Marketing Concepts that Support Marketing Plans
A marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. Consumers often call the marketing mix "the offering." Your offer is controlled by the following variables often referred to as the four Ps in marketing:
Product Price Place (Distribution) Promotion
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The Four Marketing Ps:
Product:
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product. It is the sum of all physical, psychological, symbolic, and service attributes.
Price:
the price costumers pay for a product influences the product’s image and likelihood of purchase.
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The Four Marketing Ps:
Promotion: message issued in
behalf of some product or cause or idea or person or institution. Promotion involves disseminating information about a product, product line, brand, or company.
Place:
refers to where the product is made available to market members and covers two areas: (1) channels of distribution, such as wholesalers or retailers handling products between procedures and consumers, and (2) physical distribution, such as transportation, warehousing, and inventory control facilities designed to make products available at appropriates times and places in marketing channels.
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Marketing Mix ideas:
By using variations of these four components you have the ability to reach multiple consumers within your target market. Creating a successful marketing mix that will increase results often takes experimenting and market research. There are many methods that can be used, both in person and the use of impersonal presentations. The key is to not always depend on "one" mix always explore other avenues. The combining and coordination of these elements will be more effective than depending on one.
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Is Marketing the Same As Selling?
Some people use the terms Marketing and Selling interchangeably. Selling could be regarded as the last phase of marketing. It is the sale that finally pushes the product into the hands of the consumer. Marketing Functions That Need to Be Performed Before Selling:
Market Research Product Development Communication Market Development Pricing
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Target Market
The target market is a defined segment of the market that is the strategic focus of a business or a marketing plan. Normally the members of this segment possess common characteristics and a relative high propensity to purchase a particular product or service. Because of this, the member of this segment represent the greatest potential for sales volume and frequency. The target market is often defined in terms of geographic, demographic, and psychographic characteristics.
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Other definitions:
Marketing Plan: A plan for delivering the program's product or message to different portions of the target population.
Competition: a business relation in which two parties compete to gain customers; "business competition can be fiendish at times"
Marketing strategy: a business’ approach to marketing its products/ services expresses in broad terms, which forms the basis for developing a marketing plan
Learing & Develpment Department Cotma, Inc March 2005