Weaknesses of Indonesian Economic
Chamber
of Indonesia Commerce and Industry (Kadin) declared
Indonesian economy that is actually very promising for both
domestic and foreign investors. However, there are still weaknesses seeing by
Kadin of the economy that need to be addressed. Vice Chairman
of Kadin Indonesia, Novian Anindya Bakrie said, promising Indonesian economy
is evidenced by incoming investment,
private consumption, and vibrant business world.
"But
there are
still some
weaknesses that Indonesia's economic structure needs
to be addressed now," said Anindya at Menara Kadin
Jakarta, Wednesday (06/03/2013).
Anindya
see Indonesia's economic weakness is
in the trade deficit. Currently due to larger imports than
exports then it makes more
Indonesian trade balance to be deficit. Moreover, the largest import of oil
and gas.
On the
other hand, Anindya also highlights subsidy of oil (BBM) to the people who actually are not even on target. Current
budget fuel subsidy enjoyed by the
rich instead.
"As
the impact, the deficit and the high pressure gas imports that led to the weakening of the rupiah,"
he added.
Again,
the actual budget for infrastructure even neglected. He rated in the last
few months that there is no improvement of government policy so
that a problem cannot be resolved. Though foreign investors intending to invest in Indonesia as it will look
up the bureaucratic infrastructure. If not good, then foreign investors will pull out of Indonesia.
The Marketing Mix
In the early
1960s, Professor Neil Borden of the Harvard Business School identified a number of company
performance actions he believed
influenced the consumer decision to purchase goods or services. Borden suggested that these actions
represented a “Marketing Mix”, which he published
in a Harvard Business Review article.
Professor E. Jerome McCarthy, a contemporary colleague also at the Harvard
Business School, then took Borden’s work forward and suggested that the Marketing Mix could be
summated into four elements: product, price, place and
promotion. Thus was
codified the famous four Ps (4Ps) which have
gone on to become perhaps the most famous term in
marketing to date.
As with any ‘mix’ the
concept is straightforward; it provides
a list of basic elements whose
proportions can be altered to
produce a variety of ‘mix’ with different outcomes, e.g. cement as opposed to
mortar, bread as opposed to cake. In fact to illustrate this let’s think about a
cake mix. All cakes contain
eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements
contained in it. So for a sweet cake add more sugar, for a fruit cake add fruit, chocolate cake – add
chocolate.
Exactly the same principles apply with the marketing mix. The
offer you make to you customer can be
altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and
desensitize the weight given to price. For a luxury item you control distribution – Place – optimise the quality – product - and
quite probably maximise the price.
Co-ordinating the decisions is based
on marketing research and results in a marketing plan; a blueprint to optimise the use of the business’s
resources to maximise the
satisfaction to the customers and the gains of the business.
There are major differences when it comes to services marketing versus the marketing of tangible
products. The aim differences include:
- The buyer purchases are
intangible, you gain ‘ownership’ of nothing
- The service may be based on the reputation of a single
person or entity, so branding becomes
vital
- It's more difficult to
compare the quality of similar services, there isn’t a list of
Features and attributes you can
easily compare
- The buyer cannot return
the service; the act of purchase is
the act of consumption
These
differences mean that there are
new elements in the marketing mix; in fact there are three new elements so we call
this the ‘7Ps’ or Extended marketing mix.
Let’s think about a service
– Car Insurance. In terms of the 4Ps you ‘own’ a right to compensation if in
any sort of accident – that’s the product. You know the price and indeed all the other elements of price that might be included, e.g. payment by installment. The
Place was done either indirectly –
through the mail as an automatic renewal, or directly by you contacting the
insurance company. Promotion could have
been via any of the means listed later in this chapter. But does that cover
all the elements that went into your decision to buy car insurance?
In fact for services the
additional ‘4Ps’ of the ‘7P’ extended
marketing mix consist of People, Physical evidence, and Process. In
our car insurance example, you might have
spoken to a salesperson in your home or a broker; you might have spoken to a customer service
person by phone, or at a branch office. You might have been impressed by industry reports or experts, this could have
even been online, or by the quality of the documents you received or even by
the way the person you spoke to sounded or were dressed. All of these
start to bring Physical evidence
into play which often overlaps into the Place and People elements.
Finally and perhaps in a
world dominated by distance purchasing
via electronic media such as the internet and telecommunications the speed,
accuracy responsiveness, and reliability of the processes in respond to you as
a customer and also vital. You only have
to think about how many times you abandon
a web site if it’s slow to appreciate
how vital processes are within the extended marketing mix. Service
marketing also includes the concept
of ‘servicescape’ referring to but not limited to the aesthetic appearance of
the business from the outside, the inside, and the general appearance of the
employees themselves; in essence the concept of servicescape underlines
the interrelated nature of several elements of the 7Ps when viewed from a customer perspective – it is a marketing
concept philosophy approach.
Service Marketing has been rapidly gaining ground in the
overall spectrum of marketing and particularly as a focus of marketing education
as the developed economies move farther away from industrial importance to
service oriented economies. This can
also be seen in developing
economies, where the shift to services means a shift away from customer decisions based on tangible FABs
to intangible service elements.
In many services marketing
is rapidly moving into the
experiential, with an emphasis on quality of experience and feedback. This has given rise to the phrase "Managing
the evidence", which refers to the
act of informing customers that the service encounter has been performed
successfully by us and how was it for you. It is best done in
subtle ways like providing examples or descriptions of good and poor service that can be used as a basis of comparison. The underlying
rationale is that a customer might not appreciate the full worth of the service if they do not have a good benchmark for comparisons.
Notes
Underlined sentences : sentences
that contain a Verb.
Bold Words
: verb.
Red Words : verb in phrase sentences
that underlined and bold.
Underlined and Bold sentences : Phrase.
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