Please enable JavaScript.
Coggle requires JavaScript to display documents.
Marketing Mix - Coggle Diagram
Marketing Mix
7 P's
Pricing
Types
Competitor based
Kolter and Armstrong 2016
Other companies pricing strategies
How does the company compare to other competitors for value
How strong are other competitors
Customer based
Good Value
Based on quality. Budget versions
Demand pricing
Based on demand of product
Psychological
Emotional response
Odd pricing. £7.99 instead of £8
Value Added Price
Adding features or services to increase value
Cost based
Break even analysis
How much you have to sell to cover costs
Increase sales = increased costs
Direct cost pricing
Hotels in peak season v low season
Second Market discounting
Different prices to different markets
Cost plus pricing
adding % profit to product
Mark up pricing
Kolter and Armstrong 2016
Factors affecting pricing decisions
Costs
Competitors
marketing strategy
STEEPLE
SLT
Approaches
Survey
Conjoint analysis
Elasticity modelling
Van Westendorp Survey
Experimentation
Ethical
Dynamic
Segmented
Super-sized
Product mix pricing
Captive product pricing
Associated products needed for it to do it's job. ie. ink for printers
By Product pricing
Selling by products ie. Grains from beer
Optional Line pricing
Optional products or accessorises for the product. screen protectors
Product bundle pricing
Selling as a bundle to create an offer lower than individually bought. ie meal deal
Product line pricing
Creating a line of products at varying prices. ie. Cars
EVC
Trade discounts
by a producer
Quantity discounts
buy in bulk
Cash Discounts
pay in cash
Seasonal discounts
buy out of season
Allowances
buyer would help allowance granted to achieve their goals. advertising
People
Service provided
Staff influence
Relationships built
Training
Knowing the customers needs. ie budget
Promotion
Techniques
Personal sales
Direct Marketing
Advertising
Public relations
Celebrities
Moral Turpitude Clause
Sponsorship
Digital marketing
Criteria
How much control over message sent
Level of financial resources
size of audience and distance
Audiences preferences to media delivered
Goals of communication
John Lewis ad 2016
coherent
Consistent
Communication process
Techniques
Transmit
Source
Audience
Factual communications
Humour
Encourages debate
Problems
Semantic
How audience translates message
Effectiveness
was the outcome close to original
Technical
How accurate the original message is
Shannon and Weaver 1998 linear model
Macro Framework for communication
Hughes and Fill 2007
Social media
Fill and Turnbull 2013
Influence consumers
Cognitive
Absorbed
Relational
Connected
Behavioural
Feeling
AIDA
Attention
Interest
Desire
Action
Strong 1925
Variation
Dibb el al., 2016 p 471
Awareness-Interest-Evaluation-Trial-Adoption
Process
Scanning own shopping
Watching their coffee be made
Co-producers
Online banking
Queuing system
Pre order system
Place
Distribution channels
Channel members
Promotion
Contact
Information
Matching
Fainancing
Risk Taking
Negotiation
Value delivery network
Vertical Marketing System
One Channel member
Contractual VMS
Subway
Administrated VMS
Major supermarkets
Corporate VMS
Apple
Horizonally
Collaborative
Haulers
Co loading
continuous move routing
Back Haul
physical internet
MDC
Online
Physical shops
Which Channel?
Service
Size
type of product
Selective
Exclusive
Intensive
competitors
STEEPLE
Omni Channel
Physical Evidence
Atmosphere
Quality
Cleanliness
ie banks more accessible now
Las Vegas hotels
Product
Service/idea/good (offering)
Considerations
Packaging design
Branding
Specifying development requirements based on market research on customer needs
After-care service and support
Types
Shopping
Furniture
Speciality
Luxury
Convenience
everyday items ( milk)
Unsought
Insurance
Benefits
Actual Product
Brand Name
Quality
Packaging
Features
Styling
Augmented Product
Installation
Delivery and credit
After-sale service
Warrenty
Core product
Benefit of service
New Product Developement
Crawford's Process
Concept testing
Target customers
Feedback
Forums
Focus groups
market analysis
Market Strategy
Planned value proposition
Price, distribution and marketing budget for first year
Sales/market share/ profit goals for next 5 years
Target Market
Idea screening
Developing more promising product/ screening less promising
Dyson competition
Day 2007
Can we Win
Is it worth doing
Is it Real
product development
Idea generation
Open calls for product suggestions
Suggestions internally/ externally
Lego
Serendipitous suggestions
From staff/ suppliers/customers
Periodic reviews
Of products
competitors
Copied
Research labs
Teams dedicated to developing new ideas/products
collaboration
walker/heinz
Test marketing
Prototype
Testing in smaller group
Testing in lab
Virtual stores
New product Planning
Micro/macro environment
Competitor positions
Differential advantage
SWOT
Ansoffs model
Commercalisation
Costliest stage
Reasons it fails
poor product design
Incorrect positioning
Higher than expected product costs
Unsuitable launch time
Not looking at the market research
Inappropriate pricing
poor poromotion
Aggressive competition
Overestimation of market size
Success drivers ( Cooper 2011)
Sharp early product defination
Spiral development
Doing homework/ front end loading the project
the world product
Building voice of customer
Well executed launch
Unique superior product
Speed counts