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Marketing - Coggle Diagram
Marketing
How to Compete - The Marketing Mix
(The 4 P's)
PLACE
Supply Chain Management
Material flows -
efficient management of demand and supply
Intermediaries vs. disintermediation
Supply chain channel lengths:
Producer > Agent/Broker > Wholesalers/Distributors
Retailers > Consumer
Information flows/sustainability
-
create flows to keep track and ensure
measures are implemented
Reuse
Recycle
Remanufacture
Reduction of consumption
PROMOTION
Marketing Communication
Brands/logos are meaningless without:
an outstanding product/service or
advertising
Advertising is mind-pollution, but can also make a positive contribution (social and environmental marketing)
2 main measures - Reach and Repetition
Word of Mouth - planned and unplanned
One way to segment your target market:
'experts' and 'novices'
Branding
provide guidance and direction
for the marketing mix
Branding Strategies/
Hierarchy
House of brands
Hybrid
Branded house
Brand Equity
Brand Awareness
Recognition
Recall
Brand Image
Favourability of brand association
Uniqueness of brand association
Strength of brand association
PRODUCT
Product Management
Product positioning
Cost-leadership
Product differentiation
Product extensions
Mix breadth (different categories)
Line depth (different product under same category)
The 3 product levels
Actual product
Augmented product
Core product
Value Creation
Constantly re-define your value (industry) in line with
customer needs (focus on the core benefit)
Focus less on selling and more on marketing
(i.e. more on the needs of the buyer than the company)
Communicate value through value proposition
New Product Development
PRICING
Pricing Decisions
Number 1 concern for marketers
Linked to consumer emotions
Often a powerful and accessible
lever to profits
Determining Factors
Internal - cost leader or differentiator
External
Customers' demand elasticity
Competitive influence
Fairness and Transparency
Discrimination based on gender, skin colour, age, etc.
Simplicity -
cognitive costs
to consumer
Acts as an
intangible
signal of product quality
e.g. Ben and Jerrys ice cream and pineapple fruit
Framing
often influences our willingness to pay
a certain price for a product
Linked to externalised/hidden costs (fairness beyond consumers)
Where to Compete
Marketing Strategy
Differentiation
Cost Leadership
Contextual Factors
Porter's 5 Structural Forces
Threat of new entrants
Threat of substitutes
Bargaining power of buyers
Competitive Rivalry
Bargaining power of suppliers
Contextual Factors
Resource-based view
Dispositional Factors
Situational Factors
Fundamental attribution error
Consumer Behaviour and Market Research
Consumers are largely irrational D-M
Biological forces
(4 Darwinian meta-drives)
Reproduction
Kin selection
Survival
Reciprocity
Vicarious learning
Transactional utility
Consumers are often unaware
Need to do market research to discover
the real reasons that drive behaviour
Digging deep(er) to get to the core benefits
What kind of people customers are
(beyond demographics)
Why customers like or dislike a product
(deeper reasoning behind rationalisations)
Whether customers are being insulted or not
Market Research Methods
Crowdsourcing
Traditional customer participation
Digital Marketing
4 Strategic Steps
(Strategy Formulation Process)
Strategy Formulation
Strategy Implementation
Listening
Get customers talking
Energising
Environment Scanning
Strategy Evaluation
Threats
Main Elements
(same for a good conversation)
Seamless UX - a place to talk and listen
Participation (people)
Content - something interesting to say
Social Marketing
Marketing is both the source of and solution to
most environmental and social problems