Marketing

Marketing – is a term given to all the different activities intended to make and attract a profitable demand for a product.

The marketing mix is the combination of techniques used to market a brand. They are called the Ps. Originally there were 4 Ps:

1. Product (or service) what you sell and the variety of products you sell. This incudes the quality (how good it is), branding and repuration(the opinion the consumers have) of the product

2. Price

3. Place. Where you sell the product or service. This means the location of your shop or outlet ir the accessibility of your service.

4. Promotion How you tell customers about the product.

Today some marketers talk about an additional 4 Ps

People. How your staff are different from those in a competitor’s organization

Physical presence. How your shop or website looks

Process. How your product is built and delivered or haw your service is sold, delivered and accessed.

Physical evidence. How your service becomes tangible. For example, tickets, policies and brochures create smth the customers can touch and hold.

AIDA (Attention – Interest – Desire – Action) - is an acronym which represents the steps a marketer takes in order to persuade customers to buy a product or service.

There are some marketing analyses.

Swot analyze – before entering the marketplace it is essential to carry out a SWOT analyze. This identifies the strengths and weakness of a product service or company, and the opportunities and threats facing it. Strength and weakness refer to the product itself and are consider as internal factors. The external factors, referring to the marketplace are opportunities and threat.

STEP analize looks at sociological, technological, economic and political factors in the market environment on a macro level –often looking at a particular country or region.

Branding

Many companies decide to brand their products or services by usind a name, a symbol or a design to identify it and differentiate it from a competitive set. Consumers can easily recognize brand and the brand values.

Pricing strategies

Penetration pricing– the price charged for products and services is set artificially low in order to gain market share

Premium pricing – use a high price where there is a substantial competitive advantage.

Economy pricing – marketing and manufacturing costs are kept to a minimum.

Price skimming – charge a price because you have a new product type.

Psycological pricing 0 the consumers respond on an emotional, rather than rational basis.

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