Download - Fundamentals of Marketing New[1]
-
7/31/2019 Fundamentals of Marketing New[1]
1/92
Marketing
Buzzwords of confusion
Sales versus Marketing
Market Research &
Marketing Research
Event Marketing
SWOT, PEST, KPIs,
USPs, DINKYs etc
-
7/31/2019 Fundamentals of Marketing New[1]
2/92
As Event Managers,why is it important we understand
what Marketing is?
-
7/31/2019 Fundamentals of Marketing New[1]
3/92
Interactive
Media
Radio
Television
OutdoorPrint
Media
Internet
Below
the line
Events
Important Part of the Marketing Tactics
-
7/31/2019 Fundamentals of Marketing New[1]
4/92
Example of Events in Marketing
The PepsiChallenge has beenan ongoingmarketing promotion
run by PepsiCo forthe last 2 decades
1980s PepsiChallenge built
around a premisethat had to beestablished live
http://en.wikipedia.org/wiki/Marketinghttp://en.wikipedia.org/wiki/PepsiCohttp://en.wikipedia.org/wiki/PepsiCohttp://en.wikipedia.org/wiki/Marketing -
7/31/2019 Fundamentals of Marketing New[1]
5/92
The challenge takes the form of a taste test. At publiclocations, a Pepsi representative sets up a table with twoblank cups, one containing Pepsi and one with Coke.
Shoppers are encouraged to taste both colas, andcorrectly identify which is Pepsi and which is Coke. Ifthey can correctly identify the two, they win a prize.
Example of Events in Marketing
-
7/31/2019 Fundamentals of Marketing New[1]
6/92
Events within Marketing
Marketing(A Philosophy)
Events
The Marketing Mix (Tactics)
Product Price Place Promotion People Physical
Evidence
Process
-
7/31/2019 Fundamentals of Marketing New[1]
7/92
Agenda
Marketing What is it?
The Marketing Mix
The Environment The Marketing Plan
The Promotion Focus
Events (Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
8/92
What is Marketing ?
-
7/31/2019 Fundamentals of Marketing New[1]
9/92
The agrarian economy was largely self sufficientand trade was mostly through barter
The industrial revolution in early 19th centurysuddenly created surplus putting pressure on
manufacturers to find markets that could absorbthe produce
The need for labeling the produce, brands,trademarks and patents gradually began to
come in Mid 19th Century traveling salesman toorganized distribution
Marketing History
-
7/31/2019 Fundamentals of Marketing New[1]
10/92
The Sales Era lasted till the 2nd world war
Post war boom started the consumeristwave money in the hands of people, and
larger number of enterprises makingsimilar products
Product proliferation made business very
competitive It was this that paved the way for
Marketing
Marketing History
-
7/31/2019 Fundamentals of Marketing New[1]
11/92
Orientation Stages
Production Oriented
Firms tend to manufacture and offergoods that they are good at producing
Sales Oriented
The Hard Sell, firms now realise thatdue to competition the goods have tobe sold. Sales volume becomes themost important criterion
Marketing OrientedThe firm ascertains the genuine needsand wants of specifically defined targetmarkets and then produce goods andservices that satisfy the customer
requirements
-
7/31/2019 Fundamentals of Marketing New[1]
12/92
Marketing Some Descriptions
Marketing is a human activity directed at
satisfying human needs and wantsthrough exchange process
The customer is always right
The right product, in the right place, at the
right time, at the right price
-
7/31/2019 Fundamentals of Marketing New[1]
13/92
Marketing Definitions
Marketing is the management process whichidentifies, anticipates and supplies customerrequirements efficiently and profitably
Chartered Institute of Marketing
Marketing is the process of planning andexecuting the conception, pricing, promotion,
and distribution of ideas, goods and services tocreate exchanges that satisfy individual andorganizational objectives
American Marketing Association
-
7/31/2019 Fundamentals of Marketing New[1]
14/92
Sales versus Marketing
Sales process beginswith the producer
Based on what theproducer can make
Seller defines the price
Focus on finding buyersand selling them anyhow
The sale is the end of thetransaction
Product attributes static,as long as it sells
Marketing begins with theconsumer
Based on consumer needsand wants
Market demand decides
Focus on matching consumer
needs with product attributes The sale is the beginning of
the transaction relationship
Products must adapt to
changing customer trends
-
7/31/2019 Fundamentals of Marketing New[1]
15/92
Sales versus Marketing
Marketing is involved with the planning ofthe presentation of the firms capabilities;
whereas
Sales is the execution of the transfer orexchange of the product, good or
service.
-
7/31/2019 Fundamentals of Marketing New[1]
16/92
Sales versus Marketing
Marketing is a strategic function and has anumber of tactical activities, of which selling isone.
The primary function of sales is to find andclose leads, turning prospective customers inactual ones
Sales definitionIncome (at invoice values) received for goodsand services over some given period of time
-
7/31/2019 Fundamentals of Marketing New[1]
17/92
Presentation Status
Marketing What is it?
The Marketing Mix
The Environment The Marketing Plan
The Promotion Focus
Events (Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
18/92
The Marketing Mix
-
7/31/2019 Fundamentals of Marketing New[1]
19/92
The Marketing Mix The 4 Ps
The variables that the marketing manager can control inorder to best satisfy customers in the target market
TargetMarket
2. Price
1. Product
4. Promotion
3. PlaceThe physical productor service offered tothe consumer.
Channels of distributionto get the product to the
consumer.
Producer-Wholesaler-
Retailer-Customer
Financial aspects of theprocess; price levels,profit margins etc.
The communication andselling to potentialcustomers
-
7/31/2019 Fundamentals of Marketing New[1]
20/92
The Extended Marketing Mix
5. People
Employees are in direct
contact with customersand therefore must beconsidered the in thedeveloping themarketing mix
-
7/31/2019 Fundamentals of Marketing New[1]
21/92
The Extended Marketing Mix
6. Physical Evidence Service has an
intangiblecharacteristic, thereforeimportance is placed onmore tangible elementsof the service mix such
as facilities andequipment.
-
7/31/2019 Fundamentals of Marketing New[1]
22/92
The Extended Marketing Mix
7. Process
How the service is
provided is important.Procedures for dealingwith customers at thepoint of contact, and the
supply of a consistentquality service must bepre-planned andmanaged
-
7/31/2019 Fundamentals of Marketing New[1]
23/92
Presentation Status
Marketing What is it?
The Marketing Mix
The Environment The Marketing Plan
The Promotion Focus
Events (Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
24/92
The Environment
-
7/31/2019 Fundamentals of Marketing New[1]
25/92
Components of Communication
Encoder Decoder
Channel
Message
-
7/31/2019 Fundamentals of Marketing New[1]
26/92
Organisational Buying Process
Need recognition
Determine specification (general)
Determine specification (specific)
Search
Evaluation
Selection
Post-purchase evaluation
-
7/31/2019 Fundamentals of Marketing New[1]
27/92
Comsumer Buying Process
-
7/31/2019 Fundamentals of Marketing New[1]
28/92
Market Analysis PEST A framework to scan the external macro-
environment in which a firm operates
Price
Product
Promotion
Place
Company Economic
Socio-Cultural
Techno-logical
Political
-
7/31/2019 Fundamentals of Marketing New[1]
29/92
Target Markets
One of the reasons why marketing arose wasbecause of the diversity of markets and complexhuman needs and wants
As competition increased and more producersstarted producing similar goods, the need tocarve out exclusive niches arose
This could be done by changes to the productDIFFERENTIATION, or to the market definitions- SEGMENTATION
-
7/31/2019 Fundamentals of Marketing New[1]
30/92
Segmentation & Targeting
If segmentation is about breaking up a massmarket into more specific subsets, targeting is allabout the decisions to appeal to them
Treating them all as one large group with a
common interest is called UNDIFFERENTIATEDmarketing Selecting one small niche and catering to that
segment is called CONCENTRATED marketing
Identifying several unique subsets and talking tothem individually is called DIFERENTIATEDmarketing
-
7/31/2019 Fundamentals of Marketing New[1]
31/92
Why Segment?
Better matching of customer needs
Enhanced profits, margins for the business
Better opportunities for growth Retain loyalty of customers
Targeted marketing communications
Gain share in the segment
-
7/31/2019 Fundamentals of Marketing New[1]
32/92
Some Examples of Profiles
Ultra Conservative - don't rock the boat, whatever they purchasemust be consistent with their current way of doing things.
Conservatives - are willing to change, but only in small incrementsand only in a very cost effective manner.
Liberals - regularly looking for new solutions, willing to makechange (even major change) if the benefit can be shown.
Technical Liberals - enamored with the benefits provided by hightech solutions and any purchase decision will be biased by thetechnical content of the offering.
Self Helpers - consistently defines/designs solutions to theirproblems, likes to acquire tools that help in the innovation process.
-
7/31/2019 Fundamentals of Marketing New[1]
33/92
The Road to the Market
To get a product or service to the rightperson or company, a marketer wouldfirstly
1. segment the market,2. then target a single segment or series of
segments,
3. and finally position within the segment(s)
-
7/31/2019 Fundamentals of Marketing New[1]
34/92
1. Market Segment
Segmentation is essentially the identification of subsets ofbuyers within a market who share similar needs and whodemonstrate similar buyer behavior.
by geography region, climate, population density andgrowth
by demographics - such as age, gender, occupation,income, education and family status
by psychographics - such as values, lifestyle or beliefs
by behaviour such as class, brand loyalty, pricesensitivity
-
7/31/2019 Fundamentals of Marketing New[1]
35/92
2. Targeting the Market
After the market has been separated intoits segments, the marketer will select asegment or series of segments and 'target'it/them
It's like looking at a dart board or ashooting target. You see that it has areas
with different scores - these are yoursegments. Aiming the dart or the bullet ata specific scoring area is 'targeting'
-
7/31/2019 Fundamentals of Marketing New[1]
36/92
2. Targeting the Market (cont)
Eg. The Car Industry
-
7/31/2019 Fundamentals of Marketing New[1]
37/92
2. Targeting the Market (cont)
Eg. Rolls Royce
-
7/31/2019 Fundamentals of Marketing New[1]
38/92
2. Targeting the Market (cont)
Eg. Washing Powder
-
7/31/2019 Fundamentals of Marketing New[1]
39/92
3. Position in Market
After segmenting a market and then targeting aconsumer, you would proceed to position aproduct within that market
Positioning is all about 'perception
Products or services are 'mapped' together on a
'positioning map'. This allows them to becompared and contrasted in relation to eachother
-
7/31/2019 Fundamentals of Marketing New[1]
40/92
EG. Automotive
Positioning Map
3. Position in Market (cont)
-
7/31/2019 Fundamentals of Marketing New[1]
41/92
Presentation Status
Marketing What is it?
The Marketing Mix
The Environment The Marketing Plan
The Promotion Focus
Events (Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
42/92
The Marketing Plan
-
7/31/2019 Fundamentals of Marketing New[1]
43/92
Marketing Plan
Marketing plans are vital to marketingsuccess. They help to focus the mind ofcompanies and marketing teams on the
process of marketing i.e. what is going tobe achieved and how we intend to do it.
-
7/31/2019 Fundamentals of Marketing New[1]
44/92
The Marketing Plan (cont)
The key stages of the plan are contained
under the acronym AOSTC
1. Analysis2. Objectives
3. Strategies
4. Tactics
5. Control.
-
7/31/2019 Fundamentals of Marketing New[1]
45/92
The Marketing Plan (cont)
1. Analysis
The environment (PEST)
Internal Audit
Competitors
SWOT
-
7/31/2019 Fundamentals of Marketing New[1]
46/92
SWOT ANALYSIS A tool for identifying and analysing the (internal)
strengths and weaknesses of a corporation and the(external) opportunities and threats.
Strong brand / reputation
Industry expertise
Natural resources
Patents
New product / service
Location
Quality process or procedure
Developing marketMergers or strategic alliances
Moving into new attractive market segments
New international markets
Loosening of regulations
Removal of international trade barriers
Market is led by weak competitor
STRENGTHS WEAKNESSES
OPPORTUNITIES THREATS
Poor quality of goods or service
Damaged reputation
Lack of marketing expertise
Location of business
Competitors have superior resources
Weak HR and personnel
New competitor in home marketPrice war
Innovative product/service from competitor
New regulations
Increased trade barriers
Taxation on product / service
-
7/31/2019 Fundamentals of Marketing New[1]
47/92
The Marketing Plan (cont)
2. Objectives (SMART) Specific
Be precise about what you are going to achieve
MeasurableQuantify you objectives
Achievable
Are you attempting too much?
Realistic
Do you have the resource to make the objective happen (men,money, machines, materials, minutes)?
Timed
State when you will achieve the objective (within a month? By
February 2010?)
-
7/31/2019 Fundamentals of Marketing New[1]
48/92
The Marketing Plan (cont)
3. Strategies
Describe your target market.
Which segment?
How will we target the segment?How should we position within the segment?
Define the segment in terms of demographics and lifestyle
Show how you intend to 'position' your product or service
within that segment. Use other tools to assist in strategic
marketing decisions such as Boston Matrix, Ansoffs Matrix
-
7/31/2019 Fundamentals of Marketing New[1]
49/92
The Marketing Plan (cont)
4. Tactics
Convert the strategy into the marketing mix (4 ps)marketing
mix. These are your marketing tactics.
PRICE. Will you cost plus, skim, match the competition orpenetrate the market?PLACE. Will you market direct, use agents or distributors?PRODUCT Sold individually, as part of a bundle, in bulk?PROMOTION Which media will you use? e.g sponsorship,radio advertising, sales force, point-of-sale, etc? Think ofthe mix elements as the ingredients of a 'cake mix
http://www.marketingteacher.com/Lessons/lesson_promotion.htmhttp://www.marketingteacher.com/Lessons/lesson_place.htm -
7/31/2019 Fundamentals of Marketing New[1]
50/92
The Marketing Plan (cont)
5. Control
Remember that there is no planning withoutcontrol. Control is vital.
Start-up costs Monthly budgets
Sales figure
Market share data Monitor and Evaluate plan
-
7/31/2019 Fundamentals of Marketing New[1]
51/92
Marketing Budgets
Gear your marketing efforts to the most cost effectiveuse
Budgets include everything from equipment investmentsto soft company support of community events
Keys areas could be: (mix) Advertising; public relations Product packaging Sales force / commercial incentives
Marketing budget should anticipate results; internallysell the expenditures for each piece; support most
important objectives Some marketingorganizations have P/L responsibility You cant make a buck, without spending a buck
-
7/31/2019 Fundamentals of Marketing New[1]
52/92
Campaign Framework
MarketingCommunication
Objectives &Strategy
MarketingCommunication
Tactics
CampaignImplementation
CampaignEvaluation &
Control
SpecificMeasurable
Short Term
Targets
Budgets
Creative
Media selection
Below the linepromotions
Sales force
Public relations
Distributionchannels &management
National Launch orsmaller scalecampaign
-
7/31/2019 Fundamentals of Marketing New[1]
53/92
Presentation Status
Marketing What is it?
The Marketing Mix
The Environment
The Marketing Plan
The Promotion Focus
Events (Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
54/92
The Promotion Focus
-
7/31/2019 Fundamentals of Marketing New[1]
55/92
Events within Marketing
Marketing(A Philosophy)
Events
The Marketing Mix (Tactics)
Product Price Place Promotion People Physical
EvidenceProcess
-
7/31/2019 Fundamentals of Marketing New[1]
56/92
Push & Pull Marketing Strategies
PUSHMarketing effortstargeted at themiddlemen and thesalesforce
PULLMarketing effortstargeted at consumers
Cash discounts
Dealer competitions
Salesforce cash incentives
Direct Mail shots
Credit facilitiesTrade Exhibitions & Events,Demonstrations
Training schemes
Price reductions,
CouponsFree samples/demos instores
Competitions
Buy one get one free,
Packaging,Point of Sale displays,
Consumer Advertising
Sponsorship
CHANNELSOF
DISTRIBUTION
-
7/31/2019 Fundamentals of Marketing New[1]
57/92
The Promotion Cake The basic ingredients are always the same. However if you vary the amounts of
one of the ingredients, the final outcome is different. You can 'integrate' differentaspects of the promotions mix to deliver a unique campaign cake.
Personal
Selling
Advertising
PR
DirectMail
Sales
Promotion
Events
Sponsorship
Personal
Selling
Advertising
PR Direct
Mail
Sales
Promotion
Events
Sponsorship
-
7/31/2019 Fundamentals of Marketing New[1]
58/92
Advertising
Advertise make knownTo inform
An advertisement to be successful;
Must be seen
Must be read
Must be believed
Must be remembered Must be acted upon
-
7/31/2019 Fundamentals of Marketing New[1]
59/92
-
7/31/2019 Fundamentals of Marketing New[1]
60/92
-
7/31/2019 Fundamentals of Marketing New[1]
61/92
-
7/31/2019 Fundamentals of Marketing New[1]
62/92
Presentation Status
Marketing What is it?
The Marketing Mix
The Environment
The Marketing Plan
The Promotion Focus In progress
Events (Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
63/92
Presentation Status
Marketing What is it?
The Marketing Mix
The Environment
The Marketing Plan
The Promotion Focus In progress
Events (Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
64/92
Marketing Plan Example
-
7/31/2019 Fundamentals of Marketing New[1]
65/92
Presentation Status
Marketing What is it?
The Marketing Mix
The Environment
The Marketing Plan
The Promotion Focus
Events (Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
66/92
Events
(Face to Face Communication)
-
7/31/2019 Fundamentals of Marketing New[1]
67/92
An Overview of Events
Events
Award Ceremonies
Carnivals
Concerts
Conferences Corporate Events
Exhibitions
Festivals Fashion Shows
Product Launches
Promotions
Road Shows
Seminars
Sporting Events
Trade Fairs
-
7/31/2019 Fundamentals of Marketing New[1]
68/92
Award Ceremonies
-
7/31/2019 Fundamentals of Marketing New[1]
69/92
Carnivals
-
7/31/2019 Fundamentals of Marketing New[1]
70/92
Concerts
-
7/31/2019 Fundamentals of Marketing New[1]
71/92
Conferences
-
7/31/2019 Fundamentals of Marketing New[1]
72/92
Car Launch
-
7/31/2019 Fundamentals of Marketing New[1]
73/92
Exhibitions
-
7/31/2019 Fundamentals of Marketing New[1]
74/92
Festivals
-
7/31/2019 Fundamentals of Marketing New[1]
75/92
Fashion Show
-
7/31/2019 Fundamentals of Marketing New[1]
76/92
Opening Ceremony
-
7/31/2019 Fundamentals of Marketing New[1]
77/92
Product Launch
S i E
-
7/31/2019 Fundamentals of Marketing New[1]
78/92
Sporting Event
T i E
-
7/31/2019 Fundamentals of Marketing New[1]
79/92
Tourist Events
W ddi
-
7/31/2019 Fundamentals of Marketing New[1]
80/92
Weddings
P i S
-
7/31/2019 Fundamentals of Marketing New[1]
81/92
Presentation Status
Marketing What is it?
The Marketing Mix
The Environment
The Marketing Plan
The Promotion Focus
Events (Face to Face Communication)
Brand
BrandBrand
-
7/31/2019 Fundamentals of Marketing New[1]
82/92
Brand
Building
Events
Product
Displays
Brand
Awareness
Merchandising
Promotions
PR
DriverEntertainment
Brand
Building
Brand
PositioningVisibility
Personal
Selling
TangibleSales
Research &
Planning
Brand
Communication Product
Sampling
E t C i ti
-
7/31/2019 Fundamentals of Marketing New[1]
83/92
Event Communication
Advantages
Clean and customer direct
Direct benefit to the user (even enjoyment) It is suggested that the advertising arena
(while growing in terms of size) is slowingdown and being replaced by the Face-to-facestyle medium of communication.
M k ti Di ti
-
7/31/2019 Fundamentals of Marketing New[1]
84/92
Marketing Dictionary
Above the Line Advertising for which a payment is made and forwhich commission is paid to the advertising agency. See also'below the line' and 'push versus pull promotion
Advertising Promotion of a product, service, or message by an
identified sponsor using paid-for media.
Brand The set of physical attributes of a product or service,together with the beliefs and expectations surrounding it - aunique combination which the name or logo of the product orservice should evoke in the mind of the audience.
Brown Goods Electrical goods such as TVs, videos, stereosystems etc, used for home entertainment. So called becausethey were originally cased in bakelite, a brown plastic.
M k ti Di ti
-
7/31/2019 Fundamentals of Marketing New[1]
85/92
Marketing Dictionary
Buzz marketing uses 'word-of-mouth' advertising: potentialcustomers pass round information about a product. See also 'viralmarketing
Channels The methods used by a company to communicate and
interact with its customers
Copyright The law that protects an author's original material,usually (in the UK) for 70 years after the author's death. Similarlaw covers logos and brand names
Copywriting Creative process by which written content isprepared for advertisements or marketing material
M k ti Di ti
-
7/31/2019 Fundamentals of Marketing New[1]
86/92
Marketing Dictionary
Customer Relationship Management (CRM) The coherentmanagement of contacts and interactions with customers. (Thisterm is often used as if it related purely to the use of IT, but ITshould in fact be regarded as a facilitator of CRM.)
Decision Making Unit (DMU) The team of people in anorganisation who make the final buying decision
Differentiation Ensuring that products and services have aunique element to allow them to stand out from the rest
DINKY Double Income No Kids Yet - a demographic grouping
M k ti Di ti
-
7/31/2019 Fundamentals of Marketing New[1]
87/92
Marketing Dictionary
Direct Marketing All activities which make it possible to offergoods or services or to transmit other messages to a segment ofthe population by post, telephone, e-mail or other direct means
Electronic Point of Sale (EPOS) System A system wherebyelectronic tills are used to process customer transactions in aretail outlet
Endorsement Affirmation, usually from a celebrity, that a productis good
FMCG Fast Moving Consumer Goods - such as packaged food,beverages, toiletries, and tobacco
M k ti Di ti
-
7/31/2019 Fundamentals of Marketing New[1]
88/92
Marketing Dictionary
Focus Groups A tool for market research where small groups ofcustomers are invited to participate in guided discussions on thetopic being researched
Grey Marketing (also called Parallel Importing) The illicit saleof imported products contrary to the interests of a holder of atrademark, patent or copyright in the country of sale
Guerrilla Marketing The strategy of targeting small andspecialised customer groups in such a way that bigger companieswill not find it worthwhile to retaliate
Logo A graphic, usually consisting of a symbol and/or group ofletters, that identifies a company or brand
M k ti Di ti
-
7/31/2019 Fundamentals of Marketing New[1]
89/92
Marketing Dictionary
Macro Environment The external factors which affect acompanys planning and performance, and are beyond its control:for example, socio-economic, legal and technological change.Compare 'micro environment
Market Penetration The attempt to grow one's business byobtaining a larger market share in an existing market - see'market share' and 'market development
Micro Environment The immediate context of a company'soperations, including such elements as suppliers, customers andcompetitors - compare 'macro environment
Personal Selling One-to-one communication between seller andprospective purchaser
Marketing Dictionar
-
7/31/2019 Fundamentals of Marketing New[1]
90/92
Marketing Dictionary
PIMS Profit Impact of Marketing Strategies: a US databasesupplying data such as environment, strategy, competition andinternal data with respect to 3000 business. This data can beused for benchmarking purposes
Point of Sale (POS) (also called Point of Purchase) Thelocation, usually within a retail outlet, where the customer decideswhether to make a purchase. See also 'EPOS - Electronic Pointof Sale'
Portfolio (and Portfolio Analysis) The set of products orservices which a company decides to develop and market
Product Life Cycle A model describing the progress of a productfrom the inception of the idea, via the main period of sales, to itseventual decline
Marketing Dictionary
-
7/31/2019 Fundamentals of Marketing New[1]
91/92
Marketing Dictionary
Promotional Mix The components of an individual promotionalcampaign, which are likely to include advertising, personal selling,public relations, direct marketing, packaging, and sales promotion
Relationship Marketing The strategy of establishing arelationship with the customer which continues well beyond thefirst purchase.
Return on Investment (ROI)/Return on Capital Employed(ROCE) The value that an organisation derives from investing ina project
Skimming Setting the original price high in the early stages of theproduct life cycle in an attempt to get as much profit as possiblebefore prices are driven down by increasing competition
Marketing Dictionary
-
7/31/2019 Fundamentals of Marketing New[1]
92/92
Marketing Dictionary
Supply Chain The network of suppliers, manufacturers anddistributors involved in the production and delivery of a product
Unique Selling Preposition (USP) The benefit that a product orservice can deliver to customers that is not offered by anycompetitor: one of the fundamentals of effective marketing andbusiness
Value Preposition The set of qualities of a good or service thatallows it to fulfill the customer's needs and desires, as opposed tosimply benefiting the seller
White Goods Large electrical devices for domestic use, such asfridges, freezers and dishwashers. Used to be cased in whiteenamel, hence the name