A simple yet effective introduction to marketing.
Comprises: what is marketing; management functions; and the marketing mix (4Ps+2).
Along with introducing the SMARTER wordform, the diagram provides sufficient insights to enable you to create the beginnings of a strong and effective marketing strategy.
The most effective marketing strategy requires you understand your competitors.
This diagram provides you with insights into the information required; monitoring benefits and some of the options available.
Two options, imitation and innovation, are introduced.
Marketing, ultimately, is about the customer.
Developing customer focus is a key element in an organisation’s long term marketing success.
This diagram takes you through an eight stage process to help you achieve this.
Invariably you will meet buyer resistance – it’s a fact of business life.
Two elements are described:
* stated resistance
* verifying claims
These provide you with some insights that can be useful when this happens
The point is also made that sometimes you just have to walk away, i.e. terminate the interview…
As stated in 04.1 – the nature of marketing – pricing tends to be the most challenging element in the marketing mix.
This diagram provides you with a pricing strategy and policy to help you formulate the most effective price for your product or service.
The pricing strategy matrix is also introduced with its four pricing options.
This links well with 04.5.2 – determining price.
Pricing a product / service tends to cause the most debate in an organisation.
Getting it right can result in increased profit and market share.
Getting it wrong, well, you can lose the business or, at least, cause it severe difficulties.
Additionally, there are a large number of variables to consider which is why we make clear it can be one of the most challenging business decisions to make.
This diagram will provide you with the tools to make determining the price less of a guess and more of an informed decision.
this links well with 04.5.1 – pricing factors