Difference between revisions of "Marketable"

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[[File:Product.png|400px|thumb|right|[[Marketing mix]]]]A [[marketing mix]] (alternatively known as [[product offering]], [[product model]], [[marketable compound]], and, when already marketed, [[marketed compound]]; hereinafter, the ''Mix'') is a [[model]] representing distinguishable components of any [[marketable]]. In other words, the ''Mix'' is a combination of components of a [[marketable]] that a [[business]] controls in order to influence consumers to purchase this [[marketable]].
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[[File:Product.png|400px|thumb|right|[[Marketable]]]]In [[marketing]], a [[marketable]] (alternatively known as [[marketing mix]], [[market-offer mix]], [[market-offering mix]], [[market-offering model]], and, when already marketed, [[market offering]]; hereinafter, the ''Mix'') is a [[model]] representing distinguishable components of [[market offering]]s. The ''Mix'' represents the aggregate of components of [[market offering]]s that a [[business]] handles in order to make consumers be aware of, influence them to purchase, and get the benefits from its [[market offering]]s.
  
  
 
==Components==
 
==Components==
  
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===Deliverable===
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===Exchangeable===
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[[deliverable]], which can be divided in an [[unpackaged deliverable]] and [[packaging]]
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:''Main wikipage: [[Market exchangeable]]''
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:A [[market exchangeable]] can be divided in an [[unpackaged deliverable]] and [[packaging]].
  
 
===Delivery===
 
===Delivery===
  
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:[[Product delivery]]. The action of delivering [[marketable]]s either ordered or for sale. [[Delivery personnel]] may be incorporated and important for this ''delivery''.
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:[[Product delivery]]. The action of delivering [[market exchangeable]]s either ordered or for sale. [[Delivery personnel]] may be incorporated and important for this ''delivery''.
  
 
===Charge===
 
===Charge===
  
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:[[Product charge]]. A payment asked for a [[marketable]]. Not only its [[price]], but also [[financing]] and acceptable [[payment method]]s may be incorporated in and important for this ''charge''.
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:[[Product charge]]. A payment asked for a [[market exchangeable]]. Not only its [[price]], but also [[financing]] and acceptable [[payment method]]s may be incorporated in and important for this ''charge''.
  
 
===Presentation===
 
===Presentation===
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:[[Product presentation]]. The proffering or giving of a [[marketable]] to its potential consumers, particularly, through product manuals, official website, and [[public relations]]. [[Branding]] is the marketing practice of creating a name, symbol, or design that identifies and differentiates a [[marketable]] from other [[marketable]]s.
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:[[Product presentation]]. The proffering or giving of a [[market exchangeable]] to its potential consumers, particularly, through product manuals, official website, and [[public relations]]. [[Branding]] is the marketing practice of creating a name, symbol, or design that identifies and differentiates a [[market exchangeable]] from other [[market exchangeable]]s.
  
 
==Basic tools==
 
==Basic tools==
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===The 4Ps===
 
===The 4Ps===
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:#'''[[Product]]''' refers to the [[deliverable]] that its [[seller]] offers for sale. This may include its features, benefits, style, design, branding, packaging, services, warranties, guarantees, life cycles, investments and returns.
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:The [[4Ps]] (alternatively spelled, [[Four Ps]], [[4 Ps]], or [[4P's]]; also known as [[4Ps of marketing]]) is the oldest ''Mix'' tool.
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:#'''[[Price]]''' refers to the total cost to customer to acquire the product, and may involve both monetary and psychological costs such as the time and effort spent in acquisition. The [[product charge]] such as list pricing, discount pricing, special offer pricing, credit payment or credit terms".
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:#'''[[Product]]''' refers to the primary [[deliverable]] that its [[seller]] offers for sale. This may include its benefits, brand name, design, features, grade, guarantees, life cycles, packaging, returns, services, size, style, and warranties.
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:#'''[[Place]]''' refers either to the physical location where a business carries out business or the distribution channels used to reach markets. They include the direct or indirect channels to market, geographical distribution, territorial coverage, retail outlet, market location, catalogues, inventory, logistics, order fulfillment, virtual stores such as a [[call center]] and a [[website]].  
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:#'''[[Price]]''' refers to the total cost to customer to acquire the product, and may involve both monetary and psychological costs such as the time and effort spent in acquisition. The [[product charge]] may include allowances, credit terms, discounts, list prices, payment period, and special offer prices.
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:#'''[[Place]]''' refers to the [[marketing channel]]s. This may include physical and virtual locations where a business carries out business, where sales and service occur, as well as delivery points for [[marketing communications]], [[deliverable]]s, [[inventory|inventori]]es, and after-sale services. This may include [[call center]]s, logistics, order fulfillment centers, retail outlets, territorial coverage hubs, transport, virtual stores, and [[website]]s.
 
:#'''[[marketing communications mix|Promotion]]''' refers to the [[marketing communications mix]] used to make the offer known to potential customers and persuade them to investigate it further.
 
:#'''[[marketing communications mix|Promotion]]''' refers to the [[marketing communications mix]] used to make the offer known to potential customers and persuade them to investigate it further.
  
 
===The 4Cs===
 
===The 4Cs===
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:If [[#The 4Ps|the 4Ps]] reflects the [[seller]]'s side, the 4Cs tries to capture the [[buyer]]'s one:  
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:If [[#The 4Ps|the 4Ps]] reflects the [[seller]]'s side, the [[4Cs]] (alternatively spelled, [[Four Cs]]; also known as [[4Cs of marketing]]) tries to capture the [[buyer]]'s one:  
 
:#'''[[Consumer demands]]''' as opposed to the [[product]]. Consumers buy [[product]]s to solve particular problems and satisfy particular needs.
 
:#'''[[Consumer demands]]''' as opposed to the [[product]]. Consumers buy [[product]]s to solve particular problems and satisfy particular needs.
 
:#'''[[Cost]]''' as opposed to the [[price]], which is only a part of the total cost to satisfy customer's demand.
 
:#'''[[Cost]]''' as opposed to the [[price]], which is only a part of the total cost to satisfy customer's demand.
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===The 4As===
 
===The 4As===
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:Although [[#The 4Cs|the 4Cs]] tool tries to capture the [[buyer]]'s side, the 4As attempts to capture its drivers:  
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:Although [[#The 4Cs|the 4Cs]] tries to capture the [[buyer]]'s side, the [[4As]] (alternatively spelled, [[Four As]]; also known as [[4As of marketing]])  attempts to capture its drivers:  
 
:#'''[[Acceptability]]''' is the extent to which the ''Mix'' exceeds customer expectations. This includes the core benefits, [[reliability]], and other properties of the [[deliverable]], as well as its psychological acceptability that resulted from its [[branding]], packing, and positioning.
 
:#'''[[Acceptability]]''' is the extent to which the ''Mix'' exceeds customer expectations. This includes the core benefits, [[reliability]], and other properties of the [[deliverable]], as well as its psychological acceptability that resulted from its [[branding]], packing, and positioning.
 
:#'''[[Affordability]]''' is the extent to which customers in the [[target market]] are able and willing to cover the product's costs. [[Affordability]] has two dimensions, which are (a) economic affordability or ability to pay and psychological affordability or willingness to pay.
 
:#'''[[Affordability]]''' is the extent to which customers in the [[target market]] are able and willing to cover the product's costs. [[Affordability]] has two dimensions, which are (a) economic affordability or ability to pay and psychological affordability or willingness to pay.
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:#'''[[Physical evidence]]''' refers to the [[tangible]]s or non-human elements of the service encounter, including equipment, furniture and facilities.
 
:#'''[[Physical evidence]]''' refers to the [[tangible]]s or non-human elements of the service encounter, including equipment, furniture and facilities.
  
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===The 7Cs===
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:All together, they compose the [[7Ps]] (alternatively known as [[7Ps of marketing]]).
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t was expanded to the 7Cs Compass Model to provide a more complete picture of the nature of marketing in 1979. The 7Cs Compass Model is a framework of co-marketing (commensal marketing or Symbiotic marketing). Also the Co-creative marketing of a company and consumers are contained in the co-marketing. Co-marketing (collaborate marketing) is a marketing practice where two companies cooperate with separate distribution channels, sometimes including profit sharing. It is frequently confused with co-promotion. Also commensal (symbiotic) marketing is a marketing on which both corporation and a corporation, a corporation and a consumer, country and a country, human and nature can live.[38][39][40][41][42]
 
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    The 7Cs Compass Model comprises:
 
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(C1) Corporation – The core of 4 Cs is corporation (company and non profit organization). C-O-S (competitor, organization, stakeholder) within the corporation. The company has to think of compliance and accountability as important. The competition in the areas in which the company competes with other firms in its industry.
 
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The 4 elements in the 7Cs Compass Model are:
 
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A formal approach to this customer-focused marketing mix is known as 4 Cs (commodity, cost, channel, communication) in the 7 Cs Compass Model. The 4 Cs model provides a demand/customer centric version alternative to the well-known 4 Ps supply side model (product, price, place, promotion) of marketing management.[43]
 
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    Product → Commodity
 
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    Price → Cost
 
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    Place → Channel
 
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    Promotion → Communication
 
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"P" category (narrow) "C" category (broad) "C" definition
 
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Product (C2) Commodity (Latin derivation: commodus=convenience, happiness) : Co-creation. The goods and services for consumers or citizens.
 
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Price (C3) Cost (Latin derivation: constare= It makes sacrifices) : There is not only producing cost and selling cost but purchasing cost and social cost.
 
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Place (C5) Channel (Latin derivation: canal) : marketing channels. Flow of goods.
 
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Promotion (C4) Communication (Latin derivation: communis=sharing of meaning) : marketing communication : Not only promotion but communication is important. Communications can include advertising, sales promotion, public relations, publicity, personal selling, corporate identity, internal communication, SNS, MIS.
 
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The compass of consumers and circumstances (environment) are:
 
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    (C6) Consumer – (Needle of compass to consumer)
 
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    The factors related to consumers can be explained by the first character of four directions marked on the compass model. These can be remembered by the cardinal directions, hence the name compass model:
 
  
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        N = Needs
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===The 7Cs Compass===
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        S = Security
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:[[File:Business-model-canvas.png|400px|thumb|right|[[Business Model Canvas]]]]None of [[#The 4Ps|the 4Ps]], [[#The 4Cs|4Cs]], [[#The 4As|4As]], or [[#The 7Ps|7Ps]] address the influence that the [[organization]] has on the ''Mix'', as well as the fact that customers are often a part of the ''Mix'' for [[service]]s. The [[7Cs Compass Model]] (alternatively known as [[7Cs]], [[Seven Cs]], and [[7Cs of marketing]])  tries to capture those:
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        E = Education: (consumer education)
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:#'''[[Corporation]]''', which is offering its ''Mix'' to the [[market]].
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        W = Wants
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:#'''[[Commodity]]''', which refers to the [[product]] what the customer gets.
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:#'''[[Cost]]''', which refers to the price and other costs that the customer pays.
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:#'''[[Channel]]''', which refers to the [[place]] and [[convenience]] in other tools.
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:#'''[[Communication]]''', which refers to the [[marketing communications mix]].
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:#'''[[Consumer]]''', which, using the cardinal directions of the compass, indicates N = Needs; S = Security; E = Education (i.e. consumer education); and W = Wants.
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:#'''[[Circumstances]]''', which, using the cardinal directions of the compass, indicates N = National and international environment; S = Social and cultural; E = Economic; and W = Weather.
  
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    (C7) Circumstances – (Needle of compass to circumstances )
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===The New 4Ps===
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:''Main wikipage: [[Strategic business unit]]''
  
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    In addition to the consumer, there are various uncontrollable external environmental factors encircling the companies. Here it can also be explained by the first character of the four directions marked on the compass model:
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:[[File:Value-chain-redefined.png|400px|thumb|right|[[Strategic business unit]] ([[Strategic business unit|SBU]])]]Any ''Mix'' tool concentrates on the activities directly related to the building, selling, and serving the [[market exchangeable]]. The [[concept]] of [[holistic marketing]] prompted some marketers to spread marketing endeavors throughout the whole business. Although the [[New 4Ps]] is not a ''Mix'' tool per se, its idea is to align every endeavor within the business with the marketing objectives:
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:#'''[[People]]''' implies two sides. On the one side, the employees are critical to marketing success since any [[marketing]] is as great as company's employees are. That also captions the [[internal marketing]] notion. On the other side, consumers are people and the business objective is to understand their lives more broadly, and not just view them as shoppers who consume [[market exchangeable]]s.
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:#'''[[Process]]es''' reflects all the [[process]]es within the [[business]], including imaginatively generating insights and breakthrough products, services, and marketing activities.
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:#'''[[Program]]s''' encompasses the old [[#The 4Ps|four Ps]] as well as a range of other marketing activities that might not fit as neatly into the old view of marketing.
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:#'''[[Performance]]''' implies two sides. On the one side, it measures financial such as [[profitability]] and non-monetary such as brand and customer equity implications within the [[business]]. On the other side, it measures the impact beyond the ''business'' itself. That may include social responsibility, as well as legal, ethical, and environmental outcomes.
  
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        N = National and International (Political, legal and ethical) environment
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===Comparison===
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        S = Social and cultural
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:The table below represents the approximate comparison of various tools:<table class="wikitable" width=100%><tr><td>&nbsp;</td><th>[[#The 4Ps|4Ps]]</th><th>[[#The 7Ps|7Ps]]</th><th>[[#The 4Cs|4Cs]]</th><th>[[#The 7Cs Compass|7Cs]]</th><th>[[#The 4As|4As]]</th></tr><tr><th>[[Market exchangeable]]</th><td colspan="2">[[Product]]</td><td>[[Consumer demands]]</td><td>[[Commodity]]</td><td>[[Acceptability]]</td></tr><tr><th>Customer's costs</th><td colspan="2">[[Price]]</td><td colspan="2">[[Cost]]</td><td>[[Affordability]]</td></tr><tr><th>Pickup or delivery</th><td colspan="2">[[Place]]</td><td>[[Convenience]]</td><td>[[Channel]]</td><td>[[Accessibility]]</td></tr><tr><th>Info and brand</th><td colspan="2">[[Promotion]]</td><td colspan="2">[[Communication]]</td><td>[[Awareness]]</td></tr><tr><th rowspan="3">Others</th><td rowspan="3">&nbsp;</td><td>[[People]] (or personnel)</td><td rowspan="3">&nbsp;</td><td>[[Corporation]]</td><td rowspan="3">&nbsp;</td></tr><tr><td>[[Process]]</td><td>[[Consumer]]</td></tr><tr><td>[[Physical evidence]]</td><td>[[Circumstances]]</td></tr></table>
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        E = Economic
 
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        W = Weather
 
  
 
==Related lectures==
 
==Related lectures==

Latest revision as of 01:52, 10 June 2023

Marketable

In marketing, a marketable (alternatively known as marketing mix, market-offer mix, market-offering mix, market-offering model, and, when already marketed, market offering; hereinafter, the Mix) is a model representing distinguishable components of market offerings. The Mix represents the aggregate of components of market offerings that a business handles in order to make consumers be aware of, influence them to purchase, and get the benefits from its market offerings.


Components

Exchangeable

Main wikipage: Market exchangeable
A market exchangeable can be divided in an unpackaged deliverable and packaging.

Delivery

Product delivery. The action of delivering market exchangeables either ordered or for sale. Delivery personnel may be incorporated and important for this delivery.

Charge

Product charge. A payment asked for a market exchangeable. Not only its price, but also financing and acceptable payment methods may be incorporated in and important for this charge.

Presentation

Product presentation. The proffering or giving of a market exchangeable to its potential consumers, particularly, through product manuals, official website, and public relations. Branding is the marketing practice of creating a name, symbol, or design that identifies and differentiates a market exchangeable from other market exchangeables.

Basic tools

Several business tools are used to capture the Mix in marketing products.

The 4Ps

The 4Ps (alternatively spelled, Four Ps, 4 Ps, or 4P's; also known as 4Ps of marketing) is the oldest Mix tool.
  1. Product refers to the primary deliverable that its seller offers for sale. This may include its benefits, brand name, design, features, grade, guarantees, life cycles, packaging, returns, services, size, style, and warranties.
  2. Price refers to the total cost to customer to acquire the product, and may involve both monetary and psychological costs such as the time and effort spent in acquisition. The product charge may include allowances, credit terms, discounts, list prices, payment period, and special offer prices.
  3. Place refers to the marketing channels. This may include physical and virtual locations where a business carries out business, where sales and service occur, as well as delivery points for marketing communications, deliverables, inventories, and after-sale services. This may include call centers, logistics, order fulfillment centers, retail outlets, territorial coverage hubs, transport, virtual stores, and websites.
  4. Promotion refers to the marketing communications mix used to make the offer known to potential customers and persuade them to investigate it further.

The 4Cs

If the 4Ps reflects the seller's side, the 4Cs (alternatively spelled, Four Cs; also known as 4Cs of marketing) tries to capture the buyer's one:
  1. Consumer demands as opposed to the product. Consumers buy products to solve particular problems and satisfy particular needs.
  2. Cost as opposed to the price, which is only a part of the total cost to satisfy customer's demand.
  3. Convenience as opposed to the place. In the era of Internet, convenience takes into account the ease of buying the product, finding the product, finding information about the product, and several other factors.
  4. Communication as opposed to the promotion. The buyers look for cooperation rather than manipulation.

The 4As

Although the 4Cs tries to capture the buyer's side, the 4As (alternatively spelled, Four As; also known as 4As of marketing) attempts to capture its drivers:
  1. Acceptability is the extent to which the Mix exceeds customer expectations. This includes the core benefits, reliability, and other properties of the deliverable, as well as its psychological acceptability that resulted from its branding, packing, and positioning.
  2. Affordability is the extent to which customers in the target market are able and willing to cover the product's costs. Affordability has two dimensions, which are (a) economic affordability or ability to pay and psychological affordability or willingness to pay.
  3. Accessibility is the extent to which customers are able to readily acquire the deliverable. Accessibility has two dimensions, which are (a) availability and (b) convenience.
  4. Awareness is the extent to which customers are informed regarding characteristics of the deliverable, persuaded to try it, and reminded to repurchase. Awareness has two dimensions, which are (a) brand awareness and (b) product knowledge.
The combination of acceptability and affordability determines the value proposition.

Special tools

The 7Ps

In addition to the 4P's, the following three P's might be added to describe the Mix of a service,
  1. People (or personnel) refers to the personnel that stand for the service. In the professional, financial or hospitality service industry, people are not producers, but rather the products themselves.
  2. Process refers to a set of activities that results in delivery of the product benefits including greetings and customer service actions.
  3. Physical evidence refers to the tangibles or non-human elements of the service encounter, including equipment, furniture and facilities.
All together, they compose the 7Ps (alternatively known as 7Ps of marketing).

The 7Cs Compass

Business Model Canvas
None of the 4Ps, 4Cs, 4As, or 7Ps address the influence that the organization has on the Mix, as well as the fact that customers are often a part of the Mix for services. The 7Cs Compass Model (alternatively known as 7Cs, Seven Cs, and 7Cs of marketing) tries to capture those:
  1. Corporation, which is offering its Mix to the market.
  2. Commodity, which refers to the product what the customer gets.
  3. Cost, which refers to the price and other costs that the customer pays.
  4. Channel, which refers to the place and convenience in other tools.
  5. Communication, which refers to the marketing communications mix.
  6. Consumer, which, using the cardinal directions of the compass, indicates N = Needs; S = Security; E = Education (i.e. consumer education); and W = Wants.
  7. Circumstances, which, using the cardinal directions of the compass, indicates N = National and international environment; S = Social and cultural; E = Economic; and W = Weather.

The New 4Ps

Main wikipage: Strategic business unit
Strategic business unit (SBU)
Any Mix tool concentrates on the activities directly related to the building, selling, and serving the market exchangeable. The concept of holistic marketing prompted some marketers to spread marketing endeavors throughout the whole business. Although the New 4Ps is not a Mix tool per se, its idea is to align every endeavor within the business with the marketing objectives:
  1. People implies two sides. On the one side, the employees are critical to marketing success since any marketing is as great as company's employees are. That also captions the internal marketing notion. On the other side, consumers are people and the business objective is to understand their lives more broadly, and not just view them as shoppers who consume market exchangeables.
  2. Processes reflects all the processes within the business, including imaginatively generating insights and breakthrough products, services, and marketing activities.
  3. Programs encompasses the old four Ps as well as a range of other marketing activities that might not fit as neatly into the old view of marketing.
  4. Performance implies two sides. On the one side, it measures financial such as profitability and non-monetary such as brand and customer equity implications within the business. On the other side, it measures the impact beyond the business itself. That may include social responsibility, as well as legal, ethical, and environmental outcomes.

Comparison

The table below represents the approximate comparison of various tools:
 4Ps7Ps4Cs7Cs4As
Market exchangeableProductConsumer demandsCommodityAcceptability
Customer's costsPriceCostAffordability
Pickup or deliveryPlaceConvenienceChannelAccessibility
Info and brandPromotionCommunicationAwareness
Others People (or personnel) Corporation 
ProcessConsumer
Physical evidenceCircumstances

Related lectures

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