Mix Marketing mix is the set of controllable tactical marketing tools?product, price, place, and promotion?that the firm blends to produce the response it wants in the target market The four As Product is the goods and services in combination that the company offers to the target market Price is the amount of money customers have to pay to obtain the product Place is the company activities that make the product available to target customers Promotion is the activities that communicate the merits of the product and persuade target customers to buy it The 4 As Visa a Visa The 4 CSS Product Price Place Promotion Customer solution Customer cost Convenience Communication Managing the Marketing Effort Managing the marketing effort requires: Analysis Planning Implementing Controlling Marketing Analysis Analysis is the complete analysis of the company’s situation in a SOOT analysis that evaluates the company’s: Strengths Weaknesses Opportunities Threats Strengths include internal capabilities, resources, and positive situational factors that ay help to serve company customers and achieve company objectives Weaknesses include internal limitations and negative situational factors that may interfere with company performance Opportunities are favorable factors or trends in the external environment that the company may be able to exploit to its advantage Threats are unfavorable factors or trends that may present challenges to performance Planning is the development of strategic and marketing plans to achieve company objectives Marketing strategy consists of the specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels Sections off marketing plan include: Executive summary Current marketing situation Threats and opportunities Objective and issues Budgets Controls Marketing Implementation Implementing is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives Successful implementation depends on how well the company blends its people, organizational structure, decision and reward system, and company culture into a cohesive action plan that supports its strategies Marketing Department Organization Functional Geographic Market or customer management
Functional organization: This is the most common form of marketing organization with different marketing functions headed by a functional specialist Sales manager Market research manager Customer service manager New product manager Geographic organizations: Useful for companies that sell across the country or internationally. Managers are responsible for developing strategies and plans for a specific region. Product Management: Useful for companies with different products or brands. Managers are responsible for developing strategies and plans for a specific product or band. Market or customer management organization: Useful for impasses with one product line sold to many different markets and customers. Managers are responsible for developing strategies and plans for their specific markets or customers.
Customer management involves a customer focus and not a product focus for managing customer profitability and customer equity Marketing Control Controlling is measuring and evaluating results and taking corrective action as needed Operating control Strategic control Operating control involves checking ongoing performance against annual plan and taking corrective action as needed Strategic control involves looking at whether the Meany’s basic strategies are well matched to its opportunities Marketing audit is a comprehensive, systematic, independent, and periodic examination of a company’s environment, objectives, strategies, and activities to determine problem areas and opportunities Measuring and Managing Return on Marketing Investment Return on marketing investment (ROI) is the net return from a marketing investment divided by the costs of the marketing investment. Marketing ROI provides a measurement of the profits generated by investments in marketing activities. Customer acquisition.