Marketing mix decision for industrial products
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This paper summarizes the results of a study examining marketing mix decisions for industrial products. The study involved 131 products from 22 companies. Models are presented for determining advertising expenditures, total marketing expenditures, how to allocate marketing budgets, factors that influence year-to-year changes in advertising spending, and selection of distribution channels. The key findings are that marketing expenditures and the split between advertising and personal selling depend mainly on a product's sales and number of customers. The decision to use a direct salesforce is influenced by company size, average order size, the product's life cycle stage, complexity, percentage of made-to-order sales, and purchase frequency.
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This document provides an overview of industrial marketing. It begins with an introduction to industrial marketing, then discusses the meaning of industrial marketing and why it is important to study. It outlines several key features of industrial marketing, including that there are fewer but larger business buyers, the buying process is complex, and demand can be inelastic. The document emphasizes that industrial marketing is important because it generates major revenue, requires less expenditure than consumer marketing, and aims to build long-term relationships with business customers.
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The document discusses key concepts in marketing, including the 4 P's of marketing (product, price, place, promotion), different marketing concepts (production, product, selling, marketing), and orientations (holistic, societal). It provides details on each of the 4 P's - what they refer to and examples. It also explains different management orientations like production, product, selling, and marketing concepts and how firms following these concepts operate. The document is meant to introduce students to fundamental marketing terminology and frameworks.
Virtual marketing
Virtual marketing utilizes social media and the internet to advertise products and messages globally. Marketers have increasingly adopted virtual marketing as social media has become central to many people's lives, exposing them to hundreds of advertisements daily. Businesses large and small are relying more on creating social media pages and profiles, hosting contests and giveaways to engage more followers and increase visibility of their brand. Virtual marketing allows advertisers to target a variety of demographics and has grown exponentially with the rise of computers, smartphones, and access to information anywhere.
Importance of marketing in service industry
The powerpoint presentation describes about the Services as a whole and the importance of Marketing in services.
Characteristics of services
Services are economic activities that create value and benefits for customers. Main characteristics of services include:
1) Intangibility - Services cannot be seen, touched, or physically possessed by customers. Customers can only experience the benefits of a service.
2) Perishability - Services cannot be stored and perish or lose value if not used when produced. Unused services represent an economic waste.
3) Inseparability - Services are generally created and consumed simultaneously. The service provider and customer must interact during service delivery and consumption.
4) Heterogeneity - The quality of services can vary and is difficult to standardize due to human involvement in service delivery and differences in customer expectations.
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Forecasting accuracy of industrial sales with endogeneity in firm-level data
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This document contains a student's answers to questions about industrial marketing. For part (a), the student provides a detailed explanation of how the marketing mix applies differently in industrial and consumer market environments. The marketing mix (4Ps and 3 additional Ps) considers factors like product, price, place, and promotion which are applied differently when marketing to businesses versus consumers. For part (b), the student outlines major differences in strategic planning for industrial versus consumer markets, such as industrial strategic planning involving recognizing and responding to marketplace changes to achieve opportunities consistent with business objectives and capabilities. The student also discusses key elements of industrial and consumer market environments.
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This document contains a student's answers to questions about industrial marketing.
Part a provides a 3-sentence summary of the marketing mix and how it applies differently in industrial versus consumer environments. It explains the 4Ps of product, price, place and promotion and how they are tailored for business-to-business needs in industrial markets.
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CUSTOMER SATISFACTION 69CUSTOMER SATISFACTION 69 (16 CH.docx
CUSTOMER SATISFACTION 69
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(
16
CHAPTER I THE FUNCTIONS OF MARKETING
) (
To remain competitive, hospitality organizations must keep up w
ith the ever-changing market. Courtesy of The Melting Pot.
)THE MARKETING MIX
Marketing managers have used the term marketing mix for a long time. The concept of the marketing mix has gained universal acceptance. It is important for hospitality marketing students to understand this concept, both conceptually and strategically. This section outlines the major components of the traditional marketing mix, and the next section covers the hospitality marketing mix that was offered as an alternative for the industry. We will explain the similarities and differences between the two approaches. A successful hospitality organization is one that focuses on the needs and wants of the consumers and markets the product-service mix of the operation. Management of this type of operation involves integrating the components of the marketing mix into a marketing program that will appeal to potential consumers and meet the goals and objectives of the firm. The following sections will introduce the components of the marketing mix, which will be discussed in more detail in Chapters 7 to 14.
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THE MARKETING MIX 17
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PRODUCT. This component refers to the unique combination of goods and services offered by a firm to consumers. The product includes both the tangible and intangible elements of the service offering. Product decisions involve product attributes such as quality, the breadth and mix of the product line (i.e., the number and type of products and services offered by a firm), and services such as warranties and guarantees.
PLACE. The place component refers to the manner in which the products and services are being delivered to consumers. This component is sometimes referred to as distribution, and it involves decisions related to the location of facilities and the use of intermediaries. In addition, the marketing of services includes the decision regarding customer involvement in the production process.
PROMOTION. This component refers to the methods used to communicate with consumer markets. The promotion mix includes advertising, personal selling, sales promotions (e.g., coupons, rebates, and contests), and publicity. These are the vehicles that can be used to communicate the firm's intended messages to consumers. The decisions for promotion involve the amount to be spent on each component of the promotion mix, the strategies for each of the components, and the overall message to be sent.
Price
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Marketing mix decision for industrial products
- 1. Modelling the Marketing Mix Decision for Industrial Products Abstract This paper reports the results of the ADVISOR 2 study, aimed at providing an understanding of and guidance for marketing mix decisions for industrial products. The study involved 22 companies and 131 products. Although cross-sectional in nature, justification is presented for using the descriptive results as guidelines for marketing mix decisions. Models are presented for advertising expenditures, marketing expenditures, marketing budget allocations, year-to-year changes in advertising spending and for selection of distribution channels. The level of marketing expenditures and the split of marketing into advertising and personal setting are shown to be affected by a few, general product and market characteristics of which product sales and the number of customers are key. It is shown that it is fruitful to study the advertising budget as advertising = (advertising/marketing) × marketing; i.e., a marketing budget is set and then a split of that budget into personal and impersonal communications is made. This two-stage view clarifies the role of different product and market characteristics in the models. The change in advertising spending is related to changes in market share, changes in product plans and changes in the number of competitors modified by the number of customers, their concentration and the size of the advertising budget. The decision to use a direct channel of distribution (primarily salesforce) is affected by the size of the firm, the size of an average order, the stage in the product's life cycle, the complexity of the product, the fraction of the product's sales made-to-order and the purchase frequency of the product. A discussion of the use of the ADVISOR models both for marketing decision making and for marketing researchers and model builders is included.