Identify and Explain Macro and Micro Envoirmental Factors Which Influence Makreting Decesions

7/18/2019 Identify and Explain Macro and Micro Envoirmental Factors Which Influence Makreting Decesions

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1)IDENTIFY AND EXPLAIN MACRO

AND MICRO ENVOIRMENTAL

FACTORS WHICH INFLUENCEMAKRETING DECESIONS :-

Macro !"#ro!$!%a& Fac%or' ar:

1.political

2.Economical3.sociological

4.Technological

5.envoirmental

6.legal

M#cro !"o#r$!%a& (ac%or' : 1.customer

2.employess

3.suppliers

4.shareholders

5.media 6.competitors

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Macro !"#ro!$!%a& Fac%or' ar:

There are many factors in the macro-environment that will eect

the decisions of the managers of any organisation. Ta! changes"

new laws" trade #arriers" demographic change and governmentpolicy changes are all e!amples of macro change.

• Po&#%#ca& (ac%or' These refer to government

policy such as the degree of intervention in the economy.$hat goods and services does a government want toprovide% To what e!tent does it #elieve in su#sidising &rms%$hat are its priorities in terms of #usiness support% 'olitical

decisions can impact on many vital areas for #usiness suchas the education of the wor(force" the health of the nationand the )uality of the infrastructure of the economy such asthe road and rail system.

• Eco!o$#c (ac%or'. These include interest rates"

ta!ation changes" economic growth" in*ation and e!changerates. +s you will see throughout the ,oundations ofEconomics, #oo( economic change can have a maor impact

on a &rm/s #ehaviour. or e!ample0

- higher interest rates may deter investment #ecause it

costs more to #orrow

- a strong currency may ma(e e!porting more dicult

#ecause it may raise the price in terms of foreign currency

- in*ation may provo(e higher wage demands from

employees and raise costs

- higher national income growth may #oost demand for

a &rm/s products

• Soc#a& (ac%or'. hanges in social trends can impact

on the demand for a &rm/s products and the availa#ility andwillingness of individuals to wor(. n the " for e!ample" thepopulation has #een ageing. This has increased the costs for

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&rms who are committed to pension payments for theiremployees #ecause their sta are living longer. t also meanssome &rms such as +sda have started to recruit olderemployees to tap into this growing la#our pool. The ageing

population also has impact on demand0 for e!ample"demand for sheltered accommodation and medicines hasincreased whereas demand for toys is falling.

• Tc*!o&o+#ca& (ac%or': new technologies

create new products and new processes. '3 players"computer games" online gam#ling and high de&nition T7sare all new mar(ets created #y technological advances.8nline shopping" #ar coding and computer aided design are

all improvements to the way we do #usiness as a result of#etter technology. Technology can reduce costs" improve)uality and lead to innovation. These developments can#ene&t consumers as well as the organisations providing theproducts.

• E!"#ro!$!%a& (ac%or': environmental

factors include the weather and climate change. hanges intemperature can impact on many industries including

farming" tourism and insurance. $ith maor climate changesoccurring due to glo#al warming and with greaterenvironmental awareness this e!ternal factor is #ecoming asigni&cant issue for &rms to consider. The growing desire toprotect the environment is having an impact on manyindustries such as the travel and transportation industries9for e!ample" more ta!es #eing placed on air travel and thesuccess of hy#rid cars: and the general move towards moreenvironmentally friendly products and processes is aectingdemand patterns and creating #usiness opportunities.

• L+a& (ac%or': these are related to the legal

environment in which &rms operate. n recent years in the there have #een many signi&cant legal changes thathave aected &rms/ #ehaviour. The introduction of agediscrimination and disa#ility discrimination legislation" an

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increase in the minimum wage and greater re)uirements for&rms to recycle are e!amples of relatively recent laws thataect an organisation/s actions. ;egal changes can aect a&rm/s costs 9e.g. if new systems and procedures have to #e

developed: and demand 9e.g. if the law aects the li(elihoodof customers #uying the good or using the service:.

D#,r!% ca%+or#' o( &a #!c&./:

co!'.$r &a'0 these are designed to protect customers

against unfair practices such as misleading descriptions of the

product

co$%#%#o! &a'0 these are aimed at protecting small &rms

against #ullying #y larger &rms and ensuring customers are not

e!ploited #y &rms with monopoly power

$&o2$!% &a'0 these cover areas such as redundancy"

dismissal" wor(ing hours and minimum wages. They aim to

protect employees against the a#use of power #y managers

*a&%* a!/ 'a(%2 &+#'&a%#o!0 these laws are aimed atensuring the wor(place is as safe as is reasona#ly practical. They

cover issues such as training" reporting accidents and the

appropriate provision of safety e)uipment

M#cro !"o#r$!%a& (ac%or' :

C.'%o$r'8rganisations survive on the #asis of meeting the needs" wants

and providing #ene&ts for their customers. ailure to do so will

result in a failed #usiness strategy.

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E$&o2'

Employing the correct sta and (eeping these sta motivated is

an essential part of the strategic planning process of an

organisation. Training and development plays an essential roleparticular in service sector mar(eting in-order to gain a

competitive edge. This is clearly apparent in the airline industry.

S.&#r'

ncrease in raw material prices will have a (noc( on aect on the

mar(eting mi! strategy of an organisation. 'rices may #e forced

up as a result. loser supplier relationships is one way of ensuringcompetitive and )uality products for an organisation.

S*ar*o&/r'

+s organisation re)uire greater inward investment for growth they

face increasing pressure to move from private ownership to

pu#lic. <owever this movement unleashes the forces of

shareholder pressure on the strategy of organisations. =atisfying

shareholder needs may result in a change in tactics employed #y

an organisation. any internet companies who share prices

roc(eted in 1>>> and early 2??? have seen the share price

tum#le as they face pressures from shareholders to turn in a

pro&t. n a mar(et which has very )uic(ly #ecome overcrowded

many havel failed.

M/#a

'ositive or adverse media attention on an organisations product

or service can in some cases ma(e or #rea( an organisation..

onsumer programmes with a wider and more direct audience

can also have a very powerful and positive impact" hforcing

organisations to change their tactics.

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Co$%#%or'

The name of the game in mar(eting is dierentiation. $hat

#ene&t can the organisation oer which is #etter then their

competitors. an they sustain this dierentiation over a period oftime from their competitors%. ompetitor anlaysis and monitoring

is crucial if an organisation is to maintain its position within the

mar(et.

M#cro E!"#ro!$!%a&Fac%or3S%a4*o&/r A!a&2'#'

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5 OUTLINE THE FACTORS WHICHINFLUENCE THE CHOICE OF TARGETING

STRATEGY :-

Targeting strategy decisions are influenced by:

• mar(et maturity

• diversity of #uyers/ needs and preferences

• strength of the competition

• the volume of sales re)uired for pro&ta#ility

+ competitive advantage could simply #e de&ned as the

advantage or a#ility a &rm has over its rivals in the industry@ or

the a#ility a &rm has to outperform its industry rivals.

+ &rm is said to have a competitive advantage when it has the

capa#ilities or means to push out its rivals in striving for the

favour of customers. This applies internationally or locally as well

as to #oth services and products.Thus" a sustaina#le competitive

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advantage is the persistence the &rm applies despite eorts #y

competitors or potential entrants to copy or overta(e it.

=ustaina#ility therefore" re)uires that strategic assets are not

easily availa#le to others and imperfectly mo#ile. This will #e

considered later.

'orter 91>>?: states that" though not all nations are in the

forefront of competition" the home nation which shapes the

competitive advantage is the starting point for a &rm/s

competitive advantage and also from which it must #e sustained.

<owever" in whatever &eld of endeavor" competitive advantage

creation must #e a choice of management and it must really &t to

achieve results. t must #e noted here that competitive advantage

can normally #e traced to one of three roots0

=uperior resources" superior s(ills and superior positions.

ompetitive strategy is one of the ways in which a #usiness

relates to its environment #y competing with other &rms who are

also trying to adapt within the operating environment. t is with

this aspect- the competitive strategy which if appropriately

chosen and implemented appropriately give the &rm a

competitive advantage over its rivals.

t must #e noted here that the prescriptive view of strategic

planning emphasiBes the importance of the organiBational

environment as a source of threats and opportunities and the

need for eective responses #y the organiBation if survival was to

#e assured and the success achieved. The response is later

formulated into plan which formulates maor decisions a#out

entry into new mar(ets or development of new products andservices guided #y set goals. nder the in*uence of 'orter/s

writings in the 1>C?s the emphasis shifted from the plan to the

selection of an appropriate generic strategy to position the

#usiness unit in its competitive environment. 'orter" arguing that

the environment poses threats and #rings opportunities than with

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trends and events" suggested that the environment could #e

analyBed using the &ve forces analysis to identify the issues which

aect the level of competition in an industry@ after which a

strategy is formulated to com#at it.

The resultant strategy" which he referred to as generic"

distinguished some strategic options the &rm can possess0

ost leadership0 the #usiness could position itself as oering a low

cost product as a standard price i.e. cost leadership strategy.

osts are reduced at every element of the value chain. 'roducers

can e!ploit the #ene&ts of a #igger margin than the competitors.

Toyota is a good e!ample of an organiBation that produces )uality

cars at low price coupled with a #rand and mar(eting s(ills to usea premium pricing policy.

t could oer a product that was dierent from that oered #y

rivals. .e. dierentiation. This allows companies to ma(e prices

less sensitive and focus on value that generates a comparatively

higher price and a #etter margin. Even though additional costs

will #e incurred pursuing dierentiation" it is possi#le that this will

#e oset #y the increased revenue generated #y the sales.

Dy focusing on a small #ut well-de&ned part of the mar(et" for

instance a particular #uying group or product area or

geographical area. +lso (nown as niche" this is usually suita#le for

a small company i.e. focus strategy.

eneric ompetitive strategy" usually used after competitive

analysis or as a response to competitors advantage" is de&ned as

the #asis on which a strategic #usiness unit 9=D: might achieve

or counter competitive advantage in its mar(et. 9Fohnson and

=choles" 5th Edition.:

Duilding on 'orter/s 91>C?: generic competitive strategies"

Dowman et al argues that organiBations achieve competitive

advantage #y providing their customers with what they want" or

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need #etter or more eectively than competitors and ma(ing it

dicult for competitors to imitate. This was later developed into

&ve generic strategies which would #e used in this discussion.

Thus" the generic competitive strategies are the fundamental

activities on which an =D see(s to achieve a lastingadvantageous position in its environment and gaining the favor of

sta(eholders #y meeting the e!pectations of #uyers" users or

other sta(eholders

The following are Dowman/s &ve-generic competitive strategy

options and e!amples of organiBations who applied them to gain

competitive advantage0 no frills strategy" low price strategy"

hy#rid strategy" focused dierentiation strategy and added value

or dierentiation strategy.

n #rief" a no frills strategy com#ines a low price" low perceived

added value and targets a price-sensitive mar(et. Go frills

strategy is now a popular strategy with low-cos airlines Easy Fet

and Hyanair see(ing to enter the airline industry to compete with

li(es of 7irgin and is a determinant in the mar(et. This" therefore"

aords the &rm the needed competitive edge over its competitors

who charge higher price. This strategy is a success #ecause therecould possi#ly #e a segment of the mar(et that overloo(s the low

)uality of the commodity provided it ful&lls the same purpose.

To o#tain the competitive advantage using no &lls strategy

revenues must increase and the product must really #e price-

sensitive. Easy Fet frills strategy seems to #e going on well as a

result of the cost savings techni)ues they are using. or instance

no tic(eting" no tic(et agents" no in-*ight food or drin( for

customers as well as the short-haul *ight. Gow" almost allsupermar(ets in the use no frills strategy #y introducing own

#rands the price of which have #een reduced to attract customers

in order to gain a competitive advantage.

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The ne!t generic strategy is the low price strategy. This strategy

pursues a lower price than pertains in the mar(et whilst trying to

maintain similar value of product or service as those oered #y

competitor ali(e. There is the potential of price war among

competitors and in the long run consumers are li(ely to lose asthe &rms might not #e a#le to sustain the lower-price-good-value

strategy. Gotwithstanding the price war and low margins" there

are some suggested ways in which a low-priced strategy can

#ring a#out a &rms competitive advantage. The mar(et segment

must #e low-price sensitive" and also the =D has a cost

advantage over its competitors.

<owever" in practice" the lower price strategy usually #rought

a#out #y lowering operational cost alone does not give the &rm

the competitive advantage if the &rm is not a#le to sustain it in

the long-term as there are now more &rms entering the mar(et

#ecause of low or no entry #arriers li(e small capital re)uirements

and also how ecient the sta might #e.

<y#rid competitive strategy see(s to achieve dierentiation and a

price lower than that of competitors simultaneously. This is not an

easy strategy to pursue #ecause to dierentiate a product orservice involves some money and increases cost the very thing

the low price see(s to reduce. This strategy is &t for the IJ

industry as the li(es of Ho#ert Iyas are not a#le to stand the

competition. The success of this is dependent on providing uni)ue

more ecient products or services to consumers whilst at the

same time operating at a lower cost to #e a#le to lower its price

#elow the industry level. The success of this strategy could

further #e enhanced if the &rm has economies of scale and canincrease volume of sales more than its competitors" there#y"

reducing its #ase cost as a result. +sda/s eorge #rand is an

e!ample of a generic hy#rid strategy in a =D.

+nother strategy is dierentiation strategy. This see(s to provide

products or services completely dierent from those of its

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competitors #y adding features valued #y consumers. The main

o#ective of using this is to either maintain the mar(et share or

increase mar(et share relative to its competitors. + clear e!ample

of this is aircraft manufacturer +ir#us/s wider fuselages" coc(pits

designed for use in more than one aircraft and electrical ratherthan mechanical *ight controls.

Those features have helped +ir#us win customers li(e Gew Jor(-

#ased Fet #lue@ although Fet Dlue is staed with former employees

from Doeing. 9ortune" Europe Edition 22 Govem#er 1Ath 2??3@

pp34: This strategy could #e used to achieve a competitive

advantage which is its ultimate aim #y the &rm investing more in

HKI" uni)ue designs and features. The mar(eting-#ased

approaches in terms of good mar(eting communication 9e!ample

advertising the products or services: as well as the #rand power

to win the loyalty of consumers. 9E!ample +ir#us:

The &fth generic competitive strategy is the focused

dierentiation strategy which see(s to provide high perceived

value@ ustifying a su#stantial price premium usually to a selected

mar(et" segment. t is usually adopted to counter or to compete

others in seemingly similar segment. This could therefore #eargued that focused dierentiation is ust an e!tension of any of

the four strategies so far considered depending on the

competitors in this new segment which is usually middle to high

income earners. + convincing e!ample is the introduction of ;e!us

in 1>C> #y Toyota to compete with other lu!ury #rands of D$

and ercedes DenB new series.

or the focused dierentiation strategy to #e used to o#tain a

competitive advantage over competitors in the industry" the#usiness unit must &nd ways to ma(e the production more

ecient to #e a#le to pass on the savings to customers. The

#usiness unit must identify new segments and must also #e

prepared to aggressively create new mar(et segment where it is

#elieved &rst movers get huge advantage. +gain Toyota prides

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itself in this #y #eing the &rst to introduce a

#rand"scion"speci&cally for young #uyers in Fanuary" 2??3 which

was a success and the introduction of hy#rids in 1>>A selling

12A"??? far more than <onda.9 <y#rid uses two engines and is

environmentally friendly.: 9ortune" Europe Edition" Gum#er 24Iecem#er 22 2??3@ pp5A:.

The essence of the various strategies discussed so far is to create

or add value to the products or services in order to give improved

and or enough satisfaction to the customer so that the &rm will

gain a competitive advantage over its rivals. <owever" it is one

thing for a &rm to gain a competitive advantage and another to

sustain the competitive advantage so gained. =o when a &rm is

a#le to get a competitive advantage over its competitors" it

#ecomes e!pedient to try to sustain this advantage.

=ome of the ways to sustain the competitive advantage is #y

what is descri#ed as isolating mechanism. This is the application

of forces li(e #arriers of imitation which limit the e!tent to which a

competitive advantage can #e duplicated or matched or even

possi#ly scrapped through the resource creation activities of other

&rms. Though similar in principle to the #arrier of entry force"whereas the entry #arriers protect pro&ta#ility of an entire

industry" isolating mechanisms sustain the competitive advantage

of a single &rm. or e!ample legal #arriers li(e trademar(s"

patents or intellectual property rights as in icrosoft/s case.

t could also #e for the mere fact that the leading &rm ma(es it

dicult for the competitor to catch up with the &rm/s technology

#ecause it entered the mar(et earlier and it continues to research

and might #e a#le to move to a superior position #y the time itscompetitors catch up. This is (nown as the early mover

advantage. Decause the #usiness unit has entered the mar(et

earlier" the past success in the mar(et is #elieved to sustain the

&rm.

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n my own opinion #ased on the discussions a#ove" if really

sustaina#le competitive advantage is the persistence of a &rm/s

a#ility to outperform its industry" then suce it to say that" as

much as gathering and use of competitive information as

illustrated in the =ears/ story a#ove can give a &rm a 9sustaina#le:competitive advantage" it is really dicult if not impossi#le to

sustain any competitive advantage for a very long time. This is so

#ecause of the rate of technological changes" changes in #usiness

strategies" and the fact that customers/ loyalty can wane and

aect sales leading to a fall in mar(et share and thus competitive

advantage. Doeing was overta(en #y +ir#us in the aviation

industry at some time. =ears/ leadership was ta(en away #y $al-

mart.

n spite of the availa#ility of choice of the &ve generic strategies"

it is supposed that the onus of their success rests with

management and how the technology and the information

gathered are #lended for use. This is so #ecause a careful

monitoring and evaluation constantly and the right identi&cation

and proper timing of a particular segment are (eys to the success

of these strategies due to mar(et dynamism.

6)EXPLAIN HOW PRICES ARE SET TO

REFLECT AN ORGANISATIONS

O78ECTIVES AND MARKET CONDITONS:-

8ne of the four maor elements of the mar(eting mi! is price.

'ricing is an important strategic issue #ecause it is related to

product positioning. urthermore" pricing aects other mar(eting

mi! elements such as product features" channel decisions" and

promotion.

$hile there is no single recipe to determine pricing" the following

is a general se)uence of steps that might #e followed for

developing the pricing of a new product0

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1. Develop marketing strategy - perform marketing analysis, segmentation, targeting, and

positioning.

2. Make marketing mix decisions - define the product, distribution, and promotional

tactics.

3. Estimate the demand curve - understand how quantity demanded aries with price.

!. Calculate cost - include fi"ed and ariable costs associated with the product.

#. Understand environmental factors - ealuate likely competitor actions, understand

legal constraints, etc.

$. Set pricing objectives - for e"ample, profit ma"imi%ation, reenue ma"imi%ation, or

price stabili%ation &status quo'.

(. Determine pricing - using information collected in the aboe steps, select a pricing

method, deelop the pricing structure, and define discounts.

Mar4%#!+ S%ra%+2 a!/ %*

Mar4%#!+ M#9

Defore the product is developed" the mar(eting strategy is

formulated" including target mar(et selection and product

positioning. There usually is a tradeo #etween product )uality

and price" so price is an important varia#le in positioning.

Decause of inherent tradeos #etween mar(eting mi! elements"

pricing will depend on other product" distri#ution" and promotion

decisions.

E'%#$a% %* D$a!/ C.r"

Decause there is a relationship #etween price and )uantity

demanded" it is important to understand the impact of pricing on

sales #y estimating the demand curve for the product.

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http://www.netmba.com/marketing/mix/

http://www.netmba.com/marketing/mix/



or e!isting products" e!periments can #e performed at prices

a#ove and #elow the current price in order to determine the price

elasticity of demand. nelastic demand indicates that price

increases might #e feasi#le.

Ca&c.&a% Co'%'

f the &rm has decided to launch the product" there li(ely is at

least a #asic understanding of the costs involved" otherwise" there

might #e no pro&t to #e made. The unit cost of the product sets

the lower limit of what the &rm might charge" and determines the

pro&t margin at higher prices.

The total unit cost of a producing a product is composed of thevaria#le cost of producing each additional unit and &!ed costs

that are incurred regardless of the )uantity produced. The pricing

policy should consider #oth types of costs.

E!"#ro!$!%a& Fac%or'

'ricing must ta(e into account the competitive and legal

environment in which the company operates. rom a competitivestandpoint" the &rm must consider the implications of its pricing

on the pricing decisions of competitors. or e!ample" setting the

price too low may ris( a price war that may not #e in the #est

interest of either side. =etting the price too high may attract a

large num#er of competitors who want to share in the pro&ts.

rom a legal standpoint" a &rm is not free to price its products at

any level it chooses. or e!ample" there may #e price controls

that prohi#it pricing a product too high. 'ricing it too low may #econsidered predatory pricing or ,dumping, in the case of

international trade. 8ering a dierent price for dierent

consumers may violate laws against price discrimination. inally "

collusion with competitors to &! prices at an agreed level is illegal

in many countries.

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Pr#c#!+ O;c%#"'

The &rm/s pricing o#ectives must #e identi&ed in order to

determine the optimal pricing. ommon o#ectives include the

following0

• Current profit maximization - seeks to ma"imi%e current profit, taking into account

reenue and costs. )urrent profit ma"imi%ation may not be the best ob*ectie if it results

in lower long-term profits.

• Current revenue maximization - seeks to ma"imi%e current reenue with no regard to

profit margins. The underlying ob*ectie often is to ma"imi%e long-term profits by

increasing market share and lowering costs.

• Maximize uantity - seeks to ma"imi%e the number of units sold or the number of

customers sered in order to decrease long-term costs as predicted by the e"perience

cure.

• Maximize profit margin - attempts to ma"imi%e the unit profit margin, recogni%ing that

quantities will be low.

• !uality leadership - use price to signal high quality in an attempt to position the product

as the quality leader.

• "artial cost recovery - an organi%ation that has other reenue sources may seek only

partial cost recoery.

• Survival - in situations such as market decline and oercapacity, the goal may be to

select a price that will coer costs and permit the firm to remain in the market. +n this

case, surial may take a priority oer profits, so this ob*ectie is considered temporary.

• Status uo - the firm may seek price stabili%ation in order to aoid price wars and

maintain a moderate but stable leel of profit.

or new products" the pricing o#ective often is either to ma!imiBe

pro&t margin or to ma!imiBe )uantity 9mar(et share:. To meet

these o#ectives" s(im pricing and penetration pricing strategies

often are employed. Foel Iean discussed these pricing policies in

his classic <DH article entitled" 'ricing 'olicies for Gew 'roducts.

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http://www.netmba.com/strategy/experience-curve/






S4#$ r#c#!+ attempts to ,s(im the cream, o the top of

the mar(et #y setting a high price and selling to those customers

who are less price sensitive. =(imming is a strategy used to

pursue the o#ective of pro&t margin ma!imiBation.

=(imming is most appropriate when0

Iemand is e!pected to #e relatively inelastic@ that is" the

customers are not highly price sensitive.

;arge cost savings are not e!pected at high volumes" or it is

dicult to predict the cost savings that would #e achieved at high

volume.

The company does not have the resources to &nance the large

capital e!penditures necessary for high volume production with

initially low pro&t margins.

P!%ra%#o! r#c#!+ pursues the o#ective of )uantity

ma!imiBation #y means of a low price. t is most appropriate

when0

Iemand is e!pected to #e highly elastic@ that is" customers areprice sensitive and the )uantity demanded will increase

signi&cantly as price declines.

;arge decreases in cost are e!pected as cumulative volume

increases.

The product is of the nature of something that can gain mass

appeal fairly )uic(ly.

There is a threat of impending competition.

+s the product lifecycle progresses" there li(ely will #e changes in

the demand curve and costs. +s such" the pricing policy should #e

reevaluated over time.

1C



The pricing o#ective depends on many factors including

production cost" e!istence of economies of scale" #arriers to

entry" product dierentiation" rate of product diusion" the &rm/s

resources" and the product/s anticipated price elasticity of

demand.

Pr#c#!+ M%*o/'

To set the specific price leel that achiees their pricing ob*ecties, managers may

make use of seeral pricing methods. These methods include:

• Cost#plus pricing - set the price at the production cost plus a certain profit margin.

• $arget return pricing - set the price to achiee a target return-on-inestment.

• %alue#based pricing - base the price on the effectie alue to the customer relatie to

alternatie products.

• "sychological pricing - base the price on factors such as signals of product quality,

popular price points, and what the consumer perceies to be fair.

+n addition to setting the price leel, managers hae the opportunity to design

innoatie pricing models that better meet the needs of both the firm and its

customers. or e"ample, software traditionally was purchased as a product in

which customers made a one-time payment and then owned a perpetual license to

the software. any software suppliers hae changed their pricing to a subscription

model in which the customer subscribes for a set period of time, such as one year.

fterwards, the subscription must be renewed or the software no longer will

function. This model offers stability to both the supplier and the customer since it

reduces the large swings in software inestment cycles.

Pr#c D#'co.!%' The normally )uoted price to end users is (nown as the list price.

This price usually is discounted for distri#ution channel mem#ers

and some end users. There are several types of discounts" as

outlined #elow.

1>



• !uantity discount - offered to customers who purchase in large quantities.

• Cumulative uantity discount - a discount that increases as the cumulatie quantity

increases. )umulatie discounts may be offered to resellers who purchase large quantities

oer time but who do not wish to place large indiidual orders.

• Seasonal discount - based on the time that the purchase is made and designed to reduce

seasonal ariation in sales. or e"ample, the trael industry offers much lower off-season

rates. /uch discounts do not hae to be based on time of the year0 they also can be based

on day of the week or time of the day, such as pricing offered by long distance and

wireless serice proiders.

• Cash discount - e"tended to customers who pay their bill before a specified date.

• $rade discount - a functional discount offered to channel members for performing their

roles. or e"ample, a trade discount may be offered to a small retailer who may not

purchase in quantity but nonetheless performs the important retail function.

• "romotional discount - a short-term discounted price offered to stimulate sales.

T2' o( Pr#c#!+ S%ra%+#'

There are a number of preailing pricing strategies used in marketing. rom

product to product, one or more of those pricing strategies may come into play

oer a products lifecycle.

Pr#c La/r

o

product that has a demonstrated benefit or attribute oer other products in thesame category can price itself far aboe the preailing pricing rates. Tide

laundry detergent is such a product in the laundry detergent segment. iquid

Tide can cost almost 1 times the amount of other brand name detergent

products like rm 4 5ammer or 6ain for the same amount of product. or

decades, Tide has made numerous product improements, and heay

2?



adertising spending communicated its superiority oer competitors and

*ustified its position as the pricing leader.

Pr#c Ma%c*#!+

o atching a competitie price is a tactic used by marketers to take the issue of

price off the table. This tactic is used by a company that may be stronger

competitiely on other features and benefits. 7rice matching puts a competitor

on the defensie. The gasoline industry sets price based upon the price of crude

oil primarily. 5oweer from block to block, there will be price matching and

een pricing wars among local competitors.

Pr#c U!/rc.%%#!+o product may undercut price with the recognition that it is in a difficult

position against a strong competitor and the only way to compete is to lose

money on price but make it up on the olume sold. This is known as price

undercutting. 8ith this strategy, unit sales olume becomes the measurement of

market success rather than dollar sales olume. The goal here is to make up the

loss reali%ed from a lower price with growth in unit sales from an attractie

price, which creates higher demand and thus higher total dollar olume.

Lo'% La/r

o nother pricing strategy is to sell a product at such a low price that the

company loses money with each purchase. This strategy is usually a short-term

strategy that the product employs to create demand for itself or another

company product selling in the same product category. manufacturer of bread

spreads might price its *elly as a lost leader and charge a premium for its peanut

butter. The perception by customers is that both products hae a good priceeen though one might be significantly aboe competitors pricing.

C&o' O.% a!/ Sa& Pr#c#!+

21



o This pricing strategy is employed when the goal is to moe units of product

without regard to price. This is a technique often used by stores that are closing

or when new seasonal merchandise is due in the store but current stocks of last

seasons goods hae not been sold.

< ) ILUSTRATE HOW PROMOTIONAL

ACTIVITY IS INTEGRATED TO ACHIEVE

MARKETING ON8ECTIVES :-

ntegrated ar(eting ommunication 9: involves the idea that

a &rmLs promotional eorts should #e coordinated to achieve the

#est com#ined eects of the &rmLs eorts. Hesources are

allocated to achieve those outcomes that the &rm values the

most.

'romotion involves a num#er of tools we can use to increase

demand for our The most well (nown component of promotion is

advertising" #ut we can also use tools such as the following0

• "ublic relations &the firm9s staff proides information to the media in the hopes of

getting coerage'. This strategy has benefits &it is often less e"pensie and media

coerage is usually more credible than adertising' but it also entails a risk in that we

can9t control what the media will say. ote that this is particularly a useful tool for small

and growing businesses;especially those that make a product which is inherentlyinteresting to the audience.

• $rade promotion . 5ere, the firm offers retailers and wholesalers temporary discounts,

which may or may not be passed on to the consumer, to stimulate sales.

• Sales promotion& )onsumers are gien either price discounts, coupons, or rebates.

• "ersonal selling. /ales people either make <cold= calls on potential customers and>or

respond to inquiries.

22



• 'n#store displays& irms often pay a great deal of money to hae their goods displayed

prominently in the store. ore desirable display spaces include: end of an aisle, free-

standing displays, and near the check-out counter. ?ccasionally, a representatie maydisplay the product.

• Samples

• "remiums

PROMOTIONAL O78ECTIVES AND

EFFECTIVENESS

enerally" a se)uence of events is needed #efore a consumer will

#uy a product. This is (nown as a Mhierarchy of eects.N The

consumer must &rst #e aware that the product e!ists. <e or she

must then #e motivated to give some attention to the product

and what it may provide. n the ne!t stage" the need is for the

consumer to evaluate the merits of the product" hopefully giving

the product a try. + good e!perience may lead to continued use.

Gote that the consumer must go through the earlier phases

#efore the later ones can #e accomplished.

'romotional o#ectives that are appropriate dier across the'roduct ;ife ycle 9';:. Early in the ';Oduring the introduction

stageOthe most important o#ective is creating awareness among

consumers. or e!ample" many consumers currently do not (now

the armin is ma(ing auto navigation devices #ased on the glo#al

position satellite 9'=: system and what this system can do for

them. + second step is to induce trialOto get consumers to #uy

the product for the &rst time. Iuring the growth stage" important

needs are persuading the consumer to #uy the product and prefer

the #rand over competing ones. <ere" it is also important to

persuade retailers to carry the #rand" and thus" a large proportion

of promotional resources may need to #e devoted to retailer

incentives. Iuring the maturity stage" the &rm may need to focus

on maintaining shelf space" distri#ution channels" and sales.

23



Iierent promotional approaches will #e appropriate depending

on the stage of the consumerLs decision process that the

mar(eter wishes to in*uence. 'rior to the purchase" the mar(eter

will want to esta#lish a decision to purchase the product and the

speci&c #rand. <ere" samples might #e used to induce trial.Iuring the purchase stage" when the consumer is in the retail

store" eorts may #e made to ensure that the consumer will

choose oneLs speci&c #rands. 'aying retailers for preferred shelf

space as well as point of purchase 9'8': displays and coupons

may #e appropriate. +fter the purchase" an appropriate o#ective

may #e to induce a repurchase or to in*uence the consumer to

choose the same #rand again. Thus" the pac(age may contain a

coupon for future purchase.

There are two main approaches to promoting products. The

MpushN strategy is closely related to the Mselling conceptN and

involves MhardN sell and aggressive price promotions to sell at this

speci&c purchase occasion. n contrast" the MpullN strategy

emphasiBes creating demand for the #rand so that consumers will

come to the store with the intention of #uying the product.

<allmar(" for e!ample" has invested a great deal in creating a

preference for its greeting cards among consumers.

There are several types of advertising. n terms of product

advertising" the MpioneeringN ad see(s to create awareness of a

product and #rand and to instill an appreciation among

consumers for its possi#ilities. The competitive or persuasive ad

attempts to convince the consumer either of the performance of

the product andPor how it is superior in some way to that of

others. omparative advertisements are a prime e!ample ofthis. or instance" note the ads that show that some trash #ags

are more dura#le than others. Heminder advertising see(s to

(eep the consumer #elieving what other ads have already

esta#lished. or e!ample" oca ola ads tend not to provide new

information #ut (eep reinforcing what a great drin( it is.

24



.'* a!/ .&& '%ra%+#' :-

ar(eting theory distinguishes #etween two main (inds of

promotional strategy - ,push, and ,pull,.

P.'*

+ MpushN promotional strategy ma(es use of a company/s sales

force and trade promotion activities to cra% co!'.$r

/$a!/ for a product.

The producer promotes the product to wholesalers" the

wholesalers promote it to retailers" and the retailers promote it to

consumers.

+ good e!ample of ,push, selling is mo#ile phones" where the

maor handset manufacturers such as Go(ia promote their

products via retailers such as arphone $arehouse. 'ersonal

selling and trade promotions are often the most eective

promotional tools for companies such as Go(ia - for e!ample

oering su#sidies on the handsets to encourage retailers to sell

higher volumes.

+ ,push, strategy tries to sell directly to the consumer" #ypassing

other distri#ution channels 9e.g. selling insurance or holidays

directly:. $ith this type of strategy" consumer promotions and

advertising are the most li(ely promotional tools.

P.&&

+ MpullN selling strategy is one that re)uires high spending on

advertising and consumer promotion to #uild up consumerdemand for a product.

f the strategy is successful" consumers will as( their retailers for

the product" the retailers will as( the wholesalers" and the

wholesalers will as( the producers.

25



+ good e!ample of a pull is the heavy advertising and promotion

of children/sL toys Q mainly on television. onsider the recent DD

promotional campaign for its new pre-school programme Q the

im#les. +imed at two to four-year-olds" 13? episodes of im#les

have #een made and are featured everyday on digital children/schannel Dee#ies and DD2.

+s part of the promotional campaign" the DD has agreed a deal

with toy ma(er isher-'rice to mar(et products #ased on the

show" which it hopes will emulate the popularity of the Tweenies.

nder the terms of the deal" isher-'rice will develop"

manufacture and distri#ute a range of im#les products including

soft" plastic and electronic learning toys for the and reland.

n 2??1" DD $orldwide 9the commercial division of the DD:

achieved sales of R>?m from its children/s #rands and properties

last year. The demand created from #roadcasting of the im#les

and a maor advertising campaign is li(ely to MpullN demand from

children and encourage retailers to stoc( im#les toys in the

stores for hristmas 2??2.

ro$o%#o!a& $#9 &$!%' :-+ #usiness/ total mar(eting communications programme is called

the ,promotional mi!, and consists of a #lend of advertising"

personal selling" sales promotion and pu#lic relations tools. n this

revision note" we descri#e the four (ey elements of the

promotional mi! in more detail.

t is helpful to de&ne the four main elements of the promotional

mi! #efore considering their strengths and limitations.

=1) A/"r%#'#!+

+ny paid form of non-personal communication of ideas or

products in the ,prime media,0 i.e. television" newspapers"

magaBines" #ill#oard posters" radio" cinema etc. +dvertising is

26



intended to persuade and to inform. The two #asic aspects of

advertising are the message 9what you want your communication

to say: and the medium 9how you get your message across:

=5) Pr'o!a& S&&#!+

8ral communication with potential #uyers of a product with the

intention of ma(ing a sale. The personal selling may focus initially

on developing a relationship with the potential #uyer" #ut will

always ultimately end with an attempt to ,close the sale,.

=6) Sa&' Pro$o%#o!

'roviding incentives to customers or to the distri#ution channel to

stimulate demand for a product.

=<) P.&#c#%2

The communication of a product" #rand or #usiness #y placing

information a#out it in the media without paying for the time or

media space directly. otherwise (nown as ,pu#lic relations, or 'H.

2A



A/"a!%a+' a!/ D#'a/"a!%a+' o( Eac*E&$!% o( %* Pro$o%#o!a& M#9

Mix Element (dvantages Disadvantages

(dvertising

6ood for building awareness

@ffectie at reaching a wide audience

Aepetition of main brand and product positioning helps build customer trust

+mpersonal - cannot answer all a

customers questions

ot good at getting customers tomake a final purchasing decision

"ersonal Selling

5ighly interactie - lots ofcommunication between the buyer and

seller

@"cellent for communicating

comple" > detailed product information

and features

Aelationships can be built up -

important if closing the sale make take

a long time

)ostly - employing a sales force hasmany hidden costs in addition to

wages

ot suitable if there are thousands

of important buyers

Sales "romotion

)an stimulate quick increases in sales

by targeting promotional incenties on particular products

6ood short term tactical tool

+f used oer the long-term,

customers may get used to the effect

Too much promotion may damagethe brand image

2C



"ublic )elations

?ften seen as more BcredibleB - since

the message seems to be coming from

a third party &e.g. maga%ine,newspaper'

)heap way of reaching many

customers - if the publicity is achieed

through the right media

Aisk of losing control - cannot

always control what other people

write or say about your product

>) ANAYLYSE THE ADDITIONALELEMNTS OF EXTENDED

MARKETING MIX:-

=T* < P?' o( Mar4%#!+)

ar(eting decisions generally fall into the following four

controlla#le categories0

Pro/.c%

Pr#c

P&ac =/#'%r#.%#o!)

Pro$o%#o!

The term ,mar(eting mi!, #ecame populariBed after Geil <.

Dorden pu#lished his 1>64 article" The Concept of the Marketing

Mix . Dorden #egan using the term in his teaching in the late

1>4?/s after Fames ulliton had descri#ed the mar(eting manager

2>



as a ,mi!er of ingredients,. The ingredients in Dorden/s mar(eting

mi! included product planning" pricing" #randing" distri#ution

channels" personal selling" advertising" promotions" pac(aging"

display" servicing" physical handling" and fact &nding and

analysis. E. Ferome carthy later grouped these ingredients intothe four categories that today are (nown as the 4 '/s of

mar(eting" depicted #elow0

T* Mar4%#!+ M#9

These four '/s are the parameters that the mar(eting manager

can control" su#ect to the internal and e!ternal constraints of the

mar(eting environment. The goal is to ma(e decisions that center

the four '/s on the customers in the target mar(et in order tocreate perceived value and generate a positive response.

Pro/.c% Dc#'#o!'

3?



The term ,product, refers to tangi#le" physical products as well as

services. <ere are some e!amples of the product decisions to #e

made0

Drand nameunctionality

=tyling

Suality

=afety

'ac(aging

Hepairs and =upport

$arranty

+ccessories and services

Pr#c Dc#'#o!'

=ome e!amples of pricing decisions to #e made include0

'ricing strategy 9s(im" penetration" etc.:

=uggested retail price

7olume discounts and wholesale pricing

ash and early payment discounts

=easonal pricing

Dundling

'rice *e!i#ility

'rice discrimination

D#'%r#.%#o! =P&ac) Dc#'#o!'

31



Iistri#ution is a#out getting the products to the customer. =ome

e!amples of distri#ution decisions include0

Iistri#ution channels

ar(et coverage 9inclusive" selective" or e!clusive distri#ution:

=peci&c channel mem#ers

nventory management

$arehousing

Iistri#ution centers

8rder processing Transportation

Heverse logistics

Pro$o%#o! Dc#'#o!'

n the conte!t of the mar(eting mi!" promotion represents the

various aspects of mar(eting communication" that is" the

communication of information a#out the product with the goal ofgenerating a positive customer response. ar(eting

communication decisions include0

'romotional strategy 9push" pull" etc.:

+dvertising

'ersonal selling K sales force

=ales promotions

'u#lic relations K pu#licity

ar(eting communications #udget

32



@)RECOMMEND MARKETING MIX FOR

TWO DIFFERENT SEGMENTS IN

CONSUMER MARKET:-

D$o+ra*#c S+$!%a%#o!

=ome demographic segmentation varia#les include0

+ge

ender

amily siBe

amily lifecycle

eneration0 #a#y-#oomers" eneration " etc.

ncome

8ccupation

Education

Ethnicity

Gationality

Heligion

=ocial class

Go+ra*#c S+$!%a%#o!

The following are some e!amples of geographic varia#les often

used in segmentation

Hegion0 #y continent" country" state" or even neigh#orhood

=iBe of metropolitan area0 segmented according to siBe of

population

33



'opulation density0 often classi&ed as ur#an" su#ur#an" or rural

climate0 according to weather patterns common to certain

geographic regions

)EXPLAIN IN DIFFERENCES IN

MARKETING PRODUCTS AND SERVICES

TO ORGANISATIONS RATHER THAN

CONSUMERS :-

There are many dierences in mar(eting a product compared to aservice. 8ne dierence is that with a product" it is generally

something the consumer can touch. =ervices are more #ased on

creating an end result. +nother dierence that is normally found

in mar(eting a service compared to a product is the guarantee. t

is harder to guarantee a service" although it can #e done" while it

is fairly easy to guarantee a product. +nother #ig factor is cost.

'ricing products is easier than pricing services. or e!ample" one

copywriter may charge U25? for the service of writing a salesletter while another copywriter may charge U1?"??? to write a

sales letter. $hich service is #etter% $hat is the price #ased on%

<ow does one copywriter ustify charging U25? and the other

ustify charging U1?"???% t can #e #ased on e!perience and proof

of #eing a#le to generate the results the consumer wants. =ervice

is more psychological mar(eting.

ar(eting products and services to an orginiBation is dierent due

to the fact that those within an orginiBation are usually employees

of their assigned departments. This changes the atmosphere to

where you will #e using more facts and hard data to present in

your advertisement. $hile a visual element will still #e used" the

photography and artwor( usually will want to relate to the reward

34



a orginiBation will receive for doing #usiness with the advertiser.

n an orginiBation value and necessity are core concepts you want

to implement.

$hen mar(eting to an orginiBation your segment will go into

department channels as well as will need to target and addressthe proper decision ma(ers.

onsumer products and services have a greater focus on creating

desires and needs in a more social and less formal fashion. <ard

facts may #e good to present to the consumer #ut a focus more

on simple functions and social status #ecome core concepts in the

consumer mar(et. Iemographics and (ey mar(et channels can #e

less comple! in the consumer mar(et. This in part is due to

technology in today/s media environment allowing #etterstatistics on segmented mar(eting channels.

B ) EXPLAIN HOW AND WHY

INTERNATIONAL MARKETING DIFFERSFROM DOMESTIC MARKET :-

Iomestic mar(eting is the mar(eting practices within a

mar(eter/s home country. oreign mar(eting is the domestic

operations within a foreign country 9i.e." mar(eting methods used

outside the home mar(et:. omparative mar(eting analytically

compares two or more countries/ mar(eting systems to identify

similarities and dierences.

nternational mar(eting studies the ,how, and ,why, a product

succeeds or fails a#road and how mar(eting eorts aect the

outcome. t provides a micro view of the mar(et at the company

level.

35



ultinational" glo#al" and world mar(eting are all the same thing.

ultinational mar(eting treats all countries as the world mar(et

without designating a particular country as domestic or foreign.

+s such" a company engaging in multinational mar(eting is a

corporate citiBen of the world" whereas international mar(etingimplies the presence of a home #ase. <owever" the su#tle

dierence #etween international mar(eting and multinational

mar(eting is pro#a#ly insigni&cant in terms of strategic

implications.

Po& I! E"r2 Na%#o! D#,r

+s any mar(eting student can tell you" the mar(et segment of the

nited =tates is dependent on many dierent factors" including

demographic and psychographic characteristics and #uying

#ehaviors. Each of these types of characteristics change from

nation to nation so mar(eting that doesn/t also change is doomed

to fail.

ood glo#al mar(eting considers these characteristics and how

they change what people want" need" and will #uy. Eective

glo#al mar(eting campaigns alter mar(eting strategies" tactics"and messages to match the people in each nation.

D$o+ra*#c C*arac%r#'%#c' C*a!+ 72

Na%#o!'

8nce you move #eyond mar(eting in the nited =tates" each

country is de&ned #y a dierent history and culture. Thus"

mar(eting to the same generation diers. or e!ample" what an

1C-year-old in the nited =tates wants" diers greatly from what

an 1C-year-old in =udan wants.

36



P'2c*o+ra*#c C*arac%r#'%#c' Ar

A,c%/ 72 C.&%.r

+ maor part of the concept of mar(eting segments is

psychographic characteristics. These also #e dier across the

nations. Every single culture on Earth has its own morals" values

and culture" and that means dierent cultures will put dierent

pressures on their citiBens.Gorth orea puts the pressure of

following the ,lorious ;eader, on its citiBens" while Dritain is very

dierent. $hat one culture wants is very dierent from what

another culture considers accepta#le.8ver time" what a culture

considers to #e accepta#le changes. 8nce mar(eters focused on

women as #eing only housewives. n some countries that is still

accepta#le" and mar(eters still focus on that segment and

attitude. Dut in many nations" mar(eters no longer portray women

in that way.

7.2#!+ Por A!/ Ha#%' Var2

Throughout world mar(ets" people #uy dierently #ecause of

dierent #uying #ehaviors that have #een aected #y what theyneed" what they can #uy and how much money they have. 'eople

with more spending power have very dierent #uying ha#its from

those with less money to spend. This is true across the world and

within nations.

urthermore" people/s #uying ha#its change. or e!ample" in

Europe people #uy their food fresh for the meals they are having

that day" while in Gorth +merica" they #uy what they need for a

month at a time" and freeBe it or store it.

Gorth +mericans don/t want to (eep going out to #uy food"

Europeans don/t want to eat froBen food.

REFRENCES:-

3A



http://www.learnmarketing.net/microenvironment.htm

http0PPwww.oup.comPu(PorcP#inP>AC?1>>2>63ACP?1studentPadditio

nalPpageV12http0PPwi(i.answers.comPSP8utlineVfactorsVthatVin*ue

nceVtheVchoiceVofVtargetingVstartegiesWi!BB1SC48;r

http0PPeBinearticles.comP%=ustaining-ompetitive-

+dvantageKidX224?66>

http0PPwww.netm#a.comPmar(etingPpricingP

Head more0 Types of 'ricing =trategies in ar(eting Y e<ow.com

http0PPwww.ehow.comPa#outV5561422Vtypes-pricing-strategies-

mar(eting.htmlWi!BB1lvi4Dt2

http://tutor2u.net/business/marketing/promotion_mix.asp

http0PPwww.consumerpsychologist.comPintroV'romotion.html

http0PPtutor2u.netP#usinessPmar(etingPpromotionVpushpull.asp

http0PPwww.netm#a.comPmar(etingPmi!P

http0PPwww.netm#a.comPmar(etingPmar(etPsegmentationP

http0PPwi(i.answers.comPSP<owVar(etingVproductsVandVservicesV toVorganisationVdiersVfromVmar(etingVproductsVandVservicesVto

VconsumersWi!BB1nd6;=e

http0PPwi(i.answers.comPSPIistinguishVinternationalVmar(etingVfro

mVdomesticVmar(etingWi!BB1nh$oe

Co!%9% :-

3C

http://www.oup.com/uk/orc/bin/9780199296378/01student/additional/page_12http://wiki.answers.com/Q/Outline_factors_that_influence_the_choice_of_targeting_startegies#ixzz1GQ84UOLr



http://wiki.answers.com/Q/How_Marketing_products_and_services_to_organisation_differs_from_marketing_products_and_services_to_consumers#ixzz1Gnd6LSeC











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Documents

Identify and Explain Macro and Micro Envoirmental Factors Which Influence Makreting Decesions