Page 125 - DMGT408DMGT203_Marketing Management

Marketing Management/Essentials of Marketing

Notes A company does so by providing Miscellaneous Services, offering an improved product
warranty or maintenance contract; it can also offer rewards, provide customer training, etc.

Example: Dominos promises a speedy home delivery within 30 minutes of placing the
order; Chevrolet offers 3 year free maintenance with purchase of any of their cars.

3. Personnel Differentiation: Companies can gain a strong competitive advantage through
having better trained people. Better trained personnel exhibit six characteristics:
(a) Knowledge & Competence,

(b) Courtesy towards Customer,
(c) Individual Credibility,
(d) Reliability,

(e) Responsiveness towards Customers, and
(f) Communication Skills

Example: Educational institutes often differentiate on the basis of their personnel
(teachers).
4. Image Differentiation: Identity and image need to be distinguished. Identity comprises
the ways that a company aims to identify or position itself or its products. Image is the
way the public perceives the company or its product.

Example: Tata and Infosys are perceived as honest and trustworthy companies.

Self Assessment

Multiple Choice Questions:
17. BCG stands for
(a) Boston Consultancy Group (b) Bastion Consulting Group
(c) Baton Consulting Grouping (d) Boston Consulting Group

18. When the physical product cannot be easily differentiated, the key to competitive success
may lie in adding valued services and improving their quality termed one of the following:
(a) Stalemated Industry (b) Product Differentiation
(c) Volume Industry (d) Service Differentiation

5.6 Application of Marketing Mix Strategic Perspective

Marketing mix strategy is about achieving your marketing objectives through proper analysis
of the 4 Ps or elements of marketing, namely:
1. Product
2. Price

3. Place
4. Promotion
A successful marketing mix depends on the right combination of these marketing elements.

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