Marketing and Branding

1. Branding VS Marketing

1. Time - Branding is LONG term while Marketing is SHORT term 2. Consistency - Branding remains CONSISTENT while Marketing is constantly EVOLVING (message changes but identity does not) 3.Creates - Branding creates RELATIONSHIPS while Marketing creates NEEDS 4. Importance - Branding is important of brand REPUTATION while Marketing is important for creating SALES

2. Define Marketing

The function of a business that focuses on finding consumer needs according to their LSM (living standards measure) and selling products or services to satifsy those needs

3. Aims of Marketing

1. Identify customer needs and wants 2.Increase sales and profits 3. Make customers aware of products and services

4. What is a service?

Any action that isoffered by one party to another and is intangible

5. What is a hybrid-service offering?

When a service and the physical product is combined

6. What are the 7 Ps of Marketing?

1. Product 2. Pricing 3. Promotion 4. Placement 5. People 6. Process 7. Physical evidence

7. (7 Ps of Marketing) Product - Range of Product types

1. Convenience goods 2. Select goods 3. Speciality goods

8. (7 Ps of Marketing) Product - Convenience goods

Consumers purchase with minimal effort (Eg bread and milk)

9. (7 Ps of Marketing) Product - Select goods

Consumers purchase them with thought and some price comparisions (Eg clothing)

10. (7 Ps of Marketing) Product - Speciality goods

Buyers use significant efffort to purchase them, tend to be high end (Eg cars and household appliances)

11. (7 Ps of Marketing) Product - Product Lifestyle

1. Development 2. Introduction 3. Growth 4. Maturity 5. Decline

12. (7 Ps of Marketing) Product - Impact of the Product Lifestyle

Has an impact on how the product is marketed

13. (7 Ps of Marketing) Price - What is Price?

The monetary value of a product or service that consumers are willing to pay

14. (7 Ps of Marketing) Price - What must be considered before setting the price?

1. Will consumers be WILLING to pay the price (snob attitude) 2. How senstitive are consumers to price change? 3. Availability of substitute products

15. (7 Ps of Marketing) Price - Demands?

Inelastic (necessities) and elastic (luxury goods/services)

16. (7 Ps of Marketing) Price - Pricing strategies

1. Market pentration 2. Loss leaders 3. Promotional pricing 4. Bulk discount 5. Prestige

17. (7 Ps of Marketing) Price - Market Penetration pricing

The business starts with cheaper prices to encourage people to try them out

18. (7 Ps of Marketing) Price - Loss leader pricing

Reducing the price of a good in hopes that consumers buy its complementary goods (eg - reducing the price of burgers so that consumers will buy chips)

19. (7 Ps of Marketing) Price - Promotional pricing

Discounted prices and specials on certain days and events

20. (7 Ps of Marketing) Price - Bulk discount

Offered to customers who buy large quantities (Eg family meals)

21. (7 Ps of Marketing) Price - Prestige pricing

People with snob attitudes associate high prices with status and therefore these products are priced high (eg fine dining experience or certain cuts and types of meat like wagyu)

22. (7 Ps of Marketing) Place - what considerations are made with place?

Proximity to consumers and the proximity of branches to one another

23. (7 Ps of Marketing) Place - Selective distribution

The brand distributes its items to its own stores and selected stores rather than pkcing its products in a rnnage of locations

24. (7 Ps of Marketing) Place - Exclusive distribution

Goods can exclusivively be bought at the brand’s own store

25. (7 Ps of Marketing) Place - Franchising

Also a mechanism of distrubution

26. (7 Ps of Marketing) Promotion - Another name for promotion

Marketing communication

27. (7 Ps of Marketing) Promotion - What is promotion?

The way the business communicates what it does and what is offers to the consumer along with stakeholders to ensure transparency at all levels

28. (7 Ps of Marketing) Promotion - Activities of promotion

1. Branding 2. Public Relations 3. Corporate Identity 4. Personal sales 5. Sales management 5. Special offers and exhibitions

29. (7 Ps of Marketing) Promotion - important aspects to remember

1. Getting the correct level of attention 2. Message must be appealing to win customers over

30. (7 Ps of Marketing) People - Who does this refer to?

Refers to the employee and not the consumer

31. (7 Ps of Marketing) People - Why are employees important to marketing?

Employees are the face of the business and therefore are responsible for the reputation of it.

32. (7 Ps of Marketing) People - What must business do with their employees to ensure good marketing?

The business must ensure the correct level of training and motivation is given to these people.

33. (7 Ps of Marketing) People - What relationship do employees have with the product?

Consumer opinion of the product is influenced by the service that employees serve it with. If the service is poor this leads to overall poor publicity

34. (7 Ps of Marketing) People - effect of aftersales support?

Adds value to the product or service that is bought by the consumer and can become more important than the price once consumers engage with the product

35. (7 Ps of Marketing) Processes - What are processes?

The part of service that customers experiences with regards to how things are done

36. (7 Ps of Marketing) Processes - What issues are vital to prevent?

1. Waiting times 2. Information given 3. Helpfullness of the staff

37. (7 Ps of Marketing) Processes - Why are processes important to customers?

Customers should not be kept waiting and should be given the correct information. Many customers can often give up on the business due to poor processes and will be left with a negative impression

38. (7 Ps of Marketing) Processes - What must be considered when designing systems?

The business should focus on how the customers will experience the system and not only focus on what makes the business effective

39. (7 Ps of Marketing) Physical Evidence - What is physical evidence?

What the customers see

40. (7 Ps of Marketing) Physical Evidence - Associated factors with service

1. Stores presentation 2. Appearance of the staff 3. Business cards and brochures 4. Signage used on the premise and the website

41. (7 Ps of Marketing) Physical Evidence - What does physical evidence confirm?

The assumptions of the customer and gives visual clues on what is to be expected

42. (7 Ps of Marketing) Physical Evidence - How does it influence the customers perception of quality?

Location and the physical appearance of the premise can give customers a sense of quality

43. (Strategic role of Marketing) Marketing Strategy - What?

Coordinates aand considers all aspects that are needed to reach the consumers. This nees to be in line with the overall corporate strategy of the business and can sometimes require collaboration between other business functions to ensure that it is implemneted properly and that all objectives are reached

44. (Strategic role of Marketing) Marketing Strategy - Considerations

Social, political, economic, cultural and technological trends that shape the market they operate in

45. (Strategic role of Marketing) Marketing Strategy - Market audit

The business must pin point their position in the market and look at the resources that they have to influence the market

46. (Strategic role of Marketing) Marketing Strategy - Marketing Plan

Defines the objectives, determines the targets and performance measures to understand financial budgets

47. (Strategic role of Marketing) Marketing Strategy - Market Mapping

Visual representations of market conditions /trends (Eg a cost and quality compass)

48. INTERDEPENDENCE