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Marketing Mix (Price (Types (Captive-product (Associated products needed…
Marketing Mix
Price
Types
Captive-product
Associated products needed for use
By-product
Sell by products of stuff used in production
Optional-product
Optional Accessories
Product bundle
Set of related products sold together
Product Line
Variation of product at different price
Business Markets
Cash Discounts
Seasonal discounts
Quantity Discounts
Allowances
Trade or functional discounts
Approaches
Competitor-based
comparison
How strong are competitors
What are their pricing strategies?
In terms of value
Competitive bidding
Beat competition
Still cover margins
Customer-based
Good-Value
Fair price based on quality
Value-added
Add features to justify cost
Demand
Customer willingness to buy
Psychological-based
e.g. £7.99 not £8
Cost-based
Limitation
Sales fall / Costs rise
Lower demand as higher cost
Break Even costs
distribution
marketing
production
Approaches for informing decisions
Conjoint Analysis
Set scenario
Customer chooses answer
Elasticity Modelling
Rarely used
Van Westendorp Survey
Aka Price sensitivity analysis
Ask customers questions re: price
Draw price map
Experimentation
Test customer perception
General survey
Ethical Considerations
Segmented Pricing
Different prices based on
Products
Locations
Customer differences
Super-sized pricing
Savings for buying more
Sometimes more not needed
Dynamic Pricing
Assess Customer needs
Product / Offering
Benefits
Actual Product
Features
Styling
Brand Name
Quality
Packaging
Augumented Product
After-sale service
Warranty
Installation
Delivery and credit
Core Product
Core benefit of service
Types
Shopping
Selected on
Price
Quality
Style
Less frequent purchase
Speciality (luxury)
special
expensive
Strong brand preference
Convenience
Low investment
Low involvement
Frequent purchase
Unsought
Little knowledge
Little interest
New Products / Innovation
Idea Generation
Reviews / Research Labs / Competitiors
Idea Screening
Select best ideas
Is it real? Can we win? Is it worth doing?
New product planning
Analysis of environment (SWOT)
Concept Testing
Customer feedback
Market/business Analysis
Marketing Strategy
target market
planned price / distribution / marketing year 1
sales / market share / profit goals - year 1-3
Product Development
Prototype
Test Marketing
Lab / test markets
Commercialisation
Launch
Timing?
Success/Failure
Sucess
Voice of customer
Avoid scope creep (define)
Unique Superior Product
Properly executed launch
Failure
Poor Market Research
Poor product Design
High Development Costs
Poor Design
Inappropriate Pricing
Promotion
Promotion Mix
Digital Marketing
Sales Promotion
Direct Marketing
Sponsorship
Personal Selling
Public Relations
Advertising
Selection Criteria
Size of audience / geographical spread
Target audience preference / behaviour
Cost
Goal of the communication
Extent of Control over the message
Communication process
Issues
Accuracy of decoding intended meaning
Semantic problem
Effectiveness of getting desired response
Effectiveness Problem
Accuracy of Coding
Technical problem
Noise disruption of message
Place
Distribution Channels
Channel Memebers
VMS
Retailer
Wholesaler
Manufacturer
Consumer
Functions
Matching Customer Needs
Price Negotiation
Contact with Customer
Financing (funding)
Promotion
Risk Taking
Information source
Issues
Expectations breached
Act in own interest
Lack of clear communication
Agreements can
Restrain Trade
Create Monopolies
Restrict Competition
Types of Distribution
Collaborative
Work together with member
Mutual Advantage
Horizontal
Multiple
Service different needs
Provide different options
E.g. In store and Online
Ease of Purchase
Appropriate Outlets
Acceptable Delivery Costs
Sufficient Quantities
Choosing - influenced by
Type of product
Shopping
Selective distribution
Fewer outlets
Selected outlets
Speciality
Exclusive distribution
One / Few outlets
Convenience
intensive distribution
Convenient location
Widespread
Perishable Products
Short distribution design
Competitiors
Size of company
Environmental Factors
STEEPLE
Level of service they wish to provide
Physical Evidence
Process
People