The Marketing Mix – Part 1
The term 'marketing mix' was first used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term "marketing-mix". A prominent marketer, E. Jerome McCarthy, proposed a 4 P classification in 1960, which has seen wide use. [1]
Here's a brief explanation of the 4'P's that make up the marketing mix:
| The 4’P’s | Explanation |
| Product | A tangible product or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are service-based, e.g. the tourism industry & the hotel industry or codes-based products like mobile-phone load and credits. Typical examples of a mass produced tangible products are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. |
| Price | The amount a customer pays for the product, determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product. The business may increase or decrease the price of product if other stores have the same product. |
| Place | The location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet. |
| Promotion | 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 certain amount of crossover occurs when promotion uses the four principal elements together, which is common in film promotion. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet adverts through print media and billboards. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and Public Relations (see Product above). |
I'll share with you soon how a PC manufacturer can use the above 4'P's to market their products to the typical consumer (part of my Capstone Project's research efforts).
Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
Reference(s):
1. Wikipedia article on "Marketing Mix"
Quote of the Day (John McEnroe on planning for success)
“The important thing is to learn a lesson every time you lose. Life is a learning process and you have to try to learn what's best for you. Let me tell you, life is not fun when you're banging your head against a brick wall all the time.”
- John McEnroe
John Patrick McEnroe, Jr., popularly known as John McEnroe (born February 16, 1959) is an American former World No. 1 professional tennis player. McEnroe won seven Grand Slam singles titles—three at Wimbledon and four at the US Open—nine Grand Slam men's doubles titles, and one Grand Slam mixed doubles title. He is remembered for his shot-making artistry and superb volleying; for his famous rivalries with Björn Borg, Jimmy Connors and Ivan Lendl; for his confrontational on-court behavior, which frequently landed him in trouble with umpires and tennis authorities; and for the catchphrase "You can not be serious!" directed toward an umpire during a match at Wimbledon in 1981. He was inducted into the International Tennis Hall of Fame in 1999. [1]
The above quote by McEnroe also applies, not just to the way how you plan your business strategy and even your corporate IT strategy (regardless whether it's a 100,000-strong MNC, 500-strong SME, 25-strong home-grown business or even a one-man start-up). It's more about how you react to unexpected hiccups encountered along the way. Remember, Rome was NOT built in a day!
To succeed, you will need a game plan and a backup plan. Even with a game plan, you still need the basic fundamentals to stay in the game. For today's businesses, you will definitely need IT to support your business goals!
IT may sound a boring subject to many business owners but, in today's 24x7 globalized economy, even the slightest IT glitch could mess up your overall business strategy, goals, plans and even your business' reputation. Even when the chips are down, you still need to keep the show going.
So, what's your Plan B if Murphy's Law pays you a 'surprise' visit?
Hope to hear from you soon. Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
References:
1. http://en.wikipedia.org/wiki/John_McEnroe
Looking back at the memory lane
I was checking up the online media hype over the new tablet device that Apple was supposed to announce this week, when I stumbled an online article by David LaGesse on US News Online (first published on 26th Jan 2010).
While I reserve my comments on the writer's 5 top reasons for a potential major marketing failure by Apple for the time being, I was more concerned about an online article he had mentioned, the Top 10 Tech Flops of the Decade.
Make me chuckle at some of the so-called "coolest' devices when they were introduced to the world. Jokes aside, it reminded me of some of my prospective clients falling head over heels in chasing the latest tech gimzos they either hear or read online, just for the sake of showing the latest and "coolest" devices to those around them. Never mind if these devices did not deliver all the "bells & whistles" needed to solve their real business' IT problems.
For the time being, I think I'll stick with my current phone. 
It's not as sexy as the latest devices but it sure get the job done for me: keeping tabs with all my contacts.
Happy surfing. Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
Quote of the Day (Sun Tzu on dealing with competition)
“It is said that if you know your enemies and know yourself, you will not be imperilled in a hundred battles; if you do not know your enemies but do know yourself, you will win one and lose one; if you do not know your enemies nor yourself, you will be imperilled in every single battle.”
- Sun Tzu , author of the famous work, “The Art of War”
Sun Tzu or Sūn Zǐ; (c. 6th century BC) was a Chinese General, military strategist, and author of The Art of War, an immensely influential ancient Chinese book on military strategy.
Hence, in order to gaining an upper edge over your competitors, you must first understand both yourself and your competitors first.
Have a GREAT week ahead. Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
Common Sense in IT Security (Watch out for your password)
The New York Times had just published an insightful web article on password security and,... on the importance of using common sense in choosing your password.
Ashlee Vance, the author of the above article first published on 22 Jan 2010, reported that, 1 in 5 web-users still decides to leave the digital equivalent of a key under the doormat: some common examples include "abc123," "iloveyou" or even "password" to protect their data.
As I had always emphasized in my client discussions, it is pointless to spend time setting up the most sophisticated e-commence system that money can buy, only to have "password" configured as the admin password. It is like having an imposing-looking steel gate for your house, only to have the key dangling from the keyhole.
Hope you have found this blog post useful. Remember common sense is a valuable ally in securing your business' IT security.
Have a great weekend ahead. Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
7 Things Every Consultant Should Do
Hi everyone,
I want to share an insightful article published by 1 of my LinkedIn's contacts, Christine Lambden. Christine was kind enough to allow me to share this article with all of you. I want to share this article as part of my paying it forward and I feel it is relevant to all consultants, regardless of industry or practice. The original article is available @ consultingstance.com
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Every consultant develops tricks and techniques that make his (or her) services stand out from the crowd. Here are a few tips for managing your reputation and work habits while you are refining your own style.
- From the beginning, make it clear that you are a temporary solution and that you will produce a plan to transition yourself out of the workforce as soon as possible. Work with other employees, training as you go, as often as is practical. This will give the client a comfortable knowledge that you will not cling to this job longer than is appropriate.
- Document everything, especially the reasons for decisions. If you participate in the discussion for a particular issue, be sure to document (in email if at all possible) the various points of view and the decisions made. If you receive instructions from more than one person at your client company, these documents can save your reputation.
- Respect your previous clients’ privacy and proprietary information. This enhances your reputation for professionalism AND provides an assurance to your current client that you will not blab their business all over town later. Even when a question is asked point-blank, you can deflect with something like this: “How did Biggish Corporation recognize revenue?” “I can’t give you details about a specific client, but I can give you a ‘best practices’ article I wrote last year and we can go through your current practices to look for opportunities for improvement.” Practice saying “a major airline” or “a big manufacturer” till it feels comfortable.
- Never criticize work that was done before you arrived. The temptation is great because you want to show them how smart and valuable you are right away, but this tactic actually backfires EVERY TIME. Instead of telling them how lucky they are to have found you, tell them how smart they were in the past, how much good groundwork has been laid for you, and how little really needs to change to solve the problems. Trust me…they won’t think they don’t need you, they’ll like you for calling them smart. The person you are criticizing may be the one you are talking to, or it might be her husband or his daughter. Don’t risk it. Let the strongest criticism you EVER utter be, “I don’t really understand this decision. Maybe there is some documentation that explains it?” or “I’m not sure I would have made that choice, but there were probably circumstances that aren’t obvious now.” Let the client say, “He was an idiot.” If/when he does, you can candidly reply, “You can say that. I can’t. I never met him, and I know that some of my decisions may look weird later. That’s one of the reasons I’m so careful about documenting all my recommendations with reasons and background…so future consultants won’t have to ask these questions.”
- Look for opportunities to be of service. Volunteer for tasks, freely offer introductions and information (like white papers or templates). Your client is paying for your expertise and your connections. At the same time, you have a responsibility not to let the client waste their money indiscriminately. For example, if you are asked to make copies for two hours one morning, be sure that there is nothing else you should be doing instead. If there is, you can say, “Is this what I should be doing? Or would you prefer I spend my time another way?”
- Stay out of corporate politics, but show commitment to the project’s and customer’s interests. Remember, “I want you to be successful. Then, I’ll be successful.” Say it often. And mean it.
- Recommend the best solution, based on your experience and expertise. Regardless of whether your suggestion was adopted or not, do everything in your power to make the chosen solution work. In the end, no one will remember whether or not you recommended the course they went with (unless you constantly remind them), but they will know who was helping when they succeeded (or failed).
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Hope you'd enjoyed this article. Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
Quote of the Day (Dwight D. Eisenhower on leadership)
"You don't lead by hitting people over the head - that's assault, not leadership."
- Dwight D. Eisenhower
Dwight D. Eisenhower (October 14, 1890 – March 28, 1969) was a five-star general in the United States Army and the 34th President of the United States, from 1953 until 1961.
What Eisenhower mentioned is the need to lead by example. Often, we found the temptations to use our positions' authorities to get things done very attractive.... However, this is sacrificing long-term goals for short-term gains.
To have your folks ready for the toughest business challenges, you'll need to motivate them first. How do you go about motivating people when the going gets tough? There are many examples, e.g. walking the talk, being transparent in your actions & decisions. But, a key to success is being consistent.
Enjoy your weekend. Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
Quote of the Day (Dwight D. Eisenhower on Theory versus Realty)
"Farming looks mighty easy when your plow is a pencil and you're a thousand miles from the corn field."
- Dwight D. Eisenhower
Dwight D. Eisenhower (October 14, 1890 – March 28, 1969) was a five-star general in the United States Army and the 34th President of the United States, from 1953 until 1961.
What Eisenhower was referring to was the risk of relying purely on theory to get things done the ways they should be done, or one would thought. Unfortunately, real-life has a knack for throwing things off-track without you ever realising it. As the saying goes, there's always 2 sides to a coin.
Whether it involves the development of a new marketing strategy or planning a new IT system migration, a generous dose of common sense will go a long way to help you achieve success. Someone once told me, "Failing to plan is planning to fail." Do you have plans for migrating your old IT systems to a new platform this year?
Enjoy your weekend. Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
An IT tip for the day – Microsoft Word
Hi everyone,
As part of my New Year resolutions, I'll be posting useful IT tips on my blog on a regular basis.
To start the ball rolling, here's the IT tip for today. Imagine you are preparing a detailed report for your management in Microsoft Word. The report contains multiple charts and tables which you have to include references throughout the document. Now you are done with the first draft, how do you ensure that all the references are updated accordingly?
Here's a quick & easy 3-step process:
- Select a point in your document. Press <Ctrl> + <A> to select the whole document.
- Press the function key <F9>.
- Follow the on-screen prompts by Microsoft Word if there's any.
There you go. Hope you will find this useful for your reference. Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
Statistics settings used for my Capstone Project’s Web-survey
Hi everyone,
As requested by some of you, I am pleased to share the following statistics settings with all of you:
| Term | Value | Description |
| Confidence Level: | 95% | A percentage or decimal value that tells how confident a researcher can be about being correct. It states the long-run percentage of the time that a confidence interval will include the true population mean (Zikmund, Zikmund-Statistics, 2003). |
| Confidence Interval Estimate: | 9.7 | A specified range of numbers within which a population mean is expected to lie; the set of acceptable hypotheses or the level of probability associated with an interval estimate (Zikmund, Zikmund-Statistics, 2003). |
| Population: | 4,700 | A complete group of entities sharing some common set of characteristics. For this study, the direct LinkedIn connections serves as the population and share some common characteristics, e.g. age-group, industry, professions(Zikmund, Zikmund-Statistics, 2003). |
| Sample Size needed: | 100 | The number of observations or cases specified by (1) the estimated variance of the population, (2) the magnitude of acceptable error, and (3) the confidence level (Zikmund, Zikmund-Statistics, 2003). |
Do let contact me via email if you are interested in finding out more on my Capstone Project's Management Consultancy Report (MCR).
Cheers.
Johnny Ang
JANG Consultancy Services
Email: info@jangworld.com
http://www.jangworld.com/
References:
- Zikmund, W. G. (2003). Determination of Sample Size: A Review of Statistical Theory. In W. G. Zikmund, & J. Calhoun (Ed.), Business Research Methods, 7th Edition (pp. 419-430). Mason, O, USA: South-Western Cengage Learning.
- Zikmund, W. G. (2003). Sample Designs and Sampling Procedures. In W. G. Zikmund, & J. Calhoun (Ed.), Business Research Methods, 7th Edition (p. 369). Mason, Ohio, USA: South-Western Cengage Learning.
