Compiled by: Shubhanshi Gaudani 1. Marketing Mix: Four marketing decisions needed for effective marketing of the product
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1 Compiled by: Shubhanshi Gaudani 1 3. Marketing 3.3 Marketing Mix Business Studies, CIE IGCSE (0450) Marketing Mix: Four marketing decisions needed for effective marketing of the product Four Ps: The right product at the right price, with the right promotion in the right place Product(The goods and services produced to satisfy the consumer s need or want) THE COSTS AND BENEFITS OF DEVELOPING NEW PRODUCTS Costs of New product development Market Research to identify customer s needs and wants can be expensive Development of new product requires large capital expenditure No guarantee that new product will be a success.some products never make it to market If capital is borrowed, and product fails, then it can threaten the survival of the business Benefits of New Product Development In fast-changing markets, a business may not survive unless it meets the changing needs of the customers. Developing new product before competitors will bring competitive advantage; business can charge high prices and achieve higher sales, giving high profits selling to new markets increase potential sales, revenue and profits Producing new products spreads risk Helps achieve growth and reach economies of scale. BRAND IMAGE: IMPACT ON SALES AND CUSTOMER LOYALTY Brand Image: The general impression of a product held by consumers. Creating a brand image increases business s sales and revenue as: Consumers recognise their product more easily Product can be priced higher than less-well-known brands Easier to launch new products onto market, as there is a ready customer base and have customer loyalty. 1
2 Compiled by: Shubhanshi Gaudani 2 THE ROLE OF PACKAGING Packaging is usually used by business for: Protecting the Product, Providing information about the product, Helping consumers to recognise the products, Reusing the packaging for different purposes, Keeping products fresh Packaging is an additional cost to business, which shouldn t be spent more on, this may increase the price more than what consumers are willing to pay Consumers have become more aware about environmental issues, and want recyclable packaging. PRODUCT LIFE CYCLE Product Life Cycle: The pattern of sales of a product from introduction to its withdrawal from market. Introduction Growth Stage Maturity Decline Stage Product is introduced to Market Might be making loss in this stage due to heavy advertising/promotional costs Product is becoming better known to customers Sales are increasing Product starts to earn profit Sales are no longer growing but are not falling This is the most profitable stage in product s life cycle. Sales are falling. Product eventually becomes unprofitable, and is withdrawn from market. 2
3 Compiled by: Shubhanshi Gaudani 3 Extension Strategies: Maturity stage is the most profitable stage, and businesses will want to make it last the longest. They are: Market activities to extend the maturity stage of a product, like: Finding New Markets for Products: Like entering new foreign markets, to increase sales, and there for maturity stage Finding new uses for Products: R&D Team will look to find other uses to promote the product Ex. Fizzy drink promoted as Sports Drink Adapting the Product or packaging to improve appeal: Packaging is redesigned to give it a fresh and more more up to date appeal. Increased advertising and other promotional activities: Marketing function looks at other ways to promote product, or remind product is still available. Marketing Introduction Growth Maturity Decline Product Only basic model of product is available Changes might be made, to the product as a result of feedback from consumers Extension strategies might be used to keep the product in most profitable stage Product and packaging is not altered. Price Prices might be lower than competitor s prices to attract customers Brand image helps create consumer loyalty; price originally low is increased to competitor s price. Price will remain same to that of competitor s. If originally price was high due to uniqueness, then it will decrease Price might be reduced to maintain sales or remove old stock Promotion high promotional activity such as advertising for product awareness Promotional activity is still high to persuade consumers Aimed at reminding consumers, how product is different than of customers. Only promotional advertising is to advertise lower price of product. 3
4 Compiled by: Shubhanshi Gaudani 4 Marketing Introduction Growth Maturity Decline Place Product is offered for sale in specially selected outlets only. often used as test market. Product is more widely available; helps increase sales Product is now available for purchase through wide distribution network. Product is only available in profitable outlets Price (The amount paid by the customer to the supplier when buying a good or service.) Product Quality: The product meets the needs and expectations of customers. PRICING METHODS: 1. Market Skimming: Setting a high price for a new product that is unique or very different from any other product on the market. High price for a product which is unique/different from others in market Consumers want the status of owning the latest version. (+)Profit earned is very high helps recover high research and development costs (+)High price may help firm create quality image (-)High profits will eventually attract cheaper competitor products (-)Some customers who would like to buy the product aren t able to, due to lack of financial resources. 2. Penetration Pricing: Setting a low price to attract customers to buy a new product. Used for new products competing already established products Low price to attract customers; encourages customers to try a product. Once, business has build customer loyalty, it increases price of upto competitors. (+) Attracts customers quickly and helps product become established faster (+) Can increase market share quickly (-) Possible loss of revenue due to lower prices (-)Can t recover development costs quickly; if Product life Cycle is short then development costs will never be recovered. 3. Competitive Pricing: Setting a price similar to that of competitors products which are already established in market. When levels of competition are very high Products are often very similar with no particular brand advantage. If business has good brand image and loyal customers, it may use competitive pricing when launching new products. Products introduced with market skimming, when gain more and more competitors have to be priced with competitive pricing. Price leadership: Smaller firms set their prices according to the prices set by the dominant firm in the industry. (+) Prices are similar to competitors; businesses can compete on quality, customer service etc. (-)If market has price leader, then that price would have to be followed; or else loss of market share. (-) Still needs to find ways of competing in order to attract sales. 4
5 Compiled by: Shubhanshi Gaudani 5 4. Promotional pricing: Involve pricing product as low as possible for a limited period to get customers to buy. There are many methods of doing so. Loss leader pricing: Setting the price of a small number of products at a low cost to attract customers into the outlet BOGOF (Buy One Get One Free): Used to create product awareness. and develop customer loyalty Discounting Normal Price: Used to create product awareness and build up customer loyalty. (+)Good way to sell unwanted inventory about to go out-of-date. (+)Increases sales and market share instantly (-)Revenue on each item is lower so profits will also lower 5. Cost-Plus Pricing: Setting price by adding a fixed amount to the cost of making or buying the product. The price is set by adding a fixed amount usually a percentage to the cost of making or buying a product. 2 types: Mark-up Pricing and Full-cost pricing (+) Quick and easy to work out price (+)Makes sure that price covers all costs (-)Price might be set higher than competitors or more than customers are willing to pay; reduces sales and profits. PRICE ELASTICITY OF DEMAND: Demand: The quantity of goods and services consumers are willing and able to pay. Price Elasticity of Demand: Measures by how much demand for a product will change when there is a change in its prices. Price Inelastic Demand: The percentage change in demand is less, than the percentage change in price. Price Elastic Demand: The percentage change in demand is greater than the percentage change in price. Effect on Pricing Decisions: Price Change Price Elasticity of Demand Effect on Revenue Increase Price Price Inelastic Demand Increase in Revenue Decrease Price Price Inelastic Demand Decrease in Revenue Increase Price Price Elastic Demand Decrease in Revenue Decrease Price Price Elastic Demand Increase in Revenue 5
6 Compiled by: Shubhanshi Gaudani Place Distribution Channels: How a product gets from the producer to the customer. Wholesaler: A business that buys products in bulk from producers and then sells them to retailers. Retailers: Shops and other outlets that sell goods and services to the final customer. Middlemen: These are the intermediates in the channels of distribution Direct Selling: The product is sold by the producer directly to the final customer without the need of middlemen. Channel Advantages Disadvantages Producer > Consumer Producer > Retailer > Consumer All profit is earned to producer Producer controls all parts of marketing mix Quickest method of getting product to consumer, for products that need to be fresh Ex. Vegetables Producer has direct contact with consumers and could use this for market research. Customers can see and try product before buying Cost of holding inventories is held partial by retailer Retailer will pay for advertising and promotional activities Retailers are more conveniently located for consumers Consumers are not always able to see or try before buying Ex. Online Delivery costs high if lot of customers over wider area Storage costs paid by producer All promotional activities must be carried out and financed by the producer. Retailer takes away some profit from producer Producers lose some control over marketing mix Producer must pay delivery costs to retailers Retailers usually sell competitors products as well. 6
7 Compiled by: Shubhanshi Gaudani 7 Channel Producer > Wholesaler > Retailer > Consumer Producer > Agent > Wholesaler > Retailer > Consumer Advantages Wholesaler buys in bulk from producer; breaks it into parts to retailers Wholesalers will advertise and promote products to retailers Transport cost to retailer is paid by wholesaler Wholesaler will pay for storage costs of products from producer Distribution of goods through wholesaler creates wider network, and serve a bigger market. Agent has specialist knowledge of foreign market; find wholesalers and retailers prepared to buy items Disadvantages Another middle-men wholesaler takes profit. Producer looses even more control over marketing mix. Another middleman is added to channel of distribution, reducing profit to producer. CHOOSING PLACE (depends on): Cost: Cost of transporting goods Required Time and Condition: of Delivery Nature of Product: Some goods need special conditions Distance and Size of Market Promotion Promotion: Marketing activities used to communicate with customers and potential customers to inform and persuade them to buy a business s product. AIMS OF PROMOTION Attracting attention of customers, by making them aware of product/reminding Persuading consumers to buy the product Explaining how a product is better than competitor s products Creating and developing a brand image. Encouraging Wholesalers and retailers to stock the product. Reassuring consumers, following a problem with the product. 7
8 Compiled by: Shubhanshi Gaudani 8 ADVERTISING: Paid-for communication with consumers which uses printed and visual media. The aim is to inform and persuade consumers to buy a product. Informative Advertising: Information about the product, is communicated to consumers to create product awareness and attract their interest. Persuasive Advertising: Communication with consumers aimed at getting them to buy a firm s product rather than a competitor s product. Usually done via advertising in newspapers, magazines, radios, Television and billboards. SALES PROMOTION: Incentives used to encourage short-term increases in sales or repeat purchases. (Also called: Below the line promotion: Promotion that is not paid for communication but uses incentives to encourage consumers to buy. These can include: money-off coupons or vouchers, point of sale displays in shops, loyalty reward schemes, competitions and games with cash or other prizes. Advantage: Specific to the activities of the business (ex. loyalty points only given when customer returns. PERSONAL SELLING: Sales staff communicates directly with the consumer to achieve a sale and form a long-term relationship between the firm and the consumer. Most often used when selling highly expensive items, which have high profit per unit. Ex. Cars Advantage: Enables seller to build a relationship with the customer that can last after the completion of the sale, and result in future sales. Disadvantage: Can be an expensive form as many employees will be hired; business may also give commissions to sale staff for motivation, resulting in low overall profit per unit. DIRECT MAIL: AKA Mailshots, printed materials which are sent directly to the customer s address. These potential customers have been identified through market research. Advantages: Can communicate with a large market over a wide geographical area. Disadvantage: However it is so widely used that it may be considered as junk mail. Also, can be expensive with printing, designing and posting charges associated with it. 8
9 Compiled by: Shubhanshi Gaudani 9 SPONSORSHIP:Payment by a business to have its name or products associated with a particular event. MARKETING BUDGET & PROMOTION DECISIONS: Marketing Budget: The amount of money made available by a business for its marketing activities during a particular period of time. TV Advertising may require large sums of money and is often expensive, afforded only by large firms Though, local newspaper ads and radio advertisements may be cheaper making them economical for smaller firms Technology and Marketing Mix E-commerce: The use of internet and other technologies used by the business to market and sell its goods and services to the consumers. Opportunities of E-commerce to Businesses Increased market: Business is able to sell around the world Reduced Costs: Staffing and other costs of shops are saved. Threats of E-commerce to Businesses Increased Competition: Competitors can now be from any part of the world Unfamiliarity: Consumers are less likely to buy products from new businesses that they don't know. Better Information: Website can provide potential customers with all information they need about goods and services. Opportunities of E-commerce to Consumers Convenience: Consumers can order their products from comfort of their own homes Wider Choice: There is a wide variety of choices available, not there in local shops Lower Prices: Competition worldwide reduces prices Better Information: Consumers are able to read about goods and services on websites and reviews from other customers. Threats of E-commerce to Consumers Fraud: Website might take away customer s money and not deliver the goods. Hacking: Consumer s personal details or bank details might be stolen. No Personal Service: There is no face-to-face contact between customers and seller. Returning Items: Can be inconvenient and expensive to return items and goods which do not meet consumer s needs. 9
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