Marketing Mix is a set of marketing tools that the firm uses to pursue its marketing objectives in the target market. Marketing mix is also known as 4 Ps based on four broad levels of marketing decision, namely: product, price, promotion, and place.
Product: It is an offer that meets a need of market.
Price: It is an amount consumer must spend to aquire the product
Promotion: It is an activity to increase sales or public awareness
Place: It is the channel, or the route, through which goods move from the source to the final user. Place could be the intermediaries, distributors, wholesalers and retailers.
Physical evidence: It is physical cues for customers to evaluate the product or service before they buy.
Process: Its referred to a series of actions or steps taken in order to achieve a businss goal.
People: People are the target audience as well as stakeholders.
For service marketing this is extended to 7 Ps, that is made up of the original 4 Ps extended by process, people, and physical evidence. Sometimes, service marketers use 8 Ps adding Promotion.
Since it invention of 4Ps model of marketing mix in 1960, many things have been changed. However, the essence of business, the profit-making is unchanged.
Businesses now a days use analytical tools to track their performances and makes themselves more resilient to recover from difficult conditions.
With technological development especially internet and its worldwide accessibility changed the way of marketing. This has one way made easier for marketers to reach their consumers and other way it has increased competitiveness.
No one will buy untill you tell something specific about your product that is relevant to market demand.
- Kotler, P., Marketing Management, (Millennium Edition), Custom Edition for University of Pheonix, Prentice Hall, 2000, p. 9
Planning your marketing strategy
A marketing plan is a road-map of your current marketing strategy that would provide a direction of your organizational marketing efforts. This plan would be prepared through the comprehensive market research, consultation, feedback and observation of stake-holders.
Marketing plan should reflect your company vision, company mission, strategic goal, tactics and marketing objectives. It is expected that the plan will evolve over the time incorporating newer factors available over the time.
To finalize your marketing action plan, you have to answer following questions;
- Vision statement– A statement which reflects the preferred future of your organization.
Question – Where do you want to see your business in the future?
- Mission Statement – The purpose of your organization
Question – Why does your business exist?
- Goal – Broad, long-term aims that define accomplishment of the mission
Question – How you will accomplish the mission?
- Marketing Objectives – A quantifiable target to accomplish goal over a specified time
Question – What do you want to accomplish through marketing?
- Tactics – Action plant to implement a strategy
Question- What is the methodology will you adopt to implement your marketing strategy?
- Marketing Strategy – broad activities to achieve objectives
Question- How will you achieve your marketing objectives?
Please answer all 5 questions and don’t forget to subscribe to create Marketing Blue print.
If you haven’t read Article 1, please read here
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Simple steps to create Marketing Blue Print
Marketing is the management process that is concerned with the flow of goods and services from producer to consumer. It is a concept that focuses on the needs of the buyer to satisfy the customers’ needs rather than a selling concept which focuses the needs of the seller that is limited to turn products into cash.
Now, the important step is, where to start?
It’s three step process that every startups and marketers have to follow.
Understand, decide and implement.
First, know about your product, service, brand, blog or campaign which you want to promote.
Second, identify your target customers whom you want to reach.
And third, decide the best medium of promotion to materialize your concept.
What is your product?
A product or service is anything that can be offered to a market that might satisfy a want or need. This may be tangible or intangible.
You can make a marketing plan for anything which you satisfy your customer’s needs. It may be a product, service, brand, your blog, any campaign etc.
Who is your customer?
An individual or business whom you want to convey your message to satisfy their needs from your product or service.
This is important stage where you have to identify who is the closest match of your product from the broad audiance. You also have to identify your customers with industrywise. Once, you complete this step, you will have an idea about a methodology of promotion to reach them.
How to promote?
Promotion is the stage where your marketing journey begins. Here, you came on a stage where you choose how to spread your message to customers.
Here, you have various options now you have to take a decision about the best method to start with.
Following are various options to decide;
- Advertising – you can advertise your product, service or brand in newspapers, radio, television, magazines, outdoor signage and online.
- Personal selling – use sales persons to sell the product or service meeting face-to-face with the customers
- Sales promotion – a short-term tactic to boost sales long-term customer loyalty.
- Public relations – the spread of information to individual, businesses, government, NGOs and people
- Direct marketing – communicate directly to customers through cell phone text messaging, selling, email, websites, database marketing, fliers, catalogue distribution, promotional letters.
Once, you have decided your method of promotion, you came on stage where you can plan of your marketing strategy.
So, please don’t forget to subscribe us for next post to know how to create your marketing blue print without any help & please, share our post to your social media.
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Thank you for reading.
Enhancing strategic thinking
Strategic thinking is simply a thought process to achieve a success in business or game. It is a cognitive activity to acquire knowledge through thinking, senses and experiences.
Hense, it is an act of collecting information concerning organisational weakness and strength, sensing challenges and threats to lead the organisation towards unconditional success through organising available resources.
Therefore, for strategic thinking strategist must have unique skills of Analysis, synthesis and diagnosis.
– An analysis is necessary to assemble the data on which he makes his diagnosis
– synthesis is important in order to produce from these data the diagnosis itself and
– the diagnosis, in fact, amounts to a choice between alternative courses of action.
It is an art, science and craft of decision making that enables an organisation to achieve its long-term objectives to create a competitive advantage for the firm.
Strategic thinking must encompass following characteristics;
1. Strategic thinking must be superior to competitors.
2. It is to achieve long term objectives.
3. It must address the key strategic issues.
4. It is based on available organisational resources.
5. It must be oriented towards expected performance outcomes concerned with the expectations of the identified stakeholders.
Hence, Strategic thinking is a foundation which provides a tool for strategic decision making that enables organisation for strategic planning. In short, growth comes from thinking and only from superior, new and strategic thinking.
Beaufre, Andre (1965). An Introduction to Strategy. Frederick A. Prager.
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How to Automate Business Processing from Start to Finish
Small Businesses such as; Hair Salons, Accountants, Dentistry, Massage Therapists, Private Tutors, Legal Services, Interior, Designers, Spas, Freelance Consultants, Estate Agents and Personal Trainers etc spend enormous time in managing their contacts, making appointments, sending notifications, invoice and reminders.
Our friends Grow In Cloud developed a #1 All-In-One Business Management Software that saves thousands of pounds through process automation which eliminates repeat and manual data entry jobs and increases business efficiency by three times working independently 24/7 and managing as well as recording each and every activity done by you or your clients.
More than 1000 companies are using this and more than 15,000 appointments have booked without any human error. Morethan 4000 documents have been uploaded and shared as well as £60,000 plus payments have been successfully processed through the Grow In Cloud.
Grow In Cloud offers contact management, appointments booking, inventory management, document sharing, invoicing, suppliers contact management, Marketing campaigns tracking, Accounting reports such as cash flow, sale and purchase.
Register yourself and try it free for 30 days without providing credit card information here; https://app.growincloud.com/Account/Register
A word strategy first appears in a military strategy text of master Sun Tzu ‘The art of war” in 500BC.
The origin of the word strategy in French first appears in the early 19th century as stratégie which refers to a “set of coordinated actions, skilful operations, manoeuvres to achieve a specific goal”. While in Greek as stratēgos means “army leader”.
Oxford dictionary defines ‘strategy, as ‘The art of planning and directing overall military operations and movements in a war or battle.’
Antonyms for strategy is interesting and it reveals its negative character. The antonym is honesty or openness. That means strategy involves some secret and dirty tricks.
Similarly, the word ‘business’ first recorded in mid 14th century from busyness (busy + ness) in Northumbrian old English as bisignes as (bisig + nes), replaced by busyness (state of being much occupied or engaged). The antonyms of business are entertainment, fun and unemployed. It seems antonyms of business are more interesting.
likewise, the English word management evolved in the 17th and 18th centuries from the French word ménagement and the Italian maneggiare (to handle, especially tools or a horse).
For management the Antonym is employees. I think this comes from the antonym of the employers (management that is closed to the word employers as a synonym).
The analysis of words and their origin tell us a more interesting story. If a business person knows well aware of the words and their origin, it would be more helpful to lead the business towards its mission. For example, a knowledge of the word strategy which has originated from military, it reveals it real character. That gives business persons an idea of ethical, moral and legitimate practices.
From this investigations, one thing becomes clearer that business is as like a war (competition) and businesses must keep their tactics, operation, resources secret to their competitors.
Also, businesses should acquire the core essence of strategy and equip with strategic tools, such as long-term commitment, flexible approach in an uncertain business environment, proactive in planning and visionary management.
I want to summarise this article with Master Sun Tzu’s famous quote; “Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.”
― Sun Tzu
1. Définitions lexicographiques [archive] et étymologiques [archive] de « stratégie » du Trésor de la langue française informatisé, sur le site du Centre national de ressources textuelles et lexicales
3. Roget’s 21st Century Thesaurus, Third Edition Copyright © 2013 by the Philip Lief Group.
The business world is growing faster than ever before. More companies are registered as compare to previous years. In the United Kingdom, 608,110 businesses were registered In 2015. In 2016 from January to June 38,872 more businesses are registered as compare to the previous year in 2015. As Kate Palmer of Telegraph “Record 80 new companies being born an hour in 2016”.
Businesses are the power house for the national economy. Hence, Governments of every nation support new startups and help at various stages. Also, various departments of governments run campaigns, educate entrepreneurs, give training and help to launch the business as well as offer support to export the product or service.
If an entrepreneur has an idea about a product or business, the best point is not to jump and launch a business without consulting expert advice. There are government organisations which offer free advice and tests your ideas. If you are UK resident, you can contact to Innovate UK, which is an executive non-departmental public body, sponsored by the Department of Business, Energy & Industrial Strategy. Innovate UK provides guidance for business and academic organizations on how to get funding to test ideas and develop innovative products and services.
Sometimes entrepreneur is more enthusiasts and overconfident about their product and unaware about competition or risks involved. If the idea is well-tested before its launching, the premature demise of a startup can be avoided.
Importance of Business plan:
The UK and other governments give help for a new startup also provide templates to write a business plan. This business plan will help you for brain-storming your business idea and lead you to answer: why will your business succeed when so many others fail? The business plan will help you to know your market and finance required, also it will make you aware of unknown risks about your business.
What are the lucrative startups to consider?
Please google it about which “business ideas to consider”, you will find many business ideas for startups. However, my suggestion is to consider tech company even if you are not a technical expert for following reasons;
1. No repeat investment to develop – Once you develop an application or software, you can sell your software or apps to as many as clients without repeat investment like in manufacturing.
2. Lower Risk – If it fails for any reason, you can diversify it with adding other features or make it simple and easy to use and faster in operation.
3. Fewer resources – It requires fewer resources to develop a tech product, such as compare to another services such as logistic, where you have to hire a lot of people, get them trained and then get the work done.
4. Less Space – It can run from anywhere even from home and doesn’t need warehouse for storage. Use cloud storage, such as Microsoft Bizpark.
5. Short Time – It can start in less time. Just you have to engage with your software engineers on daily basis.
6. Quick – Faster speed is the key ingredient of any strong economy, the same for a business and a product. Thus faster the speed much can be done in a shorter time.
7. Outsourcing – Resources can easily be outsourced from any other country i.e. hire a graphic designer, script writer, video editor, software engineer or marketer etc.
8. Easy to Export – Can easily be sold globally without any barrier and need of logistic to deliver.
9. Easily scalable – It can easily scale up by upgrading your servers to accommodate a large number of users.
10. Innovation – It is easier to innovate to fulfill the market demand or change in circumstances.
11. Eco-friendly – It isn’t a harmful to the environment. No risk of contamination, expiry or environmental hazard.
12. Security – It is secure and safe.
Important resources for tech startups;
Here are few helpful resources for tech startups
1.. Fiverr – Get professional Services for starting $5 or less: Market Research, Branding Services, Presentations, Business Tips
2. Freelancer.com – This Website Design cost $390 Hire expert freelancers for your job online
3. Microsoft Bizspark – Eligible startups may qualify for up to $120k of free Azure cloud credits . Join BizSpark to receive free software, services, technical support, and Azure cloud
4. Google Cloud Platform – Use Google’s core infrastructure, data analytics and machine learning. check Secure and fully featured for all enterprises. check Committed to open source and industry leading price-performance.
5. AWS Activate – Amazon Web Services provides startups with the low cost, easy to use infrastructure needed to scale and grow any size business.
As per Harvard Business School’s Shikhar Ghosh research, all 75% startups fail. That means, every three out of four startups fail and only one out of four survive. If the risk of failure is so high, then what should be the mantras of success?
LEAN philosophy- a Success behind Toyota Production System
A Japanese engineer Ōno Taiichi developed the LEAN management philosophy. It was applied in Toyota Production System, as Lean manufacturing.
Lean thinking is a business methodology that aims to provide a new way to think about how to organise human activities to deliver more benefits to society and value to individuals while eliminating waste.
What is LEAN?
Lean is management Philosophy of Ono, which can be simply described as an “elimination of Waste”. Every Lean manufacturing organisation should eliminate following 8 types of wastes;
1. Waste of overproduction (largest waste)
2. Waste of time on hand (waiting)
3. Waste of transportation
4. Waste of processing itself
5. Waste of stock at hand
6. Waste of movement
7. Waste of making defective products
8. Waste of underutilized workers
Formulas of Success
For the success through Lean, Ono has given 10 formulas ‘to think and act to win’.
1. You are a cost. First reduce waste.
2. First say, “I can do it.” And try before everything.
3. The workplace is a teacher. You can find answers only in the workplace.
4. Do anything immediately. Starting something right now is the only way to win.
5. Once you start something, persevere with it. Do not give up until you finish it.
6. Explain difficult things in an easy-to-understand manner. Repeat things that are easy to understand.
7. Waste is hidden. Do not hide it. Make problems visible.
8. Valueless motions are equal to shortening one’s life.
9. Re-improve what was improved for further improvement.
10. Wisdom is given equally to everybody. The point is whether one can exercise it.
Lean for Tech startups
Later, this Lean is developed in sales, marketing, service sectors and in tech-startups.
In 2008 Eric Riesthe proposed a LEAN methodology from the failure of his previous startup and developed a Lean methodology for Tech startups.
He said, there is a misconception about lean and it is not true that it is suited only for manufacturing. Rather, Lean applies in every business and every process. It is not a tactic or a cost reduction program, but a way of thinking and acting for an entire organisation.
According to him, Lean means creating more value for customers utilising fewer resources. Startups and organisation should understand the customer value and keep focus to increase of its key processes with zero waste. (Lean Enterprise Institute).
Learn from Failures
The quote of Morihei Ueshiba is well-known; “Failure is the key to success; each mistake teaches us something’. But the question is: Can startups afford to mistake?
Geman Philosopher Friedrich Nietzsche once said, What Doesn’t Kill You Makes You Stronger.
Ries’ said that the failure of his ‘Catalyst Recruiting’ is;
1. Not understanding the wants of target customers by him and his colleagues and
2. waste of time and energy on too much focus on the initial product launch
As quickly Entrepreneurs grasp the philosophy behind the failure, as quicker, they can lead their startups for success.
The single best piece of advice for entrepreneurs is this: Know what not to do (David Collis).
Following four formulas can be derived from ‘Lean Enterprise Institute’ for the success of Lean Tech startups;
1. Eliminate waste along entire value streams, instead of at isolated points
2. create processes that need less human effort, less space, less capital, and less time to make products and services at far less costs and with much fewer defects, compared with traditional business systems.
3. The company should be able to respond to change customer desires with high variety, high quality, low cost, and with very fast throughout times.
4. Also, make information management much simpler and more accurate.
Loizos, Connie (26 May 2011). “‘Lean Startup’ evangelist Eric Ries is just getting started”. PeHUB.
https://www.brainyquote.com/quotes/quotes/m/moriheiues183597.htmlthat mistakes make every one perfect.
Ohno, Taiichi (1988). Toyota Production System: Beyond Large-Scale Production (English translation ed.). Portland, Oregon: Productivity Press.
Appointment booking with the GP is tedious and challenging task. GP practices ask patients to give a call at 8:00 in the morning. You are quite lucky, if your call is answered and get an appointment for the same day!
Also to book an appointment in advance, patients have to visit to their GP surgery. It is also disappointing if you didn’t get the time and day you were looking for or choice of your GP.
So, is really that difficult?
Here, our mind is boggling to get correct reason! Do they intentionally do this due to overloaded? or they don’t have the system of online appointment booking? Or if they have it but don’t want to implement it for some reasons?
But when you see, on NHS website, many surgeries either do offer online appointment booking system and many don’t. It is also the case that those who have such system available, do not advertise it to their patients.
That is the reason around 80% of the patients do not register or use online booking system. I suspect few other reasons too of discouragement.
Here is more frustrating:
If you visit on NHS choice website, for sign into GP online services section, it has mentioned: “although the sites below offer these services in principle, your practice may not.”
Again, they made it complicated. please look here;
If you want to start using online services
1. Tell your GP practice you want to use online services.
2. You’ll need to confirm your identity,
3. so take photo identification (passport or driving licence) and
4. proof of address (for example a bank statement or gas/electricity bill).
Once, you have done to get registered, you need to download one of the above application of your choice or provided by your GP surgery. It is also difficult for those who don’t keep a smart phone or not use to it.
There are many software available in the market which can easy to use for appointment booking, sending automated notification on your mobile and email as soon as your appointment is booked, and just before your appointment ( 1hrs, 30 minutes ) so You don’t miss it.
One of the cloud-based software developed by our friends can be very helpful to solve the problems of appointments booking and contact management. This can also be very helpful for patients as it doesn’t require downloading and can be accessed from anywhere, anytime with computer, laptop, iPad or mobile.
Grow In Cloud offers Client’s Site so patients can find free slot and also select GP of their choice and book an appointment without interfearing their GP surgeries 24/7.
I would like to encourage who has such system should approch to their nearby surgeries and convince them to integrate for mutual benefits of themselves, GP surgeries and for their patients.
What is to be done?
We have a problem. And we also have its solution. But here, I want to leave this on stakeholders to solve it.
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Thanks for Reading.