mix
- 2. Marketing Mix Is the set of marketing tools the firm uses to pursue its marketing objectives in the target market.
- 3. Marketing Mix The concept of marketing mix involves a deliberate and careful choice of organization, product, price, promotion and place, strategies and policies. Thus the task of the marketing manager is to develop the most appropriate and creative marketing mix for his organization
- 4. The Marketing Mix • The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives • 4Ps - Price, Product, Promotion, Place • 7Ps – Price, Product, Promotion, Place, People, Process, Physical Environment
- 5. 2-11 Marketing Mix of Product Product Place Price Promotion C
- 6. The Marketing Mix for Services
- 7. The choice of the marketing mix depends upon 1)Marketing objectives 2)Marketing environment of the organization 3)Resource position of the firm 4)Marketing organization structures and information systems
- 8. The Marketing Mix • The mix depends upon: • Marketing objectives • Type of product • Target market • Market structure • Rivals’ behaviour • Global issues – culture/religion, etc. • Marketing position • Product portfolio – Product lifecycle – Boston Matrix
- 9. Elements of the Marketing Program Target Market Marketing Mix Marketing Strategy Time-Related Details Marketing Plan Other Marketing Plans A Firm’s Marketing Program + + + = = = 2-14
- 10. Elements of the Marketing Program Target Market Marketing Mix Marketing Strategy Time-Related Details Marketing Plan Other Marketing Plans A Firm’s Marketing Program + + + = = = 2-14