• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Commerce and Management Sciences World

Commerce, Financial Accounting, Human Resource Management,, Cost Accounting, Principles of Business

  • Accounting
    • Financial Accounting
    • Cost Accounting
    • Accounting Information System
  • Principles of Banking
  • Introduction To Business
    • Introduction to Commerce
  • Auditing
  • Management
    • Principle of Management
    • Human Resource Management
    • Strategic Management
    • Organizational Behavior
    • Financial Management
    • Management Information System
  • Miscellaneous
    • Economics
    • Marketing
    • MCQs
      • Accounting MCQs
      • Auditing MCQs
    • Short Questions

What is Marketing Strategy Process?

June 4, 2015 By Salman Qureshi Leave a Comment

What is Marketing Strategy Process

The marketing strategy process helps to ensure that your marketing activities remain associated with your business goals, maximizing the business return from your marketing efforts.

The picture shows the process for developing and supporting marketing strategy.

What is Marketing Strategy Process

These are the steps you should follow to create and execute a winning marketing strategy.

The following seven steps  will helps you to understand marketing strategy process;

1.Understand Your Customer

Develop a clear picture of your target customer using market research and analysis. Understand their pain points and the benefits of your solution..

2.Analyze the Market

Some basic market research should allow you to find market data such as total available market, market growth (historical numbers and projections), market trends, etc.

3.Analyze the Competition

Ask yourself what other choices your target customers have to solve their pain point. Research and assess the strengths and weaknesses of each. Take a look at this article for more info on competitive marketing strategy.

4.Research Distribution Channels

What is the best way to deliver your product or service to your target customers? This will impact your sales strategy and your financials, as well as your marketing mix.

5.Define Your Marketing Mix

Check out this article about defining your marketing mix: Product, Price, Place and Promotion.

6.Analyze the Financials

Put together your marketing budget and evaluate projected marketing ROI, customer acquisition costs, etc.

7.Review and Revise

Continuously evaluate the effectiveness of your marketing strategy, and revise or extend as needed.

Filed Under: Marketing Tagged With: marketing, marketing notes, marketing strategy

What is the Marketing Mix ?

November 8, 2014 By Salman Qureshi Leave a Comment

Putting the right product in the right place, at the right price, at the right time.

What is the Marketing Mix ?

         Marketing Mix is simple! You just need to create a product that a particular group of people wants, put it on sale some place that those same people visit regularly, and price it at a level which matches the value they feel they get out of it; and do all that at a time they want to buy. Then you’ve got it made!

        There’s a lot of truth in this idea. However, a lot of hard work needs to go into finding out what customers want, and identifying where they do their shopping. Then you need to figure out how to produce the item at a price that represents value to them and get it all to come together at the critical time.

         But if you get just one element wrong, it can spell disaster. You could be left promoting a car with amazing fuel economy in a country where fuel is very cheap, or publishing a textbook after the start of the new school year, or selling an item at a price that’s too high – or too low – to attract the people you’re targeting.

The Marketing Mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistakes.

What is the Marketing Mix ?
What is the Marketing Mix ?

Marketing Mix :

The Marketing Mix and the 4Ps of marketing are often used as synonyms for each other. In fact, they are not necessarily the same thing.

“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 4Ps is one way – probably the best-known way – of defining the Marketing Mix, and was first expressed in 1960 by E J McCarthy.

You May also like to Read:

  • What is Marketing
  • What is Marketing Strategy Process
  • Classification of Markets

The Marketing Mix are:

  • Product (or Service)

A good way to understand the 4Ps is by the questions that you need to ask to define your Marketing Mix. Here are some questions that will help you understand and define each of the four elements:

Product:

  1. What are the benefits and features of your product or service?
  2. What is your competitive advantage?
  3. How will you position and differentiate your product?
  4. What complementary products are available?
  5. What customer services can you offer?
  6. What are the costs associated with your product or service?
  7. What will your price strategy be?
  8. Will you give discounts?
  9. Who are your suppliers and intermediaries?
  10. How will you make your product or service easily accessible to customers?
  11. What partnerships can you form to help with distribution of the product?
  12. Where and how will you advertise?
  13. What public relations activities will you pursue?
  14. What types of promotions will you run?

The product is the basis of the marketing mix. It is the product which is ultimately delivered to the consumer. The word ‘produce’ cover good, service or an idea. The good may be a consumer good (pen, apple, cloth etc) or producer good (plant, machinery, office equipment etc)the product strategy involves the decision of what type of good, in what quality and for whom the goods or service are to be offered for sale. Product strategy also involves making a decision about the quality of the product, design, trademark, package etc.

Product planning also includes making a decision about the product of new goods, making research and development programmer. If the business is to stay, prosper and earn a profit. Then right product has to be developed after careful consideration of the needs of the consumers to whom it is to be sold.

Price:

  1. What are the costs associated with your product or service?
  2. What will your price strategy be?
  3. Will you give discounts?

Price is a strong element in the marketing mix. It has a direct impact on the customer, the business, and the economy. To the consumer, the price is a major indicator of the quality of good and an important factor in making a decision about its purchase. For the business, the price at which the product or service is sold represents the sole mean of recovering costs and making a profit. The price level, in general, has far-reaching effects on the national economy. It influences wages, interest rates, employment and the policy of the government.

                Prices strategy, therefore, is the most important and difficult area of marketing. In deciding the price the business management must consider the kind of completion in the market for the good. The elasticity of demand for the product, its cost of production etc. generally, the price should be such which yield the fair profit to an enterprise and is justifiable to the consumer also.

Distribution:

  1. Who are your suppliers and intermediaries?
  2. How will you make your product or service easily accessible to customers?
  3. What partnerships can you form to help with distribution of the product?

This element of marketing is concerned with all those activities which are needed to move the product or service from the seller to the buyer. The place strategy ensures that the products are available to the consumer at the right time when they are needed, (time utility) at the place where they are demanded (place utility) in the form or shape in which they are required (from utility) and the ownership of the good is transferred with less financial risk (possession utility) a product reaches customer through a channel of distribution. Sometimes a channel is quite short. It may run directly from a producer to a final customer. The offer, it is more complex involving many kinds of middlemen, manufacturers, wholesalers, retailers. The success of business greatly depends on the selection of channel most appropriate to the business.

Promotion:

  1. Where and how will you advertise?
  2. What public relations activities will you pursue?
  3. What types of promotions will you run?

In a competitive world of today, the goods produced by business are not sold by themselves. They are to be introduced to the consumers. The purpose of promotion is to compete, create, stimulate demand and persuade target consumers to buy them.

                The promotional strategy covers three basic activities.

  1. Advertising
  2. Personal selling
  3. Sales promotion

Advertising is a mass paid information. The aim of advertising is knowledge and awareness of the good and induce feelings for the purchase of the good. Personal selling is the sale of good direct to the consumer’s Sales promotion is a marketing activity which persuades the prospective buyers to purchase the product or service. It is a short-term marketing activity which stimulates quick buyer’s action.

For example, free samples, temporary price reductions, coupons, lotteries etc are only a few of the many sale promotional techniques.

The four elements of marketing mix called four P’s product, price, place, and promotion are needed in a marketing mix. They should all be tied together. The importance of each element varies with the specific condition of a business. Different products or services requires different mixes

Get the mix right and the success in business is yours

        Among the other models that have been developed over the years is Boom and Bitner’s 7Ps, sometimes called the extended Marketing Mix, which includes the first 4Ps, plus people, processes, and physical layout decisions.

Another approach is Lauterborn’s 4Cs, which presents the elements of the Marketing Mix from the buyer’s, rather than the seller’s, perspective. It is made up of Customer needs and wants (the equivalent of product), Cost (price), Convenience (place) and Communication (promotion). In this article, we focus on the 4Ps model as it is the most well-recognized, and contains the core elements of a good Marketing Mix.

If you want to learn more in detail about What is the Marketing Mix you can Visit

Filed Under: Marketing Tagged With: Define Marketing Mix, explain Marketing Mix, marketing Mix 4ps, what is Marketing Mix, What is the Marketing Mix ?

What is Marketing

March 30, 2014 By Salman Qureshi Leave a Comment

what is marketing
what is marketing

What is Marketing ?

Comprehensive Definition of Marketing:

According to William Staton and Futrell:

               “It is the total system of business activity designed to plan, price, promote, and distribute want satisfying product, services and ideas to the target market in order to achieve the organizational objective”.

The above definition has several Important Implications:

  1. It is managerial system definition.
  2. All activities of business must be customer oriented.
  3. Marketing program starts with product idea and continues till complete satisfaction of customer.
  4. For success marketing maximize profitable sale over long run with the concept of repeat business.

What is Marketing According to American Association:

         “The performance of business activity that direct the flow from producer to consumer.”

         Many people think it  is only as selling and advertising. Every day we bombarded with TV commercials. Internet advertising, direct email offers, telemarketing, however selling and advertising are only the tip of the marketing iceberg.

         Telling and Selling is not marketing but in new sense to satisfying customer needs. Marketer should understand consumer need and develops product that provide superior value and set price of a product its distribution system and promotion program effectively, then these product will sell easily.

Another Concrete definition of Marketing:

             It is a process. A process that uses a particular method of doing an activity, usually involving a series of steps or operations. Classical marketing approach involves four broad steps: market analysis, market planning, implementation, and control. Market analysis is one of them looking for opportunities in the market.

 

You may Also Like to Read

  • What is Marketing Mix
  • What is Marketing Strategy Process

 In other words we can say

It is way of managing profitable customer relationship.

According to the Management Guru peter Drucker:

“The aim of marketing is to make selling unnecessary”

  Selling and marketing is the only part of a large marketing mix a set of marketing tools that work together to satisfy customer needs and build customer relationships.

Filed Under: Marketing Tagged With: B.com, BBA, define marketing, M.COM, marketing, marketing definition, what is marketing

  • « Go to Previous Page
  • Go to page 1
  • Interim pages omitted …
  • Go to page 5
  • Go to page 6
  • Go to page 7

Top Posts

  • Preparation Before Commencement of Audit
    Preparation Before Commencement of Audit
  • MCQs Complete solved multiple choice question with answer key
    MCQs Complete solved multiple choice question with answer key
  • Statement in lieu of Prospectus | Explained Completely
    Statement in lieu of Prospectus | Explained Completely
  • Contents of Prospectus of a Company
    Contents of Prospectus of a Company
  • What are the Qualities of Good Money
    What are the Qualities of Good Money

The Mind Behind Commerce Pk

Salman Qureshi is Researcher & passionate Blogger, he loves to write on Commerce & Management Sciences subjects to assist students, Hope you guys will like his effort.

Like Us on FB to Promote Edu

Like Us on FB to Promote Edu
  • About Me
  • Privacy Policy
  • Copy Rights
  • Disclaimer
  • Publish Your Article
  • Contact Us
  • Discussion Forum
  • Ask Question

Copyright © 2019 · Aspire Theme On Genesis Framework · WordPress · Log in