It is about analyzing strengths and weaknesses of the competitor. A purchase department in a company would need a different data set under marketing intelligence, while a sales department would need something different.
Marketing intelligence is usually the first data set analysed by a company about a specific market. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.
It can also include consumer schemes, direct marketing, contests and prizes.
Marketing intelligence is all about gathering information on various data sets, analysing the information, breaking down the data into small subsets and the distribution of information to the relevant department of the company. It could be related to population age in that area, infrastructure facilities, spending habits of consumers, state or government regulations etc.
What are the 4Ps of marketing?
Product Intelligence is related to gathering information about your Business studies marketing mix product. All the elements of the marketing mix influence each other.
Price is initially high due to type of product usually electrical, luxury, innovative Price penetration new products Price starts at a lower price to gain market share Pricing strategies for existing products Price leader — dominant firms in the market are able to set the price for the rest of the market Price taker — these firms accept the price that the price leaders set Predator — predatory pricing is where businesses undercut competitors to drive them out of the market and gain market share Methods Cost based — businesses work out how much products will cost to make, they then add a profit margin on to this to calculate price Contribution — Prices are calculated by looking at how much they contribute to variable costs Discriminatory — Where businesses can charge different prices to different consumers for the same product e.
There are four main corner stones of marketing intelligence. With the help of this knowledge, the company tries and makes the user experience better or makes changes in the product itself to make it safer or add new features.
Market Understanding is a concept wherein the company tries to understand the performance of the product in which it is already operating as well as looks at other markets where it wants to launch its product thoroughly. Marketing intelligence is the external data collected by a company about a specific market which it wishes to enter, to make decisions.
Producer — Wholesaler — Consumer — Here the wholesaler acts as an intermediary for the producer and is able to carry a number of different producers products e.
How does Marketing Mix help your business?
The first one is competitor intelligence, the others are product intelligence, market understanding and customer understanding. The basic goal of competitive intelligence is to make better business decisions.
But handled wrong and the business could take years to recover. Producer — consumer — this is generally used for small businesses e. What is the importance of the marketing mix? Finally, understanding the customer is the utmost important aspect in the life of any product.
However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. It is the first set of data which the company analyses before making any investment decision.
They make up the business plan for a company and handled right, can give it great success. The focus around product intelligence is on gathering information about the quality and performance of the product.
There can be several types of pricing strategies, each tied in with an overall business plan. Product refers to what the business sells This could be a good — tangible or a service — intangible Products are composed of different features which help consumers identify them e. Retailers pay a premium for the right location.
This is usually an automated process. Producer — Wholesaler — Retailer — Consumer- This is common for clothes 4. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors.
Pricing can also be used a demarcation, to differentiate and enhance the image of a product. Producer — Retailer — Consumer — this is often used for electrical products Each link in the chain of distribution adds costs onto the final product and makes it more expensive for the end consumer Wholesalers and retailers can provide important functions for producers especially as they grow larger By using wholesalers and retailers businesses can loose control over the promotion of their products Location Businesses need to consider a number of factors when considering their location including: It is key to the success of the product pre- and post-sales.
Price skimming new products:Learn and revise elements of the marketing mix looking at product, price, place and promotion with BBC Bitesize GCSE Business Studies.
IGCSE, GCSE business studies revision notes on Marketing mix Promotion and types of promotional methods.
The marketing mix is the combination of product, price, place and promotion for any business venture. Marketing Mix No one element of the marketing mix is more important than another – each.
The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product. The basic marketing mix is often referred to as the "Four P's" - since the most important elements of marketing are concerned with: It is known as a "mix" because.
The marketing mix or the 4P's are the key elements of a businesses marketing plan The marketing mix refers to: Product Price Place Promotion Product. The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product.Download