Transcript Chapter 2 : The Marketing Environment

Revision –Part Two
Q1-The marketing environment consist of two
forces, the Macro and the Micro
environment.
• Discuss the difference between the Macro environment and
the Micro environment.
• Discuss the core aspects of the micro marketing
environment
• Discuss the difference between environmental scanning and
environmental analysis.
• What is the tool used to analyze the marketing environment.
The “macro forces” of the marketing environment affect all
organizations operating in a particular market, from manufacturers
to distributors to customers, and such an impact is largely
universally felt by such organizations.
While “micro forces” of the marketing environment are more
situation- and organization- specific, including the organization’s
internal environment, suppliers, marketing intermediaries, buyers,
competitors and the organization’s public.
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The core aspects of the micro marketing environment are:
– The organization: refers to the internal environment: top
management, finance, research & development, sales and marketing,
etc.. the marketing function’s recommendations must be consistent
with senior management’s corporate goals; be conveyed to other
functions within the organization; and reflect colleagues’ views, input,
concerns and abilities to implement the desired marketing plan.
– Suppliers: most organizations source raw materials, components or
supplies from third parties. Without the understanding and
cooperation of these other organizations, a business would fail to
deliver a quality product or service that satisfies its customers’ needs.
– Marketing intermediaries: some businesses sell directly to their
targeted customers. Most, though, utilize the skills, network and
resources of intermediaries to make their products available to the
end- user customer. Intermediaries include resellers such as retailers,
wholesalers, agents, brokers and dealers; providers of marketing
services such as advertising agencies or packaging design
consultancies…etc..
– Buyers: customers are central to the marketing concept. They have
changing requirements, needs and perceptions, which marketers must
understand, anticipate and satisfy. Consumers should be analyzed, and
the marketing mix must be designed to satisfy these customers’
requirements.
– Competitors: marketers must strive to satisfy their target customers
but in a manner that differentiates their product, brand and overall
proposition from competing companies’ marketing mixes. In order to
achieve this, marketers require an in-depth understanding of their
competitors.
– Publics: Includes any group-public- that does or could impact an
organization’s ability to satisfy its target customers and achieve its
corporate objectives. These include: financial bodies such as banks,
investment houses, shareholders; newspapers magazine, radio,
television or Internet media that carry features about a business;
government bodies; consumer and pressure groups; neighborhood
publics such as residents…etc
• Environmental Scanning: Is the process of collecting information about the
forces in the marketing environment. Scanning involves : observation,
scanning secondary sources, such as the web, business, trade,
government, and general interest publications , and marketing research.
• Environmental analysis: Is the process of assessing and interpreting the
information gathered through environmental scanning.
The tool used to analyze the marketing environment is PEST Analysis.
PEST analysis: A popular name for an evaluation of the marketing
environment, looking at political- including legal and regulatory issueseconomic, social and technological developments, and assessing the
implications of such issues.
Q1-
Marketing segmentation is a key approach to
marketing, please explain what do we mean by
segmentation, by discussing the four most common types of
criteria used for segmentation, use examples to support
your discussion.
Discuss in details the main bases for segmentation.
Bases for Segmentation
• Market Segmentation: is concerned with grouping consumers
according to their needs. The aim of segmentation is to
identify a group of people who have a need or needs that can
be met by a single product, in order to concentrate the
marketing firm’s efforts most effectively and economically.
The choice of segmentation variables is based on several
factors:
• The variables chosen should relate to customers need, uses
of, or behavior toward the product.
• The selected base should be usable. For example, laptop
computer manufacturers might segment the market on the
basis of income and age but not on the basis of religion.
• The segmentation variables must be measurable . For
example, segmenting the market on the basis of intelligence
or moral standards would be quite difficult to measure.
Criteria used for segmentation
Demographic variables: demographic characteristics that marketers
commonly use in segmenting markets include: age, gender, race, ethnicity,
income, education, occupation, family size…etc... Marketers rely on these
demographic characteristics because they are often closely linked to
customers’ needs and purchasing behavior, and can readily be measured.
Ex. Manufacturers of tea pages offer their products in packages of different
sizes to satisfy the needs of single consumers and large families.
Geographic variables: the needs of consumers in different geographic
locations may be affected by their local climate, terrain, natural resources
and population density. Markets may be divided into regions because one
or more geographic variables may cause customers’ needs to differ from
one region to another. For example, a company that sells products
throughout the EU, need to take the different languages spoken into
account when labeling its goods.
Criteria used for segmentation
•
Psychographic variables: marketers sometimes use psychographic
variables such as personality characteristics, motives and lifestyles to
segment markets. A psychographic dimension can be used by itself or
combined with other types of segmentation variable.
• The use of lifestyle as a segmentation variable is problematic, because it is
so difficult to measure accurately compared with other types of
segmentation variable. for example, the home insurance market might
segment into those who are afraid of crime, natural disaster or accidental
damage to property.
• Behaviouristic variables: markets could also be segmented on the basis of
an aspect of consumers’ behavior towards the product. This might relate
to the way the particular product is used or purchased, or perhaps to the
benefits consumers require from it. Example, airline such as British Airway
offers frequent flier programmes to reward their regular customers with
free trips and discounts for hotel accommodation and car hire.
Q2:
Describe a major purchase that you have made, and
discuss the different stages of your consumer decisionmaking process.
Consumer Decision Making Process
You should start by identifying a recent purchase that you have made, and
identifying the 5 stages of the consumer decision-making process:
A major part of buying behavior is the decision process used in making purchases .
The consumer buying decision process includes five stages.
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1. Problem Recognition
2. Information Search
3. Evaluation of Alternatives
4. Purchase
5. Post- Purchase Evaluation
• Stage 1: Problem recognition: occurs when a buyer becomes aware
that there is a difference between a desired state and an actual
condition. (+Explanation in relation to the example)
• Stage 2: Information search: after recognizing the problem or need,
the buyer searches for information about products that will resolve
the problem or satisfy the need. There are two aspects to
information search
– Internal search: involves remembering previous experiences.
– External search: involves communicating with friends and
colleagues, comparing available brands and prices, or reviewing
television or press advertisements, and public sources including
the Internet. (+Explanation in relation to the example)
• Stage 3: Evaluation of alternatives: when evaluating the products in the
evoked set, a buyer establishes criteria for comparing the products. These
criteria are the characteristics or features that the buyer wants or does
not want. The buyer also assigns a salience (or level of importance), to
each criterion; some features carry more weight than others. This is used
by the buyer to rank the brands evoked set. If the evaluation stage does
not yield a brand that the buyer wishes to buy, further information search
may be necessary. (+Explanation in relation to the example).
• Stage 4: Purchase: when the consumer chooses which product or brand to
buy. This stage is the outcome the outcome of the consumer’s evaluation
of alternatives. During this stage, the buyer also picks the seller from
whom the product will be purchased and finalizes the terms of the sale. (+
Explanation in relation to the example)
• Stage 5: Post-purchase evaluation: After the purchase has
taken place, the buyer begins evaluating the product to check
whether its actual performance meets expected levels. Many
of the criteria used in evaluating alternatives are revisited
during this stage. The outcome will determine whether the
consumer is satisfied or dissatisfied, and will influence future
behavior. The level of satisfaction a consumer experiences will
determine whether they make complaint, communicate with
other possible buyers, or purchase the product again.
(+Explanation in relation to the example)
Q 3:
The process of information management can be broken down into a set of key
phases:
1- Gathering Information
2- Analyzing Information
3- Communicating Information
4- Storing Information
1- Gathering Information:
Includes all the activities you engage in to collect information you need.
In some cases, it may involve no more than receiving information that other people
give you, in others, you may have to actively seek out the information.
Information gathering may be routine. Ex. staff completing and submitting weekly
time-sheets or expense claims) or it may be ad hoc. Ex. a customer calls to say they
haven't received their order). They can be small- scale or large- scale. (5 marks)
2- Analyzing information
The purpose of analyzing information is to make it more useful for decision making,
this can be considered as a process of transforming raw data into meaningful
information.
Analyzing information may involve a variety of manipulations of the raw data, this
manipulations can range from simple operations done in a person’s head to complex
calculations through the use of a sophisticated computer software. (5 marks)
3-Communicating Information
Communicating information involves the process of formulation, transmission,
receiving, and interpretation
Formulation: Involves three main steps: Deciding what to say, to whom, and how to
say it.
Transmission:
Involves the choice of means of communication (leaflet, fax,
team meeting, etc.).
Reception:
Is affected by choices about information and transmission. The
more the intended recipient is overloaded with incoming information, the greater
the risk that the recipient may not attend to your message. The risk is also greater
the more tired or stressed the recipient is.
Interpretation: Involves the issue of whether the recipient understands the message
in the way you intended.
4: Storing Information: Information needs to be stored, both for use in later
activities and for submission to higher management and auditing bodies.
For some type of information, there are statutory requirements determining what
must be kept and for how long. ((5 marks)
Information Gathering is the most critical of the information management process (2
marks)
if things go wrong at this phase, all the other processes are working with information
of inferior quality
Q4:
Problems in Information Gathering
Information Gathering is the most critical of the information management process,
if things go wrong here, all the other processes are working with information of
inferior quality, common problems are:
•The required information is not gathered at all.
•Gathering is done poorly so that there are gaps and errors.
•Information is gathered but nothing is done with it.
•Too much information is gathered , what is needed is hidden by all the irrelevant
information.
•A lot of time is spent gathering information for the use of others but nothing of
value for you is achieved.
Solving Problems in Information
Gathering
Solving problems in information gathering can be done through the
following steps:
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Accountability: Responsibility for who collects what should be made clear.
Data Definition: Agreement on what items a particular type of information should
include.
Standardization: Ensuring every one is collecting the same information in the same way.
Quality Monitoring: Ensuring that information of the right quality is being collected.
Skill: Helping staff improve their information- gathering skills
Q5: Define marketing concept, production orientation, sales
orientation, marketing orientation and relationship marketing
Differentiate between transactional marketing and relationship
marketing
• The Marketing Concept:
The philosophy that an
organization should try to provide products that satisfy customers’
needs through a coordinated set of activities that also allow the
organization to achieve its goals.
• The Production Era: The period of mass production following
industrialization. The industrial revolution made it possible to
manufacture products more efficiently.
• The Sales Era: The period from the mid of 1920- to the early 1950
when competitive forces and the desire for high sales volume led a
company to emphasize selling and the sales person in its business
strategy as the major means for increasing profits.
• Business people believed that the most important marketing
activities were personal selling and advertising.
• The Marketing Era: By the early 1950, some business people begin
to recognize that efficient production and extensive promotion of
products didn’t guarantee that customers would buy them.
Companies found that they first had to determine what customers
wanted and then produce it, rather than simply making products
first and then trying to change customers’ need to correspond to
what was being produced.
• The Relationship Marketing Era: By the 1990, the current period in
which the focus is not only on expediting the single transaction but
on developing ongoing relationships with customers.
Transactional marketing focus was on the single transaction or
exchange. However, relationship marketing recognized that long
term success and market share gains depend on such transactions,
but also on maintaining a customers’ loyalty and on repeatedly
gaining sales from existing customers.
Q6: The marketing mix is an approach which managers can use to
help to make its offering more attractive to its customers. Explain
the concept of the marketing mix and discuss the four elements
which comprise the marketing mix.
Marketing Mix Development
• Traditionally, the marketing mix was deemed to consist of four
major components: product, place (distribution), promotion
and price. Increasingly, a fifth component is viewed as
“people” , who provide customer service and interact with
customers and organizations within the supply chain.
• A primary goal of the marketing manager is to create and
maintain a marketing mix that satisfies customers’ needs for a
general product type. Before they can do so, they have to
collect in-depth , up-to-date information about those needs.
1- Product Variable- A product can be a good, a service, or an
idea. The product variable is the aspect of the marketing mix
that deals with researching consumers’ product wants and
designing a product with the desired characteristics. It also
involves the creation or alteration of packaging and brand
names. And may include decisions about guarantees, repair
service and customer support.
2- Place Variable: To satisfy consumers, products must be
available at the right time, and in a convenient location. A
marketing manager seeks to make products available in the
quantities desired to as many customers as possible, and to
keep the total inventory, transport, and storage costs as low
as possible.
A marketing manager may become involved in selecting and
motivating intermediaries (wholesalers, retailers, and dealers)
, establishing and maintaining inventory control procedures,
and developing and managing transport and storage systems.
3- Promotion Variable: The aspect of the marketing mix that
related to communication activities that are used to inform
one or more groups of people about an organization and its
products.
Promotion can be aimed at increasing public awareness of an
organization and of new or existing products.
Promotion can serve to educate consumers about product
features . Marketing refers to the promotion variables as
“marketing communications”
4- Price Variable: The aspect of the marketing mix that relates
to activities associated with establishing pricing policies and
determining product prices. Price is a critical component of
the marketing mix because consumers and business
customers are concerned about the value obtained in an
exchange.
Price is often used as a competitive tool , extremely intense price
competition sometimes lead to price war.
5- The People Variable: The aspect of the marketing mix that
reflects the level of customer service, advice, sales support,
and after-sales back-up required involving recruitment
policies, training, retention and motivation of key personnel.
Q7: Communicating with customers
Because marketing channel appropriate for one product may be
less suitable for others, many different channels of distribution
have been developed.
a) Define distribution channel and discuss the different channels
using an example.
b) What is the longest channel, and what is the importance of the
longest channel.
c) Do you think that eliminating distribution channel or cutting
down the number of intermediaries in the distribution channel will
reduce the price for the final consumer?
Distribution Channel: Is a group of individuals and organizations
that direct the flow of products from producers to consumers.
Types of channels
Channel A: Describes the direct movement of goods from producers
to consumers.
Example
• Customers who pick their own fruit from commercial orchard or
buy cosmetics from door-to-door sales people are acquiring
products through a direct channel.
• A producer who sells goods directly from the factory to end users
and consumers is using a direct marketing channel. For example,
direct line’s teleselling of car insurance.
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Types of Channels
• Channel B- Moves goods from producers to retailers and then to
consumers, is often used by large retailers that can buy in
quantity from a manufacturer.
Example
Retailers such as Marks & Spencer, Sainsbury’s, and Carfour sell
clothing food and many other items they have purchased directly
from the producers. Cars are also commonly sold through this type
of marketing channel.
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Types of Channels
• Channel C- a long standing distribution channel, specially for
consumer products, channel C takes goods from producer to
wholesalers, then to retailers and finally to consumers.
• This option is very practical for a producer who sells to hundreds
of thousands of consumer through thousands of retailers. A single
producer finds it hard to do business directly with thousands of
retailers.
Example, consider the number of retailers that stock Coca-Cola, it
would be impossible for Coca-Cola to deal directly with all the
retailers that sells its brand of soft drinks , manufacturer of tobacco
products is another example.
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Types of Channels
• Channel D- Through which goods pass from producer to agents to
wholesalers, and only then to consumers- is frequently used for
products intended for mass distribution, such as processed food.
For example: to place its biscuit line in specific retail outlets, a food
processor may hire an agent to sell the biscuits to wholesalers. The
wholesalers then sell the biscuits to supermarkets, and other retail
outlets.
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Types of Channels
• B) The longest channel of distribution is Channel D, through which
goods pass from producer to agents to wholesalers to retailers and then
to consumers.
• C) No, because eliminating wholesalers would not remove the need for
services that wholesaler provide.
• Although wholesalers can be eliminated, the functions they perform
cannot be eliminated. Other channel members would have to perform
those functions and customers would still have to fund them.
• In addition, all producers would have to deal directly with retailers or
consumers, producers will have to keep voluminous records and hire
enough personnel to deal with a multitude of customers. Customers
might end up paying a great deal of products because prices would
reflect the costs of less efficient channel members.
• Wholesalers are often more efficient and less expensive.
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Q7: Marketing channels serve many functions. These
functions include creating utility, facilitating exchange
efficiencies, alleviating discrepancies. Discuss.
1- Creating Utility: Marketing channels creates four type of utility:
Time, place, possession and form.
1. Time utility is having products available when the customer
wants them.
2. Place utility is created by making products available in locations
where customers wish to purchase them.
3. Possession Utility is created by giving customer access to the
product to use or to store for future use. Possession utility can
occur through ownership or through arrangements such as lease or
rental agreements
4. Form utility is created by channel members by assembling,
preparing or otherwise refining the product to suit individual
customer needs
2- Facilitating exchange efficiencies: Marketing intermediaries can
reduce the cost of exchanges by performing certain services or
functions efficiently.
Intermediaries are specialists in facilitating exchanges. They provide
valuable assistance because of their access to, and control over
important resources used in the proper functioning of marketing
channels.
3-Alleviating Discrepancies
The functions performed by channel members help to overcome two
major problems: discrepancies in quantity and discrepancies in
assortment.
A discrepancy in assortment exists because consumers want a broad
assortment, but an individual manufacture produces a narrow
assortment. Ex. Most consumers want a broad assortment of products,
beside Jeans, they want to buy shoes, food, cars, hi-fi systems and
many other products.
A discrepancy in quantity exist because the company produces more
amount of products than average customer wants. Ex. The producer
produces 100,000 pairs of jeans, however, customers want a few pairs
of jeans.
Sorting Out: Is separating heterogeneous products into relatively
uniform, homogeneous groups based on product characteristics such as
size, shape, weight, color. For example, sorting a tomato crop into
those suitable for retail sales and those suitable only for juice
production.
Accumulation: Is the development of a bank or inventory of
homogeneous products with similar production or demand
requirements. It means aggregating small production batches into
amounts big enough to be worth shipping for.
For example: Arranging for small exporters to share container.
Allocation: Breaking down large shipments into smaller amounts. A
wholesaler receiving a truckload of baked beans will sell them on a
case at a time.
Assorting: Combining collection of products that will appeal to groups
of buyers, for example, food wholesaler will specialize in all the
products needed by caterers and grocers, including shop signs, knives
and forks.
Q8: Using an example known to you, explain the relationship
between data, capta, information and knowledge.
Data, Capta, Information and Knowledge
Data: is a qualitative or quantitative attributes of a variable or set of
variables. (a newspaper contains lots of data).
Capta: is the result of selecting some data for attention. (Selecting the
stocks that you are interested in—Company X car manufacturer— and
calculating their share price, but this is still not enough until you can
place it in a context that makes sense).
Information: transforming capta into information is a human act that
machines cannot produce. It’s about attributing meaning to the
processed data, or understanding the data. (Learning that your share
performance is declining over time with respect to other stocks).
Knowledge is created when this information is set in a wider context
(another report for fuel rising prices could give you the knowledge that
buying share in a car manufacturer was a mistake.)
Q9: Compare and contrast price and non-price competition.
Describe the conditions under which each form works best. Support
your answer with examples.
Discuss the four pricing approaches used by organizations to set
product price
Price & Non-Price Competition
• Under price competition, marketers highlight the price of their
product as the basis for selecting their offering in preference to
those of competitors. In non-price competition, the features and
other benefits of the product are emphasized more than the price.
• Price-based competition works best for products and services which
enjoy cost advantages over competitors and where customers are
price-sensitive. Non-price-based competition is more appropriate
where customers are less price-sensitive, where offerings are high
quality, and where products have advantages which are difficult to
copy. Customers must also desire these advantages and be able to
distinguish the product on offer from those competitors.
• For example, consumers often shop around for the best electricity
and gas prices in a market which is characterized by price
competition. For consumers buying luxury household goods, price is
likely to play a less important role in the decision.
The Selection of a Basis for Pricing
• The four pricing approaches are:
• Cost based pricing: a pricing approach whereby a monetary
amount or percentage is added to the cost of a product.
• Demand based pricing: a pricing approach based on the level
of demand for a product, resulting in a high price when
demand is strong and low price when demand is weak.
• Competition based pricing: a pricing approach in which an
organization considers costs and revenue to be secondary to
competitors’ prices
• Marketing oriented pricing: a pricing approach in which a
company takes into account a wide range of factors including
marketing strategy, competition, value to the customer, pricequality relationships, explicability, costs, product line pricing,
negotiating margins, political factors and effect on
distributors/retailers.
The Selection of a Basis for Pricing
When going through the stages of establishing prices, marketers
must be able to grasp target customer’s evaluation of price and
perceived value for money, as well as understand market trends
and competitor’s pricing moves.
• Discuss the stages of establishing prices.
The Selection of a Basis for Pricing
• The 1st stage: Selecting Pricing objective
Is very critical because it is the foundation on which the decision of subsequent
stages are based, Organizations may use numerous short and long term pricing
objectives.
• The 2nd stage: Assessment of the target market’s evaluation of price and
its ability to pay
This shows how much emphasis to place on price and may help determine
how far above the competition prices can be set.
• The 3rd stage: Determination of demand
An organization must determine the demand for its products. The classic
demand curve shows that as price falls, the quantity demanded usually
increases, however, for prestige products, demanded increases as price
increases. Next, price elasticity of demand must be determined, if a demand is
elastic, a change in price causes an opposite change in total revenue, inelastic
demand results in a change in the same direction in total revenue when a
product price is changed.
The Selection of a Basis for Pricing
• The 4th stage: Analysis of demand, cost and profit relationships
This can be accomplished through marginal analysis or break even analysis.
• The 5th stage: Evaluation for competitor’s prices
A marketer needs to be aware of the prices charged for competing brands.
This allows a company to keep its prices the same as competitor’s prices when
non- price competition is used. If a company uses prices as a competitive tool,
it can price its brand or product below competing brands or products.
• The 6th stage: Selection of a basis of pricing
The three major dimensions on which prices can be based are cost, demand,
and competition.
Q10- A good is a tangible physical entity. A service, by contrast,
is intangible.
• List and discuss the three levels of products.
• Enumerate the basic characteristics of services, and explain
four of them. Support your answer with examples
The 3 levels of products are:
The Core product: The level of a product that provides the
perceived or real core benefit or service.
The actual product: It is a composite of several factors: the features
and capabilities offered, quality and durability, design and product
styling, packaging and, often of great importance, the brand name.
The Augmented product: “Support” aspects of a product, including
customer service, warranty, delivery and credit, personnel,
installation and after sales support.
B. The basic characteristics of services are:
Intangibility: An inherent quality of services that are performed and
therefore cannot be tasted, touched, seen, smelled or possessed. +
example
Inseparability: In relation to production and consumption, a
characteristic of services that means they are produced at the same
time as they are consumed. + example
Perishability: A characteristic of services whereby unused capacity
on one occasion cannot be stockpiled or inventoried for future
occasions. + example
Heterogeneity: Variability in the quality of service because services
are provided by people, and people perform inconsistently. +
example
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Client-based Relationships: interactions with customers that result
in satisfied customers who use a service repeatedly over time. In
fact, some service providers, such as accountants and financial
advisers, call their customers 'clients' and often develop and
maintain close, long-term relationships with them. + example.
Customer Contact: Not all services require a high degree of
customer contact, but many do. Customer contact refers to the level
of interaction between the service provider and the customer that is
necessary to deliver the service. High-contact services include
healthcare, real estate, and hair and beauty services. Examples of
low-contact services are car repairs and dry cleaning. + example
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Q12: The analytic tool devised by Professor Don
Marchand shows different ways in which information
can create value for organizations. Discuss these ways
and support your answers with examples.
The different ways in which information can create value according
to Don Marchand are the following:
Add value: value is added through providing better-quality products
and services to an organization's customers. Information can be
used to better understand customer characteristics and needs and
their level of satisfaction with services. Information is also used to
sense and respond to markets. Information about trends in
demands, competitor products and activities must be monitored so
that organizations can develop strategies to compete in the
marketplace. + Example.
Reduce costs: cost reduction through information is achieved
through making the business processes more efficient. Efficiency is
achieved through using information to create market and deliver
services using fewer resources needed to operate the processes
through automation and improve internal and external
communications. + Example.
Manage risks: risk management is a well-established use of
information through organizations. Risk management within
organizations has created different functions and professions such as
finance, accounting, auditing and corporate performance
management. + Example.
Create new reality: this refers to how information an new
technologies can be used to innovate, to create new ways in which
products or services can be developed + example.
Q13- Several types of promotional methods can be used to
communicate with individuals, groups and organizations. Define the
term ‘promotional mix’ and then discuss any five of the promotional
mix ingredients. Support your answer with examples.
Promotional mix is the specific combination of ingredients an
organization uses to promote a product, traditionally including four
ingredients: advertising, personal selling, PR and sales promotion.
Sponsorship, direct mail, the Internet and direct marketing are recent
additions to the promotional mix
Advertising: is a paid form of non-personal communication about an
organization and its products that is transmitted to a target audience
through a mass medium. + example
Personal selling: the use of personal communication is an exchange
situation to inform customers and persuade them to purchase
products. + example
PR: non-personal communication in news-story about an organization
and/or its products that is transmitted through a mass medium at no
charge. + example
Sales promotion: an activity or material that acts as a direct
inducement by offering added value to or incentive for the product to
resellers, sales people or consumers. + example.
Sponsorship: the financial or material support of an event, activity,
person, organization or product by an unrelated organization or
donor. + example
Direct mail: a method of communication used to entice prospective
customers or charitable donors to invest in products, services or
worthy causes. + example
The Internet: the Internet provides a tool that can be interactive,
updated or modified quickly, and that can produce material aimed at
very tightly defined target groups or even individual consumers. +
example.
Direct marketing: A decision by a company’s marketers to select a
marketing channel which avoids dependence on marketing channel
intermediaries and to focus marketing communications activity on
promotional mix ingredients which deal directly with targeted
customers. + example
Discuss the difference between competitive advantage, differential
advantage. Discuss in details the three routes to competitive
advantage.
Define organizational mission and discuss the benefits organizations
can have from a mission statement.
Define marketing strategy and discuss the difference between
strategic market planning and market plan.
Q11: Marketers deal with the marketing mix, which was described
by McCarthy as the four Ps of marketing. Describe a purchase that
you have recently made and describe the 4 Ps that were involved in
that purchase.