Showing posts with label Waiz Mujeeb. Show all posts
Showing posts with label Waiz Mujeeb. Show all posts

Wednesday, January 20, 2010

Marketing Mix

The marketing mix principles (also known as the 4 p’s.) are used by business as tools to assist them in pursuing their objectives. The marketing mix principles are controllable variables, which have to be carefully managed and must meet the needs of the defined target group. The marketing mix is apart of the organisations planning process and consists of analysing the defined:

read more on: http://www.learnmarketing.net

Introducing the marketing mix

Marketing Mix : 4p's

Steps For Customer Satisfaction



Image source:
www.elmer.co.za/customer-satisfaction

Product mix strategies


Product mix strategies

• Company can add new product lines, thus widening the product mix. • Company can lengthen the existing product lines to become a more full line company. • It can add more product versions of each product and deepen its product mix. • The company can pursue more product line consistency, or less, depending upon whether it wants to have a strong reputation in a single field or in several fields.

Smart objectives

SMART Objectives

Make Your Business More Successful through Telemarketing.


Telemarketing is very important in every business nowadays, because it is an effective way to know the needs and wants of your customers and also a way on how to respond on them effectively. There are lots of telemarketing companies that come out now, and one of it is the Touchbusiness. Similar to other Telemarketing UK companies, Touchbusiness is known for its excellent and outstanding services providing beneficial advantages to their clients. Touchbusiness, a telemarketing UK Company provides business-to-business or B2B, outbound telemarketing, appointment setting, market research, telemarketing lead generation, and sales. Generating leads is an important service that you can acquire from a telemarketing company. It is a process where you can get leads from your customers in order to know their reactions or feedbacks about your product or business. Telemarketing lead generation may vary from one telemarketing company to another depending on the kind of service that they offer. Telemarketing companies such as Touchbusiness, are really beneficial in one’s business in providing vital information to make your business more successful.


source: http://www.custardpie.co.uk/

Porter's Five Forces A MODEL FOR INDUSTRY ANALYSIS




Michael Porter provided a framework that models an industry as being influenced by five forces. The strategic business manager seeking to develop an edge over rival firms can use this model to better understand the industry context in which the firm operates.

Image Source: http://www.quickmba.com/strategy/porter.shtml

Inspiring the Team to Achieve Goals


In Business, Leadership is about inspiring followers to achieve Team or Organizational goals. You may be a Team Leader or Manager in a Business, and you may have built the respect of your Team. Your next challenge is to get them focused in the right direction, the direction that will achieve their organizational goals.

PROFITS ON BRAND IMAGE


Comapnies like nestle, coca cola, etc are making profits mainly on brand image or maintaining standard aswel?
I think they are just utilizing thier name bkoz i have been using products of nestle from the past ten years and thier qualtiy has not been maintained now. They are just raising thier prices but not thier quality and same is the case with most of the other multi national companies aswell

Intensity of Rivalry according to Porter's model


The intensity of rivalry between competitors in an industry will depend on:

- The structure of competition - for example, rivalry is more intense where there are many small or equally sized competitors; rivalry is less when an industry has a clear market leader

- The structure of industry costs - for example, industries with high fixed costs encourage competitors to fill unused capacity by price cutting

- Degree of differentiation - industries where products are commodities (e.g. steel, coal) have greater rivalry; industries where competitors can differentiate their products have less rivalry

- Switching costs - rivalry is reduced where buyers have high switching costs - i.e. there is a significant cost associated with the decision to buy a product from an alternative supplier

- Strategic objectives - when competitors are pursuing aggressive growth strategies, rivalry is more intense. Where competitors are "milking" profits in a mature industry, the degree of rivalry is less

- Exit barriers - when barriers to leaving an industry are high (e.g. the cost of closing down factories) - then competitors tend to exhibit greater rivalry.

Pakistan's Competitve advantage



Pakistan is being viewed as a country with minimal prospects of peace and prosperity. It is being viewed as country who is lagging so far behind in the global competitve market place. The World Economic Forum's Global Competitiveness report of 2006-2007 ranked Pakistan 91 out of 125 countries in the competitive list. It is overshadowed by India which finds itself ranked at a very respectable 43rd place, and is also lower ranked than Sri Lanka which is 79th. this article talks about what is pakistan's competitive advantage currently and what should it be.


Marketing Mix

The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Also known as the Four P's, themarketing mix elements are price, place, product, and promotion. Read on for more details on the marketing mix.


The concept is simple. Think about another common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar!

marketing mix

It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price. Another way to think about the marketing mix is to use the image of an artist's palette. The marketer mixes the prime colours (mix elements) in different quantities to deliver a particular final colour. Every hand painted picture is original in some way, as is every marketing mix. If you'd like to see the marketing mix applied to a real business - then take a look at our Ryanair marketing mix.


Some commentators will increase the marketing mix to the Five P's, to include people. Others will increase the mix to Seven P's, to include physical evidence(such as uniforms, facilities, or livery) and process (i.e. the whole customer experience e.g. a visit the Disney World). The term was coined by Neil H. Borden in his article The Concept of the Marketing Mix in 1965.

Price

There are many ways to price a product. Let's have a look at some of them and try to understand the best policy/strategy in various situations. More . . .

Place

Another element of Neil H.Borden's Marketing Mix is Place. Place is also known aschannel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer.More . . .

Product

  • For many a product is simply the tangible, phsysical entity that they may be buying or selling. You buy a new car and that's the product - simple! Or maybe not. When you buy a car, is the product more complex than you first thought? The Three Levels of a Product . . . More . . .
  • The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline). More . . .
  • The Customer Life Cycle (CLC) has obvious similarities with the Product Life Cycle (PLC). However, CLC focuses upon the creation of and delivery of lifetime value to the customer i.e. looks at the products or services that customers NEED throughout their lives. More . . .

Promotion

Another one of the 4P's is promotion. This includes all of the tools available to the marketer for 'marketing communication'. As with Neil H.Borden's marketing mix, marketing communications has its own 'promotions mix.' Think of it like a cake mix, the basic ingredients are always the same. However if you vary the amounts of one of the ingredients, the final outcome is different. More . . .

Physical Evidence

Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following: More . . .

People

People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the 'individual needs' of the person consuming it. More . . .

Process

Process is another element of the extended marketing mix, or 7P's.There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example - to achieve a 30% market share a company implements a marketing planning process.

more on http://www.marketingteacher.com/Lessons/lesson_marketing_mix.htm

Swot On EA games

Strengths

  • Electronic Arts (EA) Games, is a global corporation which develops, markets, publishes and distributes video game software, online interactive games, and mobile games. They design games for a number of platforms including Sony PlayStation 3, Microsoft Xbox 360 and Nintendo Wii; handheld game systems, including PlayStation Portable (PSP), Nintendo DS and Apple iPod; personal computers (PCs); and mobile phones. The company distributes games in over 35 countries worldwide.
  • EA Games has four segments under their label: EA Games, EA Sports, The Sims and EA Casual Entertainment.
  • The EA Games label has the largest percentage of research and development staff, and produces action-adventure, role playing, racing and combat games and the extraordinarily popular online role-playing games.
  • The EA Sports label produces sports-based video games, including the Madden NFL, (which in 2007 grossed $100 million in sales in their first week on the market), FIFA Soccer and Tiger Woods PGA Tour franchises. The sports division brings in 43% of EA's revenue.
  • The Sims label is a line extension of life simulation games, and an online interactive game with over four million regular users.
  • The EA Casual Entertainment label develops games that are intended to be quick to learn and play online, making them easily accessible for a wide audience. Pogo has 1.6 million subscribers.
  • In 2007, EA created a strategic alliance with Hasbro, which included crossover licensing. They were able to create digital versions of Hasbro's classic board games, including Monopoly, Scrabble, Yahtzee, Trivial Pursuit, Nerf, GI Joe, and Littlest Pet Shop. They have also created these digital games in a variety of platforms, including for mobile phones, handheld gaming devices and computers.
  • EA Games has a social responsibility platform that includes a grant program, software donation program, volunteer opportunities, and supporting non-profit organizations and schools by giving to organizations that provide services to underprivileged youth in the areas of math, computer science, music and art.

Weaknesses

  • In December 2008, Electronic Arts cut its worldwide workforce by approximately 10% and closed at least nine of its studios and publishing locations. They also laid off 6% of their staff, and let go of Kathy Vrabek, head of EA's Casual Entertainment division, just 18 months after she took the job.
  • Their software is dependent upon the platforms that are created by other companies, leading to limitations in design capabilities, graphics and game performance.
  • Game release times have to be tied into specific times of year, Christmas sales, sports seasons and major sporting events, any miscalculation of production and distribution further hurts sales, and makes their assets less profitable.
  • In 2008, EA, in a licensing deal with Hasbro, created a digital Scrabble game, which was a failure due in part to software problems.
  • EA's crown jewel Madden NFL franchise was the company's only title among the industry's top 10 best-selling games in 2007.

Opportunities

  • In 2008, EA acquired ThreeSF, Inc., a gaming-based social network; and they acquired J2MSoft Inc., a Korean-based developer of PC online games.
  • The computer gaming industry has begun to recognize that the U.S. Army needs simulation training and EA Games can provide the instruments to achieve their goals. Games are also being adopted for defense, medicine, architecture, education, city planning and government applications.
  • A line of interactive training tools featuring voice commands and instructional coaching.
  • Complete game-in-a-box containing all the equipment necessary for kids to practice and play a sport.
  • A line of sports toys that will utilize electronics to reward young athletes with cheers when they use proper techniques.
  • A basic line of high density-foam balls to help kids develop skills at an early age.
  • CEO Riccitiello believes EA may one day even go so far as to give away many of its games for free, making its money off action figures and other licensing deals the same way that George Lucas did with the Star Wars movie franchise.

Threats

  • Since 2004 sales have been steadily increasing, however, profits have been steadily decreasing until 2008, when they actually had a negative profit margin. They earned $3.8 billion in sales, but had a $454 million loss.
  • Sales and profits are dependent on the success and prolonged purchasing power of gaming consoles. If sales for a gaming console wane (such as a Playstation or Wii) software/game sales will slump.
  • Software piracy has become a serious problem, especially in countries, like South Korea where laws are not enforced; software is pirated and distributed without much fear of consequences, cutting into EA Games' profits.
  • In May 2009, EA Games was sued claiming they illegally used the names and likenesses of thousands of college football and basketball players in their software since the 1990's.
  • Due to their executive staff layoffs, restructuring, and lack of stability there has been speculation that they are a prime candidate for a takeover by other global entertainment companies.

The marketing environment surrounds and impacts upon the organization. There are three key perspectives on the marketing environment, namely the 'macro-environment,' the 'micro-environment' and the 'internal environment'.

The micro-environment

This environment influences the organization directly. It includes suppliers that deal directly or indirectly, consumers and customers, and other local stakeholders. Micro tends to suggest small, but this can be misleading. In this context, micro describes the relationship between firms and the driving forces that control this relationship. It is a more local relationship, and the firm may exercise a degree of influence.

The macro-environment

This includes all factors that can influence and organization, but that are out of their direct control. A company does not generally influence any laws (although it is accepted that they could lobby or be part of a trade organization). It is continuously changing, and the company needs to be flexible to adapt. There may be aggressive competition and rivalry in a market. Globalization means that there is always the threat of substitute products and new entrants. The wider environment is also ever changing, and the marketer needs to compensate for changes in culture, politics, economics and technology.

The internal environment.

All factors that are internal to the organization are known as the 'internal environment'. They are generally audited by applying the 'Five Ms' which are Men, Money, Machinery,Materials and Markets. The internal environment is as important for managing change as the external. As marketers we call the process of managing internal change 'internal marketing.'

Essentially we use marketing approaches to aid communication and change management

see more on: http://www.marketingteacher.com/Lessons/lesson_marketing_environment.htm

secret of Marketing Process

1. Don’t run out of money. It always takes longer and costs more than you expect to spread your idea. You can budget for it or you can fail.


2. You won’t get it right the first time.
Your campaign will need to be reinvented, adjusted or scrapped. Count on it.

3. Convenient choices are not often the best choices. Just because an agency, an asset or a bizdev deal are easy to do doesn’t mean that they are your best choice.

4. Irrational, strongly held beliefs of close advisors should be ignored.
It doesn’t matter if they don’t like your logo.

5. If it makes you nervous, it’s probably a good idea.
If you’re sure you’re right, you probably aren’t.

6. Focusing obsessively on one niche, one feature and one market is almost always a better idea than trying to satisfy everyone.

7. At some point, you’re either going to have to stick to your convictions or do what the market tells you. It’s hard to do both.

8. Compromise in marketing is almost always a bad idea.
Extreme A could work. Extreme B could work. The average of A and B will almost never work.

9. Test, measure and optimize. Figure out what's working and do it more.

10. Read and learn.
There are a million clues, case studies, books and proven tactics out there. You can't profitably ignore them until you know them, and you don't have the time or the money to make the same mistake someone else made last week. It's cheaper and faster to read about it than it is to do it.


summary: these are the 10 secrets of the marketing process described by seth godin and i would say that i completely agree with all of the above points.


read more on: http://www.mynewcompany.com/blog/top-10-secrets-of-the-marketing-process/

Process of Marketing process


THE PROCESS OF MARKETING PROCESS
When I look at marketing organizations today, I generally see them as being strongest in tactics, moderately strong in strategy, and weak as a whisper when it comes to operational excellence.

Not surprising. We're not trained--the way for instance engineers are--to be process oriented. We're end-result types--our focus, strategically and tactically, is work product.

But we're also builders and architects--builders of web sites, architects of plans, builders of brochures, of booths, of press releases.. We spend the bulk of our time creating, but the bulk of our budget building. And as builders spending money, process is critical.

Getting people to agree to the value of process isn't tough. Building project plans and spreadsheets demonstrating why they should change their behavior--why they should include process as a natural component of how they make decisions--is simple. The hard part is getting people to adopt the point of view--to actually change the way they work. It's not a process change, it's a cultural change.

Which means the real question is not "is process important" or "what's a good process." The real question is: "how do we instill an organization-wide, individual respect and enthusiasm for process?"

IT'S THE MINDSET THAT NEEDS TO BE CHANGED
I once really messed this up. It was a large organization (technical publications, training, marketing communications, production management, market development and so on). A lot of interaction, and the processes were poor. Work got done on time, but at the expense of resources. So I slammed my hand down on my desk one day and said "what we need is a process, goll dang it!" I hired a project manager, personally presented seminars to the staff on how projects would be tracked, with slides showing all the powerful features of the project planning software; showed how their individual tasks would be managed, explained how much company value would be gained from it--and so on. The result? No buy in. No enthusiasm. No eagerness to work within the framework imposed. No proactive interaction with the Project Manager. A disaster. Program dead in four months and I looked uncomfortably like one of those bosses.

Some of you already see the mistakes I made. Expressed in marketing terms (this is an instance where the Crossing the Chasm model is relevant), the challenge I faced was not the quality of the product. The challenge was introducing a disruptive innovation to an unprepared marketplace. I tried to impose process, when I should have been marketing it. And I marketed generic benefits, not targeted benefits.

So today, my approach is different. Getting marketing to become process-sensitive takes time--expressed not in weeks but in months. It must be accomplished using all of the marketing strategies and tactics that you already use to develop buy in from your customers. (I should add that my view of "employee-as-marketplace" is a topic that could consume many of these emails on its own.)

You know how to do this:

1.Segment the marketplace--you're going to be approaching managers, individual contributors, external organizations and others.
2.Prove the problem--people think their processes are already just fine.
3.Target benefits--for managers it may be promotion; for contributors, more free time; for R&D, smoother communication.
4.Bring in early adopters and evangelists--let people that are respected spread the word.
5.Create incentives for adoption--establish rewards (not competitions) for strong process.
6.Provide quality customer support--help them throughout the adoption period.
7.Monitor, measure, modify--until it's stable and working properly.

THE BENEFITS
The goal here is not to create a run on pocket protectors--we're not trying to create an army of project managers. The goal is to create a culture where one of the considerations when planning or executing work is "what's the most efficient way to do this?" An environment where sensitivity to the building blocks of process--time, tasks and resources--figure in to how decisions are made and how work is performed.

The corporate benefits of strong process are well known But achieving company goals is not what stimulates individuals: achieving individual goals does that. And there are many, more-targeted and more-personal benefits for you and your staff. When you market process to your staff, focus on those. Better process means less headaches, more free time, higher visibility, strong skills for promotion, easier management, reduced duplication of effort, individual and team rewards . . . you can figure out what benefits appeal to each of your segments.

Developing love-of-process is itself a process. It takes strategy, tactics, time . . . and, yes, good process. But once it's in place, it stays in place--as your staff turns over it becomes not something new, but the way things are. And it creates a marketing organization that's more reliable, more responsible and more able to produce high quality work, on time, within budget on a regular basis.

Dell Marketing Strategy

The Dell marketing strategy was simple and basic. Cut out the middleman and sell the product cheaper. Offer great customer service by giving the customer exactly what they want.

There you have it. That is how Dell is about to become the largest company in the world selling computers. They did it by building computers made to order for the customer. By handling all the sales (retail) themselves. If you want a Dell computer you can only get it from Dell. Their marketing strategy allowed them to pass the savings onto the customer.

online Dell marketing strategiesOnline Dell Marketing Strategies

Now, the ONLINE Dell marketing strategies are nothing different either. They do exactly what everybody else has to do.
  • Targeting: They have to know who is buying computers and where online these people are going
  • Tracking: They have to track advertising results and make adjustments
  • Relationships: They build relationships with the people they advertise with
The internet is a powerful force in the business world for selling products. What makes it so powerful?

Targeting Online Marketing

Understanding who your market is and where they hang out is so much easier to find out. It becomes very easy to target your customer when you know, for example: That every person who goes to a website called NewComputerProducts.com is very likely to be interested in buying a computer or peripheral. So your marketing plan should call for contacting that website and setting up advertising or getting them to review your computerInstant Targeted Advertising.

costumer survey and new product strategies are on

Market penetration

Market penetration is one of the four growth strategies of the Product-Market Growth Matrixdefined by Ansoff. Market penetration occurs when a company enters/penetrates a market with current products. The best way to achieve this is by gaining competitors' customers (part of their market share). Other ways include attracting non-users of your product or convincing current clients to use more of your product/service (by advertising etc). Ansoff developed the Product-Market Growth Matrix to help firms recognise if there was any advantage of entering a market.

Market penetration occurs when the product and market already exists

Other growth strategies include:

  • Product development (existing markets, new products): McDonalds is always within the fast-food industry, but frequently markets new burgers.
  • Market development (new markets, existing products): Lucozade was first marketed for sick children and then rebranded to target athletes.
  • Diversification (new markets, new products): Mohen A.S, Bion Products, Selectron Ltd, bk

The penetration that brands and products have can be recorded by companies such as ACNielsenand TNS who offer panel measurement services to calculate this and other consumer measures. In these cases penetration is given as a percentage of a country's households who have bought that particular brand or product at least once within a defined period of time.

Buyer decision process

Buyer decision processes are the decision making processes undertaken by consumers in regard to a potential market transaction before, during, and after the purchase of a product or service.

More generally, decision making is the cognitive process of selecting a course of action from among multiple alternatives. Common examples include shopping and deciding what to eat. Decision making is said to be a psychological construct. This means that although we can never "see" a decision, we can infer from observable behaviour that a decision has been made. Therefore we conclude that a psychological event that we call "decision making" has occurred. It is a construction that imputes commitment to action. That is, based on observable actions, we assume that people have made a commitment to effect the action.

In general there are three ways of analysing consumer buying decisions. They are:

  • Economic models - These models are largely quantitative and are based on the assumptions of rationality and near perfect knowledge. The consumer is seen to maximize their utility. See consumer theory. Game theory can also be used in some circumstances.
  • Psychological models - These models concentrate on psychological and cognitive processes such as motivation and need recognition. They are qualitative rather than quantitative and build on sociological factors like cultural influences and family influences.
  • Consumer behaviour models - These are practical models used by marketers. They typically blend both economic and psychological models.

Nobel laureate Herbert Simon sees economic decision making as a vain attempt to be rational. He claims (in 1947 and 1957) that if a complete analysis is to be done, a decision will be immensely complex. He also says that peoples' information processing ability is very limited. The assumption of a perfectly rational economic actor is unrealistic. Often we are influenced by emotional and non-rational considerations. When we try to be rational we are at best only partially successful.

references and some content from Wikipedia

Consumer Behaviour

Consumer behaviour is the study of when, why, how, and where people do or do not buy products.[1] It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioural variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general.

Customer behaviour study is based on consumer buying behaviour, with the customer playing the three distinct roles of user, payer and buyer. Relationship marketing is an influential asset for customer behaviour analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the re-affirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalisation, customisation and one-to-one marketing. Social functions can be categorized into social choice and welfare functions.