Stuvia-10145-com3701-prep-stuvia - COM3701 cheatsheet...

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COM3701 cheatsheet written by Robzkeet The study-notes marketplace Buy and sell all your summaries, notes, theses, essays, papers, cases, manuals, researches, and many more... Downloaded by:: robyndelport | robyndelport[email protected] Distribution of this document is illegal
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COM3701 cheat sheet 4p’s Traditional marketing mix The organisation develops a marketing strategy which usually includes the 4 P’s to align the organisation’s operations and to satisfy the needs and wants of its target market. The basic task of marketing is to combine these four elements into a marketing programme that can enhance its effectiveness when dealing with customers. The 4 P’s are as follows: I. Product Products refers to ‘the bundle of attributes and features’ – both tangible and intangible which an organisation offers, It includes the parts that support the physical product - that is, Its packaging Warranty and colour Its emotional components Brand loyalty Status Self-esteem Security Convenience If the aim of an organisation’s new product is to gain a competitive advantage, product planning is managed by means of strategies to improve existing products and to develop new ones, as well as a consideration of product elements such as branding, packaging and other product features. II. Price Burnett and Moriarty defines price as the ‘total value assig ned to the product by the seller and the buyer’. The price of a product has different meanings for sellers and buyers, For the seller it is a series of cost components and is related to profit, while for the buyer it is the historical price of the product, the competitive price, the expected price, the financial risk involved in buying the product, and the perceived need for the product. Stuvia.com - The study-notes marketplace Downloaded by:: robyndelport | [email protected] Distribution of this document is illegal
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Stuvia.com - The study-notes marketplace The producers and methods which an organisation uses to meet its goals are dependent on the market and competitive circumstances as well as cost. The right price has a direct effect on an organisation’s profits because it determines the differences between the cost of producing an item and the price at which it is eventually sold. However, a higher price can reduce demand while a low price can often lead to increased sales. III. Place The place or distribution channel is ‘the marketing mechanism used to present , deliver, and service the product for customers’. Koekemoer explains distribution as the ‘process of ensuring that the marketers product offering is made available to the targeted consumers is the right places, at the right time, in the right quantities, in the ‘right’ condition, and at the “right cost”.
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