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PRACTICUM

ENTERPRISE DESIGN AND


ANALYSIS

MARKETS
&

2
MARKETING

IOD Laboratory
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MODULE 2
MARKETS AND MARKETING
1.1 Purpose of Tutorial
1. Students are understand the basic function of market analysis and the marketing.
2. Students are able to analyze the market potential.
3. Students are able to build a forecasting based on the market base data.
4. Students are able to analyze the market segmentation, targeting, and positioning.
5. Students are able to do marketing mix in a company

1.2 REFERENCES
Ehrenberg, Ronald G, dan Smith, Robert S, 2003, Modern Labor Economics Theory and Public
Policy, Eight Edition. Pearson Education, Inc. New York Cit.
Jumingan. (2014). Studi Kelayakan Bisnis Teori dan Pembuatan Proposal Kelayakan. Jakarta:
PT Bumi Aksara.
Kasali, Rhenald. 2011. Membidik Pasar Indonesia: Segmentasi, Targeting, dan. Positioning.
Jakarta : PT Gramedia Pustaka Utama
Kotler, Philip and Gary Armstrong. 2008. Prinsip-prinsip Pemasaran. Edisi. 12. Jilid 1. Jakarta:
Erlangga
Saladin, Djaslim. 2006. Manajemen Pemasaran, Edisi Keempat. Bandung : Linda Karya
Stanton, William J. 2003. Prinsip Pemasaran. Alih Bahasa oleh Sadu Sundaru. Jilid Satu. Edisi
Kesepuluh. Jakarta : Erlangga.
Suratno, B & Rismiati, C. 2001. Pemasaran Barang dan Jasa. Yogyakarta. Kanisius

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1.3 THEORY
1.3.1 Market Analysis and Marekting
Market in the simplest sense is a place where buying and selling transactions (sales and purchases)
are carried out by sellers and buyers that occur at certain times and places. The market is a
meeting place between buyers and sellers, where goods / services or products are exchanged
between buyers and sellers (W.J Stanton, 2003).
The measure of willingness in exchange will usually emerge a price level for the goods and
services exchanged (Ehrenberg and Smith, 2003). The term market has gained many meanings
over the years. The point is that the market is a set of actual and potential buyers in a product.
Transaction is deal with the need from the market or costumer and the product delivered by
the merchants to fullfil demand. Demand is the need from the costumer for a product which can
possibly fullfil based the costumer’s problem. In common period, costumer is always having
needs according to the human behavior. Along with the merchants who deliver their products with
the price, and bargaining, it creates the potential for a transaction to happen. Therefore the market
analysis which creates potential market is throughout several process, such as :
1) Define Market Situation
To understand the condition and potential in a marketplace. Define the environment and
other constraint.
2) Analayze
Do the feasiblity analysis to define the market segmentation and competitors.
3) Database
Collecting data needed by the company to analyze the real condition of market.
4) Forecasting
To estimate production planning and minimize the risk of overproduction and stock
limitation.

1.3.2 Market Base Data


Market base data consist of the market’s condition, potential, and commonly used to
perform the predicition for next periods. In this session, we will lerarn how it comes important

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about understanding the uses of market base data based on the market potential and how it has
benefit for the technical aspects. Data that can be inferred from the market analysis, as general :

• Sources • Society
• Supplier • Goverment Regulations
• Costumer • Geographyc statement
• industrial market share data • Costumer behavior
• Culture • Transactions
• Sociology • Economic and technical
• Technology aspects
• Market potential • Others

From the data above can be inferred as the function of market base data. Althought in this
session we will discuss and uses several data from the market base data to define and understand
the market potential and to measure the feasibility company to deliver and and bargaining. As the
point of view about the market potential is based on the costumer needs or demand compared to the
merchants which deliver a products. So that the market potential is the result of the gap between
real market and market potential (Jumingan, 2014).
Market Potensial X
Real Market Y -
Market Oportunity = M

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a. Market Potential
Market potential is a quantity of products that can be delivered to costumer as the costumer or
the demand depended on the market condition and the environment. This is how to describe
more about the market potential :

Figure 2. 1 Potential Market


a) Demand
The costumer and market needs produces market demand which depended to the :

o Random Variation o Advertising


o Costumer planning o Sales effort
o Product Life Cycle o Reputation
o Competitor o Product Design
o Cosutmer behavior o Credit Policy
o Period o Quality
o Business Period

b) Forecasting

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It is commonly disussed about how to predict the demand for the next period. It also a certain
condition to plan and create the production strategy. Therefore we may use several methods
such as forecasting.
Forecating is used to reduce the risk comes from uncertainty condition of a market. It also
used for important strategy or planning the production capacity of a company to deliver their
products in a potential market. Forecasting predicts, describes and figure the future market
needs and condition. There are several steps of using the forecasting method, such as :
1) Economic analysis, the prediction including macro-economy, society, and the govermant
laws.
2) Industry analysis, how it used to predict the costumer behaviour and the market real and
potential.
3) Periodic analysis, using the previous data transaction to be analyzed and defined.
4) Analyze the demand and the project that have been invested.
5) Controlling the performance of forecasting

Forecasting is divided into :


a) Qualitative
This forecasting method performs subjective’s point of view as the expert to
collecting the data, and other analytical description. The description is usually based
on intuitive, perception, emotion of the expert. So it can be defined differently as
another experts. Both of subjective and exploration is two of the most common used
qualitative forecasting method.
a. Subjective Method, consist of :
• The opinion of Top Management (re: Executive) from the Company
This methode takes opinion from the executive from organization structure and how
it can be processed by statistical tools to produce insight and analysis.
• Formal Survey and Based on Market Research : based on what expert can analyze
from the trend and previous data.

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b. Exploration ; Delphi’s Method


• Delphi Method, a systematic procedure to get opinion from experts based on several
sample question. Commonly the experts grouped consist of :
➢ 3 types of participant
➢ Decision Maker
➢ Staffs
➢ Respondend
➢ Respondend responsible for decision making

b) Quantitative
This method perform by using time series and cause-effect analysis. The steps are:
1) Define the purpose of forecasting
2) Define the variables
3) Set the period
4) Collect and analyze data
5) Choose the best according to the fit plot data
6) Validation and Control the Result
7) Choose the best forecasting based on several criteria

These are the principle required to choose quantitative method :


1. Have the previous data and information
2. Numeric
3. Assume the data is contionous and real for the next period

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a) Time Series
This method performs based on the previoud data and information. The condition from
the market is an important factor for time series method.
Data Structure
o Trend : shows slow moving changes from the data for a couple term
o Seasonality : form tha caused by season matters in a calendar or periodic
o Cyclus : happens with randomly changes with the data for a long term (more than a
year)
o Horizontal /Random Variation : happen if the data changes randomly but still near
from the average value

Figure 2.2 Type of Data Structure

Time Series Tools :

1. Simple Average (SA)


2. Moving Average (MA)
3. Weighted Moving Average (WMA)

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4. Moving Average with Linear Trend (MAT)


5. Single Exponential Smoothing (SES)
6. Single Exponential Smoothing with Trend (SEST)
7. Double Exponential Smoothing (DES)
8. Double Exponential Smoothing with Trend (DEST)
9. Adaptive Exponential Smoothing (AES)
10. Linear Regression with Time (LR)
11. Holt-Winters Additive Algorithm (HWA)
12. Holt-Winters Multiplicative Algorithm (HWM)

Accuration of the Forecasting

The prediction produced by the forecasting is used to reduce uncertainty period or demand
from the market. However, the prediction is completely different from the real condition. It
can be as the tools for decision making but cannot be precise as the right for the next period.
So it can be inferred that prediction has its error value based on the gap between the result
and the real market or demand calles “error / forecast error”. Forecast error is the difference
or a gap between the actual and the prediction/forecast as it calculated before and can be
shown :

et = Y(t) – Y′(t)

with:
Y(t) = actual value in t periodic
Y′(t) = forecast in t periodic
Example :
Moving Average (MA)

Given t ≥ N

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Ft = Result of forecasting t periodic


N = time periods
Xt = Data observed

Mean Absolute Percentage Error (MAPE) is calculated by using the absolute


error value per period to be divided by observed value per period. MAPE indicates
the number of error based on the real data.

At = Actual demand periodic-t


Ft = Forecasting periodic-t
N = time periods
Mean Squared Error (MSE) is a method to evaluate the forecasting
performance. MSE is squaring the error value and added by the number of
observations. Each error or remainder is squared. Then added up and added to the
number of observations. This approach regulates large forecasting errors because
they are squared. The method produces moderate errors which are probably better
for small errors, but sometimes make a big difference. MSE is calculated by
summing the squares of all forecasting errors in each period and dividing by the
number of forecasting periods.

Xt = Actual Data periodic-t


Ft = Forecasting periodic-t
n = Amount of Data
Mean Absolute Deviation (MAD) defines error within same unit of data, by
averaging all of the forecasting value. The algorithm is define as :

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Yt = Actual data periodic-t


Y’t = Forecating periodic-t
n = Amount of data

The forecasting method with the smallest MSE and MAPE values is the best method
and will be used to conduct a study or analysis of sales volume.

b) Cause-effect
Statistical method which used to define the correlation of one/more variables consist of
dependent and independent variable.
Simple Linear Regression : consist of both one dependent and independent variable.
Common form of the linear regression :
Ý = a + b. X
Ý = Predicition Variable
X = Independent Variable
a = Y value, if X = 0
b = changes of Y based on X value

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Regresi linier berganda shows the correlation of two/more dependent variables to the
independent variable. Linear Regresi Berganda can be formed :
Ŷ = a + b1X1 + b2X2 + ... + bnXn
Ŷ= Predicted variable ( dependent variabel )
X1, X2 , X3 ,..., Xn = knwon variable (independent variabel)
b1, b2, b3, . . . , bn = regression coefficient
Information :
The value of a is a constant, b1 is a constant that measures the magnitude of the change
in Y due to a change in the value of 1 unit X1, assuming other variables are not constant
(constant). Similarly, the interpratation for the constant value b2 (Jumingan, 2014).

Correlation Analysis
Measure correlation between both two or more variables using r coefficient.
Can be formed as :

known that coefficient value are between -1 to 1.


• Positive correlation (+) if both variables are matching or the the value is 1.
• Negative correlation (-) if the variables are different/not equal or the value is -1.
• There is no correlation if there are no value in comparison of the variables, or the value is
r=0.

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1.4.1 Market Space and Market Share


Market space is a market potential than can be used for company and market space is can be
defined if the potential is more than company delivers. Market share is potential market that can be
used by company and competitors to use as market penetration. Both of this market potential and
share is dependend on the price, quality, quantity, production technology, etc.

Example 1:

Demand for oil within the numbers of transportation. The amount of tranportation needs the
oil is 25.000 units and needs oil between 3.000.000 liter/year. So it can be calcualted for the Market
Space based on Market Potential (3.000.000 liter) – Real Market (2.500.000 liter) = 500.000 liter. If
the are two companies so it can be shared as 500.000/2 = 250.000 liter each company. This can be
assumed to be an equal distribution if the two companies that will compete have the same
characteristics, namely 250,000 liters for each company. Therefore, to determine the position of the
company, an analysis of the position of the company and its competitors is needed, one of which
can be done using a SWOT analysis. So that competitors can determine the strategy and capabilities
of the company.
2.5 Segmenting, Targeting, Positioning (STP)
1. Segmentation
Market segmentation is the activity of dividing a market into different groups of buyers who have
different needs, characteristics, or patterns, which may require a different product or marketing mix.
Market segmentation can be interpreted as a process of identifying and analyzing buyers in the
product market, analyzing differences between buyers in the market (Rhenald Kasali, 2011).
The function of segmentation are :
1. Focus on the market based on the characteristic of a company.
2. Mapping the competition and the market potential.
3. Basic analysis for the marketing strategy.
4. Collect different point of competition.

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Segmentation includes several variables :


a. Geography
Market analysis bsed on the geographics aspects.
b. Demography
Based on age, gender, education, market and costumer background.
c. Psychography
Market analysis based on society and costumer daily life.
d. Behaviour
Market analysis based on the intellectual aspect from the costumer about products.
e. Social-Tradition
Clustering the costumer based on the tradition and the habit.

Tabel 2.1 Market Segmentation


SEGMENTASI PASAR VARIABLE SEGMENTASI
SEGMENTASI GEOGRAFIS
Wilayah Jawa, Sumatra, Kalimantan
Ukuran Kota Daerah metropolitan, kota, desa
Kepadatan Wilayah Perkotaan, pinggiran kota, pedesaan
Iklim Panas, Hujan, Lembab
SEGMENTASI DEMOGRAFIS
Dibawah 11, 12-17, 18-34, 35-49, 50-64, 65-74,
Umur
75-99, 100+
Jenis Kelamin Laki-laki, Perempuan
Belum menikah, sudah menikah, bercerai, tinggal
Status
bersama, janda
Pelajar, lulusan SMA, mahasiswa, lulusan
Pendidikan
perguruan tinggi, pascasarjana
Professional, pekerja kasar, pegawai kantoran,
Pekerjaan
petani, anggota militer
SEGMENTASI TINGKAH LAKU
Tempat berlindung, keselamatan, keamanan, rasa
Kebutuhan
kasih sayang, harga diri

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Ekstrovert, intovert, agresif, pencari hal baru,


Kepribadian
kurang peka
Persepsi Beresiko rendah, beresiko sedang, beresiko tinggi
Pembelajaran Keterlibatan tinggi, keterlibatan rendah
Sikap/Perilaku Baik (positif), buruk (negatif)
SEGMENTASI PSIKOGRAFIS
Lifesyle Economic minded, outdoors
SEGMENTASI SOSIAL BUDAYA
Kebudayaan American, Chinese
Agama Katolik, Protestan, Islam, Hindu, Budha
Etnik Jawa, Sunda
Kelas Sosial Bawah, menengah keatas, atas

There are several steps to create the market segmentation. These are principle required
according to Rismiati and Suratno (2001:19) for develop the market segmentation :
1. Measurable
2. Accessible
3. Differential
4. Substantial
5. Actionable

2. Targeting
Targeting is an activity to select the market segmentation that had been defined.
Segmentation has defined the market potential that can be choosen by the company, it is the
targeting strategy to select the most proper market segmentation. These are strategy to target the
market segmentation :
1. One-concentrated market, focus on one potential and targeted market.
2. Product Specialized, targeting the market potential based on the characteristic of product.
3. Market-Specialized.
4. Selective market .

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5. Unspecialized Market.

3. Positioning
Positioning consist of activities to deliver product for the costumers. Positioning does the
activity that the company can show and deliver the value to the costumer so that can be noticed by
costumer. As the market potential had been selected and the company delivered a good point of
positioning, the next step is to develop te features from the product to reach the market fit activity
called “marketing mix”. First, the most important point of the difference between Segmentation,
Targeting, and Positioning can be shown as :

Market Segmentation Targeting Positioning


1. Identify potential market 1. Develop potential market 1. Create plans for
segment segment according the marketing
2. Develop analysis of the company chractaristic 2. Develop into the
market segment 2. Select the market Marketing mix
segment.

2.6 Marketing MIX


One element in the integrated marketing strategy is the marketing mix, which is a strategy that
the company runs related to determining how the company presents product offerings in a
particular market segmentation, which is its market target. Marketing mix is a combination of
variables or activities which are the core of the marketing system, which variables can be
controlled by the company to influence consumer responses in the target market. The
marketing mix that is carried out must be adapted to the situation and condition of the
company. Besides that the marketing mix is a combination of factors that can be controlled by
the company to facilitate buying decisions, then the marketing mix variables according to
Philip Kotler and Gary Armstrong (2008: 62) can be explained as follows:
1. Produk (Product)

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A product is an item that satisfies a need or a desire. This can be a physical item, a service or a
virtual offering. It is produced at a cost and is subsequently made available to the right audience at a
price. Whatever the nature of the product, it will follow a life cycle through reasonable predictions
of this lifecycle, a company can increase its competitive edge. A brand can be revamped or re-
launched to remain relevant in a changing market or at the end of its lifecycle.

The policy regarding the product or service includes the number of goods / services to be offered by
the company, special services offered by the company to support the sale of goods and services, and
the form of goods or services offered. Products are the most important element. Because this is the
company trying to meet the "needs and desires" of consumers. But the decision does not stand
because the product / service is very closely related to the chosen target market. Keep in mind that
each product always experiences a life cycle (Product Life Cycle) which consists of the
development stage, the introduction stage, the stage of sales growth, the stage of maturity, the stage
of saturation and decline. According to Djaslim Saladin (2006: 100), Product Life Cycle is an
important concept in marketing that provides insight into the dynamics of competition for a
product. In general, the sales target is low at the introductory stage, then increases at the maturity
stage, and ultimately decreases.

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a. Product Life Cycle


a) Introduction
First stage of the product life cycle as the introduction phase for a product to reach market
fit.
b) Growth
As the product has reached market fit so it results higher profit for the company.
c) Maturity
Product cycle slowly decrease the profit, as it has competitors and less market potential.
d) Decline
Decline is the hardest lifecyle for every common company. It decreased the profit that
causes obligation to improve strategy on product or company strategy.

1. Harga (Price)
Pricing is an important element of marketing mix. Every company should choose strategic choices
when pricing the products to successfully achieve business objectives. Marketing Mix Pricing is the
only element that generates revenue while the other three elements represent costs. Today
companies pricing environment is dynamic. The economic fluctuations put companies in a crucial
position. According to some marketers virtually they don’t have pricing power. They don’t have
any chance to raise prices instead they are slashing the prices on and off. This way pricing affecting
both the manufacturing and services industry – hotels to automobiles and so on.

3. Saluran Distribusi (Place)


In the marketing mix, the process of moving products from the producer to the intended user is
called place. In other words, it is how your product is bought and where it is bought. This
movement could be through a combination of intermediaries such as distributors, wholesalers and
retailers. In addition, a newer method is the internet which itself is a marketplace now. Through the
use of the right place, a company can increase sales and maintain these over a longer period of time.
In turn, this would mean a greater share of the market and increased revenues and profits. Correct
placement is a vital activity that is focused on reaching the right target audience at the right time. It

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focuses on where the business is located, where the target market is placed, how best to connect
these two, how to store goods in the interim and how to eventually transport them.

4. Promosi (Promotion)
As part of the marketing mix, promotion ncludes all activities that involve communicating with the
customer about the prudct and its benefits and features. Once a company has worked on
the product and price elements, it is time to start a conversation with the consumer about the
product. This includes raising awareness through different mediums to increase sales, as well as to
create and foster brand loyalty. Information provided to the customer at this stage helps them in
making purchase decisions regarding the product. Often, there is substantial cost associated with
promotional activities. But since the result is often an increase in sales or customer loyalty, there is
thought to be long term return on this investment. There are many ends that a company may try to
reach through a promotion including but not limited to an increase in sales, acceptance of new
products, brand equity creation and brand positioning, addressing competitor actions and
rebranding.

5. People
People are the most important element of any service or experience. Services tend to be produced
and consumed at the same moment, and aspects of the customer experience are altered to meet the
individual needs of the person consuming it. Most of us can think of a situation where the personal
service offered by individuals has made or tainted a tour, vacation or restaurant meal. Remember,
people buy from people that they like, so the attitude, skills and appearance of all staff need to be
first class. People have an important role in service delivery, they are relied upon to deliver and
maintain transactional marketing and people play an important part in the customer relationship.

6. Process
The systems and processes of the organization affect the execution of the service. So, you have to
make sure that you have a well-tailored process in place to minimize costs. It could be your entire
sales funnel, a pay system, distribution system and other systematic procedures and steps to ensure
a working business that is running effectively. Tweaking and enhancements can come later to
“tighten up” a business to minimize costs and maximise profits.

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7. Physical Evidence
Physical evidence comprises of the elements which are incorporated into a service to to make it
tangible and somewhat measurable. At the same time, it also helps in the positioning of
the brand and for targeting the right kind of customers. The best example of Physical evidence in
use is the hospitality industry. Airlines offer premium travel as well as economy classes. Similarly,
restaurants are known to be 3 star, 4 star, 5 star. All such differentiation, and the target customer
that accompanies such differentiation, is because of the use of physical evidence in marketing.

Lab. Inovasi & Pengembangan Organisasi – Pendahuluan 19