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The Marketing Mix (:seven: Ps) (Reading 6,7,8,9,10), The 7 Ps: 1. Product…

- - - - doing the homework & front-end loading project (due diligence)
      - getting sharp & early product & project definition (avoid scope creep)
      - building in the voice of the consumer (customer-focused)
      - spiral development (early customer feedback)
      - a unique superior product (unique benefits)
      - the world product (international market appeal)
      - a well-conceived, properly executed launch (solid market plan)
      - speed counts (but not at the expense of quality of execution)
  - - - Is it worth doing?
        
        Will the product be profitable at an acceptable risk?
        
        Does launching the product make strategic sense?
      - Can we win?
        
        Can the market be competitive?
        
        Can the compant be competitive?
      - Is it real?
        
        Is the market real?
        
        Is the product real?
    - - serendipitous suggestions (from staff members, suppliers, distributors or customer feedback)
      - competitors or other organisations (innovations that can be copied, sometimes even when protected by patents or trademarks)
      - open calls for product suggestions internally & externally
      - periodic reviews (of products & product portfolios)
      - research laboratories (dedicated team to developing new products & ideas (e.g. likely in high-technology industries)
      - collaboration (competitors team up to produce a product)
    - - Qs - purchase intentions
      - Qs - uses
      - Qs - benefits
      - Qs - attractiveness
    - - competitive positions & competitors
      - analyse macro environment
      - differential advantage
      - marketing information
      - analyse micro environment
  - - - unsought (little knowledge (e.g. new invention) or little interest (e.g. insurance)
      - speciality (special purchase, expensive, strong brand preferences (e.g., luxury items)
      - shopping (less frequently bought, selected by price, quality & style (e.g. furniture, computers))
      - convenience (frequently purchased, low investment & involvement (e.g. milk, tissues))
- - - - level of service desired
      - willingness to travel
      - preference to buy in person/by phone/online
      - organisations ability to meet the customers needs
- - - - level of financial resources for investment
      - size of the target audience and its geographic spread
      - extend of desired control over the message sent
      - target audience' preferences & behaviour with respect to media
      - goals of the communication
      - marketing strategy
    - - Receiver
      - Three potential problems
        
        semantic - accuracy of the decoding of the intended meaning of the message
        
        effectiveness - of the decoded message in eliciting the intended response
        
        technical - accuracy of the coding of the message
      - Medium of transmission
      - Source
    - - cognitive - absorbed & intellectually immersed
      - relational -feeling connected
      - behavioural - involved & joining in activities
- - - - good-value (setting a fair price based on a balance of quality against price)
      - value-added (adding features/services to increase the value of an offering - differentiates to competitors - enable higher price to be charged)
      - demand (setting a price based on the customers willingness to buy the offering @ various price options)
      - psychological (using price to elicit an emotional response)
    - - direct or marginal cost (second-market discounting) - service offering discounts to fill capacity gaps & different prices for different markets
      - full or total cost - how many units need to be sold to breakeven or make a profit :
      - cost-plus or mark-up - adding % for profit to the cost of a product