Essential Concepts in Services Marketing Strategy
The 7 Ps of the Services Marketing Mix
The 7 Ps of the services marketing mix are:
- Product: The core service and any supplementary services.
- Price: The monetary cost to the consumer, but also non-monetary costs like time and effort.
- Place: The distribution channels and physical locations where the service is delivered.
- Promotion: All communications with customers to inform, persuade, and remind them.
- People: All human actors who play a part in service delivery and thus influence the buyer’s perception,
Mastering the Marketing Mix: 4Ps, 7Ps, 4Cs, and 4As Frameworks
The Importance of Effective Marketing
Most of the time, financial success in a company is a direct result of the ability the organization has to effectively market its products and services. If done correctly, companies achieve profitability by selling their products and services at the right price. Through marketing, we strive to identify and understand what influences customers’ buying decisions.
Key Benefits of Marketing
- The ability to add perceived value to goods and services.
- Making the buying
Essential Concepts for Business Success and Entrepreneurship
Foundational Business and Management Concepts
1. Defining SMEs and Fostering Entrepreneurial Culture
- Small and Medium Enterprises (SMEs): These are businesses characterized by limited employees and assets.
- Annual Revenue: The total money a company earns in one year.
- Entrepreneurial Culture Growth: This culture develops through education, strong role models, and innovation. Governments support this growth with funding, training programs, and supportive policies.
2. Identifying Viable Business Opportunities
The
Read MoreFundamentals of Global Marketing and International Business
Starbucks’ Global Growth Strategies
- Market Penetration: Starbucks built customer loyalty in the U.S. with its rewards program and smartphone payment app.
- Market Development: Starbucks entered the Indian market through an alliance with the Tata Group.
- Product Development: The company created VIA, a new instant coffee brand for home and office use. Following its success in the U.S., it was launched in Great Britain, Japan, South Korea, and other Asian countries.
- Product Diversification: In 2011, Starbucks
Essential Management Concepts: Functions, Motivation, and Operations
Functions of Management
Management involves four core functions (Planning, Organizing, Leading, and Controlling) necessary to achieve organizational goals.
Planning
Setting performance objectives and deciding how to achieve them.
- Advantages: Clarifies objectives and resource needs; serves as the first step in goal attainment.
- Implementation: Developing short-term, long-term, and operational plans.
Controlling
Measuring performance and taking action to ensure desired results.
- Advantages: Facilitates performance
Fundamental Principles of Marketing: Strategy and Management
Key Features of Modern Marketing
The definitions above highlight the following features:
- Business Process: Marketing is a continuous business process undertaken to earn profit from the buying and selling of goods and services.
- Customer-Driven: In this process, goods and services are provided according to customer demand.
- Comprehensive Scope: The process is not merely related to buying and selling. It includes all activities required to deliver goods from producers to the end customer.
- Satisfaction-Oriented: