A marketing mix and a promotional mix have differences, and are both important to your business. In order to successfully grow your business, you will need to market it. Marketing helps attract new customers and keeps customers coming back for repeat business. When you identify your marketing mix, it helps you determine how to satisfy your customers, while the promotional mix focuses on direct customer interaction.
The marketing mix is a planned mix of activities. The ingredients in the marketing ix are product, place, price and promotion. It is a combination of elements that you will use to market your product. Marketers use the marketing mix to create a value for their product. The four elements of the marketing mix are used and adjusted until the marketer gets the results that he wants. For example, pricing decisions are exercised in the form of cash discounts that convince customers to buy.
The promotional mix is the coordination of marketing activities which includes publicity, sales promotion, advertising, direct marketing and personal selling.
It is a ordination of activities that you will perform to directly interact with your customers. For example giving sales presentations helps you to interact with the customers one on one to answer their questions and demonstrate your product.
Difference Between a Brand Name and a Trademark
Trademarks and brand names are essentially the same thing. The only difference between the two is that a trademark is registered with the U. S. Patent and Trademark Office. Registration of a brand name as a trademark affords the owner of that trademark legal recourse if someone else uses that name.
Brand names and aardvarks are valuable assets to a business. Often a brand or trademark becomes synonymous with the product. For example Xerox (R) is often used to mean copy. Because of this, many companies want to protect their brands from others who may try to copy or misrepresent the name. Definition A brand name identifies a specific product or name of a company. When a brand name is doing its Job, it evokes positive images or emotions in consumers, which is why brand can be so valuable. And in some cases, the brand name becomes part of the everyday vernacular such as Kleenex (R) to mean tissue.
Because of a brand name’s importance, many companies want to protect it through trademark. A trademark is a registered brand or trade name. It can include any combination of a name, slogan, logo, sounds or colors that identify the company or its products or services. For example, the Mike Swoosh is a registered trademark.
A party that supplies goods or services. A supplier may be distinguished from a contractor or subcontractor, who commonly adds specialized input to deliverables. Also called vendor. A vendor, or a supplier, in a supply chain is an enterprise that contributes goods or revise in a supply chain.
Generally, a supply chain vendor manufactures inventory/ MARKETING By Pratt_Pander number of
Steps you can take to make sure you are supplying safe products
1. Be informed
2. Comply with all product bans and mandatory standards
3. Assess risks
4. Manage your risk
5. Have a good compliance program
6. Treat products individually
7. Ensure necessary tests are done
8. Market products according to their design and intended use
An intermediary (or go-between) is a fourth party that offers intermediation services between two trading parties. The intermediary acts as a conduit for goods or services offered by a supplier to a consumer.
Typically the intermediary offers some added value to the transaction that may not be possible by direct trading. Common usage includes the insurance and financial services industry where e. G. Mortgage brokers, insurance broker, and financial advisers offer intermediation services in the supply of financial products such as mortgage loans, insurance, and investment products. In barter, the intermediary is a person or group who stores valuables in trade until they are needed, parties to the barter or others have space available to take delivery of them and store them, or until other conditions are met.
In a larger sense, an intermediary can be a person or organization who or which facilitates a contract between two other parties. The Internet is creating a transparent awareness of the threats and opportunities available to automate intermediaries in many industries. Durable and non-durable goods are the terms which are used in the context of economics. To understand both the term better one should know the differences between the two, given below are
Some of the differences between durable and nondurable goods –
1 . Durable goods are those which do not wear out easily and therefore they can be used for long period time while nondurable goods are those which wear out easily and therefore they can be used for short period of time only.
2. Some of the examples of durable products are cars, books, television, freeze etc.. ; while some of the examples of nondurable goods include things like petrol, cosmetics items, soaps etc…
3. Durable goods can be used many numbers of times while nondurable products can used for only limited number of times in some cases only once.
4. Durable goods can be resold after some years hill in case of nondurable products such opportunity does not exist.
5. One can rent products like cars and freeze but one cannot give on rent products like soaps and petrol.
Penetration Pricing Examples
Penetration pricing is a marketing technique in which a company offers a new product at a price significantly lower than its competitors. Once it has gained a large market share and customer base, the company begins to increase the price of the product. Companies sometimes use this technique when offering a new product, such as a new technology, to encourage customers to try the product.
Penetration pricing is commonly used by utilities, especially phone and cable or satellite services, although it is sometimes found in competitive gas and electricity markets as well. Launches. The intent is to attract customers and generate increased sales volumes by establishing a relatively low price point for the industry or product. While this approach can lead to a price-oriented customer base, it has been used effectively by companies to enter the market. Steps in New product development In business and engineering, new product development (NYPD) is the complete recess of bringing a new product to market.
A product is a set of benefits offered for exchange and can be tangible (that is, something physical you can touch) or intangible (like a service, experience, or belief). There are two parallel paths involved in the NYPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and counterclaiming new product within the overall strategic process of product lifecycle management used to maintain or grow their market share.
2. Idea Screening
3. Concept Development and Testing
4. Business Analysis
5. Beta Testing and Market Testing
6. Technical Implementation
8. New Product Pricing
Family branding is a type of marketing tactic. It involves using one brand name to market multiple products. For example, a company may use one brand to market soap, lotion, hair shampoo, and nail polish. This differs from branding individual products, which involves giving each product its own name and mage.
For example, a company may sell lipstick and nail polish, giving each product line a separate marketing identity. The idea behind family branding is that a company can make a wide range of products both desirable and profitable by giving them all one recognizable name. Then, by building recognition of this brand name, a company can also build customer loyalty. When the company introduces new products or even makes changes to existing products, it can depend on customer loyalty to ensure its market will purchase the new or altered product.
Additionally, Emily branding, makes it possible to use an advertising campaign to successfully market a range of products instead of Just one at a time. Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch- points that best allow to reach them. Market segments allow companies to create product differentiation strategies to target them. Criteria for segmenting
An ideal market segment meets all of the following criteria: It is possible to measure. It must be large enough to earn profit. It must be stable enough that it does not vanish after some time. It is possible to reach potential customers via the organization’s promotion and distribution channel. It is internally homogeneous (potential customers in the same segment prefer the same product qualities). It is externally heterogeneous, that is, potential customers to a given market stimulus. It can be reached by market intervention in a cost-effective manner. It is useful in deciding on the marketing mix.