What is marketing?
- Selling?
- Advertising?
- Promotions?
- Making products available in stores?
- Maintaining inventories?
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organisational goals.
– American Marketing Association
- Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
- The marketing mix (also known as the 4 Ps) is a foundational model in marketing. The marketing mix has been defined as the ”set of marketing tools that the firm uses to pursue its marketing objectives in the target”. Thus, the marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place.
- The marketing mix definition is simple. It is about putting the right product or a combination thereof in the right place, at the right time, and at the right price. The difficult part is doing this well, as you need to know every aspect of your business plan.
Marketing Mix: Product
- A product is an event, exhibition, or an exhibition or a conference in the MICE industry that is produced to satisfy the requirement of a certain group of people.
- You must ensure that you have the right type of product that is in demand for your market.
- So during the product development phase, the marketer must do extensive research on the life cycle of the product that they are creating.
- A product has a certain life cycle that includes the introduction phase,growth phase, the maturity phase, and the
- sales decline phase. It is important for marketers to reinvent their products to stimulate more demand once it reach the sales decline phase.
- Marketers must also create the right product mix. It may be wise to expand your
current product mix by diversifying and increasing the depth of your product line.
In developing the right product, you have to answer the following questions:
- What does the client want?
- The purpose for which the client uses it.
- Where will the client use it?
- What features must the product have to meet the client’s needs?
- Are there any necessary features that you missed out?
- Are you developing features that the client doesn’t need?
- What’s the name of the product?
- Does it have a catchy name?
- How is the product different from the products of your competitors?
Marketing Mix: Price
The price of the product is basically the amount that a customer pays for to enjoy it. Price is a very important component of the marketing mix definition. It is also a very important component of a marketing plan, as it determines your firm’s profit and survival.Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product.
- This is inherently a touchy area, though. If a company is new to the market and
has not made a name for themselves yet, it is unlikely that your target market w ill be willing to pay a high price. - Although they may be willing in the future to hand over large sums of money, it is inevitably harder to get them to do so during the birth of a business.
- Pricing always help shape the perception of your product in consumers eyes. Always remember that a low price usually means an inferior good in the consumers eyes as they compare your good to a competitor.
- Consequently, prices too high w ill make the costs outweigh the benefits in customers eyes, and they will therefore value their money over your product. Be sure to examine competitors pricing and prices accordingly.
When setting the product price, marketers should consider the perceived value that the product offers. There are three major pricing strategies, and these are:
- Market penetration pricing
- Market-skimming pricing
- Neutral pricing
Marketing Mix: Placement
Placement is a very important part of the definition of the definition of the product mix. You have to position and distribute the product in a place that is accessible to potential buyers. For the MICE industry, the location and the venue are very important.
Here are some of the questions that you should answer in developing your distribution strategy:
- Where do your clients loo k for your service or product?
- How do you access the different distribution and sales channels?
- How is your distribution and sales strategy different from those of your competitors?
- Do you need a strong sales force?
Marketing Mix: Promotion
Promotion is a very important component of marketing, as it can boost brand recognition and sa les.
Promotion is comprised of various elements, like:
- Sales Organisation
- Public Relations
- Advertising
- Sales Promotion
Brand management event marketing and The best event company
- Advertising typically covers communication methods that are paid for like television advertisements, radio commercials, print media, and internet advertisements. In contemporary times, there seems to be a shift in focus from the offline world to the online world.
- Public relations, on the other hand, are communications that are typically not paid for. This includes press releases, exhibits, sponsorship deals, seminars, conferences, and events.
- Word-of-mouth is also a type of product promotion. Word of mouth is informal communication about the benefits of a product by satisfied customers and ordinary individuals. The sales staff plays a very important role in public relations and word-of-mouth.
In creating an effective product promotion strategy, you need to answer the following questions:
- How can you send marketing messages to your potential buyers?
- When is the best time to promote your product?
- Will you reach your potential audience and buyers through television ads?
- Is it best to use social media to promote the product?
- What is the promotion strategy of your competitors?
Marketing Mix: People
- Of both the target market and people directly related to the business.
- Thorough research is important to discover whether there are enough people in your target market who are in demand for certain types of products and services.
- The company’s employees are important in marketing because they are the ones who deliver the service. It is important to hire and train the right people to deliver superior service to clients, whether they run a support desk, customer service, copywriters, programmers, etc.
- When a business finds people who genuinely believe in the products or services that it creates, it’s highly likely that the employees w ill perform the best they can.
- Additionally, they’ll be more open to honest feedback about the business and input their own thoughts and passions, which can scale and grow the business.
- This is a secret, ”internal” competitive advantage a business can have over other competitors, which can inherently affect a business’s position in the marketplace.
Marketing Mix: Process
- The systems and processes of the organisation affect the execution of the service.
- So, you have to make sure that you have a well-tailored process in place to minimise costs.
- It could be your entire sales funnel, a payment system,distribution system and other systematic procedures and steps to ensure a working business that is running effectively.
- Tweaking and enhancements can come later to ”tighten up” a business to minimise costs and maximise profits.
Marketing Mix: Physical Evidence
- In the service industries, there should be physical evidence that the service was delivered. Additionally, physical evidence pertains to how a business and it’s products are perceived in the marketplace.
- It is the physical evidence of a business’s presence and establishment. A concept of this is branding. For example, when you think of ”fast food,” you think of McDonalds.
- When you think of sports gears, the names Nike and Adidas come to mind.
- You immediately know exactly what their presence is in the marketplace, as they are generally market leaders and have established physical as well as psychological evidence in their marketing.
- They have manipulated their consumer perception so well to the point where their brands appear first in line when an individual is asked to broadly ”name a brand” in their niche or industry.
Marketing Mix: 4 Cs
-
Cost –
According to Lauterborn, price is not the only cost incurred when purchasing a product. cost of conscience or opportunity cost, is also part of the cost of product ownership.
-
Consumer Wants and Needs
A company should only sell a product that addresses consumer demand. So, marketers and business researchers should carefully study consumer wants and needs.
-
Communication –
According to Lauterborn, ”promotion” is manipulative, while communication is ”cooperative”. Marketers should a im to create an open dialogue with potential clients based on their needs and wants.
-
Convenience –
The product should be readily available to consumers. Marketers should strategically place the products in several visible distribution points.
What is a brand?
Brand = Branding + Interaction/Experience
- A brand isn’t a logo Or a brand name or product name. In fact, it isn’t any one thing.
- Your brand is everything. It’s the perception of your company, products and services in people’s minds. It’s how people think and feel about who you are as an organisation and what you do.
- Your marketing and branding clearly influence that perception, but your brand exists whether you actively market your business or not. If you’re out there and people are interacting with your business, you have a brand.
- It’s your job to use marketing and branding to manage the perception of your brand—to change the way people think and feel about your organisation and, in turn, change their behaviour.
What is branding?
- Branding: is the process of creating, maintaining, strengthening or changing a brand.
- Branding is a powerful and sustainable marketing strategy that we use to influence and manage the way people perceive and respond to your brand and thereby influence their buying decisions.
We do this by:
- creating an affinity or emotional connection with the consumer
- providing justification for paying a premium price for a service or product
- creating loyalty to the product or organisation
- demonstrating the quality and benefits of a service or product and the company behind it.
- Acquiring loyal customers (who are happy to pay a premium price) is what many successful businesses strive for, and that ‘s what the marketing strategy called branding is all about.
-
What is Brand Management?
In marketing, brand management is a series of techniques used to increase the perceived value of a product or service. Effective brand management builds loyal customers through positive brand association and has a positive effect on your bottom line.
-
Why is brand management so important ?
In a world where consumers make decisions on brands in the blink of an eye, companies must be prepared to wield influence over the public’s view of them. In fact, many businesses will succeed or fail based solely on their ability to
successfully market their brand.
-
Brand Management and Your Target Market
Developing a strategic plan to manage your brand equity requires a clear and comprehensive understanding of three things: the brand itself, its target market, and your company’s overall vision and goals.
A good relationship with your target market is a must for brand management. If you have bad branding, it will be reflected in weak sales, poor client retention, and sluggish growth.
To be effective, brand management must fully look after your brand, using marketing techniques in a way that ensures the entire brand is highlighted, taken care of, and promoted. Ultimately, it’s about making a commitment to your customers and then delivering on that promise.
Important concepts of brand management
- Names
- Attributes
- Positioning
- Identity
- Image
- Personality
- Awareness
- Loyalty
- Association
- Equity
- Extension
- Co- Branding
