ENTREP CHAP 3 MARKETING MIX
Robert F. Lauterborn (1990)
developed the 4C's Marketing Model
Sales Staff
plays a very important role in public relations and word of mouth.
Convenience
product should be readily available to the consumers. Marketers should strategically place the products in several visible distribution points.
Franchising
sell products that are created and marketed by another company
Selective Distribution
selling a product at select outlets in specific locations
intensive distribution
selling a product in as many outlets as possible
Extensive Distribution
selling products in one or in few outlets
Product
-is an item that is built or produced to satisfy the needs of a certain group of people. -can be intangible or tangible as it can be in the form of services or goods.
Physical Evidence
-pertains also to how a business and it's products are perceived in the marketplace -the service industries presence in the marketplace will be immediately known through concept of branding
Placement or Distribution
-position and distribute the product in a place that is accessible to potential buyers -This comes with a deep understanding of your target market
Consumer Wants and Needs
A company should only sell a product that addresses consumer demand
Cost
According to Lauterborn, price is not the only cost incurred when purchasing a product. Cost of conscience or opportunity cost is also part of the cost of product ownership.
Life Cycle of Product
Growth Phase, Maturity Phase, Sales Decline Phase
Distribution Strategies
Intensive Extensive Selective Franchising
Marketing Mix
It is about putting the right product or a combination thereof in the place, at the right time, and at the right price.
Major Pricing Strategies
Market Penetration Pricing Market Skimming Pricing Neutral Pricing
7P's of Marketing
Product Price Promotion Place People Process Physical Environment
Marketing Mix 4P's
Product,Promotion,Price,Place
Elements of Promotion
Sales Organization Advertising Public Relations Sales Promotion
4C's Marketing Model
a modification of 4P's Marketing Mix Model (not part of definition but rather an extension)
People
a secret "internal" competitive advantage a business can have over other competitors they greatly affect the business's position in the marketplace
Communication
according to Lauterborn it is "cooperative" while promotion is manipulative
Processes and Systems of Organization
affect the execution of the service (pay system, sales funnel, distribution system or other systematic procedures)
Price
amount that a customer pays for to enjoy it a product a very important component of the marketing mix definition it determines your firm's profit and survival
Company's Employees
are important in marketing because they are the ones who deliver the service
Public Relations
communications that are typically not paid for. This includes press releases, exhibitions, sponsorship deals, seminars, conferences, and events
Promotion
is a very important component of marketing as it can boost brand recognition and sales
Word of Mouth
is an informal communication about the benefits of the product by satisfied customers and ordinary individuals
Advertising
it typically covers communication methods that are paid for like television advertisements, radio commercials, print media, and internet advertisements.
