Marketing concepts presented via diagrams, charts and frameworks used for identifying ways to increase sales, improve company’s market position, develop marketing plans, analyze competitive landscape and decide on how to compete in terms of product mix, price, place and promotion
Marketing Plan – Marketing Plan Template – Marketing Plan Sample – Marketing Plan is a document outlining company’s plans and course of action regarding advertising and product promotion. The plan usually addresses each of the components of the 4Ps of marketing, specifying what the place, promotion, price for a given product will be.
Below is a sample marketing plan template that identifies different channels for a real estate company advertising including internet marketing, direct mail, open houses (i.e. physical advertising) and other channels. Marketing plans also include specifics on how each of the channels will help promote the product.
Four Ps – 4 Ps – Four Ps Analysis – Four Ps Marketing – Four Ps Framework – 4 Ps, also known as Marketing Mix, is a business methodology that summarizes four key marketing components of a product or service offering.
The four parts of the framework are product, price, place and promotion. Product refers to the features of the product service. Price is the cost to the consumer as well as time and effort. Place is the location of sale / provision of service. Promotion is how the product is advertised and delivered to the consumer.
Marketing mix is a fundamental business tool that outlines the four key components of any product or service: product, price, promotion and place. Acting as a short-cut, the marketing mix allows marketers to easier envision an optimal brand’s offering. The framework was originally coined in the 1960’s by a marketer by the name of E. Jerome McCarthy and since then became popular and has been used throughout the world.
This category includes a wide range of offerings. In fact, a product or a service can be anything that satisfies a customer demand, whether tangible or intangible. For example, a car, a disposable razor or a software program – all fall under the tangible category. In order to create value for customers and the firm, marketers need to make decisions about the product, such as: brand, size, quality, features, packaging, warranty, etc. Once these key product characteristics have been identified, the marketing team can then move on to determining the price of the offering.A service, on the other hand, usually falls under an intangible category, such as a technical support experience, a haircut or a plane flight.
Price is a crucial component of the marketing mix for two reasons. First, it is a major determinant of the company’s profit and therefore company’s success on the market. Secondly, it affects how valuable the customer finds the product or service. On the one hand, the less the customer has to give up in order to receive something, the more valuable he or she will perceive it to be. On the other hand, certain luxury goods and services (e.g. a high-end car, a business class flight, a designer dress, etc.) are sometimes perceived as more valuable as a result of their higher price.Aside from money, price also includes other things a customer is willing to give up in return for the product or services, such as time and effort.
From the marketer’s perspective, determining the price could also involve determining the following: discounts, allowances, costs, payment periods and credit terms.
Promotion includes providing information and communicating value to potential customers. Such communication can be used to persuade and remind potential customers, influence and enhance their opinion of product or service, as well as elicit a response. The multiple methods of promotion include: advertising, public relations, sales promotion, celebrity endorsements, product placement and word-of-mouth. Marketers task is to determine which method(s) better suits the target audience.
Of the 4P’s of the Marketing Mix, place is an often undervalued component. However, place refers to the distribution of goods or services from the manufacturer/provider to the consumer. This process includes multiple stakeholders and therefore involves higher risk. A few examples of such intermediate agencies are: marketing channels, retailer locations, supply chain, etc. Therefore, it is crucial to create a well-functioning logistics, so that the product or service is delivered on time and conveniently for the customer. To do that a mix of strategies like intensive distribution, selective distribution, exclusive distribution and franchising can be used.
CDSTEP – CDSTEP Marketing Diagram – Cdstep Marketing Analysis – Cdstep Marketing Framework – Cdstep Marketing Business Methodology – Cdstep Marketing model is a marketing tool that shows various components of marketing including immediate environment such as customers, company, competitors and outside environment.
The outside environment includes the following macro environmental factors: demographics, culture, social, legal, political, technology and economic environments. Essentially, cdstep is showing that marketing is more than just communication of a product to a consumer, it is very much dependent on the surrounding environment. Below is the cdstep marketing strategy diagram.
Customer Lifecycle – Customer Life Cycle – Customer Lifecycle Analysis – Customer Lifecycle Framework – Customer Lifecycle Business Methodology – Client Lifecycle model is a key business strategy tool that shows the customer loop from the very initiation through purchase to advocacy. The importance of this framework is in the fact that the client goes through a number of stages and a business needs to be aware of these lifecycle stages and travel with the customer at each phase. There should be a tactic or a strategy for each of the customer phases that a company needs to think of.
Below sample Customer Life cycle chart is a useful business management tool. The stages include: awareness, knowledge, consideration, selection, buying, satisfaction, loyalty and advocacy.
BCG Matrix – BCG Matrix Analysis – Bcg Matrix Framework – Bcg Matrix Business Methodology – Bcg Matrix model categorizes companies and products by the type of market they are in. Matrix has four quadrants divided by the market growth and market share on each of the axis.
Each of the quadrants in the bcg matrix represents a certain market position and is depicted by a symbol a star, which stands for high growth, high market share; the cow (also known as a cash cow) stands for high market share and low growth, a dog for low market share and low growth and a questin mark, which represents high growth but low market share. BCG Matrix developed by the BCG consulting company is one of the top business frameworks. Below sample images are examples of bcg matrix used in business management.