How do you access the different distribution channels? Which of the following are examples of how firms use info from loyalty programs? These four variables help the firm in making strategic decisions necessary for the smooth running of any product / organization. Which of the 4 Ps does this represent? A business starts with a need. Which of the following are the primary stratagies to achieve product excellence? The _____ strategy offers a new product or service to a firm's current target market. 127. Businesses use a blend of these marketing mix elements to … Thank you for a very good explanation of the Marketing mix. The four Ps refers to the product, price, place, and promotion. This comes with a deep understanding of your target market. Each element is also referred as mix, for example, product mix, price mix, promotion mix, and place mix. The message you want to communicate, and the target market you have defined already in previous steps. Its simple and very clear. An inconsistent marketing mix will simply confuse the marketplace and result in a weak positioning outcome and/or limited repeat sales. 3. The 3 major phases of the marketing plan are... Firms achieve operational excellence through which of the following? | MAA, The Marketing Mix 4P’s and 7P’s Explained. What does the client want from the service or product? strategic marketing planning process: Definition. In step 2 of the 5-step marketing planning process, a firm: assesses how various players, both in and outside the organization, affect the firm's potential for success. Word of mouth can also circulate on the internet. Always remember that a low price usually means an inferior good in the consumers eyes as they compare your good to a competitor. The Marketing mix is a set of four decisions which needs to be taken before launching any new product. If you don't understand it in detail or at all, then there is a fairly certain chance that you are missing out on the key ingredients that will ensure scalable success from the ground up. Brand ____ means that customers are reluctant to patronize competing firms. The macro strategies for developing customers value include each of the following except... management allocates its resources to production with the greates potential to be profitable, firms typically perm it at the SBU, and management evaluates the firm's various products and businesses. Positioning – involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison w/ competing products. It is important for marketers to reinvent their products to stimulate more demand once it reaches the sales decline phase. Firms are starting to report corporate social responsibility metrics in an effor to... strengthen their relationships with local and global suppliers, be proactive along socially responsible dimensions, and help customers fell better about their buying experience. Selected Answer: Answers: Positioning Processing Perceptualizing Positioning Proportioning Response Feedback: This is the definition of positioning, the final step in the STP process. 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. It may be wise to expand your current product mix by diversifying and increasing the depth of your product line. Tourism industry or the education industry can be an excellent example. A _______ is a measuring system that quantifies a trend, dynamic, or characteristic and is used by marketers to help explain why things happened and to predict the future. Where do your clients look for your service or product? It has been said many, MANY times in business that if you don't know your target market well enough and figured out what they exactly want, you'll commit entrepreneurial suicide and the business will inevitably fail. A product has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. Are you creating features that are not needed by the client? This solution is a product or a service that the company has the resources to provide. ____ involves the process of defining the market mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does … Required fields are marked *. thanks a lot…this really easy to understand, Hi Mark, I am referencing this in my CIM assignment and just wanted to confirm that you have written it please? Word of mouth is also a type of product promotion. Elements are also referred as decision variables. Have a clear, distinctive understanding of the product The difficult part is doing this well, as you need to know every aspect of your business plan. Each one of these may be altered to meet the needs of the product’s group of intended consumers, also known as the target market. constantly innovating products, licensing of a brand, and a strong network of retailers. Which of the following is a marketing metric that might be used to evaluate the performance of a company's implementation of its marketing plan? The marketing mix is the tactical or operational part of a marketing plan. thank you. It is important to not take this literally. Define and describe the general principles of marketing, including needs, wants, demand, and value, and apply these principles to the pharmaceutical industry. In step 1 of the planning phase, a firm... defines the mission and/or virsion of the business. 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. How is your distribution strategy different from your competitors? It is a basic concept, but here's the cold hard truth…. If Good Invest was to perceive that consumers within a particular group were becoming more conservative in their investing, and thus developed more products with lower risk, it would be: (a) responding to the marketing environment b. There are many distribution strategies, including: Here are some of the questions that you should answer in developing your distribution strategy: Promotion is a very important component of marketing as it can boost brand recognition and sales. Do they shop in a mall, in a regular brick and mortar store, in the supermarket, or online? You did an awesome job. Generally the Product marketing mix consists of product, price, place and promotion and it is generally used for marketing mix of tangible goods. Thanks for sharing, This is well articulated, helpful to upcoming marketer’s. This is an example of which of the following? Firms consider pursuing various _____ as part of their overall growth strategies. Understand them inside out and you will discover the most efficient positioning and distribution channels that directly speak with your market. – 212adv, How important is mobile as a marketing tool? It is about putting the right product or a combination thereof in the place, at the right time, and at the right price. Ans. Which of the following are strategies for achieving opertational excellence? Pricing always help shape the perception of your product in consumers eyes. efficent operations, strong relationships with suppliers, and excellent supply chain management. The image above is a simplistic diagram of the elements that are included in a marketing mix. They are called as 4P’s. The marketing mix is the combination of elements used by a business to enable it to meet the needs and expectations of customers. Will you reach your potential audience and buyers through television ads? Marketing is simply a process to create, communicate & deliver the values to the targeted customer at a profit. _____ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, desirable understanding of the firm's offerings relative to competitors' offerings. Marketing does not mean only to sell & distribute the goods or services, infect modern marketing starts from identifying customer need … An extremely good example of this is online social media and managing a firm's online social media presence. Companies must deliver more value and satisfaction to target consumers than their competitors to gain a. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.. A marketing strateg identifies each of the following except... staffing requirements for the marketing departmetn. A product is an item that is built or produced to satisfy the needs of a certain group of people. Are there any necessary features that you missed out? Marketing mix consists of mainly four elements. Before we go into all the elements of the marketing mix, and to avoid confusion between the 4p's, 7p's and even the 4c's – you should pay attention at the image below to understand what makes up the entire marketing mix. What features must the product have to meet the client’s needs? They both agreed marketing mix are controllable tools that should be used towards satisfying target market. This is an example of which growth strategy? Thanks! The product in service marketing mix is intangible in nature. S.A.V.E Marketing – Update To The 4P’s & 7P’s. When marketers strive to get their customers the merchandise they want, when they want it, in the required quantities, and at a lower delivered cost than that of their competitors, they are hoping to achieve a sustainable competitive advantage through _______ excellence. Do you think that the slight price decrease could significantly increase your market share? Sadly, for many existing marketers and aspiring marketers, this concept is glossed over as “everyone seems to know what it is” and is disregarded as basic knowledge. Firms that achieve a sustainable competitive advantage through their merchandise and service offerings, and effwective branding and positioning, are doing so using _____ excellence. Now days the 4Ps of marketing and the 7 Ps of marketing mix is common and almost every business student is well familiar with all of them. Processing B. Perceptualizing C. Positioning D. Proportioning E. Prospecting This is the definition of positioning, the final step in the STP process. What is the promotion strategy of your competitors. Starbucks recently introduced Via, its brand of instant-coffee, to exploit the growth opportunities for new products in current markets. Is it best to use the social media in promoting the product? Marketing Mix Definition of the 4P's and 7P's. How much did it cost you to produce the product? Many thanks, Melissa. Marketers must also create the right product mix. I look forward to reading your future articles! The product can be intangible or tangible as it can be in the form of services or goods. When a company such as Singapore Airlines positions itself as a leader in tech, innovation, quality and ____ services it ensures that its competition will difficulty meeting its standards. Marketing mix is a set of controllable marketing variables that the firm blends to produce and satisfy the wants of targeted market. ____ involves the process of defining the market mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products. However Service marketing mix is related to three different variables for example people, process and physical evidence. Cheers!!! The marketing mix is one way to consider the elements of a business’s marketing activities. (a) Marketing mix (b) Marketing environment (c) Marketing concept (d) Marketing task (e) Product strategy. If a company is new to the market and has not made a name for themselves yet, it is unlikely that your target market will be willing to pay a high price. Marketing is a societal process by which individuals & groups obtain what they need & want through creating offering & freely exchanging products & services of value with others. Promotion is comprised of various elements like: Advertising typically covers communication methods that are paid for like television advertisements, radio commercials, print media, and internet advertisements. Sir,what if you invest a business at a place where potential buyers doesn’t stay there? Ways to segment: Geographic Segmentation-organizes costumers into groups on the The services marketing mix is also called the 7Ps and includes the addition of process, people and physical evidence. an SBU may have a different mission or objective from other divisions. Thank you. 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