Please enable JavaScript.
Coggle requires JavaScript to display documents.
Shaping Business Opportunities (Globalisation (Can enable businesses to…
Shaping Business Opportunities
Marketing
The Marketing mix
The 4 P's
Product, Place, Promotion, Price
All elements play a role in meeting customer needs
The Mix is about tailoring the offer to consumer needs
A set of actions advertising business offerings and build relationships with consumers
Product
Three levels of product
Actual product
Augmented product
Core Product
Globalisation
Can enable businesses to benefit from advances and learn from other international companies
Emergence of a global culture - Crossvergence
Businesses across the globe influence one another
Glocalisation- ways different contexts and cultures adopt and adapt to globalisation
Operations
Operations Strategy - decisions and actions that set the role , objectives and activities of the operation
Operations and Marketing need to co-operate
Operations Management
Management of a large amount of a companies assets
Effective management of resources ensures effective delivery of goods and services
Relationship Marketing
Recognises the value of retaining customers over a long period of time
More cost effective than to keep acquiring new customers
Divergence- sticking to local culture and values
Internal Marketing
Benefits
Promotes a unified brand identity
Encourages relationship building with customers
gives staff a clear focus of business goals
Marketing within a business to motivate staff, improve their behaviour with customers
Branding
Brand Identity- is the internal formulation of a brand
Brand Reputation - external valuation of a brand
Global Branding
Disadvantage- One market can damage other markets where the same brand is sold - e.g. Coca cola
Global Branding - use the same marketing mix across all countries they sell produc
Advantage- low economies of scale
Brands are key tangible assets for an organisation and represent the core idea, values and encourages loyalty.