marktng envy

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Competitive advantage of a firm is measured by how much more value the firm is

able to provide to its customers as compared to its rival firms. The prime aim of an

organization is to clearly differentiate its offering from that of its competitor towards

gaining sustainable competitive advantage.

Competitive Advantage

When a firm sustains profits that exceed the average for its industry, the firm is said topossess a competitive advantage over its rivals. The goal of much of businessstrategy is to achieve a sustainable competitive advantage.

Michael Porter identified two basic types of competitive advantage:

cost advantage

differentiation advantageA competitive advantage exists when the firm is able to deliver the same benefits ascompetitors but at a lower cost (cost advantage), or deliver benefits that exceed thoseof competing products (differentiation advantage). Thus, a competitive advantageenables the firm to create superior value for its customers and superior profits for itself.

Cost and differentiation advantages are known as positional advantages since theydescribe the firm's position in the industry as a leader in either cost or differentiation.

A resource-based viewemphasizes that a firm utilizes its resources and capabilities tocreate a competitive advantage that ultimately results in superior value creation. Thefollowing diagram combines the resource-based and positioning views to illustrate theconcept of competitive advantage:

A Model of Competitive Advantage

Resources

Distinctive

Competencies

Cost AdvantageorDifferentiation Advantage

ValueCreation

Capabilities

Resources and CapabilitiesAccording to the resource-based view, in order to develop a competitive advantage thefirm must have resources and capabilities that are superior to those of its competitors.Without this superiority, the competitors simply could replicate what the firm was doingand any advantage quickly would disappear.

Resources are the firm-specific assets useful for creating a cost or differentiationadvantage and that few competitors can acquire easily. The following are someexamples of such resources:

Patents and trademarks

Proprietary know-how


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Installed customer base

Reputation of the firm

Brand equity

Capabilities refer to the firm's ability to utilize its resources effectively. An example of a

capability is the ability to bring a product to market faster than competitors. Suchcapabilities are embedded in the routines of the organization and are not easilydocumented as procedures and thus are difficult for competitors to replicate.

The firm's resources and capabilities together form its distinctive competencies.These competencies enable innovation, efficiency, quality, and customerresponsiveness, all of which can be leveraged to create a cost advantage or adifferentiation advantage.

Cost Advantage and Differentiation Advantage

Competitive advantage is created by using resources and capabilities to achieve either

a lower cost structure or a differentiated product. A firm positions itself in its industrythrough its choice of low cost or differentiation. This decision is a central component ofthe firm's competitive strategy.

Another important decision is how broad or narrow a market segment to target. Porterformed a matrix using cost advantage, differentiation advantage, and a broad or narrowfocus to identify a set of generic strategies that the firm can pursue to create andsustain a competitive advantage.

Value Creation

The firm creates value by performing a series of activities that Porter identified as the

value chain. In addition to the firm's own value-creating activities, the firm operates in avalue system of vertical activities including those of upstream suppliers and downstreamchannel members.

To achieve a competitive advantage, the firm must perform one or more value creatingactivities in a way that creates more overall value than do competitors. Superior value iscreated through lower costs or superior benefits to the consumer (differentiation).

Recommended Reading

Porter, Michael E.,Competitive Advantage:Creating and Sustaining Superior Performance
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Positioning

As Popularized by Al Ries and Jack Trout

In their 1981 book, Positioning: The Battle for your Mind, Al Ries and Jack Troutdescribe how positioning is used as a communication tool to reach target customers ina crowded marketplace. Jack Trout published an article on positioning in 1969, andregular use of the term dates back to 1972 when Ries and Trout published a series ofarticles in Advertising Age called "The Positioning Era." Not long thereafter, MadisonAvenue advertising executives began to develop positioning slogans for their clients andpositioning became a key aspect of marketing communications.

Positioning: The Battle for your Mindhas become a classic in the field of marketing. Thefollowing is a summary of the key points made by Ries and Trout in their book.

Information OverloadRies and Trout explain that while positioning begins with a product, the concept really isabout positioning that product in the mind of the customer. This approach is neededbecause consumers are bombarded with a continuous stream of advertising, withadvertisers spending several hundred dollars annually per consumer in the U.S. Theconsumer's mind reacts to this high volume of advertising by accepting only what isconsistent with prior knowledge or experience.

It is quite difficult to change a consumer's impression once it is formed. Consumerscope with information overload by oversimplifying and are likely to shut out anythinginconsistent with their knowledge and experience. In an over-communicatedenvironment, the advertiser should present a simplified message and make thatmessage consistent with what the consumer already believes by focusing on theperceptions of the consumer rather than on the reality of the product.

Getting Into the Mind of the Consumer

The easiest way of getting into someone's mind is to be first. It is very easy toremember who is first, and much more difficult to remember who is second. Even if thesecond entrant offers a better product, the first mover has a large advantage that canmake up for other shortcomings.

However, all is not lost for products that are not the first. By being the first to claim aunique position in the mind the consumer, a firm effectively can cut through the noiselevel of other products. For example, Miller Lite was not the first light beer, but it was thefirst to be positioned as a light beer, complete with a name to support that position.Similarly, Lowenbrau was the most popular German beer sold in America, but Beck'sBeer successfully carved a unique position using the advertising,

"You've tasted the German beer that's the most popular in America. Now taste theGerman beer that's the most popular in Germany."

Consumers rank brands in their minds. If a brand is not number one, then to besuccessful it somehow must relate itself to the number one brand. A campaign thatpretends that the market leader does not exist is likely to fail. Avis tried unsuccessfullyfor years to win customers, pretending that the number one Hertz did not exist. Finally, it

began using the line,

"Avis in only No. 2 in rent-a-cars, so why go with us? We try harder."

After launching the campaign, Avis quickly became profitable. Whether Avis actuallytried harder was not particularly relevant to their success. Rather, consumers finallywere able to relate Avis to Hertz, which was number one in their minds.

Another example is that of the soft-drink 7-Up, which was No. 3 behind Coke and Pepsi.By relating itself to Coke and Pepsi as the "Uncola", 7-Up was able to establish itself inthe mind of the consumer as a desirable alternative to the standard colas.


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quantity (Schaefer - "the one beer to have when you're having more than one.")

It most likely is a mistake to build a brand by trying to appeal to everyone. There are toomany brands that already have claimed a position and have become entrenchedleaders in their positions. A product that seeks to be everything to everyone will end upbeing nothing to everyone.

Repositioning the Competition

Sometimes there are no unique positions to carve out. In such cases, Ries and Troutsuggest repositioning a competitor by convincing consumers to view the competitor in adifferent way. Tylenol successfully repositioned aspirin by running advertisementsexplaining the negative side effects of aspirin.

Consumers tend to perceive the origin of a product by its name rather than reading thelabel to find out where it really is made. Such was the case with vodka when mostvodka brands sold in the U.S. were made in the U.S. but had Russian names.Stolichnaya Russian vodka successfully repositioned its Russian-sounding competitorsby exposing the fact that they all actually were made in the U.S., and that Stolichnaya

was made in Leningrad, Russia.When Pringle's new-fangled potato chips were introduced, they quickly gained marketshare. However, Wise potato chips successfully repositioned Pringle's in the mind ofconsumers by listing some of Pringle's non-natural ingredients that sounded like harshchemicals, even though they were not. Wise potato chips of course, contained only"Potatoes. Vegetable oil. Salt." As a resulting of this advertising, Pringle's quickly lostmarket share, with consumers complaining that Pringle's tasted like cardboard, mostlikely as a consequence of their thinking about all those unnatural ingredients. Ries andTrout argue that is usually is a lost cause to try to bring a brand back into favor once ithas gained a bad image, and that in such situations it is better to introduce an entirelynew brand.

Repositioning a competitor is different from comparative advertising. Comparativeadvertising seeks to convince the consumer that one brand is simply better thananother. Consumers are not likely to be receptive to such a tactic.

The Power of a Name

A brand's name is perhaps the most important factor affecting perceptions of it. In thepast, before there was a wide range of brands available, a company could name aproduct just about anything. These days, however, it is necessary to have a memorablename that conjures up images that help to position the product.

Ries and Trout favor descriptive names rather than coined ones like Kodak or Xerox.Names like DieHard for a battery, Head & Shoulders for a shampoo, Close-Up for a

toothpaste, People for a gossip magazine. While it is more difficult to protect a genericname under trademark law, Ries and Trout believe that in the long run it is worth theeffort and risk. In their opinion, coined names may be appropriate for new products inwhich a company is first to market with a sought-after product, in which case the nameis not so important.

Margarine is a name that does not very well position the product it is describing. Theproblem is that it sounds artificial and hides the true origin of the product. Ries and Troutpropose that "soy butter" would have been a much better name for positioning theproduct as an alternative to the more common type of butter that is made from milk.While some people might see soy in a negative light, a promotional campaign could bedeveloped to emphasize a sort of "pride of origin" for soy butter.

Another everyday is example is that of corn syrup, which is viewed by consumers as aninferior alternative to sugar. To improve the perceptions of corn syrup, one supplierbegan calling it "corn sugar", positioning it as an alternative to cane sugar or beet sugar.

Ries and Trout propose that selecting the right name is important for positioning justabout anything, not just products. For example, the Clean Air Act has a name that isdifficult to oppose, as do "fair trade" laws. Even a person's name impacts his or hersuccess in life. One study showed that on average, schoolteachers grade essayswritten by children with names like David and Michael a full letter grade higher thanthose written by children with names like Hubert and Elmer.

Eastern Airlines was an example of a company limited by its name. Air travelpassengers always viewed it as a regional airline that served the eastern U.S., eventhough it served a much wider area, including the west coast. Airlines such as American


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and United did not have such a perception problem. (Eastern Airlines ceased operationsin 1991.)

Another problem that some companies face is confusion with another company that hasa similar name. Consumers frequently confused the tire manufacturer B.F. Goodrichwith Goodyear. The Goodyear blimp had made Goodyear tires well-known, and

Goodyear frequently received credit by consumers for tire products that B.F. Goodrichhas pioneered. (B.F. Goodrich eventually sold its tire business to Uniroyal.)

Other companies have changed their names to something more general, and as a resultcreate confusion with other similar-sounding companies. Take for instance TheContinental Group, Inc. and The Continental Corporation. Few people confidently cansay which makes cans and which sells insurance.

The No-Name Trap

People tend use abbreviations when they have fewer syllables than the original term.GE is often used instead of General Electric. IBM instead of International BusinessMachines. In order to make their company names more general and easier to say, many

corporations have changed their legal names to a series of two or three letters. Riesand Trout argue that such changes usually are unwise.

Companies having a broad recognition may be able to use the abbreviated names andconsumers will make the translation in their minds. When they hear "GM", they think"General Motors". However, lesser known companies tend to lose their identity whenthey use such abbreviations. Most people don't know the types of business in whichcompanies named USM or AMP are engaged.

The same applies to people's names as well. While some famous people are known bytheir initials (such as FDR and JFK), it is only after they become famous that they beginusing their initials. Ries and Trout advise managers who aspire for name recognition touse an actual name rather then first and middle initials. The reason that initials do not

lead to recognition is that the human mind works by sounds, not by spellings.Most companies began selling a single product, and the name of the company usuallyreflected that product. As the successful firms grew in to conglomerates, their originalnames became limiting. Ries and Trout advise companies seeking more general namesto select a shorter name made of words, not individual letters. For example, for TransWorld Airlines, they favored truncating it simply to Trans World instead removing allwords and using the letters TWA.

The Free-Ride Trap

A company introducing a new product often is tempted to use the brand name of an

existing product, avoiding the need to build the brand from scratch. For example, Alka-Seltzer named a new product Alka-Seltzer Plus. Ries and Trout do not favor thisstrategy since the original name already in positioned in the consumer's mind. In fact,consumers viewed Alka-Seltzer Plus simply as a better Alka-Seltzer, and the sales ofAlka-Seltzer Plus came at the expense of Alka-Seltzer, not from the market share of thecompetition.

Some firms have built a wide range of products on a single brand name. Others, suchas Procter & Gamble have selected new names for each new product, carefullypositioning the product in a different part of the consumer's mind. Ries and Troutmaintain that a single brand name cannot hold multiple positions; either the new productwill not be successful or the original product bearing the name will lose its leadership

position.Nonetheless, some companies do not want their new products to be anonymous with anunrecognized name. However, Ries and Trout propose that anonymity is not so bad; infact, it is a resource. When the product eventually catches the attention of the media, itwill have the advantage of being seen without any previous bias, and if a firm preparesfor this event well, once under the spotlight the carefully designed positioning can becommunicated exactly as intended. This moment of fame is a one-shot event and onceit has passed, the product will not have a second chance to be fresh and new.

The Line Extension Trap

Line extensions are tempting for companies as a way to leverage an existing popular

brand. However, if the brand name has become near generic so that consumers


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consider the name and the product to be one and the same, Ries and Trout generallydo not believe that a line extension is a good idea.

Consider the case of Life Savers candy. To consumers, the brand name is synonymouswith the hard round candy that has a hole in the middle. Nonetheless, the companyintroduced a Life Savers chewing gum. This use of the Life Savers name was not

consistent with the consumer's view of it, and the Life Savers chewing gum brand failed.The company later introduced the first brand of soft bubble gum and gave it a newname: Bubble Yum. This product was very successful because it not only had a namedifferent from the hard candy, it also had the the advantage of being the first soft bubblegum.

Ries and Trout cite many examples of failures due to line extensions. The consistentpattern in these cases is that either the new product does not succeed, or the originalsuccessful product loses market share as a result of its position being weakened by adiluted brand name.

When Line Extensions Can Work

Despite the disadvantages of line extensions, there are some cases in which it is noteconomically feasible to create a new brand and in which a line extension might work.Some of the cases provided by Ries and Trout include:

Low volume product- if the sales volume is not expected to be high.

Crowded market- if there is no unique position that the product can occupy.

Small ad budget- without strong advertising support, it might make sense to usethe house name.

Commodity product- an undifferentiated commodity product has less need of itsown name than does a breakthrough product.

Distribution by sales reps - products distributed through reps may not need aseparate brand name. Those sold on store shelves benefit more from their ownname.

Positioning Has Broad Applications

The concept of positioning applies to products in the broadest sense. Services, touristdestinations, countries, and even careers can benefit from a well-developed positioningstrategy that focuses on a niche that is unoccupied in the mind of the consumer ordecision-maker.


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The Marketing Mix

(The 4 P's of Marketing)

The major marketing management decisions can be classified in one of the followingfour categories:

Product

Price

Place (distribution)

Promotion

These variables are known as the marketing mix or the 4 P's of marketing. They are

the variables that marketing managers can control in order to best satisfy customers inthe target market. The marketing mix is portrayed in the following diagram:

The Marketing Mix

Product Place

TargetMarket

Price Promotion

The firm attempts to generate a positive response in the target market by blendingthese four marketing mix variables in an optimal manner.

Product

The product is the physical product or service offered to the consumer. In the case ofphysical products, it also refers to any services or conveniences that are part of theoffering.

Product decisions include aspects such as function, appearance, packaging, service,warranty, etc.

Price


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Pricing decisions should take into account profit margins and the probable pricingresponse of competitors. Pricing includes not only the list price, but also discounts,financing, and other options such as leasing.

Place

Place (or placement) decisions are those associated with channels of distribution thatserve as the means for getting the product to the target customers. The distributionsystem performs transactional, logistical, and facilitating functions.

Distribution decisions include market coverage, channel member selection, logistics,and levels of service.

Promotion

Promotion decisions are those related to communicating and selling to potentialconsumers. Since these costs can be large in proportion to the product price, a break-

even analysis should be performed when making promotion decisions. It is useful toknow the value of a customer in order to determine whether additional customers areworth the cost of acquiring them.

Promotion decisions involve advertising, public relations, media types, etc.

A Summary Table of the Marketing Mix

The following table summarizes the marketing mix decisions, including a list of some ofthe aspects of each of the 4Ps.

Summary of Marketing Mix Decisions

Product Price Place Promotion

Functionality

Appearance

Quality

Packaging

Brand

Warranty

Service/Support

List price

Discounts

Allowances

Financing

Leasing options

Channel members

Channel motivation

Market coverage

Locations

Logistics

Service levels

Advertising

Personal selling

Public relations

Message

Media

Budget


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The term marketing mix refers to the four major areas of decision making in the marketingprocess that are blended to obtain the results desired by the organization. The four elements ofthe marketing mix are sometimes referred to the four Ps of marketing. The marketing mix shapesthe role of marketing within all types of organizations, both profit and nonprofit. Each element in

the marketing mixproduct, price, promotion, and placeconsists of numerous subelements.Marketing managers make numerous decisions based on the various subelements of themarketing mix, all in an attempt to satisfy the needs and wants of consumers.

Product

The first element in the marketing mix is the product. A product is any combination of goods andservices offered to satisfy the needs and wants of consumers. Thus, a product is anything tangibleorintangiblethat can be offered for purchase or use by consumers. A tangible product is one thatconsumers can actually touch, such as a computer. An intangible product is a service that cannotbe touched, such as computer repair, income tax preparation, or an office call. Other examples ofproducts include places and ideas. For example, the state tourism department in New Hampshiremight promote New Hampshire as a great place to visit and by doing so stimulate the economy.Cities also promote themselves as great places to live and work. For example, the slogan toutedby the Chamber of Commerce in San Bernardino, California, is "It's a great day in SanBernardino." The idea of wearing seat belts has been promoted as a way of saving lives, as hasthe idea ofrecyclingto help reduce the amount of garbage placed in landfills.

The term marketing mix refers to the four major areas of decision making in the marketingprocess that are blended to obtain the results desired by the organization. The four elements ofthe marketing mix are sometimes referred to the four Ps of marketing. The marketing mix shapes

the role of marketing within all types of organizations, both profit and nonprofit. Each element inthe marketing mixproduct, price, promotion, and placeconsists of numerous subelements.Marketing managers make numerous decisions based on the various subelements of themarketing mix, all in an attempt to satisfy the needs and wants of consumers.

Product

The first element in the marketing mix is the product. A product is any combination of goods andservices offered to satisfy the needs and wants of consumers. Thus, a product is anything tangibleorintangiblethat can be offered for purchase or use by consumers. A tangible product is one thatconsumers can actually touch, such as a computer. An intangible product is a service that cannotbe touched, such as computer repair, income tax preparation, or an office call. Other examples ofproducts include places and ideas. For example, the state tourism department in New Hampshire

might promote New Hampshire as a great place to visit and by doing so stimulate the economy.Cities also promote themselves as great places to live and work. For example, the slogan toutedby the Chamber of Commerce in San Bernardino, California, is "It's a great day in SanBernardino." The idea of wearing seat belts has been promoted as a way of saving lives, as hasthe idea ofrecyclingto help reduce the amount of garbage placed in landfills.

Typically, a product is divided into three basic levels. The first level is often called the coreproduct, what the consumer actually buys in terms of benefits. For example, consumers don't justbuy trucks. Rather, consumers buy the benefit that trucks offer, like being able to get around indeep snow in the winter. Next is the second level, or actual product, that is built around the coreproduct. The actual product consists of the brand name, features, packaging, parts, and styling.These components provided the benefits to consumers that they seek at the first level. The final,

or third, level of the product is the augmented component. The augmented component includesadditional services and benefits that surround the first two levels of the product. Examples ofaugmented product components are technical assistance in operating the product and serviceagreements.

Products are classified by how long they can be useddurabilityand their tangibility. Productsthat can be used repeatedly over a long period of time are called durable goods. Examples ofdurable goods include automobiles, furniture, and houses. By contrast, goods that are normallyused or consumed quickly are called nondurable goods. Some examples of nondurable goods arefood, soap, and soft drinks. In addition, services are activities and benefits that are also involvedin the exchange process but are intangible because they cannot be held or touched. Examples ofintangible services included eye exams and automobile repair.
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increases its prices so that additional revenue equals the increase in product production costs.Using volume pricing objectives, a company aims to maximize sales volume within a givenspecific profit margin. The focus of volume pricing objectives is on increasing sales rather thanon an immediate increase in profits. Meeting the price level of competitors is another pricingstrategy. With a meeting-the-competition pricing strategy, the focus is less on price and more onnonprice competition items such as location and service. With prestige pricing, products arepriced high and consumers purchase them as status symbols.

In addition to the four basic pricing strategies, there are five price-adjustment strategies: discountpricing and allowances,discriminatory pricing, geographical pricing, promotional pricing, andpsychological pricing. Discount pricing and allowances include cash discounts, functionaldiscounts, seasonal discounts, trade-in allowances, and promotional allowances. Discriminatorypricing occurs when companies sell products or services at two or more prices. These pricedifferences may be based on variables such as age of the customer, location of sale, organizationmembership, time of day, or season. Geographical pricing is based on the location of thecustomers. Products may be priced differently in distinct regions of a target area because ofdemand differences. Promotional pricing happens when a company temporarily prices productsbelow the list price or below cost. Products priced below cost are sometimes called loss leaders.The goal of promotional pricing is to increase short-term sales. Psychological pricing considers prices by looking at the psychological aspects of price. For example, consumers frequentlyperceive a relationship between product price and product quality.

Promotion

Promotion is the third element in the marketing mix. Promotion is a communication process thattakes place between a business and its various publics. Publics are those individuals andorganizations that have an interest in what the business produces and offers for sale. Thus, inorder to be effective, businesses need to plan promotional activities with the communicationprocess in mind. The elements of the communication process are: sender, encoding, message,media, decoding, receiver, feedback, and noise. The sender refers to the business that is sending a

promotional message to a potential customer. Encoding involves putting a message orpromotional activity into some form. Symbols are formed to represent the message. The sendertransmits these symbols through some form of media. Media are methods the sender uses totransmit the message to the receiver. Decoding is the process by which the receiver translates themeaning of the symbols sent by the sender into a form that can be understood. The receiver is theintended recipient of the message. Feedback occurs when the receiver communicates back to thesender. Noise is anything that interferes with the communication process.

There are four basic promotion tools: advertising, sales promotion, public relations, and personalselling. Each promotion tool has its own unique characteristics and function. For instance,advertising is described as paid, nonpersonal communication by an organization using variousmedia to reach its various publics. The purpose of advertising is to inform or persuade a targetedaudience to purchase a product or service, visit a location, or adopt an idea. Advertising is alsoclassified as to its intended purpose. The purpose of product advertising is to secure the purchaseof the product by consumers. The purpose of institutional advertising is to promote the image orphilosophy of a company. Advertising can be further divided into six subcategories: pioneering,competitive, comparative, advocacy, reminder, and cooperative advertising. Pioneeringadvertising aims to develop primary demand for the product or product category. Competitiveadvertising seeks to develop demand for a specific product or service. Comparative advertisingseeks to contrast one product or service with another. Advocacy advertising is an organizationalapproach designed to support socially responsible activities, causes, or messages such as helpingfeed the homeless. Reminder advertising seeks to keep a product or company name in the mindof consumers by its repetitive nature. Cooperative advertising occurs when wholesalers andretailers work with product manufacturers to produce a single advertising campaign and share

the costs. Advantages of advertising include the ability to reach a large group or audience at arelatively low cost per individual contacted. Further, advertising allows organizations to controlthe message, which means the message can be adapted to either a mass or a specific targetaudience. Disadvantages of advertising include difficulty in measuring results and the inability toclose sales because there is no personal contact between the organization and consumers.

The second promotional tool is sales promotion. Sales promotions are short-term incentives usedto encourage consumers to purchase a product or service. There are three basic categories ofsales promotion: consumer, trade, and business. Consumer promotion tools include such items asfree samples, coupons, rebates, price packs, premiums, patronage rewards, point-of-purchasecoupons, contests, sweepstakes, and games. Trade-promotion tools include discounts andallowances directed at wholesalers and retailers. Business-promotion tools include conventions

and trade shows. Sales promotion has several advantages over other promotional tools in that it
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can produce a more immediate consumer response, attract more attention and create productawareness, measure the results, and increase short-term sales.

Public relations is the third promotional tool. An organization builds positive public relationswith various groups by obtaining favorable publicity, establishing a good corporate image, andhandling or heading off unfavorable rumors, stories, and events. Organizations have at their

disposal a variety of tools, such as press releases, product publicity, official communications,lobbying, and counseling to develop image. Public relations tools are effective in developing apositive attitude toward the organization and can enhance the credibility of a product. Publicrelations activities have the drawback that they may not provide an accurate measure of theirinfluence on sales as they are not directly involved with specific marketing goals.

The last promotional tool is personal selling. Personal selling involves an interpersonal influenceand information-exchange process. There are seven general steps in the personal selling process:prospecting and qualifying, pre-approach, approach, presentation and demonstration, handlingobjections, closing, and follow-up. Personal selling does provide a measurement of effectivenessbecause a more immediate response is received by the salesperson from the customer. Anotheradvantage of personal selling is that salespeople can shape the information presented to fit the

needs of the customer. Disadvantages are the high cost per contact and dependence on the abilityof the salesperson.

For a promotion to be effective, organizations should blend all four promotion tools together inorder to achieve the promotional mix. The promotional mix can be influenced by a number offactors, including the product itself, the product life-cycle stage, and budget. Within thepromotional mix there are two promotional strategies: pull and push. Pull strategy occurs whenthe manufacturer tries to establish final consumer demand and thus pull the product through thewholesalers and retailers. Advertising and sales promotion are most frequently used in a pullingstrategy. Pushing strategy, in contrast, occurs when a seller tries to develop demand throughincentives to wholesalers and retailers, who in turn place the product in front of consumers.

Place

The fourth element of the marketing mix is place. Place refers to having the right product, in theright location, at the right time to be purchased by consumers. This proper placement of productsis done through middle people called the channel of distribution. The channel of distribution iscomprised of interdependent manufacturers, wholesalers, and retailers. These groups areinvolved with making a product or service available for use or consumption. Each participant inthe channel of distribution is concerned with three basic utilities: time, place, and possession.Time utility refers to having a product available at the time that will satisfy the needs ofconsumers. Place utility occurs when a firm provides satisfactionby locating products wherethey can be easily acquired by consumers. The last utility is possession utility, which means thatwholesalers and retailers in the channel of distribution provide services to consumers with as fewobstacles as possible.

Channels of distribution operate by one of two methods: conventional distribution or a verticalmarketing system. In the conventional distribution channel, there can be one or moreindependent product manufacturers, wholesalers, and retailers in a channel. The verticalmarketing system requires that producers, wholesalers, and retailers to work together to avoidchannel conflicts.

How manufacturers store, handle, and move products to customers at the right time and at theright place is referred to as physical distribution. In considering physical distribution,manufacturers need to review issues such as distribution objectives, product transportation, andproduct warehousing. Choosing the mode of transportation requires an understanding of eachpossible method: rail, truck, water, pipeline, and air. Rail transportation is typically used to shipfarm products, minerals, sand, chemicals, and auto mobiles. Truck transportation is most suitable

for transporting clothing, food, books, computers, and paper goods. Water transportation is goodfor oil, grain, sand, gravel, metallic ores, coal, and other heavy items. Pipeline transportation isbest when shipping products such as oil or chemicals. Air transport works best when movingtechnical instruments,perishable products, and important documents.

Another issue of concern to manufacturers is the level of product distribution. Normallymanufacturers select from one of three levels of distribution: intensive, selective, or exclusive.Intensive distribution occurs when manufacturers distribute products through all wholesalers orretailers that want to offer their products. Selective distribution occurs when manufacturersdistribute products through a limited, select number of wholesalers and retailers. Under exclusivedistribution, only a single wholesaler or retailer is allowed to sell the product in a specificgeographic area.

Bibliography
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Boone, Louise E., and Kurtz, David L. (1992). Contemporary Marketing, 7th ed. New York, NY:Dryen/Harcourt Brace.

Churchill, Gilbert A., and Peter, Paul J. (1995). Marketing: Creating Value for Customers.Boston MA: Irwin.

Farese, Lois, Kimbrell, Grady, and Woloszyk, Carl (1991). Marketing Essentials. Mission Hills,

CA: Glencoe/McGraw-Hill.

Kotler, Philip, and Armstrong, Gary (1993). Marketing: An Introduction, 3d ed. EnglewoodCliffs, NJ: Prentice-Hall.

Semenik, Richard J., and Bamossy, Gary J. (1995). Principles of Marketing: A GlobalPerspective, 2d ed. Cincinnati, OH: South-Western.

ALLEN D. TRUELL

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Marketing

Key concepts

Product /Pricing / Promotion

Distribution/ Service / RetailBrand managementAccount-based marketingMarketing ethicsMarketing effectivenessMarket researchMarket segmentationMarketing strategyMarketing managementMarket dominance

Promotional content

Advertising / BrandingDirect marketing / Personal SalesProduct placement /PublicitySales promotion / Gender in advertisingUnderwriting

Promotional media

Printing / Publication/ BroadcastingOut-of-home / Internet marketingPoint of sale/Novelty itemsDigital marketing/ In-gameWord of mouth

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The four main fields of the Marketing mix.

The marketing mix is generally accepted as the use and specification of the 'four Ps' describingthe strategy position of a product in the marketplace. One version of the marketing mixoriginated in 1948 when James Culliton said that a marketing decision should be a result ofsomething similar to a recipe. This version was used in 1953 when Neil Borden, in his American

Marketing Association presidential address, took the recipe idea one step further and coined theterm "marketing-mix". A prominent marketer, E. Jerome McCarthy, proposed a 4 P classificationin 1960, which has seen wide use. The four Ps concept is explained in most marketing textbooksand classes.

Contents[hide]

1 Definition

2 Four Ps

3 Extended marketing mix

4 Four Cs

5 Four Cs in 7Cs COMPASSMODEL

6 References

7 External links

Definition

The 'marketing mix' is a set of controllable, tactical marketing tools that work together to achievecompany's objectives

Four Ps

Elements of the marketing mix are often referred to as 'the four Ps':

Product- A tangible object or an intangible service that is mass produced ormanufactured on a large scale with a specific volume of units. Intangibleproducts are often service based like the tourism industry & the hotelindustry or codes-based products like cellphone load and credits. Typicalexamples of a mass produced tangible object are the motor car and thedisposable razor. A less obvious but ubiquitous mass produced service is acomputer operating system.

Price The price is the amount a customer pays for the product. It isdetermined by a number of factors including market share, competition,
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material costs, product identity and the customer's perceived value of theproduct. The business may increase or decrease the price of product if otherstores have the same product.

Place Place represents the location where a product can be purchased. It isoften referred to as the distribution channel. It can include any physical store

as well as virtual stores on the Internet. Promotion Promotion represents all of the communications that a marketer

may use in the marketplace. Promotion has four distinct elements -advertising, public relations, word of mouth and point of sale. A certainamount of crossover occurs when promotion uses the four principal elementstogether, which is common in film promotion. Advertising covers anycommunication that is paid for, from cinema commercials, radio and Internetadverts through print media and billboards. Public relations are where thecommunication is not directly paid for and includes press releases,sponsorship deals, exhibitions, conferences, seminars or trade fairs andevents. Word of mouth is any apparently informal communication about theproduct by ordinary individuals, satisfied customers or people specifically

engaged to create word of mouth momentum. Sales staff often plays animportant role in word of mouth and Public Relations (see Product above).

Broadly defined, optimizing the marketing mix is the primary responsibility of marketing. Byoffering the product with the right combination of the four Ps marketers can improve their resultsand marketing effectiveness. Making small changes in the marketing mix is typically consideredto be a tactical change. Making large changes in any of the four Ps can be considered strategic.For example, a large change in the price, say from $19.00 to $39.00 would be considered astrategic change in the position of the product. However a change of $130 to $129.99 would beconsidered a tactical change, potentially related to a promotional offer.

The term 'marketing mix' however, does not imply that the 4P elements represent options. Theyare not trade-offs but are fundamental marketing issues that always need to be addressed. Theyare the fundamental actions that marketing requires whether determined explicitly or by default.

Extended marketing mix

There have been attempts to develop an 'extended marketing mix' to better accommodate specificaspects of marketing.

For example, in the 1970s, Nickels and Jolson suggested the inclusion ofpackaging.

In the 1980s Kotler proposed public opinion and political power and Booms and Bitnerincluded three additional 'Ps' to accommodate trends towards a service or knowledge basedeconomy:

People all people who directly or indirectly influence the perceived value ofthe product or service, including knowledge workers, employees,management and consumers.

Process procedures, mechanisms and flow of activities which lead to anexchange of value.

Physical evidence the direct sensory experience of a product or servicethat allows a customer to measure whether he or she has received value.Examples might include the way a customer is treated by a staff member, orthe length of time a customer has to wait, or a cover letter from an insurancecompany, or the environment in which a product or service is delivered.[1][2][3]

Four Cs

The Four Ps is also being replaced by the Four Cs model, consisting of consumer, cost,convenience, and communication. The Four Cs model is more consumer-oriented and fits betterin the movement from mass marketing to niche marketing.[4

][5] The product part of the Four Psmodel is replaced by consumer or consumer models, shifting the focus to satisfying theconsumer. Another C replacement for Product is Capability. By defining offerings as individualcapabilities that when combined and focused to a specific industry, creates a custom solutionrather than pigeon-holing a customer into a product. Pricing is replaced by cost, reflecting thereality of the total cost of ownership. Many factors affect cost, including but not limited to thecustomers cost to change or implement the new product or service and the customers cost for notselecting a competitors capability. Placement is replaced by the convenience function. With therise of internet and hybrid models of purchasing, place is no longer relevant. Convenience takesinto account the ease to buy a product, find a product, find information about a product, and
http://www.answers.com/topic/placehttp://www.answers.com/topic/self-promotionhttp://www.answers.com/topic/advertisinghttp://www.answers.com/topic/public-relationshttp://www.answers.com/topic/word-of-mouthhttp://www.answers.com/topic/point-of-salehttp://www.answers.com/topic/packaging-and-labellinghttp://www.answers.com/topic/public-opinionhttp://www.answers.com/topic/political-powerhttp://www.answers.com/topic/peoplehttp://www.answers.com/topic/business-processhttp://www.answers.com/topic/physical-evidencehttp://www.answers.com/topic/placehttp://www.answers.com/topic/placehttp://www.answers.com/topic/placehttp://www.answers.com/topic/self-promotionhttp://www.answers.com/topic/self-promotionhttp://www.answers.com/topic/self-promotionhttp://www.answers.com/topic/advertisinghttp://www.answers.com/topic/advertisinghttp://www.answers.com/topic/advertisinghttp://www.answers.com/topic/public-relationshttp://www.answers.com/topic/public-relationshttp://www.answers.com/topic/public-relationshttp://www.answers.com/topic/word-of-mouthhttp://www.answers.com/topic/word-of-mouthhttp://www.answers.com/topic/word-of-mouthhttp://www.answers.com/topic/point-of-salehttp://www.answers.com/topic/point-of-salehttp://www.answers.com/topic/point-of-salehttp://www.answers.com/topic/packaging-and-labellinghttp://www.answers.com/topic/packaging-and-labellinghttp://www.answers.com/topic/packaging-and-labellinghttp://www.answers.com/topic/public-opinionhttp://www.answers.com/topic/public-opinionhttp://www.answers.com/topic/public-opinionhttp://www.answers.com/topic/political-powerhttp://www.answers.com/topic/political-powerhttp://www.answers.com/topic/political-powerhttp://www.answers.com/topic/peoplehttp://www.answers.com/topic/peoplehttp://www.answers.com/topic/peoplehttp://www.answers.com/topic/business-processhttp://www.answers.com/topic/business-processhttp://www.answers.com/topic/business-processhttp://www.answers.com/topic/physical-evidencehttp://www.answers.com/topic/physical-evidencehttp://www.answers.com/topic/physical-evidence


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several other considerations. Finally, the promotions feature is replaced by communication.Communications represents a broader focus than simply promotions. Communications caninclude advertising, public relations, personal selling, viral advertising, and any form ofcommunication between the firm and the consumer.[6]

Four Cs in 7Cs COMPASS MODEL

A formal approach to this customer-focused marketing mix is known as 4C(Commodity, Cost,Channel, Communication

) in 7Cs COMPASS MODEL. This system is basically the four Ps[7]renamed and reworded to provide a customer focus. The four Cs Model provides ademand/customer centric version alternative to the well-known four Ps supply side model(product,price,place,promotion) of marketing management.

Product Commodity

Price Cost

Place Channel

Promotion Communication

The four elements of the 7Cs COMPASS MODEL are:

1.Commodity: the product for the consumers or citizens.

2.Cost: total marketing cost.

3.Channel: marketing channels.

4.Communication: not promotion, marketing communication.

7Cs Compass Model is in a customer oriented marketing mix.

Framework of 7Cs Compass Model[8][9]

7Cs:(C1)Corporation (and Competitor), (C2)Commodity, (C3)Cost,(C4)Communication, (C5)Channel, (C6)Consumer, (C7)Circumstances

Compass:

to Consumer: N = Needs, W = Wants, S = Security, E = Education

Circumstances: N = National and International, W=Weather, S = Socialand Cultural, E = Economic

(C1)Corporation( and competitor) is the core of 4Cs. 1) It is necessary to place more emphaseson the organization of the companies; 2) It is necessary to execute marketing plans inconjunction with the company's objectives; 3) It is necessary to tackle the internalcommunication related problems like corporate communication or corporate identity

system(CIS), etc. In the market, there are the companies of the same business, the competitors.

But at the time of economics downturn, companies or corporations produce the convenient(C2)commodities for the consumers or citizens with the consideration of the totalmarketing(C3) cost, and first of all gain their consents through the sufficient(C5)communications and then their confidences by selecting the effective(C4) channels inconjunction with the uncontrollable external circumstances. This is the way to survive in theperiod of low growth economics.

(C6) Consumer Consumers are those people encircling the companies. Instead of just thecustomers of 4P marketing model, they are the ordinary citizens nurtured by the motto of theconsumerism. However of course they are also including the customers and the potentialcustomers.

four directions marked on the compass: the factors related to the consumercan be explained by the first characters of four directions marked on theCompass.(N,W,S,E)

N = Needs: companies can offer more alternatives to meet the various needsof the consumers.

W = Wants: the substantiated needs to expect the accordingly commodities.

S = Security: the safety of the commodities, the safety of the productionprocess and the adequate after-sell warranty.

E = Education: consumer right to know the information of the commodities.
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(C7)Circumstances Besides the customers, there are also various uncontrollable externalenvironmental factors encircling the companies.

The same as the factors of the consumers, they can also be explained the first character of thefour directions marked on the compass. (N,W,S,E)

N= National and International Circumstances

The National Circumstances are related to politic and law. International environment now alsobecomes important.

W=Weather

For most of the natural disasters, the companies can do little but try to predict when they willhappen and adjust the marketing plans.

S=Social and Cultural Circumstances

When exploring a new oversea market, it is essential to study the social circumstances of thatnation.

E=Economic Circumstances: economics climate is changing due to many

other uncontrollable factors like energy, resources, international income andexpense, financial circumstances and economic growth etc.

References

1. ^ http://www.12manage.com/methods_booms_bitner_7Ps.html

2. ^ http://www.cim.co.uk/filestore/resources/canons/servicesmkting.pdf

3. ^ http://fredmba.blogspot.com/2008/05/marketing-7ps.html

4. ^ http://www.scs.unr.edu/~khalilah/eMarketing.pdf

5. ^ [1]

6. ^ [2]7. ^ [E.Jerome McCarthy(1975)Basic Marketing:A Managerial Approach," fifth

edition, Richard D. Irwin, Inc.,p.37.]

8. ^ [Koichi Shimizu (2009)"Advertising Theory and Strategies,"16th edition,Souseisha Book Company.(Japanese)]

9. ^ [Koichi Shimizu (2003)"Symbiotic Marketing Strategy,"4th edition,Souseisha Book Company. (Japanese)]

Kotler, Philip, Keller, Lane (2005) "Marketing Management", Prentice Hall,ISBN 0131457578.

Barlon, Kimuli. (2006) "The concept of the marketing mix" Presentation on

marketing management, vol 1, September, 2006, pp 27-Turku university-Finland - The same article can also be found in: Schwartz, G. (ed), Science inMarketing, John Wiley, New York, 1965, pp 386397 - and also in: Enis, B. andCox, K. (1991) Marketing Classics, A selection of influential articles, Allyn andBrown, Boston, 1991, pp 361369.

Bitner, J. and Booms, B. (1981) Marketing strategies and organizationalstructures for service firms, in Donnelly, J. and George, W. Marketing,American Marketing Association, Chicago, 1981.

Borden, N. H. (1964), The Concept of the Marketing Mix, Journal ofAdvertising Research, June, Vol. 4, pp. 27. Available in Schwartz G. Science inMarketing. John Wiley & Sons, NY 386-97

Culliton, J. W. (1948), The Management of Marketing Costs, Graduate Schoolof Business Administration, Boston, Mass: Harvard University.

Frey, A. (1961)Advertising, 3rd ed., Ronald Press, New York, 1961.

Hammer, M. and Champy, J. (1993) Reengineering the Corporation: AManifesto for Business Revolution, Harper Business Books, New York, 1993,ISBN 0-06-662112-7

Hughes, M. (2005) "Buzzmarketing: Get People To Talk About Your Stuff",Penguin/Portfolio, New York, 2005 Website

Lauterborn, R (1990) "New Marketing Litany: 4 Ps Passe; C words take over",

Advertising Age, October 1, 1990, pg 26.
http://www.answers.com/topic/circumstancehttp://www.answers.com/topic/internationalhttp://www.answers.com/topic/weatherhttp://www.answers.com/topic/socialhttp://www.answers.com/topic/culturehttp://www.answers.com/topic/economy-8http://www.12manage.com/methods_booms_bitner_7Ps.htmlhttp://www.cim.co.uk/filestore/resources/canons/servicesmkting.pdfhttp://fredmba.blogspot.com/2008/05/marketing-7ps.htmlhttp://www.scs.unr.edu/~khalilah/eMarketing.pdfhttp://www.ppbmag.com/Article.aspx?id=1981http://www.customfitfocus.com/marketing-1.htmhttp://en.wikipedia.org/wiki/Special:BookSources/0131457578http://en.wikipedia.org/wiki/Special:BookSources/0066621127http://www.buzzmarketing.com/book.htmlhttp://www.answers.com/topic/circumstancehttp://www.answers.com/topic/circumstancehttp://www.answers.com/topic/circumstancehttp://www.answers.com/topic/internationalhttp://www.answers.com/topic/internationalhttp://www.answers.com/topic/internationalhttp://www.answers.com/topic/weatherhttp://www.answers.com/topic/weatherhttp://www.answers.com/topic/weatherhttp://www.answers.com/topic/socialhttp://www.answers.com/topic/socialhttp://www.answers.com/topic/socialhttp://www.answers.com/topic/culturehttp://www.answers.com/topic/culturehttp://www.answers.com/topic/culturehttp://www.answers.com/topic/economy-8http://www.answers.com/topic/economy-8http://www.answers.com/topic/economy-8http://www.12manage.com/methods_booms_bitner_7Ps.htmlhttp://www.12manage.com/methods_booms_bitner_7Ps.htmlhttp://www.12manage.com/methods_booms_bitner_7Ps.htmlhttp://www.cim.co.uk/filestore/resources/canons/servicesmkting.pdfhttp://www.cim.co.uk/filestore/resources/canons/servicesmkting.pdfhttp://www.cim.co.uk/filestore/resources/canons/servicesmkting.pdfhttp://fredmba.blogspot.com/2008/05/marketing-7ps.htmlhttp://fredmba.blogspot.com/2008/05/marketing-7ps.htmlhttp://fredmba.blogspot.com/2008/05/marketing-7ps.htmlhttp://www.scs.unr.edu/~khalilah/eMarketing.pdfhttp://www.scs.unr.edu/~khalilah/eMarketing.pdfhttp://www.scs.unr.edu/~khalilah/eMarketing.pdfhttp://www.ppbmag.com/Article.aspx?id=1981http://www.ppbmag.com/Article.aspx?id=1981http://www.ppbmag.com/Article.aspx?id=1981http://www.customfitfocus.com/marketing-1.htmhttp://www.customfitfocus.com/marketing-1.htmhttp://www.customfitfocus.com/marketing-1.htmhttp://en.wikipedia.org/wiki/Special:BookSources/0131457578http://en.wikipedia.org/wiki/Special:BookSources/0131457578http://en.wikipedia.org/wiki/Special:BookSources/0131457578http://en.wikipedia.org/wiki/Special:BookSources/0066621127http://en.wikipedia.org/wiki/Special:BookSources/0066621127http://en.wikipedia.org/wiki/Special:BookSources/0066621127http://www.buzzmarketing.com/book.htmlhttp://www.buzzmarketing.com/book.htmlhttp://www.buzzmarketing.com/book.html


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McCarthy EJ (1960) Basic Marketing: A Managerial Approach. Homewood IL:Irwin.

McCarthy, J. (1960 1st ed.), Basic Marketing: A managerial approach, 13thed., Irwin, Homewood Il, 2001.

Nickels, William G. & Jolson, Marvin A. (1976) 'Packaging - The Fifth 'P' In The

Marketing Mix', Advanced Management Journal, Winter, Vol. 41, Iss. 1, p. 13.

What you the marketing mix and describe how each of the variables in the

marketing mix can be used to develop the marketing strategy and action

plan in the marketing plan? Read answer...

In what ways does the marketing mix for services differ from the marketing

mix for goods? Read answer...

What are the expanded marketing mix for servicesand the marketing

challenges compared to physical goods?Read answer...

Help us answer these

Why is marketing mix important determinant of firms sucesswhat problems

does a markrter face in determining a suitable marketing mix?

Why is marketing mix an important determinant of a firms success what

problems does a marketer face in determining a suitable marketing mix?

Why is marketing mix an important determinant of a firm's success What

problems does a marketer face in determining a suitable marketing mix?
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