Week 2: Overview of Marketing Mix PDF

Week 2: OVERVIEW OF MARKETING MIX Dr. De-Graft Johnson Amenuveve Dei [email protected] 0243775571  Overview of Information Marketing Introduction The traditional and modern Concept of Marketing Functions of Marketing Benefits of marketing...

Week 2: OVERVIEW OF MARKETING MIX Dr. De-Graft Johnson Amenuveve Dei [email protected] 0243775571  Overview of Information Marketing Introduction The traditional and modern Concept of Marketing Functions of Marketing Benefits of marketing Information Marketing Introduction to Marketing MIX The 7PS & 7Cs of MM 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 2  Introduction 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 3  Introduction No matter what type of business you’re in, there is an information component that you create, process, store, share and market. Information marketing can be used as a standalone business, or it can supplement your service-based business as well. Information products include DVD/VCD/CDs, e-books, video training courses, software, live coaching programs, audio interviews, workshops and traditionally published books. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 4  Information Marketing Information Information Marketing Marketing 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 5  Marketing Traditional Concept of Marketing 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 6  Traditional Concept of Marketing This concept focusses on selling goods and services. It emphasizes on promotion and sale of goods and services and little attention is paid to consumer satisfaction. This concept has the following implications: 1. The main focus of this concept is on product, i.e., we have a product and it has to be sold. So, we have to persuade the consumers to buy our product. 2. Concentrate on selling. adopt all means like personal selling and sales promotion to boost the sales. 3. Profit maximization through sales 7/18/2022 Slide 7 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected]  Modern Concept of Marketing All marketing activities considers the consumers’ wants and needs as the guiding spirit and focuses on the delivery of such goods and services that can satisfy those needs most effectively. Marketing starts with identifying consumer needs, then plan the production of goods and services accordingly to provide him the maximum satisfaction rather than according to the availability of materials and machinery. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - Slide 8 [email protected]  Marketing Definition The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services (Kotler, 2015) The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (AMA, 2018) 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 9  Functions of Marketing 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 10  Functions of Marketing 1. Buying 9. Public Relations 2. Selling 10. Distribution 3. Advertising 11. Product Development 4. Management 12. Packaging and Labelling 5. Marketing Research 13. Branding 6. Marketing Planning 14. Customer Care/Service 7. Promotion 15. Storage or Warehousing 8. Pricing 16. Social responsibilities 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 11  Benefits of marketing Provide satisfaction to customers Increase in demand Provide better quality product to the customers Create goodwill for the organisation Generate profitable sales volume Increases awareness – Increases patronization and usage Creates trust 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 12  Information Marketing 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 13  Information Marketing Creating, promoting and selling of information products. The process of creating, promoting and selling digital products which help to solve a common problem within a specific niche or "topic". Information Marketing helps Information Professionals and Information centers better understand the clientele and market dynamics. Example: Product information Market share and penetration: Pricing strategy Competitive positioning and messaging Win/loss analysis 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 14 Information Marketing cont… 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - Slide 15 [email protected]  Information Marketing cont… Product information: Competitive positioning: What product is offered or How effective are the messages at available? generating interest for your product? What features or capabilities make Market share and penetration: these products attractive to prospective customers? Win/loss analysis: How are products packaged and What proportion of new sales are you offered to customers? winning or losing? Pricing strategy: Why are people selecting your product over competitors’? What pricing structure and strategies do you use? Why are they selecting a competitor’s offering instead of yours? What special pricing or discounting do you offer? 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 16  Reasons for Information Marketing 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 17  Reasons for Information Marketing The notion that Information Professionals are reactive has changed. They are now proactive to the information needs of their clients. Therefore, they must know how to market their products for the following reasons 1. Free for Services vs Fee for Services 8. Decreased funding 2. Developments in Information Technology 9. The complex demands of user information 3. Competitions by other Information Providers 10. They need to win back lost users/clients 4. Marketing – a new philosophy of non-profit 11. Retention of existing users/clients organisations 12. Client satisfaction as key objective 5. Improved provision of services 13. Continue survival of the Information Center 6. Improved image of Information Professionals 14. Creating targeted promotions 7. Changes in consumers behavior and actions. Information Professional can send targeted promotions and Information Products to the clients. 7/18/2022 Slide 18 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected]  Marketing Mix 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 19  Marketing Mix Set of marketing tools that the firm uses to pursue its marketing objectives in the target The set of controllable variables (the P’s/C’s) that the firm can use to influence the buyer’s response”. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 20  The 7P/Cs of Marketing Mix 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 21  The 7P/Cs of Marketing Mix … Product/Customer What is been offered May be Tangible or Intangible Fit for purpose (need and satisfaction) or what the clients/customers are expecting to get. It involves addressing the customer needs and wants through appropriate products and services. This includes managing the process of product/service as well as management of products over the life cycle of products decisions relating to product variety, quality, design, features, brand name, packaging, sizes, warranties, etc. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 23  The 7P/Cs of Marketing Mix … Price/Cost – Cost of acquiring or obtaining the product Value/worth of products Price includes – cost/price of the product, memberships subscription. discounts, allowances, payment period, credit norms, etc. – the time it takes to research a product and make a purchase. – the cost of trade-offs that consumers must make, such as forgoing another purchase, or the cost of guilt they experience for buying or not buying a product. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 24  The 7P/Cs of Marketing Mix … Place/Convenience – Where and when the product is available Ease of access Location Distribution How easy or difficult it is for consumers to find and purchase a product. The rise of Internet marketing and purchasing has made convenience more important in customer decisions than physical place. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 25  The 7P/Cs of Marketing Mix … Promotion/Communication – The tools used to put across the information centers message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions. It include the selection of appropriate promotion tools such as, direct marketing, sales promotion, advertising, personal selling and public relations. In the digital world, however, it also includes emails that customers either opt into or initiate, brand ambassadors, blog posts, websites, sponsored product placement, and social media channels. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 26  The 7P/Cs of Marketing Mix … People – Individuals and their roles in product and service delivery to the audience/clients/customers from front line staff to the Managing Director. Having the right people is essential because they are as much a part of your business offering as the products/services you are offering. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 27  The 7P/Cs of Marketing Mix … Processes – The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for. Delivery process Waiting time 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 28  The 7P/Cs of Marketing Mix … Physical Evidence – Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible. Some take the form of printed material, bulletins, websites, news reports, etc. 7/18/2022 Dr. De-Graft Johnson Dei, - DIS-UG - [email protected] Slide 29