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MARKETING AND ADVERTISING, MARKETING RESEARCH, 1, 2, 3, 4, 4 P - Coggle…
MARKETING AND ADVERTISING
AIM
All the strategies that companies implement (= perform, enact, apply, carry out) are aimed at:
meeting potential customers’/consumers’ needs and wants,
convincing them to buy the company’s product/service
increasing sales
maximizing (= make as big as possible) profit
beating the competition.
STEPS
MARKETING MIX DECISIONS
The marketing mix is the combination of the marketing activities that go into the successful sale of a product. It consists of four main factors: THE
4 P
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PRODUCT
intangible services
tangible goods
it must stand out from the competition on the basis of its features: design, quality, variety, brand name, brand image, packaging, logo (, unique selling point , services, warranty.
PRICE
different pricing strategies:
penetration pricing
price skimming
competitive pricing,
captive product pricing
promotional pricing,
psychological pricing
in a free market economy the price is decided by supply and demand
PLACE
= place or point where products are made available to customers
ONLINE
PHYSICAL
PROMOTION
=the methods used to give customers information about a product or service, its price, the place where it will be sold.
ADVERTISING
E-MARKETING
M-MARKETING
ADVERTISING MEDIA
DIRECT MAILING
SALES PROMOTION
PUBLIC RELATIONS
PERSONAL SELLING
TELEMARKETING
CATALOGUES
CELEBRITIES ENDORSEMENT
PRODUCT PLACEMENT
TRADE FAIRS
SITUATION ANALYSIS
= it is the process of collecting, analysing and interpreting data about your target market, consumers, competitors, and the industry as a whole.
two types of data
qualitative data
quantitative data
two main metods
PRIMARY or FIELD RESEARCH
SECONDARY or DESK RESEARCH
SITUATION ANALYSIS: SWOT
MARKETING STRATEGY
= it is the process of dividing a market of potential customers into smaller and more defined categories called MARKET SEGMENTS on the basis of their different characteristics such as age, income, interests, gender, needs, location, etc.
STP MODEL
S SEGMENTATION
it is the process of dividing a market of potential customers into smaller and more defined categories called MARKET SEGMENTS
4 MAIN CRITERIA:
GEOGRAPHIC
DEMOGRAPHIC
PSYCHOGRAPHIC
BEHAVIOURAL
GRAPHS AND CHARTS
P MARKET POSITIONING
T TARGETING
IMPLEMENTATION AND CONTROL
CONTROL
is a constant process that implies gathering feedback, doing ongoing monitoring and evaluation of the marketing activities and taking corrective actions if necessary. In this way the marketing plan adopted by a company can be constantly effective and profitable.
MARKETING IMPLEMENTATION
is the final part of the marketing process where the chosen marketing strategy is put into practice through specific actions taken by the management to ensure the achievement of the stated marketing objectives.
DEFINITION:
It is the process of identifying and satisfying customers’ requirements (needs and wants) and ensuring a profit for the company.
It consists of all the activities a company undertakes to promote the buying or selling of a product or service, to draw in customers and maintain relationships with them.
MARKETING RESEARCH
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