14.Marketing mix 4s
The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other.
Product decisions
Branding Quality Features
Benefits offered
A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organisations promotional mix can consist of:
Direct distribution Indirect distribution
Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.
15.Markeing Mix 7Ps
1)People represent the business
The image they present can be important
2)Process
Contact
Reminders
Registration
Subscription
Form filling
Degree of technology
3) Physical Environment
Smart/shabby
Trendy/retro/modern/old fashioned
Light/dark/bright/subdued
Romantic/chic/loud
Clean/dirty/unkempt/neat
Music Smell
16.Marketing mix Product
Six categories of new products
1. New-to-the-world products
2. New product lines
3. Additions to existing product lines
4. Improvements and revisions of existing products
5. Repositioning
6. Cost reductions
Why do new products fail?
1)A high-level executive pushes a favorite idea through in spite of negative research findings.
2) The idea is good, but the market size is overestimated.
3) The product is not well designed
Factors that tend to hinder new-product development
1) Shortage of important ideas in certain areas
2) Fragmented markets
3) Social and governmental constraints
4) Cost of development
Organizing New-Product Development
Product managers
New-product managers
High-level management committee
New product department
Venture teams
17.Branding
The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.
A brand is a long-term profitable bond between an offering & a customer. This relationship is based on economic, emotional and/or experiential value, backed by everyday operational excellence & consistently measured for accountability, usually by customer profitability
SENSE VALUE
Understand competitors
Sense market trends
Understand customers
Identify opportunities
DEFINE VALUE
Segment customers
Target profitable segments
Craft value propositions
Validate value propositions
REALIZE VALUE
Develop offerings
Meet customer demands for economic, experiential, emotion value
Measure value
SUSTAIN VALUE
Improve retention
Increase customer, product & account penetration
Personalize relationships
BRANDING: 4 types
Acquisition branding
Targeting & segmentation
Retention branding
Keep customers longer & purchasing more
Brand penetration
Customer, account, product
Advocacy
Get customers to sell to others
FIRST RULE OF BRANDING
It is not about you; it is about the prospect & customer
SECOND RULE OF BRANDING
All customers (and prospects) are not created equal.
THIRD RULE OF BRANDING
Measurement is critical.
BRAND PLANNING: PLAN
KEY ELEMENTS
I. Executive overview
II. Market, product, business & competitive review
III. Situation analysis
IV. USP (Unique Selling Proposition)
V. Strategies, objectives, goals & tactics
VI. Execution
VII. Budgeting
VIII. Timetables & responsibilities
IX. Measurement, evaluation & feedback
What’s brand wars?
Why are companies fighting each other?
The main reason for it is that the companies are trying to get more customers and to increase their market. The aim of the battle is to get the customer to buy your product and not the product of the competitor. There are two types of customers: Active and Passive.
Active customers know what they want. And passive ones, on the contrary, have no idea of what they want and think for a long time about what product to buy.
For branding strategies to be successful, consumers must be convinced that there are meaningful differences among brands in the product or service category.
Consumer must not think that all brands in the category are the same.
PERCEPTION = VALUE
The objectives that a good brand will achieve include:
Delivers the message clearly
Confirms your credibility
Connects your target prospects emotionally
Motivates the buyer
Concretes User Loyalty
BRAND VALUE
Brand Finance is an independent intangible asset valuation consultancy. It advises strongly branded organisations, or those with valuable intangible assets, on how to maximise their value through effective management of their brand and other intangible assets.