New version page

OC BMGMT 180 - Lecture Notes 1.1

Upgrade to remove ads
Upgrade to remove ads
Unformatted text preview:

On this journey to begin understanding what Marketing encompasses, it is very clear that is not simply creating a great "visual" campaign with a catchy tag line for print or media. Marketing to me seems to be more of a mix between art and science requiring a substantial amount of research to ensure that the product and/or services provided meet and exceed the customer's expectations. The 5 Ps of Marketing, also known as marketing mix, are the core strategic elements that companies use to ensuring they are satisfying their customers and enable them to differentiate from their competitors, these elements are Product, Place, Promotion, Price and People. Product - There is a lot of upfront work required to create a great product or service. When developing new products, there is a substantial amount of effort put into research, concept, product and consumer testing before an item makes it to the shelf or "virtual" on-line shelf. This testing is incredibly important to ensure customers respond positively to the product or if improvements need to be made prior to going to market. If this upfront work is not done, a company runs the risk of damaging their brand or losing money if the product ends up performing poorly. Continued research on existing brands is important as well to ensure that products remain relevant and continue to fit the customer’s needs. Perpetual mapping may be used for existing products/brands to understand how they are perceived andperforming as compared to their competition. When thinking of products, it is about functionality, appearance, warranty, quality and packaging. Place - Place is not simply defined as a specific location when it comes to marketing it also includes a significant amount of research to choose the best channels, distribution partners and platforms. Retail research is multi-faceted taking into consideration point of sale (POS) data, to understand the types of items and how frequent they are purchased, shopping habits, what stores people like to shop at, where they live and many other data points. All of this research is critical to ensure that companies are providing products that people want but are also able to fulfill the need by being in-stock when the customer wants it. Logistics, distribution and market coverage must be assessed to ensure that the product will be available when the customer wants it. In the Essentials of Marketing Research, they call out the shopper marketing which "addresses product category management, displays, sales, packaging, promotion, and marketing" (2017). Promotion - Promotions can be quite costly and companies should manage their budgets well on this to ensure that they spend their "advertising"/promotion dollars on what will get the most out of the investment. The Internet has provided expanded options for promotion, but also creates some complexities in identifying the value of what you get for your expenditure; clickthrough and purchases are base level metrics that can be tracked, but understanding demographics, locations, loyalty, etc., is lacking. Promotions can be considered sponsorships, advertising, public relations activities, message, and media. Price - When you think of great service and product offering, you think about the right product, at the right place, at the right time and at the right price. Price includes selling price, discounts, payment arrangements, price matching services and credit terms when it comes to marketing mix but making decisions about price is much more complicated. It requires a lot of data analysis, what is called Analytics to ensure that you are pricing you r items appropriately. In your experience in retail, this is especially important and must be tied to the company’s mission and strategy. Do you want to be knownfor high/low pricing (deep discounts for short periods of time), be known for everyday low prices that you can count on, or do you want to be considered more upscale and focus more on brand name andquality and not so much price? Companies that have limited analytic capabilities and systems infrastructure may be confined to as single price point for all customers whereas companies that invest in robust analytics and systems have the ability to consider areas with price sensitivities, offer different prices for different markets and identify sales forecasts at different levels, which can help companies protect their bottom line and margins. People - As called out in The Power of the Fifth P, the 5th P - People are often times are neglected yet are the element that can drive loyalty to your business. With the expansion of the on-line marketplace call centers employees and customer service representatives, may be the one interaction between a customer and a brand. In brick-and-mortar retail, that could be a customer service employee or a checkout clerk. This interaction is critical, if handled well, especially when there is an issue, it can reflectpositively on the brand, it handled poorly it can negatively affect the brand. In the 5 Ps of Marketing, they call out the People marketing mix as; service provided, attitude, customer service, appearance, and employee portrayal. When it comes down to it the customer is king and let's not forget queen... Excellent customer service goes a long way and people make the difference. The service that you like to highlight for this assignment is You have two dogs that are more like your children than dogs. YOU love them dearly and want the best for them. You are also very busy and look for convenience options where applicable. exemplifies all of the 5 Ps of marketing mix. The first of all have a state-of-the-art website that is easy to navigate and that provides transparency. They have a strong distribution network to support the vast array of pet products that areavailable at most retailers and even more importantly the higher end/specialty items that you need to ensure that you are feeding your dog’s quality product to keep them healthy. They provide consistent and timely services at a great price, generally less than most retailers and to top it off, you don't have to lug a 50# bag of dog food in and out of your car, it is delivered right to your door, and you are always confident that it will arrive on time. That is all great, but what makes them really stand out is their customer service. As an example, FedEx really messed up one of your deliveries. They

View Full Document
Download Lecture Notes 1.1
Our administrator received your request to download this document. We will send you the file to your email shortly.
Loading Unlocking...

Join to view Lecture Notes 1.1 and access 3M+ class-specific study document.

We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Lecture Notes 1.1 2 2 and access 3M+ class-specific study document.


By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?