Marketing Mix Analysis: Price & Place

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From the course by Yonsei University

International Marketing & Cross Industry Growth Capstone Project

11 оценки

Yonsei University

International Marketing & Cross Industry Growth Capstone Project

11 оценки

Course 6 of 6 in the Specialization International Marketing & Cross Industry Growth

This course will act as the culmination of the Specialization: International Marketing & Cross Industry Growth. The aim is to help you apply what you have learned during the 16 weeks of the 5 courses and conduct an "action learning" project that will consist of the following: 1. Situation Analysis for their chosen company or brand. 2. Marketing Mix Analysis for their chosen company or brand. 3. Cross Country Innovation Plan when expanding abroad. 4. Cross Industry Innovation Plan when sourcing ideas or expanding into another industry. All of these analyses will have templates that will be explained in the video lectures using an exemplar case, "Yuhan Kimberly." You will be required to choose a company on which these analyses will be performed. As such, the intent will be to provide you an integrated set of insights and application to a chosen managerial situation and problems at hand in the context of a specific region or country. You will be required to also choose another industry (from the ones covered in the Specialization: B2C, B2B, Healthcare, Hospitality, Entertainment, Sports) when developing your Cross Industry Innovation Plan. For example, if you work for a company in the Healthcare industry and have analyzed that company, you should then conduct a Cross Industry Innovation project using concepts from a different industry such as Entertainment.

From the lesson

Milestone 2: Marketing Mix Analysis

For Milestone 2 you will complete a comprehensive Marketing Mix Analysis for a chosen company in a chosen industry. The major components of Marketing Mix Analysis will be A. Product: Tangible and Intangible Characteristics. B. Promotion: 5 W's (Who, What, to Whom, Which, and What Effect). C. Price: Total Benefits and Total Costs Analysis. And D. Place: Convenience Add-Ons Analysis.

Milestone 2: Marketing Mix Analysis Intro0:33

Marketing Mix Analysis: Product & Promotion7:38

Marketing Mix Analysis: Price & Place7:54

Meet the Instructors

Dae Ryun Chang
Professor of Marketing
School of Business

Okay price, what is a price?

I have emphasized of course that price is like a ratio of benefits over cost.

So it's not just about how much out of pocket you have to spend but

what you benefit by used this product.

So it's about perception of value.

So we have to think of both in a much more comprehensive way,

and hence this word total.

It's a total benefit that you attain.

Over the total costs which includes non-monetary costs,

you have to incur when you use and buy this product.

So the scoring tip here, there's a typo,

is to make sure that you include as many benefits and

costs as you possibly can.

And, I will have you fill out and you can download this from Coursera,

this ratio.

And here POP refers to Point of Parity and POD refers to Point of Difference.

And POD both in terms of benefits as well as in terms of cost

can be positive or negative.

What I have expressed here as inferior and superior.

So, let's do that in the case of Yuhan Kimberly.

So, as we can see in terms of benefits and terms of quality and service, and

we can borrow this partly from your product analysis.

Maybe they are on par.

But there are still some remaining points of difference.

The fact that in the case of P&G,

that they are using a celebrity in their advertising.

So maybe we're not using that same kind of celebrity.

Even though I said that Kim Tae-hee was in that

add back at a time when she wasn't famous.

So she would be much more like the girl next door.

So in turn of that celebrity we're lagging.

But in terms of resignating as again that girl next door that peer youth,

that peer user imagery hands down we were superior.

So given the messaging that we wanted, I think overall that superior user image

outweigh the lack of celebrity that we had in terms of our imagery.

Okay, in terms of the cost, again, maybe the price for

our products vis-a-vis the competition may have been the same.

That is was Upfront Price means, but there are additional costs.

Now this can be much more comprehensive.

And so if we're talking about baby diapers I

I can recall back when I used to buy diapers for

my son when he was a baby.

And so I remember that Yuhan Kimberly didn't offer discounts

where as many of the competitor brands did.

So that definitely would be an inferior POD.

Which of course reduces the costs for the user.

But I also remember that Yuhan Kimberly gave these

gifts that are also known as a premium to users.

If you collected a label and sent in, say, ten.

They would send back a blanket,

which had the Yuhan Kimberley brand prominently displayed.

So this is much more of a very high brow kind of sales promotion

which is befitting the kind of brand image that Yuhan Kimberly had.

So even though they didn't offer discounts they did offer

these sales promotion premium or gifts.

To the user, so which counter balanced the lack of discounts.

Okay, finally a fee of the distribution which is also referred to as a place.

In my lecture I emphasized the add-ons which promote the sale of a product.

So, in a way, you can think of these as being augmented products.

And so, we have many to speak of, time, location, variety,

quantity, and customization.

Again, which enable, via the use of middle men but

these can be offered directly by the manufacturer itself.

The sale and the more convenient use of a product.

So buying anytime you want to buy, buying anywhere you want to buy.

Buying many different products at once.

Buying in that right quantity and sometimes having the products customized.

These are all things that occur via distribution

which helps the sale of a product.

So the scoring tip here, again, is to include as many add-ons as possible in

your analysis of your place marketing.

So in the case of Yuhan Kimberly at the time of the case and

I think even still we can safely argue that time is good,

as good if not better than their competitor.

Same is true for location, same is true for quantity.

But a potential problem area may be, a potential issue may be variety.

The fact that they had a limited product line.

So if you have a consumer that wants to buy many of these products.

Maybe offline wouldn't be a problem, but more and

more people are buying these products online directly from the manufacturer.

And if that's the case, well then the fact that we have a limited product

line may be a negative in terms of the kind of add-ons that consumers want.

The kind of convenience that the consumer wants.

So customization, even though for

a premanufactured product like a baby diaper or

a feminine napkins or tissues may not be as relevant.

But more and more because of the use of online buying.

It may become an issue.

And, so, if Yuhan Kimberly isn't using as proactively

their online channels as they possibly can.

Maybe customization or Personalization can be

something that they can consider seriously.

To really get at kind of products, the kind of assortment,

the kind of timing andlocation that users want online.

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