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5.1 - Coggle Diagram
5.1
Marketing Includes
Developing Advertisements
Promotional Activities
Managing Brands
Introducing New Products or Services
Managing Customers Experience
Enhance Customer Satisfaction
Pricing
Customer Research
Marketing Mix Variables (4Ps and 7Ps)
Product
Core product
Core benefit or service
i.e. store money of bank
Actual product
Quality, features, packaging, styling
i.e. Credit cards, loans
Augmented product
Warranty, aftercare, installation
Price
Penetrating Pricing
Low price targeting market share
Skimming Pricing
(Creaming Pricing)
High price targeting max profit
Place / Distribution
Supply Chain
Promotion
Direct
Personal Sales
Indirect
Advertisement
People
In contact with customers
Physical Location
Process
The entire experience
Marketing Definitions and Process
Anticipation, Identification, and Satisfaction of customers needs and wants
Marketing Orientation
Marketing-oriented Organizations
Understands customer needs and wants
Appreciation of competitors and market circumstances (Marketing Environment)
Ensures its operations, capabilities, and personnel are aligned with the mentioned market drivers
Marketers must understand
Customers
Competitors
Market Trends
Own Capabilities
Marketing Process (ASP)
Analysis
(Marketing Audit)
Customers
Competitors
Trends / market environment
Internal capabilities
Performance
Strategy
Market opportunity identification
Target market priorities
Brand positioning
Basis for competing
Marketing Objectives
Programmes
Product
Pricing
Place / distribution
promotion / communication
People, processes, and physical environment
Control
Budgets and schedules
Personnel and responsibilities
Benchmarking and monitoring progress
Marketing consist of individuals and organizational activities
Planning a Marketing Strategy