Products are “a bundle of benefits which satisfy a set of wants that customers have”. There are three key facts here: benefits rather than features, wants rather than needs, and customers, the most important element of a business. You can break a product down into three aspects: physical (what it looks like), functional (what it…
Having conformed to the concept of marketing orientation, when the company focuses its efforts around the customers’ needs, the idea of building long-term relationships with those customers came about. It is, of course, much easier to do business with your existing customers than to go about getting new ones. Once a customer has done business…
Marketing is actually a fairly recent phenomenon. It came about as a series of methods to enhance profits, analyse customers and to produce planned processes. After the industrial revolution arose the means of mass production. Companies could produce much more on demand, which in turn created more discerning customers with changing expectations, combined with increasing…
The definition of an objective is an aim (something that we would like to do) that is measurable (we have means of knowing we have achieved it). During the process of setting objectives a company has to be aware of the internal and external influences that could affect it. It’s no good creating any objectives…
The marketing planning process could be compared to a journey. There is a definite process of getting from one place to another, in an orderly fashion, to achieve the necessary goals. Marketers can get quite strung up on planning a marketing strategy, some perform it down to the enth degree, while others brush it to…
I have such a lot to learn for my first exam for my CIM Marketing course. The only way I can not only remember the facts, but to understand the true meaning means I have to blog about them. So here is a version of the Marketing Mix. The Seven Ps are derived from the…
Philip Kotler’s definition is: “Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Of course people have many conceptions as to what marketing is – it depends on where you work and what you want to achieve. Some see…
In my past post about customer loyalty, I mentioned that “Loyalty requires working on these satisfied customers, giving them excellent, high quality service, forming a relationship with them to find out exactly want they want, how it can be delivered to them in the best possible manner, and consistently providing your service that exceeds their…
A brand is perceived in many ways by the customer, and by the company. There are many misconceptions like a brand is the logo: a name, symbol, colour, font, slogan or whatever, but it is more than that; the logo is merely the brand’s element that is immediately recognisable, and differentiates it from its competitors….
In one of the questions I answered in LinkedIn, one responder asked me what I meant by added value. He thought it referred to the difference between the cost price and the manufactured price of a product. It may do, but when you use the term added value in marketing it takes on a different…
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