- Explain the difference between the marketing of goods and services.
In marketing goods, the business need to focus on the special features that their products have which is better than compared to other competitor’s products. Marketing goods focus on four P’s which are price, product, promotion, and place.
In marketing services, the business focus on the customer service side and on three additional P’s which are people, process, and physical evidence.
- Analyze the marketing techniques of non-profit organization.
- Identify the target market- identifying the general characteristics like age, income and leisure activities and this enables them to make an effective marketing strategy.
- Find a way to communicate and connect to their target market.
Collaborate with other nonprofit organizations and provide a donation strategy.
- Distinguish between product-oriented marketing and market-oriented marketing.
Product- oriented marketing is focused on making the best product the best way possible and then trying to sell it. Market-oriented marketing is when they focus primarily on meeting the wants and needs of their customer base.
- Give an example of an industry where product orientation may be successful and explain why this is the case.
Apple’s products are centered on perfection and because of it their selling price for their products are more expensive than their competitors. However since they are loyal to their customers in their quality, even though the price of their products are expensive their products sell at a high rate.
- Define the advantages of being a market-oriented organization.
Since the business knows what the market wants, the business can adapt and focus their products to what the customer’s needs and wants and maybe be more efficient in creating their product.
- Discuss the effectiveness of the marketing mix in achieving objectives.
Marketing mix: 4P’s= Product, Price, Promotion and place. By using these, the business has something to focus into and choose the balance whether they want a good product, a good promotion, a good price, a good place, or all of them.
- Examine the appropriateness of marketing objectives.
Marketing objectives help to promote their products or services, in a specific period of time to the consumers.
- Analyze and evaluate different methods of market research.
Online survey: not reliable but usually faster, Telephone Survey: more costly and take a longer time but usually more reliable answers, In person interview: high cost but more reliable answers, Mail survey: not reliable, Field trials: More realiable answers and customers can tell you to modify and improve the products for a better result.
- Evaluate different marketing strategies.
- Using SWOT to know more about the business’ opponent
- Know and understand the needs and wants of customers
- Plan marketing mix
- Marketing network to gain more commission
- Review the product (what needs to be improved or fixed)
- Analyze the appropriateness of different pricing strategies.
By releasing the product in the market with a higher price to attract the customers, and then sell it near the same price as the competitor’s product, then lower more of the price: customers think it’s cheaper but they have the same quality.
- Distinguish between different types of promotion and discuss their effectiveness.
- Sales Promotion= Customers are automatically attracted to lower price
- Direct marketing= Cheap
- Personal selling= The business has easier access and more interaction with the customers
- Advertising= It quickly and effectively makes your own product well-known by lots of people
- Discuss the effectiveness of different types of distribution channel.
- Indirect channel: Involves one or more middlemen that will help move the product to the production place
- Zero level channel: If they can sell their products on their own directly it will be easier and cheaper than hiring someone else.
- Evaluate the opportunities and threats posed by entry into international markets.
Opportunities: They can earn more revenue because they are now able to sell to a wider variety of people and more people.
Threats: Tariffs from tax make selling price more expensive which may hinder international customers from buying the product. Product and brand might not be well known in the country which means that when entering the market the product sells slower.
- Analyze the effect of e-commerce on the marketing mix.
Businesses are able to sell to a wider range of customers (in the area or outside the area). Without having to pay for the cost of running a retail store, the selling price of items can me made less so that it is more competitive compared to retail locations and is easier to attract the customers.
- Define and explain the term “market research”.
Market research is the action or activity where the company collects or gathers information to access the consumer’s needs and wants. By doing market research, it provides reliable data to improve the products or services of the business.
Answer the following case studies.
- Choose an industry you are interested in. Which of the elements of the marketing mix are most important to businesses in this industry? Why?
The four Ps play a big role in the marketing mix Price, product, promotion and place.
In the smart phone industry, the elements that play a really big role are price, product, and promotion. The top of the smart phone industry is currently being led by Samsung and by Apple, and both of them use the marketing mix differently. While Apple price their products at a more premium rate, Samsung is generally cheaper compared to Apple. Another big difference is that Samsung provides a wider variety of products with different price ranges and qualities from their premium range to their low-budget range compared to Apple which only supplies a limited choices of products. This is why Samsung sells more products compared to Apple because it also appeals to the people who cannot afford paying a premium price. Another huge role in the smartphone industry’s marketing mix is promotion. The biggest smart phone brands rely on huge big-budget advertisements to sell their product and to get their reputation spread as much and as fast as possible.
What limits an organization’s ability to create the marketing mix it desires?
The biggest limits are cost, and competition.
Do you think it is unethical for organizations to market directly to children?
I do not think it is unethical for organizations to market directly to children because many companies around the world are doing it already and it is proven working. Therefore, if it creates money than why shouldn’t we do it?
- Think of an organization you are familiar with. What are the advantages and disadvantages to the organization of: (UNICEF)
- Primary market research
- Advantages- easier access to updated information
- Disadvantages- takes time
- Primary market research
- Secondary market research
- Advantages- easy access to more information
- Disadvantages- might be unreliable
Explain why consumer profiles are useful for businesses.
The businesses will able to do identify the needs and wants of the company.
- Look at a product you know which has had sustained success over a long period of time. Why is this? What extension strategies have been used to maintain market share when faced with newer competitors?
- Playstation series: They have a huge market of gamers however a small number of competitors in the console manufacturing industry. Their products are of high demand and of high quality. Extension strategies includes excellent over the top quality promotionals (advertisements, websites, events), and occasional limited editions series.
Explain the main differences between above-the-line and below-the-line promotion.
- Above the line promotion is where mass media is used to promote brands and reach out to the target consumers
- Below the line promotion is more one to one and involves the distribution of brochures and etc.
Select a local business that you believe is poorly promoted. Prepare a suitable promotional mix to improve the effectiveness of its promotion.
- Sentosa Sports Club (pool & gym)
- Price- Too expensive for the little amount of features
- Product/Service- Poorly maintained
- Promotion- Very little promotions, only banners in front of the building
- Place- Place is inside a housing complex which is good just for targeting the people living in it.