Process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. Marketing Focuses on Exchange The Marketing Mix Integrated Marketing Communications (MIMIC) Direct Marketing/eliminative Media Direct marketing is about making direct contact with existing and potential customers to promote your products or services.
Interactive media Is the Integration of dealt media Including combinations of electronic text, graphics, moving images, and sound, onto a structured digital computerized environment that allows people to interact with the data for appropriate purposes O sales promotion aims to provide a shorter boost to sales. Costing less to implement but providing a bigger increase in sales. Publicity refers to nonparallel communications regarding an organization, product, service, or idea not directly paid for or run under identified sponsorship. Public relations/Personal Selling O public relations is defined as the management function which evaluates public attitudes, identifies the policies and procedures of an individual or organization with the public interest, and executes a program of action to earn public understanding and acceptance. Personal Selling is a form of person-to-person communication in which a seller attempts to assist and/or persuade prospective buyers to purchase the company’s product or service or to act on an idea. The MIMIC Planning Process Personal Selling A form of person-to-person communication in which a seller attempts to assist and/ or persuade prospective buyers to purchase the company’s product or service or to act on an idea. Involves coordinating the promotional-mix elements to develop a controlled, integrated program of effective marketing communication.
Developed for an Specific Purpose Which conduce A series of steps to follow a process in which the individuals design a promotional plan that provides a framework for developing, implementing, and controlling the organization’s integrated marketing communication programs Marketing Plan This is not more than a document that describes the overall marketing strategy and programs developed for an organization. A detailed situation analysis of the market competition and environmental factors. . Specific marketing objectives that provide direction. 3. A marketing strategy and program that include selection of the target market. 4. A aerogram for implementing the marketing strategy. 5. A Process for monitoring and evaluating performance and providing feedback. 1 . Analysis Monitoring Objectives Program Analysis of the communications Process Marketing Objectives : refer to what is to be accomplished by the overall marketing program.
They are often stated in terms of sales, market share, or profitability. Communications Objectives: refer to what the firm seeks to accomplish with its promotional program. They are often stated in terms of the nature of the message to be communicated or what specific communication effects are to be achieved. Budget Determination The amount a firm needs to spend on promotion should be determined by what must be done to accomplish its communication objectives.
Promotional budgets are often determined using a more simplistic approach, such as how much money is available or a percentage of a company’s or brand’s sales revenue Developing the Integrated Marketing Communications Program Decisions must be made and activities performed to implement the promotional programs. Procedures must be developed for evaluating performance and making any necessary changes. Monitoring, Evaluation and Control It is important to determine how well the promotional program is meeting miscommunication objectives and helping the firm accomplish its overall marketing goals and objectives.
The Role of MIMIC in the Marketing Process 0 Marketing strategies influence the role of promotion and how promotional decisions must be coordinated with other areas of the marketing mix Marketing Strategy and 0 Any organization that wants to exchange its products or services in the strategic marketing plan. Opportunity Analysis 0 Market opportunities are areas where there are favorable demand trends, where customer needs and opportunities are not being satisfied. 0 Struck Example. HTTPS://www. Youth. Mom/watch? V=PQAZK909B1 A Competitive Advantage 0 Something special a firm does or has that gives it an edge over competitors.
Target Market Selection 0 After evaluating the opportunities presented the company may select one, or more, as a target market Selecting a Target Market O The next phase in the target marketing process involves two steps: Determining how many segments to enter Determining which segments offer the most potential Determining How Many Segments to Enter Three market coverage alternatives are available: Undifferentiated marketing: Involves ignoring segment differences and offering Just en product or service to the entire market.
Differentiated marketing: Involves segments, developing separate marketing strategies for each. Concentrated marketing: Used when the firm selects one segment and attempts to capture a large share of this market. Determining Which Segments Offer Potential The second step in selecting a market involves determining the most attractive segment. The firm must examine the sales potential of the segment, the opportunities for growth, the competition, and its own ability to compete. Then it must decide whether it can market to this group.
Market Positioning Positioning has been defined as “the art and science of fitting the product or service to one or more segments of the broad market in such a way as to set it meaningfully apart from competition”. Ex. What comes to mind when you hear the name Mercedes, Pepper, or Sony? Then think of the ads, are they different from competitors? When and where are these ads shown? Developing a Position Strategy To create a position for a product or service, Trout and Rises suggest that managers ask themselves six basic questions: 1 .
What position, if any, do we already have in the prospect’s mind? Must come from the marketplace, not the managers’) 2. What position do we want to own? 3. What companies must be outgunned if we are to establish that position? 4. Do we have enough marketing money to occupy and hold the position? 5. Do we have the guts to stick with one consistent positioning strategy? 6. Does our creative approach match our positioning strategy? David Asker and J. Gary Shamans discuss seven strategies for developing a promotional program: 1.
Positioning by Product Attributes: Setting the brand apart on the basis of specific characteristics or benefits offered. Market attempt to identify salient attributes which are those important to consumers and basis for purchase decision. 2. Positioning by Price/Quality: Marketers use price/quality characteristics to position their brands. A way to do so is with ads that reflect the image of a high quality brand where cost is considered second to quality benefits. 3. Positioning by Use or Application: Associate the brand with a specific use or application Ex.
Snakelike lamp Rather than positioning against another brand, an alternative is to position oneself against another product category. 6. Positioning by Product User: Positioning a product by associating it with a particular user or group of users. Ex. People who like working on their cars 7. Positioning by Competitor The strategy of ignoring one’s competition no longer works. In today’s market, an effective positioning is to focus on specific competitors 8. Positioning by Cultural Symbols: Cultural symbols are used to differentiate brands Ex.
Sal De Avgas – Mexico food One final strategy is repositioning, which occurs because of declining or stagnant sales or because of anticipated opportunities in other market positioning. Example of Positioning/Rebinding Microsoft With the booming of the mobile industry in 2007, Microsoft was finding it difficult to compete with the likes of Apple and Google who were experiencing significant growth. Following the release of Windows Phone 7, Microsoft underwent a gradual rebinding of its product range throughout 2011 and 2012.
Its logos, products, services, and websites adopted the principles and concepts of the Metro design language. These changes have made a significant impact on public opinion and perception of the brand, which has traditionally made the majority of its software profits from cuisines sectors. Developing the Marketing Planning Program The development of the marketing strategy and selection of a target market(s) tell the marketing department which customers to focus on and what needs to attempt to Effective marketing program. Examine product, price, and distribution channels and how each influences and interacts with the promotional program. Product Decisions An organization exists because it has some product, service, or idea to offer consumers, generally in exchange for money. The product is anything that can be marketed and that, when used or supported, gives satisfaction to he individual. A product is not Just a physical object; it is a bundle of benefits or values that satisfies the needs of consumers.
Product symbolism refers to what a product or brand means to consumers and what they experience in purchasing and using it. Advertising plays an important role in developing and maintaining the image of these brands. Item itself, such as design and quality, but also about aspects such as service and warranties as well as brand name and package design. Contribute to consumers’ perceptions Branding – Choosing a brand name for a product is important from a promotional perspective because rand names communicate attributes and meaning.
One important role of advertising in respect to branding strategies is creating and maintaining brand equity Packaging is another aspect of product strategy that has become increasingly important. The package provided functional benefits such as economy, protection, and storage. The package is often the consumer’s first exposure to the product, so it must make a favorable first impression. Price Decisions The price variable refers to what the consumer must give up to purchase a product or service. The cost of a product to the consumer includes time, mental activity, and behavioral effort. He price it charges for its product or service, including costs, demand factors, competition, and perceived value. The price must be consistent with the perceptions of the product, as well as the communications strategy. Higher prices, of course, will communicate a higher product quality, while lower prices reflect bargain or “value” perceptions. Distribution Channel Decisions Channel decisions involve selecting, managing, and motivating intermediaries such as wholesalers, distributors, brokers, and retailers that help a firm make a product or service available to customers.