What Is the Difference Between a Marketing Mix & a Promotional Mix? | gtfd.info
Marketing develops a relationship between a large customer base and the products Marketing and sales both the terms are part of the strategy of business. To succeed, a strong business will need an excellent, well coordinated marketing effort. To generate the sales that make business owners sleep well at night. Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote It is key to the success of the product pre- and post- sales.
There are four main corner stones of marketing intelligence. The first one is competitor intelligence, the others are product intelligence, market understanding and customer understanding. It is about analyzing strengths and weaknesses of the competitor. The basic goal of competitive intelligence is to make better business decisions.
Product Intelligence is related to gathering information about your own product. The focus around product intelligence is on gathering information about the quality and performance of the product. This is usually an automated process. With the help of this knowledge, the company tries and makes the user experience better or makes changes in the product itself to make it safer or add new features.
Market Understanding is a concept wherein the company tries to understand the performance of the product in which it is already operating as well as looks at other markets where it wants to launch its product thoroughly.
Finally, understanding the customer is the utmost important aspect in the life of any product.
It is key to the success of the product pre- and post-sales. A price that fairly matches your product is important as well. More Than a Place The original idea behind the place component was that businesses offer products and services through locations.
Part of marketing is letting customers know where they can find you and your products. Over time, though, place has given way to distribution, as people buy products through catalogs, the Internet, mobile devices and kiosks. Thus, developing a distribution process that meets customer demands for efficiency and convenience and promoting your ordering and fulfillment methods are also important.
Positioning Along with a general intent of selling value, your development of a marketing mix strategy helps you establish your position in a target market. This involves the development and communication of differences that make your product bigger or better than competitors. Promotion includes the means taken to inform the customers of the products and services provided, including personal selling, advertising, sales promotions, and public relations.
It is said that a product is completed when customers know it exists, know its quality and features, react to it positively, and buy it.
Without knowledge there can not be demand. Promotion enables product awareness, positive attitudes and buying decisions [ 41 ]. Although there has been great interest in the concept of brand equitylittle conceptual development or empirical research has addressed which marketing activities most support the building of brand equity [ 9 ].
Researchers have focused on exploring the brand equity concept, rather than its sources and development. They pointed out that numerous dimensions precede brand equity.
For instance, any marketing action could affect brand equity since it signifies the effect of accumulated marketing investments in the brand. For example, brand-name recognition with strong associations, perceived quality of product, and brand loyalty can all be extended through precise long-term investment.
What Is the Difference Between a Marketing Strategy & a Marketing Mix?
Thus, brand equity is not managed in the short term but rather over time, by sustaining brand consistency, protecting the sources of brand equity, taking appropriate decisions about leveraging the brand, and altering the supporting marketing programs [ 42 ]. For instance, taking marketing decisions related to the selection of a brand name could easily affect brand equity either positively or negatively, since it could enhance the reputation and image of the brand, the brand loyalty, and the perceived brand quality.
Researchers also propose that marketing decisions and market conditions influence brand equity. Simon and Sullivan [ 14 ] list advertising expenditures, sales force, and marketing research expenditures -along with the age of the brand, advertising share, order of entry, and product portfolio-as the foundations of brand equity.
The Relationship between Elements of Marketing Mix and Brand Equity
Marketing activities such as the use of public relations [ 8 ]; warranties [ 43 ]; slogans or jingles, symbols, and packages [ 8 ]; company image, country of origin, and promotional events [ 1 ]; and brand-naming strategy [ 42 ] have also been put forward. According to Yoo et al. They investigated consumer perceptions of five selected strategic marketing elements: Consumers use price as a significant extrinsic cue and signal of product quality or benefits.
High-priced brands are often perceived to be of higher quality and lower risk compared to low priced brands. Consequently, price is positively related to perceived quality. Rao and Monroe [ 44 ] show that a positive relationship between price and perceived quality is well founded in previous research.
By increasing perceived quality, price is related positively to brand equity.
What Is the Difference Between a Marketing Strategy & a Marketing Mix? | gtfd.info
While a low-priced product would imply transaction utility i. Both lowand high-price strategies help consumers equally regarding awareness of the product.
Distribution intensity is also highly correlated with brand equity. Making a product available in more stores will increase customer satisfaction through convenience, time saving, speedy service, and service accessibility. Distribution intensity maintains its effect on brand equity although product-type can significantly moderate the effects.