Strategic Management – Meaning and Important Concepts
Strategic Management – An Introduction Strategic Management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. An organization is said to have competitive advantage if its profitability is higher than the average profitability for all companies in its […]
Category Management
The mechanism of selling merchandise in small quantities from a fixed location directly to the individuals for their end use is called as retailing. The fixed location can be anything like super market, hyper market, department stores and so on. Merchandise – Merchandise refers to the various products available at the store for sale to […]
B2B Marketing Vs. B2C Marketing in the E-Commerce Industry
E-commerce has taken many companies across the world by storm. Giants like Alibaba.com and Amazon have been created in the past few years thanks to the sudden boom in the e-commerce industry. Alibaba and Amazon are both similar in the sense that they are websites where people buy and sell products, i.e. e-commerce portals. However, […]
Managing Integrated Marketing Communication
Integrated marketing communication is an approach to promote products and services (brand promotion) where various modes of marketing are integrated so that similar message goes to the customers. According to integrated marketing communication, all aspects of marketing communication work together to promote brands more effectively among end-users and also for better results. Brands are promoted […]
The Art of Strategic Marketing: Market Learning, Sensing, and Intuiting
Market Learning The first step in strategic marketing is to learn from the market about the changing consumer preferences and attitudes. Firms typically employ market research agencies to conduct surveys and research reports about how consumers and their preferences goods and services over others are changing with the times. In other words, firms attempt to […]
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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