Transcript The Fundamentals of the Global Marketing Mix

The Fundamentals of the
Global Marketing Mix
To Plan a Marketing Mix
• An Organisation will have to determine the P’s:
Product
4P’s Promotion
Price
Distribution
People
7P’s Process
Physical
Marketing Mix Planning
 The Marketing Mix will be tailored to offer
value to customers, to communicate the
offer and to make it accessible and
convenient.
 Adjust to the cultural constraints of the
environment that can effectively achieve
corporate objectives and goals.
Marketing Mix Planning
Meet target market requirements: standardise or
adaptation. Answer three major questions:
 Which elements of the marketing mix can be
standardised and where is standardisation not
culturally possible?
 Which cultural/environmental adaptations are
necessary for successful acceptance of the
marketing mix?
 Will adaptation costs allow profitable market entry?
Marketing Mix Planning
• A logical sequence and a series of activities
leading to the setting of marketing
objectives and the formulation of plans for
achieving them.
Marketing Mix Planning
Essentials:
• For operating in a complex/dynamic
environment
• Interaction of internal and external factors
• Typical companies objectives:
–Maximising Revenue
–Maximising Profits
–Maximising Return on Investment (ROI)
–Minimising Cost
Managing the Marketing Mix
• Involves the use of tools and techniques:
• To find out what the customer want ,for the matching
process
Marketing Research / Marketing information
• Develop products/services to satisfy those wants
 Product management
• Charge for the product/service
 Pricing
Managing the Marketing Mix
• Get the product/service into the customer hands
giving a time and a place utility given distribution
and customer service
Channels and Physical Distribution
• Tell the customer about the product/service
 Communication
Marketing Communications
To communicate with customers current and
potential in a wide variety of ways.
Two main categories:
• Impersonal - Advertising, point of sale, displays,
sales promotion, electronic media and public
relations
Marketing Communications
• Personal- direct person to person- face to face
meeting between a sales person and the
customer such as selling and call centres.
“ There are many techniques at the disposal,
which may be used either singly or in a
combination - The Communication Mixas a particular situation demands to
maximise the impact within a given budget
constraints.”
Structuring the
Communication Mix
Developing effective Marketing communication follows
a six stage process:
• Identify the target audience- whom the message
should reach;
• Determine the response required- What would the
marketer like the audience to do after they get the
message.
• Choose the message - Write the copy, or produce
an appropriate image;
Structuring the
Communication Mix
• Choose the Channel- Decide which news paper,
Tv Station, radio station or other medium is more
appealing to the audience
• Select the source’s attributes- Decide what it is
about the product or company that needs to be
communicated
• Collect Feedback- Market research to find out how
successful the message was
Marketing
Communications Plan
• Situational Analysis:
» Company Analysis
» Competition Analysis
» Consumer Analysis
» Market Analysis
» Product Analysis
• Setting Objectives
Marketing
Communications Plan
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Marketing Decision Making *
Operational Decision Making *
Campaign Management
Campaign Evaluation
Formulating a Strategy * *
Strategic Decision
• Where we want to be;
• Covers a period beyond the next fiscal year, this
plan is for between three and five years;
• Difficult to reverse;
• Involve rejection of alternatives.
Formulating a Strategy * *
Tactical Decisions
• How we are going to get there;
• Covers the detail actions to be taken, and by
whom, during a short term planning period,
usually for one year or less;
• Relatively easy to change;
• Allow combination of attractiveness.
Tactical Considerations
• SOSTT and 4Ms structure for planning
gives a useful checklist for ensuring that
elements of strategy and tactics are bought
together effectively.
Tactical Considerations
SOSTT
• Situation - current position of the firm in terms of
its resources, product range, and market.
• Objectives - What the company hopes to
achieve in both the long term and the short term.
• Strategy - Decisions about the correctness of
the objectives and their overall fit.
Tactical Considerations
SOSTT
• Tactics - How the strategic objectives will be
achieved.
• Targets - Formalised Objectives, target
markets and segments of the markets. Decision
about the appropriateness of these markets in
the light of the firm’s a strategic objective.
Tactical Considerations
4Ms
• Men - Decisions about human resources,
having the right people to do the job.
• Money - Correct budgeting and allocation of
financial resources where they will do the most
to achieve the overall objectives.
Tactical Considerations
4Ms
• Minutes - Time scales, deadlines, and overall
planning to ensure that everything happens at
the right time.
• Measurement - Monitoring and evaluation of
activities to ensure that they remain on course
and works as they should.