Functional and psychological benefits associated with marketing fundamentals

The marketing fundamentals divided into strategic programs (long lasting) assists with searching and determine the market segment and tactical ideas (short-term) starting the implementation and analysis this fundamentals cannot be separated all of them complete the other one

The Strategic: first of all, what do customers need? Customer's needs are an important aspect in marketing as the customers is the center or core in our benefit as a business and it is the first point we must ingest to account. Generally view the basic needs for individuals includes food, clothing, safety, education yet others. This needs enthusiastic and aimed by something originates from inside each individuals afflicted by different factor so when we know in nowadays we aren't living just to satisfy the essential human needs we have been beyond this. so, This needs becomes needs if it's influenced by civilizations, individuals and directed to specific thing to be able to satisfy the needs, for example the food needs everyone on the globe own this need but in several way predicated on the type of the food that they eat, Bahraini people will never be similar to American. In addition Would like becomes demand toward a product if the customers have the ability to pay for this type of want and needs. In order to identify the customer's needs we must conduct a marketing research to determine what will be the real needs. The research can be predicated on primary data unavailable, costly and take time or supplementary data available, lower cost and faster and these data can be obtained by different methods such as qualitative and quantitative survey observation, questionnaire, interviews, phone calls, utilising the web and can be by email. The aim behind collecting the data is to learn how to provide the clients using our products and services

Secondly, Segmentation(SWOT examination) after we identify the clients and their needs that means we are actually familiar with our customers and we must describe the market portion so that can we beginning to accomplish their needs and segment our customer and market by categorize customers into segment and groups based on certain characteristics(percent of sales, wants, the utilization of the merchandise, reach stations price sensitivity) and what product or service they are willing to buy. also focusing on the power provided to our customer more than the top features of the products.

In order to section and target the market we can apply the SWOT analysis to study the market.

SWOT

SWOT looking at the strength weaknesses, opportunities and hazards so firstly, we have to assess our strengths and weaknesses for every condition such as (resources, customer support infrastructure, quality, and competitive advantages) things that related to company itself from the insides and basic principles internal factors. Secondly, examine the opportunities and hazards for each segment which is related to the surroundings or the market and what have an impact on the business from outdoor such as (new products and external factors

Thirdly, Targeting: after us segmenting the market and evaluating the SWOT, then we must aim for our valuable market section by determine the opportunities in a section where we've strength plus more profitable in which that people can highly stand there and reducing the weaknesses and others are weakened. Choosing among different segments we must look at the size, progress rate, competition, brand loyalty, sales potential, breakeven and income.

Competition and competitive advantages ( uniqueness of the product and services): competition it's possible that exist everywhere you go and anywhere, competition are those who you are contending with them to be able to gain the bigger benefits and income or even to achieve an objective that cannot be for two over them in a certain market section this business lead us to recognize a competitive edge that makes the merchandise or services unique in several from others even for the same service or product in the mark market which can be an important element to attain the goals.

Products channels to reach customers

What are you offering to focus on market?

Amount to recharged to products

Increase Awareness of productThe second part of the fundaments is the tactical plans: after we gather the information and choose the target segment now tactical strategies appears you start with positioning that considers as a competitive advantages and really helps to create the company image by connecting with customers and reach the in different way to develop strong interactions in marketplace and make an effort to be in your brain of the customers. Then the concept of marketing combination (4Ps), this is identifies all activities that the can be managed by the company in order to create the response it needs from the mark market and these activities can be split into four groups

Now we come up with two important aspects of tactical plans are the execution and evaluations. The implementation of the marketing activities such as positioning advertisement, create site, broachers and using the internet sites in the internet. Finally the evaluation in this part the company starts contrasting the genuine results with the objects to recognize the successes and the inability for future considerations

Customer value: customer value is the difference between what they get as take advantage of the product or service and what are they gowning to pay to obtain it.

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The customer value can be considers as center of the competitive advantages of the business and long term successes sometimes ignored by companies and they must put themselves instead of the customer although they know they are providing value but to understand and define the customer values by doing this as we are all customers in any way and this the reason behind offering more value in the strategies for customer values, people explanation of value is the realization which means what customer escape their purchase compared to sacrifice. the customer value analysis supplies the incentive to increase the quality of the product while still offering the client the product costed equitably without changing the idea itself. Which help to retain the current customers (less costly way) and appeal to new customers that is why companies offers more value to customer value a maintain client satisfaction. For example better service provided, the way you are speaking with your customer, maintenance, assist in making decision, how do you deliver the merchandise or service, and if the clients satisfaction is most important to you as company. Making the most of customer value maximize the difference between your realization an scarifying

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The customer value measured by four elements

Realized value: is the web profit received and used to compare the performance from period to period

Business definition the total amount that'll be acknowledged from the sales of a secured asset less any expenses incurred from the deal. For example, a small business owns a vehicle that might be sold for $10, 000 after spending $1, 500 on minor auto repairs, painting, and a sales fee. The vehicle's net recognized value is $10, 000 less $1, 500, or $8, 500.

Expected value: the expected earnings an revenues that the business expected to earn from selling products through the use of the up sells(selling of more levels of related products) and cross sells(selling more than different product for the business in a single time)

Lifetime value: it's the total expected vale and recognized value.

Business classification: in marketing, the financial value of a customer through the life of the customer's connection with a company. An estimate of customer life-time value allows a company to look for the sum of money that can be allocated to acquiring and keeping a customer. By way of example, a high customer lifetime value may convince a credit card company to provide expensive bonuses to attract new clients. Also called life time customer value.

Potential value: this is actually the total of life time value in addition to future profit to be occurs by products that contain yet to be promoted.

"It is important that you make sure product marketing strategies are concentrating on the highest value customers with the product, " McGee says

Functional and emotional benefits:

Benefits includes useful and emotional such as (ego, position) and quality that may be measured by (unique features, consistency professional advice, service dependability, customized service, convenience, availability and other things). This profit present to the merchandise by the customers as they may have different things toward this product instead of the choice and varies in one customer to some other. The functional advantages from its name something related to the product or service itself not easily can be discovered or to differentiated from others as the competitor easily can replicate it and usually they count on the mental benefits that comes from inside their personalities and it is a self applied expressive related to the feelings dose I feel better while i buy this over this is means something about rewarding themselves, satisfaction.

These benefits specially the psychological can maintain and gain the marketplace shares and help to build up an optimistic connection between your customer and the business, it could be increased by reducing the price and the price includes money, time- energy, psychic: perceived risk investment property on the purchase (price), plus maintenance, operating cost over the life span of the merchandise, time spent on basic service error, delay and inconvenience both tangible and intangible costs reduce prices.

Q2. What strategy do you think they should be using to reduce "perceived risk" of the potential customers?

Perceived risk:

Customer negative unforeseen cost might customer concerns by making wrong decision to acquire the merchandise or service. For instance there are goods which have more recognized risk that others such as durable goods, complicated, automobile pcs, and a high-priced weighed against for example shampoo or juice. People with higher level of education and self confidence face low perceived risk and the higher the price of the goods the high the identified risk. The client is willing to acquire the same brand rather than purchase new or anonymous brand. As the identified risk increased the info and suggestion obtained to make the purchase decision. For example a favorite car companies in Bahrain and its policy for preserving and car mending for Honda or Toyota. Another example is restaurants such as YUM YUM tree that provides healthy and fresh food.

The perceived risk can be reduced by following certain strategies

search for information; buy their products, through the good trustworthiness of brand-name goods to reduce the risk of feeling; build brand loyalty, repeat purchase have been content with the brand to avoid possible to choose a fresh brand with a years of risk; experience of trial equipment and samples; options with complete return coverage and service deals to buy channels.

In the other hand the company must be aware of the risk and inside our viewpoint and to be able to lessen it they must be available in several ways in the face to customer to provide him with information required, testing the product or service for example Honda motors give the customer chance for trial and assessment how is the automobile driving, and they should concern about the department which signify the company or any worker that straight contact the clients, also advertisement are important

Q3. (a) What is the difference between qualitative and quantitative research? What exactly are advantages and disadvantages of every? Give a few examples where you will apply these two research methods in Bahrain.

Qualitative research is usually used for much more exploratory purposes by understanding the multi dimensional picture of the investigation. It targets distinctions in quality, somewhat than distinctions in volume. Qualitative research has fewer members set alongside the quantitative research because the depth and richness of data that connected with the average person attitudes and action does not permit large numbers of individuals. The researcher interprets the particular date including complete and in depth descriptions of interpersonal life, minutely interviews, books, and information from written options to extract its so this means and turns it to information.

Advantages

Help research workers to define exactly what to spotlight.

The researchers have significantly more information regarding each participant.

Disadvantages

More prone to accusation of bias and personal subjectivity.

Hard to assemble the data.

Small band of interviewed individuals can't be taken as representative.

Time consuming.

Examples

In order to achieve Future Schools task, we should review the Bahrain's teachers and students capabilities. Therefore, we need to use a qualitative research on the randomly selected professors and student in each phase separately. Through the research which could last for years, we will have interviews with each participant, minutely monitored to all or any classes, and evaluation of participant's emotions to grasp all the needs.

Quantitative research targets numbers or number, where the results predicated on numeric examination and statistics. It generates statistical models to clarify incidents. This research uses a sizable sample of the populace; the larger the sample of participants, the more statistical ability and appropriate results given by choosing a sample that meticulously resembles the population. The quantitative research allows researchers to check specific hypotheses to answer specific questions.

Advantages

Can be counted and modelled statistically.

The statistical analysis allows for generalization to others.

Allow to review the partnership between dependent and independent variables in detail.

The researchers tend to be objective about the results of the study.

Used to check hypotheses.

Disadvantages

Doesn't examine things in an all natural setting.

The research can be manipulated.

Uses large numbers of participants.

The researchers don't possess the depth knowledge about each participant.

Examples

To study the useful and easy to use of the e-services provided by Bahrain e-government portal. A questionnaire will be may actually an individual after using the service, the user can solve it easily online by score each question from 1 (strongly disagree) to 5 (strongly agree). Then by using statistical research it can help to determine how easy the service was and hence to develop and improve the services in the foreseeable future.

As one of the Bahrain vision 2030, Bahrain Institute of Public Administration (BIPA) become one of the trusted authority that aims to develop public administration and trained in Ministries and Talk about institutions and donate to qualifying and training the personnel of the Ministries and institutions. Therefore, after concluding each course the students will be asked to complete the Institute questionnaire about the course, lecturer and the place, to insure effective and reliable provision of better public services.

Q3. (b) What's the difference between likelihood and non-probability test? Under what situation each one is used?

Probability and non-probability sampling is the techniques of how the samples of the research are chosen to be able to obtain the in formations.

The likelihood sampling is a way used and shaped in a arbitrary selection in which that each sample or member in the population has an equal chance and regarded as selected greater than zero and it can be accurately motivated we can utilize it for generalization for example estimate the full total income of folks surviving in a certain area. Non-probability sampling is a way found in selecting the test where the unit of the populace to be determined people have not equal chance to be picked than others may be less or more or zero and not accurately, in other phrase the personal wisdom is the determinant not generalized and specific not involve random selection for example interviewing the first person the truth is. Although there is a difference but when there is no response in the possibility this effect to carefully turn it into non-probability. Furthermore we can choose one of these based on the result required generalized or given.

In probability sampling there was traditional methods to choose arbitrarily such as chose a quantity out of small hat or container but now due to emerge of technology we can use it to simplify the choice process.

The types of possibility sampling

Simple arbitrary sampling: the generalize, best and simplest method for selection and the objective is that to choose unit of inhabitants most of them have an equal chance to be chosen by carrying out a procedure of an table of arbitrary numbers, computer random amount, or mechanical device for selection. More over it is fair way for selection and easy to be explained however, not the useful method due to get luck.

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Stratified random test: in this technique the population categorized into indie group such as time and random selection done for every single group. This technique can contributes to more efficient effect if the parameters correlated strongly to the centered adjustable, maximum variability between your groups and lowest variability within the groupings. Advantages over simple method are targets importance, and invite different sampling techniques. The disadvantages, requires selection for relevant factors can be difficult, not useful if there no homogeneous subgroup and costly.

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Cluster (area) sample: in this method the population split into groupings such as blocks countries and then arbitrarily select of every group. Cheaper and it can reduce travel and the indirect cost and it includes two levels called multi sampling: areas are chosen in the first level then sample within those areas picked.

Multistage sampling: is complex form of cluster sampling fist level arranged the cluster, the next randomly selecting. The main problem is when we have a sample for a wide geographic area and you have to attain every product in the sample that's why this method cannot considers as real effect.

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Non- probability methods includes

Convenience sample: in this method the population selected by the greater accessible members and easily available

Judgment test: in this technique population selected based on that will provide correct information those people who have experience.

Quota sample: in this method the population interviewed the helpful and a recommended number of people of each group. Including the interview may have training a specific amount of one from the total

Q4. (a) Refer to body 2. 3 (web page 85 of wording book). What's strategic planning gap? Explain how companies bridge such space by perusing different strategies? What are forward and backward integration strategies why companies use them?

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The Strategic Planning Space (http://www. docstoc. com/docs/3616748/The-Strategic-Planning-Gap)

What is proper planning gap?

The company's strategies for existing business let it project total sales/ income as time passes period. In case the projected sales & earnings are less than what corporate/ management dreams, there will be a gap between your expected sales of products (over particular period) and current business collection which called strategic planning gap. The gap could be packed by producing/ acquiring new business and applying home based business strategies.

Explain how companies bridge such gap by perusing different strategies?

If Sales growth the market will growth, then GDP will growth that business lead to the profits and show price.

Once the proper planning gap identified by examining the chart, the firms can decide on the resources and strategy needed to close the space and achieve the business's objectives. The business should complete that distance by expanding or acquiring home based business

Intensive progress opportunities.

Integrative expansion opportunities

Diversification development opportunities.

Intensive Progress Opportunities

Identify opportunities to achieve further expansion within the business's current business.

First course of action for bettering existing business.

To find new intensive expansion opportunities "product-market expansion grid".

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Product-market growth grid (http://mmauc. blogspot. com/2010/06/class31-strategic-planning-and. html)

Option 1. Market Penetration Strategy.

Try to gain more market tell current products in current market.

Approaches: Encourage current customer to buy more per period by increased consumption rate or showing additional uses. Catch the attention of customers from weaker competition (Detect weakness in competition Customer Delivered Value Encourage non - users to start using).

Option 2. Market Development Strategy.

Look for new marketplaces whose needs may be met by current products.

Approaches: If current market is in retail (specific customer) check out institutional markets (communities). Seek additional distribution channels. Seek additional physical market.

Option 3. Product Development Strategy.

Involves development of new/additional products or features to provide superior customer delivery value. Categorize customer into communities and offer dissimilar to customer delivery value different groupings at different prices.

Use technology to alter product satisfying same/ similar customer need/ want. E. g. : personal computers - desktops, laptop computers

Integrative Growth Opportunity

Increase sales and profits through integration within industry.

Integration could be

Backward (Develop/ Acquire company).

Forward (Develop/ Acquire Entire seller/ Store).

Horizontal (Acquire rival with government agreement).

E. g. : A motor making company may acquire copper cable factory (Backward). Next step, it may project into fan processing (In advance). Apart from that, it may also acquire competitor's motor unit manufacturing unit (Horizontal).

Diversification Expansion opportunities

Makes sense when good opportunity can be found outside present business. Good opportunity means that Industry is highly attractive, Company has business strategic required to be successful.

Diversification could be

Concentric Diversification: Includes new products that have technical marketing synergies with existing products and new product may charm to a different customer group.

Horizontal Diversification: Include services that could appeal to its current customer even though services are technologically unrelated to its current products.

Conglomerate Diversification: Include home based business that has no romance to company's current technology/ Products & Marketplaces.

The process to triumph over and fill up the gap is complicated and has a few consistent ingredients

Process.

Communication.

Leadership development.

Cultural change.

There why concentrating on improving one or some parts by overlooking others is doomed to fail. The Company must be aware about the missing parts and the causes for the space and then create a standard planning to complete it.

What are onward and backward integration strategies?

Forward Integration is a form of vertical integration, whereby the firm's have control of its syndication. An example forwards integration: A farmer who provides his/her crops at the local market rather than to a distribution centre (behaving as both, wholesaler & dealer).

Backward Integration is a form of vertical integration, whereby the firm's have control of its inputs or resources. A good example backward integration: A bakery business bought a whole wheat farm to be able to reduce the chance associated with the dependency on flour.

Why companies utilize them?

Forward Integration:

Excluding contending suppliers.

Greater ability to attain end customers and better access to information about end customers.

Backward Integration

To be able to guarantee the price, quality, and accessibility of equipment, and gleaned from synchronizing the creation of resources with the business's use.

To minimize the contact with the risk of demand and price fluctuations.

To expand the company business and profit by acquiring suppliers to lessen its reliance on the vendors.

To increase company's purchasing vitality while diminishing that of its suppliers.

Q4. (b) What exactly are the dimensions of "holistic marketing"? Explain them at length. Is there any company in Bahrain which is practicing holistic marketing? What exactly are the benefits of all natural marketing?

What are the dimensions of "holistic marketing"? Explain them in detail.

Holistic marketing means marketing function taking an integrated approach rather than an individualistic view. Modern marketing in today's age are significantly recognizing the need to have a far more complete and cohesive procedure that moves beyond traditional software of marketing concepts. This concept is based on the development, design and implementation of marketing programs, procedures and activities that discover their breadth and inter-dependencies. Holistic marketing is collaborating inside and external factors to provide better customer capturing value from customers. Holistic marketing includes 4 main dimensions, Integrated Marketing, Internal Marketing, Romantic relationship Marketing, Friendly Responsibility Marketing.

Integrated Marketing

One of the major duties of marketers is to "integrate" all the marketing activities and programs like "creating", "communicating" and "delivering" value to the clients. The marketing program consists of various decisions on value-enhancing marketing activities that can be used. The factors use in marketing plan are made interconnected to provide better customer value. The merchandise designed to gratify customer needs, the merchandise offering needs to be communicated to the customer using appropriate promotional methods and the product should be available to the customer. Two broad principles of integrated marketing are the following

1. A number of different marketing activities are used to create, talk and deliver customer value.

2. All marketing activities coordinated to increase their joint efforts.

Internal Marketing

This is where in fact the company targets internal group and carries out marketing activities internally and means that everyone in the business adopts appropriate marketing rules and the most notable management should view it happen. It's the management task of employing, training and motivating the employees to provide the clients well. Internal marketing must happen in two levels as follows

1. First level, all the marketing functions should work in tandem for common goal (sales, market research, customer service, product management, advertising, etc).

2. Second level, "marketing" must be embraced by other departments for the goal of the business. All the relevant functional departments like Funding, HR, Businesses, Logistics, Systems, etc. must coordinate each other to truly have a marketing orientation. Only aiming to meet specific department's goal and norms and not promoting the marketing goals will take the business nowhere. You have to note that it is marketing that earns income.

Relationship Marketing

This is where in fact the organization manages its marriage with suppliers to customers in an efficient manner by building mutually satisfying long-term relationships. In addition, it builds strong economical, technical and social binding among the parties. A couple of 4 key constituents of marketing are

Customers.

Employees.

Marketing Associates: Channels, Suppliers, Marketers, Dealers, Retailers, Firms, etc.

Financial Community: Shareholders, Stakeholders, Financiers, Shareholders, Analysts, etc.

Another key constituent is the Population: well-wishers, scientists, professors, environmentalists.

The goal of marriage marketing is building marketing network, which consists of the company, and it is assisting stakeholders with whom it has built manual profit marriage, which isn't that easy. The introduction of a strong romantic relationship requires a profound understanding of the capabilities and sources of different teams as well as their needs, goals and dreams. Relationship marketing includes the right kind of relationships with right constituent organizations. Managing the relationships has 3 aspects

Customer Relationship Management (CRM) with customers.

Channels.

Partner Romance Management (PRM) with other lovers.

Social Responsibility Marketing

This where in fact the firm bears out its marketing activities, not to make only revenue but to make it through in long run by fulfils its obligations towards the world through good corporate citizen and build good public image of the company which will eventually motivate consumers to get goods. Performing socially responsible marketing includes

Ethical Behaviour: Companies must advance and adopt an adequately written code of conduct predicated on the public and social ethics, decency, custom and legal procedures.

Legal Behaviour, operating within regulations of the land. The Government laws, Society regulations, and the organizations must be sure the employees know and monitor relevant legislations, and restrain themselves from doing outlawed, antisocial, corruptive, anticompetitive techniques.

Social Responsibility Behaviour: The organization should respect the worth and values of society and should not perform marketing activities which can cause unreasonable disruption to the population.

Environment friendliness.

Bad word of mouth, lack of reputation, lack of customers in to future, imposing penalties and lack of license to keep the business triggers to failure to be socially responsible. Several factors are traveling the companies to train higher level of corporate interpersonal responsibility, such as

Rising customer goals.

Changing employee's prospects.

Government Legislation and pressure.

Investor curiosity about social requirements.

Changing business procurement requirements.

Is there any company in Bahrain which is exercising holistic marketing?

Internal marketing: Standard Trading and Food Control Company (TRAFCO), that ensure customer satisfaction by delivering superior quality products, the heights degree of service and diverse selection of world-leading brands at the most competitive price.

Socially sensible marketing: Information Affairs Specialist (IAA) which protect users from people and residents by monitoring the media and the press in the Kingdome.

Relationship marketing: Bahrain Petroleum Company (Bapco), It export the oil and gas through cooperation with the GCC common market.

Integrated marketing: Bahrain Telecommunication Company (Batelco), which gives communication services to users outside and inside the Kingdom through assistance with other telecommunication companies surrounding the worlds.

What are the benefits of alternative marketing?

Helping achieve concentration & path.

Keeping customers happy & satisfied.

Attracting home based business.

Professional company books.

Professional image.

Differentiating from competition.

Growing awareness of your business.

Creating the right environment for success.

Motivational support.

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