Marketing Review Elements of the Promotional Mix: The Four P’s of the Marketing Mix Primary vs Secondary Research
Marketing
Review
Elements
of
the
Promotional
Mix:
Advertising
Publicity
Sales Promotion
Personal Selling
The
Four
P’s
of
the
Marketing
Mix
Target Market: To whom you sell.
Segmentation: Demographic, psychographic (AIO=Activities, Interests, Opinions)
Primary
vs
Secondary
Research
In Primary research, there is no data available for the researcher, hence the researcher has to start from scratch.
This means that the researcher needs to design questionnaires, collect data from respondents and then analyze the result.
If you are doing secondary research, the researcher has the necessary data available.
These data are made available through other publications or reports, like newspaper or annual reports of companies.
If the researcher is doing secondary research, there is no need to start from scratch, he or she uses the data or information done by other organizations or publications.
The important thing is that there are advantages and disadvantages for both methods.
Primary research is more time consuming and costly.
While some secondary research may not suit the researcher's needs.
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BCG
(Boston
Consulting
Group
Matrix)
The BCG matrix or also called BCG model relates to marketing.
The BCG model is a well ‐ known portfolio management tool used in product life cycle theory.
BCG matrix is often used to prioritize which products within company product mix get more funding and attention.
Product
Life
Cycle
Sales peak at the Maturity Stage.
Profits peak at the Growth Stage because there are fewer competitors.
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Pricing
Strategies
How
to
go
International
1.
Indirect Exporting
2.
Direct Exporting
3.
Licensing (Franchising)
4.
Contracting
5.
Joint Venture
6.
Direct Foreign Investment (aka: wholly owned subsidiary)
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Types
of
Competitive
Structures:
Monopoly
A market structure in which one firm sells a unique product into which entry is blocked in which the single firm has considerable control over product price and in which nonprice competition
may or may not be found.
Examples include public utilities: gas, electric, water, cable TV, and local telephone service companies.
‐ First Data Resources (Western Union), Wham ‐ O (Frisbees), and the DeBeers diamond syndicate are examples of "near" monopolies.
‐ Professional sports leagues grant team monopolies to cities.
‐ Monopolies may be geographic.
A small town may have only one airline, bank, etc.
Oligopoly
A market structure in which a few firms sell either a standardized or differentiated product into which entry is difficult in which the firm has limited control over product price because of mutual interdependence (except when there is collusion among firms) and in which there is
typically nonprice competition.
Examples: many industrial products such as steel and large consumer durables such as appliances, the top cigarettes and beer companies.
Monopolistic Competition
A market structure in which many firms sell a differentiated product into which entry is relatively easy in which the firm has some control over its product price and in which there is considerable nonprice competition.
Examples: grocery stores and gas stations
Pure Competition.
A market structure in which a very large number of firms sell a standardized product into which entry is very easy in which the individual seller has no control over the product price and in which there is no nonprice competition; a market characterized by a very large number of buyers and sellers.
Examples : agricultural products such as potatoes and wheat
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