Strategy Formulation vs Strategy Implementation
Following are the main differences between Strategy Formulation and Strategy Implementation- Strategy Formulation Strategy Implementation Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. Strategy Implementation involves all those means related to executing the strategic plans. In short, Strategy Formulation is placing the Forces before the action. In short, Strategy […]
Organization’s Vision and Global Strategy
The most important and widest degree of business objective is termed as the vision of the organization. This is a declaration of large ambition. It concerns with the position that the organization expects to achieve in the future. The vision is related to the strategic intent of the organization. It is an effort by managers […]
Adopting CSR Leads to Increased Business Efficiency
In case corporations need some convincing to be done to adopt CSR, the model proposed by Young and Tilley (2006) where they list six criteria for corporate sustainability that not only contributes to the social responsibilities of the business but also improves the business efficiency. The latter if presented in a convincing manner would appeal […]
Leveraging Technology to Build Operational Excellence
Have you ever wondered as to what it is that makes the Market Leaders perform so well in the market and command as well as sustain the leadership position?. Well, the answer lies in their ability to choose the right marketing value proposition and build the entire business model as well as operations aimed at […]
Social Responsibilities of Organization Towards Employees
What is an organization without its employees? Nothing. Employees are said to be the true assets of an organization. Even the best of technology or best of infrastructure would not be of much use if employees do not perform up to the mark and are not satisfied with their current profiles. As they say, “charity […]
Neil Borden in the year 1953 introduced the term Marketing mix, an extension of the work done by one of his associates James Culliton in 1948.
Marketing Mix - A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix.
The elements of marketing mix are often called the four P’s of marketing.
Goods manufactured by organizations for the end-users are called products.
Products can be of two types - Tangible Product and Intangible Product (Services)
An individual can see, touch and feel tangible products as compared to intangible products.
A product in a market place is something which a seller sells to the buyers in exchange of money.
The money which a buyer pays for a product is called as price of the product. The price of a product is indirectly proportional to its availability in the market. Lesser its availability, more would be its price and vice a versa.
Retail stores which stock unique products (not available at any other store) quote a higher price from the buyers.
Place refers to the location where the products are available and can be sold or purchased. Buyers can purchase products either from physical markets or from virtual markets. In a physical market, buyers and sellers can physically meet and interact with each other whereas in a virtual market buyers and sellers meet through internet.
Promotion refers to the various strategies and ideas implemented by the marketers to make the end - users aware of their brand. Promotion includes various techniques employed to promote and make a brand popular amongst the masses.
Promotion can be through any of the following ways:
Print media, Television, radio are effective ways to entice customers and make them aware of the brand’s existence.
Billboards, hoardings, banners installed intelligently at strategic locations like heavy traffic areas, crossings, railway stations, bus stands attract the passing individuals towards a particular brand.
Taglines also increase the recall value of the brand amongst the customers.
One satisfied customer brings ten more customers along with him whereas one dis-satisfied customer takes away ten more customers. That’s the importance of word of mouth. Positive word of mouth goes a long way in promoting brands amongst the customers.
Lately three more P’s have been added to the marketing mix. They are as follows:
Now a days, organizations treat their customers like kings. In the current scenario, the four C’s has thus replaced the four P’s of marketing making it a more customer oriented model. Koichi Shimizu in the year 1973 proposed a four C’s classification.
Robert F. Lauterborn gave a modernized version of the four C’s model in the year 1993. According to him the four C’s of marketing are:
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