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54-542: The Hong Kong Trade Development Council ( HKTDC ) is a statutory body established in 1966 as the international marketing dedicated to creating opportunities for Hong Kong 's businesses. The organisation has fifty offices around the world, including 13 on the Chinese mainland . With more than 50 years of experience, its mission is to explore opportunities for Hong Kong companies, especially small and medium-sized enterprises (SMEs), and connect them with business partners around
108-519: A dollar store in the United States. Conversely, a product promoted as the low-cost option in France would give rise to limited success in a high end area. Advertising, word of mouth, press reports, incentives, commissions and awards to the trade will account for product acknowledgement. It may also include consumer schemes, direct marketing, contests and prizes. People may be considered to be
162-425: A company's marketing: The origins of the 4 Ps can be traced to the late 1940s. The first known mention of a mix has been attributed to a Professor of Marketing at Harvard University, James Culliton. In 1948, Culliton published an article entitled, The Management of Marketing Costs in which Culliton describes marketers as "mixers of ingredients". Years later, Culliton's colleague, Professor Neil Borden, published
216-568: A compass. The 7 Cs Compass Model is a framework in co-marketing (symbiotic marketing). It has been criticized for being little more than the 4 Ps with different points of emphasis. In particular, the 7 Cs inclusion of consumers in the marketing mix is criticized, since they are a target of marketing, while the other elements of the marketing mix are tactics . The 7 Cs also include numerous strategies for product development, distribution, and pricing, while assuming that consumers want two-way communications with companies. Digital marketing mix
270-462: A consumption decision, which is time-saving and effort-saving for the consumers. As for the suppliers, they can adjust prices in the real-time and provide higher degree of price transparency with customers. Besides, the Internet is more likely to ease the pressure on price because online-producers do not have to put budget on renting a physical store. Hence, making new or adjusting pricing strategies
324-410: A cornerstone for analyzing and optimizing marketing strategies in various industries. Products may be tangible (goods) or intangible (services, ideas, or experiences). Price may also be a consumer's expectation for getting a certain product (e.g. time or effort). Price is the only variable that has implications for revenue. Price is the only part of the marketing mix that talks about the value for
378-470: A corporation and a consumer, country and a country, human and nature coexist. The core of 4Cs is the corporation itself (company and non profit organization) Other elements include competitors , organizations , and stakeholders within the corporation. The company has to think of compliance and accountability as important. The competition in the areas in which the company competes with other firms in its industry. The 7Cs Compass Model extends
432-480: A few exclusive retailers. In contrast, lower priced consumer goods like toothpaste and shampoo, typically employ an extensive placement strategy by making their products available to as many different retailers as possible." Promotion refers to "the marketing communication used to make the offer known to potential customers and persuade them to investigate it further". Promotion elements include "advertising, public relations, direct selling and sales promotions." By
486-432: A firm's most valuable asset. Core values of firms such as integrity, honesty, leadership, social responsibility, drive for profit, and drive for quality products and services are reasons behind customer loyalty. Processes for creating and delivering products and services are intangible assets that improves the quality of the products and services. The Digital economy today enables firms to provide non-physical services over
540-419: A retrospective article detailing the early history of the marketing mix in which he claims that he was inspired by Culliton's idea of "mixers", and credits himself with popularising the concept of the "marketing mix". According to Borden's account, he used the term, "marketing mix" consistently from the late 1940s. For instance, he is known to have used the term "marketing mix" in his presidential address given to
594-426: A revision to the general marketing mix based on an understanding that services were fundamentally different from products, and therefore required different tools and strategies. In 1981, Booms and Bitner proposed a model of 7 Ps, comprising the original 4 Ps extended by process, people and physical evidence, as being more applicable for services marketing. Since then, there have been a number of different proposals for
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#1732775984265648-513: A service marketing mix (with various numbers of Ps); most notably the 8 Ps, comprising the 7 Ps above, extended by 'performance'. The original marketing mix, or 4 Ps, as originally proposed by marketers and academic Philip Kotler and E. Jerome McCarthy , provides a framework for marketing decision-making. McCarthy's marketing mix has since become one of the most enduring and widely accepted frameworks in marketing. McCarthy's 4 Ps has remained influential in marketing theory and practice, serving as
702-399: A task. Some people are responsible for managing multiple processes at once. For example, a restaurant manager should monitor the performance of employees, ensuring that processes are followed. They are also expected to supervise while customers are promptly greeted, seated, fed, and led out so that the next customer can begin this process. Physical evidence refers to the non-human elements of
756-461: Is a structured process of analyzing "soft" assets and "hard" assets of a firm's resources. The strategic analysis and development of a brand includes customer analysis (trends, motivation, unmet needs, segmentation), competitive analysis ( brand image / brand identity , strengths, strategies, vulnerabilities), and self-analysis (existing brand image, brand heritage, strengths/capabilities, organizational values). "Global brand identity development
810-427: Is easier to ensure when people feel as though they have been treated fairly and earn wages sufficient to support their daily lives. Process refers to a "set of activities that results in delivery of the product benefits". A process could be a sequential order of tasks that an employee undertakes as a part of their job. It can represent sequential steps taken by a number of various employees while attempting to complete
864-451: Is essential for the company that wants to enter the Internet market. With the application of the Internet, place is playing an increasingly important role in promoting consumption since the Internet and the physical channels become virtual. The major contribution from the Internet to the business is not only making it possible to selling products online, but also enabling companies to build relationships with customers. Furthermore, since
918-422: Is fundamentally the same as Marketing Mix , which is an adaptation of Product , Price , Place and Promotion into digital marketing aspect. Digital marketing can be commonly explained as 'Achieving marketing objectives through applying digital technologies'. Thanks to the interaction and connection of the Internet, product has been redefined as "virtual product" in the digital marketing aspect, which
972-681: Is headquartered in Hong Kong. As of 2018, it has around 50 offices which span six continents. In addition to its headquarters its operations comprise 13 offices across mainland China as well locations throughout the Asia Pacific, including Taipei , India , Japan and Australia. Beyond Asia, offices include: North American locations such as New York City and Toronto , plus Latin America, 11 European cities, and premises in South Africa and
1026-401: Is regarded as the combination of tangibility and intangibility. Through the form of digital, a product can be directly sent from manufacturers to customers. For example, customers could buy music in the form of an MP3 rather than buy it in the form of a physical CD. As a result, when a company is making strategy for Internet marketing , it is necessary to understand how to vary their products in
1080-445: Is the application of marketing principles in more than one country, by companies overseas or across national borders. It is done through the export of a company's product into another location or entry through a joint venture with another firm within the country, or foreign direct investment into the country. International marketing is required for the development of the marketing mix for the country. International marketing includes
1134-679: Is the process of establishing brands of products, the firm, and services locally and worldwide with consideration for scope, product attributes, quality, uses, users and country of origin; organizational attributes; personality attributes, and brand-customer relationship; and important symbols, trademarks metaphors, imagery, mood, photography and the company's brand heritage" . A global marketing and branding implementation system distributes marketing assets, affiliate programs and materials, internal communications, newsletters, investor materials, event promotions and trade shows to deliver integrated, comprehensive and focused communication, access and value to
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#17327759842651188-423: Is the set of controllable elements or variables that a company uses to influence and meet the needs of its target customers in the most effective and efficient way possible. These variables are often grouped into four key components, often referred to as the "Four Ps of Marketing." These four P's are: Marketing theory emerged in the early twenty-first century. The contemporary marketing mix which has become
1242-429: The 4Cs classification ( commodity , cost , communication , channel ) with three additional classifications. The 4Cs model provides a demand / customer co-creation alternative to the well-known 4Ps supply side model ( product , price , promotion , place ) of marketing management. The compass of consumers and circumstances (environment) are: These can also be remembered by the cardinal directions marked on
1296-654: The American Marketing Association (AMA) in 1953. Although the idea of marketers as "mixers of ingredients" caught on, marketers could not reach any real consensus about what elements should be included in the mix until the 1960s. Early schemas to define mix include: The 4 Ps, in its modern form, was first proposed in 1960 by E. Jerome McCarthy, who presented them within a managerial approach that covered analysis , consumer behavior , market research , market segmentation , and planning . Phillip Kotler popularised this approach and helped spread
1350-435: The marketing strategies used by a company to allow customers to purchase a product or service within a local market Domestic marketing leads to familiarity with the extent of political risk, the quality of skilled human resources and natural resources , and the ramifications of existing and likely legislation in relevant areas such as safety, hygiene, employment, and ownership of capital . These markets are restrained by
1404-408: The 1980s, a number of theorists were calling for an expanded and modified framework that would be more useful to service marketers. The prospect of expanding or modifying the marketing mix for services was a core discussion topic at the inaugural AMA Conference dedicated to Services Marketing in the early 1980s, and built on earlier theoretical works pointing to many important problems and limitations of
1458-405: The 1990s, the model of 4 Cs was introduced as a more customer-driven replacement of the 4 Ps. There are two theories based on 4 Cs: Lauterborn 's 4 Cs ( consumer , cost , convenience , and communication ), and Shimizu 's 4 Cs ( commodity , cost , channel , and communication ). The correct arrangement of marketing mix by enterprise marketing managers plays an important role in the success of
1512-422: The 4 Ps that attempts to better fit the movement from mass marketing to niche marketing : Koichi Shimizu, a professor at Josai University proposed a 4 Cs classification of marketing mix in 1973. Then in 1979, it was expanded to the 7Cs Compass Model. The 7Cs Compass Model is a framework of co-marketing , which is a marketing strategy where business entities collaborate closely in their marketing efforts. Also
1566-462: The 4 Ps model. McCarthy's 4 Ps have been widely adopted by both marketing academics and practitioners. The prospect of extending the marketing mix first took hold at the inaugural AMA conference dedicated to Services Marketing in the early 1980s, and built on earlier theoretical works pointing to many important limitations of the 4 Ps model. Taken collectively, the papers presented at that conference indicate that service marketers were thinking about
1620-522: The 4 Ps model. Taken collectively, the papers presented at that conference indicate that service marketers were thinking about a revision to the general marketing mix based on an understanding that services were fundamentally different from products, and therefore required different tools and strategies. In 1981, Booms and Bitner proposed a model of 7 Ps, comprising the original 4 Ps plus people, process, and physical evidence , as being more applicable for services marketing. Service personnel who represent
1674-526: The Middle East. The offices have various functions. They act as "a window for Hong Kong to the outside world", as two-way links between the relevant country or region, provide assistance for companies or individuals interested in doing business with Hong Kong, and as a liaison between the SAR Government and governments of the relevant country. Their work has had a significant effect in enhancing
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1728-791: The biggest of their kind in Asia, while three are the world's largest, namely, the HKTDC Hong Kong Gifts & Premium Fair, the HKTDC Hong Kong Watch & Clock Fair and the HKTDC Hong Kong Electronics Fair (Autumn Edition). HKTDC operates an online marketplace "hktdc.com" of 30 industries connecting more than 2 million global buyers with over 130,000 quality Hong Kong, China and Asia wholesale suppliers and manufacturers. With more than 50 years of experience in buyer-supplier matching,
1782-400: The co-creation marketing of a company and consumers are contained in the co-marketing. Co-marketing (or collaborative marketing) is a marketing practice where two companies cooperate with separate distribution channels, sometimes including profit sharing. It is frequently confused with co-promotion . Also commensal (symbiotic) marketing is a marketing on which both corporation and a corporation,
1836-413: The company's values to customers. Interactions between customers. Interactions between employees and customers. The space where customers and service personnel interact. Tangible commodities (e.g. equipment, furniture) that facilitate service performance. Artifacts that remind customers of a service performance. People are essential in the marketing of any product or service. Personnel stand for
1890-404: The convenience of navigating from one site to another, place from the digital marketing perspective is always linked with promotion , which means retailers often use third-party websites such as Google search engine to guide customers to visit their websites. Promotion refers to selecting the target markets, locating and integrating various communication tools in the marketing mix. Unlike
1944-415: The customers. A minimum level of performance is placed onto each product. The price of a product varies based on production cost, target segment, and supply-demand dynamics alongside several types of pricing strategies, each tied in with an overall business plan. Pricing is also used as a demarcation to differentiate the image of a product. The price varies from market to market. The place refers to
1998-509: The dominant framework for marketing management decisions was first published in 1984. In services marketing, an extended marketing mix is used, typically comprising 7 Ps (product, price, promotion, place, people, process, physical evidence), made up of the original 4 Ps extended by process, people and physical evidence. Occasionally service marketers will refer to 8 Ps (product, price, place, promotion, people, positioning, packaging, and performance), comprising these 7 Ps plus performance. In
2052-560: The executive director of the HKTDC. Ms Fong is responsible for the HKTDC's worldwide operations. Hong Kong Free Press revealed that HKTDC paid around HKD $ 84,000,000 from 2014 to 2020 to US lobbying firms, on behalf of the Hong Kong government, in an attempt to convince US politicians to object to the Hong Kong Human Rights and Democracy Act . The HKTDC also organises more than 30 fairs each year. Nine of these fairs are
2106-631: The firm. Price also includes considerations of customer perceived value . Considers providing convenience for consumers. May comprise elements such as: advertising , PR , direct marketing and sales promotion . Product refers to what the business offers for sale and may include products or services. Product decisions include the "quality, features, benefits, style, design, branding, packaging, services, warranties, guarantees, life cycles, investments and returns". Price refers to decisions surrounding "list pricing, discount pricing, special offer pricing, credit payment or credit terms". Price refers to
2160-621: The hktdc.com facilitates worldwide buyers to source products and services from verified, quality suppliers and manufacturers. The HKTDC supports a series of bilateral economic and business committees. These business forums help promote economic ties between Hong Kong and the European Union, France, Japan, Korea, Taiwan, the United Kingdom and the United States. Ad-hoc meetings are also organised annually with various Chinese mainland provinces and municipalities and Taiwan. The HKTDC
2214-465: The international profile of Hong Kong. International marketing Global marketing is defined as “ marketing on a worldwide scale reconciling or taking global operational differences, similarities and opportunities to reach global objectives". Global marketing is also a field of study in general business management that markets products, solutions, and services to customers locally, nationally, and internationally. International marketing
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2268-586: The internet and companies' products such as Software-as-a-Service (Saas). Historically, banks with retail locations signal the financial strength of their institutions. Retail locations for consumer brands add onto the evidence of the popularity and reach of their brands. There are trust requirements before a customer makes a purchase from a company, as such, companies without brick and mortar must provide existential proof of their legitimate software company. Global marketing may lead to: Global marketing may also lead to: Marketing mix The marketing mix
2322-522: The laws and regulations of the country. Domestic marketing is typically organized at the headquarters. Global marketing relies on firms that understand the requirements associated with servicing customers locally with global standard solutions or products and localizes that product to maintain an optimal balance of cost, efficiency, customization and localization in a control-customization continuum to meet local, national and global requirements. Global marketing and global branding are integrated. Branding
2376-403: The online environment. Here are some indications of adapt the product element on the Internet. Price concerns about the pricing policies or pricing models from a company. Due to the wide use of the Internet, many applications could be found in both consumer's and producer's perspective. From consumers' side, the Internet enables people to make a comparison to real-time prices before they make
2430-421: The physical evidence is "the service delivered and any tangible goods that facilitate the performance and communication of the service". Physical evidence is important to customers because the tangible goods are evidence that the seller has (or has not) provided what the customer was expecting. Robert F. Lauterborn proposed a 4 Cs classification in 1990. His classification is a more consumer-orientated version of
2484-403: The physical location where a business carries out business or the distribution channels used to reach markets. Place may refer to a retail outlet, but increasingly refers to virtual stores such as "a mail order catalogue, a telephone call centre or a website. Example, firms that produce luxury goods like Louis Vuitton employ an intensive placement strategy by making their products available at only
2538-469: The point of sale. The distribution of products is reliant on the competition offered to the market. Coca-Cola does not implement vending machines in all cultures. Beverages are sold by the pallet via warehouse stores in the United States while it is not seen in India. Placement decisions are reliant on the position of the product in the marketplace. For example, a high-end product would not be distributed via
2592-431: The service encounter, including equipment, furniture and facilities. It may also refer to the more abstract components of the environment in which the service encounter occurs including interior design, colour schemes and layout. Some aspects of physical evidence provide lasting proof that the service has occurred, such as souvenirs, mementos, invoices and other livery of artifacts. According to Booms and Bitner's framework,
2646-417: The service. In the professional, financial, or hospitality service industry, people are not producers, but rather the products themselves. When people are the product, they impact public perception of an organization as much as any tangible consumer goods. From a marketing management perspective, it is important to ensure that employees represent the company in alignment with broader messaging strategies. This
2700-513: The total cost to a customer to acquire the product, and may involve both monetary and psychological costs such as the time and effort spent in acquisition. Distribution channels taken into consideration including retailer, wholesaler, Business to Business or Business to Customer . Place is defined as the "direct or indirect channels to market, geographical distribution, territorial coverage, retail outlet, market location, catalogues, inventory, logistics, and order fulfillment". Place refers either to
2754-438: The traditional marketing communication tools, tools in digital marketing aim at engaging audiences by putting advertisements and content on the social media, including display ads, pay-per-click (PPC), search engine optimisation (SEO), influencers etc. When creating online marketing campaigns, Chaffey and Smith suggested that they can be separated into six groups: The Internet Mix , was first proposed by Sidney (Sid) Peimer in
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#17327759842652808-509: The use of existing marketing strategies , mix and tools for export, relationship strategies such as localization, local product offerings, pricing, production and distribution with customized promotions, offers, website, social media and leadership. Internationalization and international marketing is when the value of the company is "exported and there is inter-firm and firm learning, optimization , and efficiency in economies of scale and scope" . Evolution The international marketplace
2862-569: The world. The HKTDC is governed by a 19-member Council of Hong Kong business leaders and senior government officials. It plans and supervises the organisation's global operations, services and promotional activities. The council also oversees the operation of the Hong Kong Convention and Exhibition Centre . Peter K N Lam is the tenth HKTDC chairman since the council's establishment. He started his term as chairman on 1 June 2019. On 1 October 2014, Margaret Fong succeeded Fred Lam as
2916-408: Was transformed by shifts in trading techniques, standards and practices. These changes were reinforced and retained by advanced technologies and evolving economic relationships among the companies and organizations involved in international trade. The traditional ethnocentric conceptual view of international marketing trade was counterbalanced by a global view of markets. Domestic marketing consists of
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