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Chapter 7 - Marketing and branding (1) (Rights of the consumer (Right to…
Chapter 7 - Marketing and branding (1)
Marketing
Aim of marketing
Helps procedures to understand the behaviour of their customers by determining their needs, wants and desires. Used to retain customers, gain more customers build a brand, improve a brand, build on sales
Strategic role of marketing
Coordinates and considers all aspects needed to reach the consumer. Planning a sound marketing strategy starts with investing the environment
Marketing function assesses
All market forces and developments that impacts the business position in the market
Marketing plan
Defines the objectives, helps determine targets and performance measures are then developed
Marketing
Management process responsible for the identifying, anticipating and satisfying of customer requirements
Marketing strategy
Be in line with the business's corporate strategy
7 p's of marketing
Physical evidence
Promotion
Way business communicates with the consumer
Activities - branding, advertising, public relations, corporate identity, personal sales, sales management, special offers and exhibitions
High levels of transparency are important
Price
Provide the business with a profit
Helps position business in the market place
Price charged - competitive advantage - best value for money
Price sensitivity needs to be considered
Products / services are only worth what consumers are willing to pay for them
Product
Products do not need to be tangible
Monitor customers behaviour
Product must add value to the consumer
Packaging is important - recognise and distinguish the product
Deliver product consumer is able and willing to buy
Process
People
Place
Where consumer will buy your product
Product must be available at the right place, time and quality
Way products are displayed to your consumer
Franchising - brand is known and trusted
CPA looks at the following
Norms and standards to protect the consumer
Prohibits unfair marketing
Promotion of a fair, accessible and sustainable product for consumers
Promotes responsible consumer behaviour
Consumer protection act no 68 of 2008
Lays down laws relating to transactions and agreements
Branding
Factors that help build a successful brand
Quality
Positioning
Packaging
Image
Service standards
Product guarantees
Brand name
Delivery
Long - term perspective
Internal marketing
Repositioning
Brand changes its market position to reflect the change in customer tastes
Credibility
Communication
Brand extension
Use of a successful brand to launch a new product in the same broad market e.g. Coke introducing a range of water products
Strong brand must be
Memorable
Meaningful
Likeable
Transferable
Adaptable
Protectable
Advantages of having a stong brand
Retailers want to stock top brands
Helps with business's appearance and image
Adds credibility and increases confidence in the business
Branded items - command higher prices
Inspires customer loyalty
Brand stretching
Use of an established brand for products in a unrelated market e.g. Mercedes selling branded clothing
Branding
Unique character (name, term, logo, design) that all combine to form a set which is intended to identify goods/services. Consistent and easy recognised
Advantages of brand extension and stretching
Less risk with a new product carring a name
Gain cutomer loyalty more easily and quickly
Promotional launch costs are likely to be substantially lower
Rights of the consumer
Right to equality in the market place
Right to privacy
Right to choose
Right to disclosure of information
Right to fair and responsible marketing
Right to fair and honest dealings
Right to fair, just and reasonable terms and conditions
Right to fair value, good quality and safety
Right to accountability from suppliers