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THE 7 P’s – MARKETING MIX The term ‘marketing mix’ was first introduced by Jerome McCarthy in 1960. He grouped the main ingredients that are vital for the target market into 4 categories that are known today as the four P’s. This provides instructions for effective marketing and consists of: • Product • Price • Place • Promotion These are the four main elements that the market manager can control. The main goal is to centre the 4 P’s onto the customers within the target market in order to achieve a positive response and perceived value from them. PRODUCT The... Continue reading

FIRST DIRECT First Direct is an internet and telephone based retail bank located in the United Kingdom, and is a division of HSBC Bank plc. First direct offers many services such as insurance, mortgages, online banking, shared dealing and investments. First Direct offers £100 to customers who switch to it, and they are so sure that customers will be pleased with their services that they are willing to offer another £100 to those who are not pleased with them and they even help customers find another bank. First direct assures all customers that they are an exceptionally good bank that... Continue reading

Planning, Control and evaluation processes The planning, control and evaluation process is about creating plans to increase overall demand e.g. by evaluating the performance of their plans and wether they have been successful relating to their business objectives. First Direct may use this by planning which promotions to use e.g. seeing which method attracts more customers like promotions and deals. First Direct may also plan their marketing techniques and evaluate which particular ones will help them to acheieve the best results. They will then apply these methods to their website and within their business. Continue reading

Relationship Marketing Relationship marketing is a particular form of marketing that enables both customers and sellers to focus on value enhancement and also, so the provider can ensure the long term values of keeping customers and providing them with the best services without having to be direct. Providers can aim to develop strong relationships with stakeholders such as suppliers, public organisations and the media, as well as customers. Developing strong relationships with customers ensures that the customer will not feel the need to change their bank to another one because they have developed a long term relationship with the provider,... Continue reading

Branding: Branding is purely the core of marketing and business strategies. It mainly defines a brand as a sign, symbol,design or name. A combination of them can be used to identify the goods and services of one particular seller and also groups of sellers. However, branding is also very importantly about getting your main prospects to see you as the only one that provides a solution to their problem. Branding is a way of companies to show and portray their products and gives the product or service a particular name. This can be done through images, slogans(particular phrases associated with... Continue reading

E-marketing: E-marketing, also referred to as i-marketing, web marketing, online marketing and internet marketing, is mainly the marketing of services or products over the internet. E-marketing allows customers to buy and order products online, as most would find this a more convenient way to shop, as you can purchase items in your own time, even when the stores themselves are closed. It is also a more convenient way for stores to sell products as the website provides customers with advertisement and sales and also promotions as well as to potential customers. First Direct carries out E- marketing through their website... Continue reading

Market Segmentation and Targeting: Market segmentation is mainly about understanding and considering the various needs of customers. This can be achieved through splitting up and organising the customers into different groups within which they share the same set of needs and interests. They then need to discover which customers needs can be met and achieved through the organisation’s services and products. There are a variety of ways through which customers can be divided into segments. E.g. they can be segmented depending on their age, for example, demographic segmentation - where customers who are a particular gender such as females would... Continue reading

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