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3 competitors – must be studied in terms of their

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Unformatted text preview: 3. Competitors – must be studied in terms of their capabilities and strategies, so that the organisation can meet the needs of its customers better than its competitors 4. Environment – comprises all the variables that directly or indirectly influence marketing activities. • The organisation must combine the product, price, distribution and communication elements at its disposal to satisfy the needs of the consumers in its target market. The combination of these elements is called the marketing mix: 1. Product – a set of tangible and intangible attributes which may include packaging, colour, price, quality and brand, as well as the seller’s services and reputation. Customers are not buying a set of attributes, they are buying “want satisfaction” in the form of the benefits they expect to receive from the product. 2. Promotion (marketing communications) – a company’s attempt to influence potential customers. Serves to inform, persuade and remind the market about the organisation or its product or service. The forms of marketing communications: personal selling, advertising, sales promotions, public relations and publicity. o To communicate effectively with the target market, the marketing communications strategy requires answers to the following: i. With whom do we want to communicate? ii. What effect do we want our communication to have on the target audience? iii. What message should we convey to the target market? iv. What means and media should we use to reach the target audience? v. When should we communicate with the target audience? 3. Price – customers can buy ownership of a product or limited usage rights (e.g. rent or lease). 4. Place (distribution) – the role of the distribution element in the mix is to get the product or service to the organisation’s target market, because if it is not where the customer requires it to be, the organisation will be unable to satisfy the customer’s needs. 2 • An overall model of customer behaviour: CUSTOMER External influences: Culture Subculture Reference groups Social class Family Marketing activities Internal influences: Perception Learning Motivation Lifestyle Attitudes Personality Self-concept Market characteristics: Climate Economy Government Technology Personal characteristics: Race Gender Age Decision making: Individual Organisational Family Study unit 2 – Creating market value for customers • Value – the beliefs that a community shares and that provide guidelines for how community members should think, act and feel in a given situation. Value is closely tied in with customer culture. Value indicates that a particular product has potential benefits such as product quality, image and purchase convenience which consumers expect from it at a particular price level....
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3 Competitors – must be studied in terms of their...

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