The Fundamentals of the Global Marketing Mix

To Plan a Marketing Mix An Organisation will have to determine the P’s: Product People 4P’s Promotion 7P’s Process Price Physical Distribution

Marketing Mix Planning The Marketing Mix will be tailored to offer value to customers, to communicate the offer and to make it accessible and convenient. Adjust to the cultural constraints of the environment that can effectively achieve corporate objectives and goals.

Marketing Mix Planning Meet target market requirements: standardise or adaptation. Answer three major questions: Which elements of the marketing mix can be standardised and where is standardisation not culturally possible? Which cultural/environmental adaptations are necessary for successful acceptance of the marketing mix? Will adaptation costs allow profitable market entry?

Marketing Mix Planning A logical sequence and a series of activities leading to the setting of marketing objectives and the formulation of plans for achieving them.

Marketing Mix Planning Essentials: For operating in a complex/dynamic environment Interaction of internal and external factors Typical companies objectives: Maximising Revenue Maximising Profits Maximising Return on Investment (ROI) Minimising Cost

Managing the Marketing Mix Involves the use of tools and techniques: To find out what the customer want ,for the matching process Marketing Research / Marketing information Develop products/services to satisfy those wants  Product management Charge for the product/service  Pricing

Managing the Marketing Mix Get the product/service into the customer hands giving a time and a place utility given distribution and customer service Channels and Physical Distribution Tell the customer about the product/service  Communication

Marketing Communications To communicate with customers current and potential in a wide variety of ways. Two main categories: Impersonal - Advertising, point of sale, displays, sales promotion, electronic media and public relations

Marketing Communications Personal- direct person to person- face to face meeting between a sales person and the customer such as selling and call centres. “ There are many techniques at the disposal, which may be used either singly or in a combination - The Communication Mix- as a particular situation demands to maximise the impact within a given budget constraints.”

Structuring the Communication Mix Developing effective Marketing communication follows a six stage process: Identify the target audience- whom the message should reach; Determine the response required- What would the marketer like the audience to do after they get the message. Choose the message - Write the copy, or produce an appropriate image;

Structuring the Communication Mix Choose the Channel- Decide which news paper, Tv Station, radio station or other medium is more appealing to the audience Select the source’s attributes- Decide what it is about the product or company that needs to be communicated Collect Feedback- Market research to find out how successful the message was

Marketing Communications Plan Situational Analysis: Company Analysis Competition Analysis Consumer Analysis Market Analysis Product Analysis Setting Objectives

Marketing Communications Plan Marketing Decision Making * Operational Decision Making * Campaign Management Campaign Evaluation

Formulating a Strategy * * Strategic Decision Where we want to be; Covers a period beyond the next fiscal year, this plan is for between three and five years; Difficult to reverse; Involve rejection of alternatives.

Formulating a Strategy * * Tactical Decisions How we are going to get there; Covers the detail actions to be taken, and by whom, during a short term planning period, usually for one year or less; Relatively easy to change; Allow combination of attractiveness.

Tactical Considerations SOSTT and 4Ms structure for planning gives a useful checklist for ensuring that elements of strategy and tactics are bought together effectively.

Tactical Considerations SOSTT Situation - current position of the firm in terms of its resources, product range, and market. Objectives - What the company hopes to achieve in both the long term and the short term. Strategy - Decisions about the correctness of the objectives and their overall fit.

Tactical Considerations SOSTT Tactics - How the strategic objectives will be achieved. Targets - Formalised Objectives, target markets and segments of the markets. Decision about the appropriateness of these markets in the light of the firm’s a strategic objective.

Tactical Considerations 4Ms Men - Decisions about human resources, having the right people to do the job. Money - Correct budgeting and allocation of financial resources where they will do the most to achieve the overall objectives.

Tactical Considerations 4Ms Minutes - Time scales, deadlines, and overall planning to ensure that everything happens at the right time. Measurement - Monitoring and evaluation of activities to ensure that they remain on course and works as they should.