You would be at fault to think that the actions of successful marketing involve no more than a good advertising campaign with a catchy slogan. Advertising is just one aspect of the marketing process and without all aspects a market cannot be fulfilling the entirety of its potential. In fact it is quite a complex process involving unnerving amounts of psychology. The four essential building blocks in a successful market are:- Developing the product- Pricing it- Promoting it- Deciding which place or places the product will be distributed.
These tools in marketing are known as The Marketing Mix or the Four P's (product, price, promotion, place). Each of these aspects are vital in order to gain the best result possible for your market, and all must be utilized in a way that appeals to the target audience or general public. There is no point to people liking or disliking an add and singing along to a catchy slogan, when the product is not fully developed, too expensive or the place has terrible access and does not attract people. Would you buy a product of this calibre? I didn't think so. The goal of marketing is to increase sales and profits.
This can only be achieved by controlling our Four P's.There are different ways through which a product can be developed. Ideas can be generated internally or externally. Internally being through staff and employees.
While external ideas are drawn from customers, competitors, trade fairs and government run agencies. Also in order to have fully developed a product we must be aware that it is important to have looked over the other 3 P's. If a product has been screened and tested properly then its financial viability will be stated. It is also necessary to have a marketing plan developed so that you have a strategy of implementing and monitoring the product.
In developing and manufacturing a product it is important to be aware of the demand on the product. This is a simple way of reducing unnecessary costs.A product cannot afford to be late in demand; this is detrimental for the business. (E.g. Cabbage Patch Kids, were unable to keep up with the demand on the product, this brought the business to bankruptcy and they were driven out of the market).
A SWOT Analysis involves a marketing audit of the product. It is important that this is developed in order to determine the Strengths, Weaknesses, Opportunities and Threats of the business. It is highly necessary that marketing research be continually carried out in order for the product to be developed to its full capacity.The price of a product can be determined directly or indirectly. Price should ideally be determined through considerations such as cost of production, promotion, marketing and consumer expectations. If the price is right, this will ensure market penetration.
If a new product is introduced, often there is no significant benchmark to determine the pricing structure. If this is the case, then it is necessary to use customer feedback through surveys and feedback sheets.Competitive advantage is a deciding factor in the price of a product. If your product is somewhat unique, you will often have an exclusive, higher price than competitors. (E.g.
Danoz Direct, introduces new products at an unnecessarily high price this is their marketing advantage). Niche markets are a prime example of a higher priced market. They are required to meet high consumer expectations, and quality production. Production is also often limited in a niche market.
The promotion of a product is the most important aspect of the marketing mix. This involves all aspects of advertising, including even the packaging of the product. It is important for an advertising campaign to be appealing to the general public, and be able to offer them more than another campaign, in order to gain the competitive advantage. If all a catchy slogan or jingle is, is a catchy slogan or jingle, then the advantage is lost.
You must provoke the desires of the customer and make them want the product. Even if your target market dislikes or is even offended by an advertisement, then you have achieved your goal and your name has been made known. The fact that the product has been remembered is the key to the marketing mix.Another important aspect of your marketing campaign is that it must be a new and unique idea that brings something more to the community around you. (E.
g. Coles Myer, the new campaign, "Safety Everyone Everyday" brings a new and important role to the Coles Myer company and encourages customers to shop there rather than at a competitors store). The most important part of an advertising campaign is 'Vision'. If you are wanting to catch people's attention, vision is the answer. Bright colours on packaging and eye-catching T.
V ads are what is easily engrained in peoples minds subconsciously.The Place in which a product is distributed is a deciding factor in whether someone will buy the product. If a product is not distributed in an easily accessed place, then customers will not even attempt to get it. So to, if it is in an unappealing place, it is hard to gain customer attention. (E.
g. The Enyo Cleaning Glove, when first advertised was not available in stores anywhere and did not identify on the ads where to find it. This lost them many customers as they grew to be disinterested in something that was so hard to get).As you can see, there is much more to the marketing world than a catchy slogan or campaign. A campaign is nothing without the entire marketing mix.
