marketing mix
Running head: MARKETING MIX PAPER Marketing Mix Paper University of Phoenix Sustainable Customer Relationships - MBA 570 Marketing Mix Paper The 4 P's, also known as the marketing mix, is a concept created by Neil H. Borden. According to author Laura Lake, "your marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives" (Lake, 2009, ¶ 1). The four variables that make up the 4 P's are Product, Price, Place (Distribution), and Promotion. This paper will further detail each element of the 4 P's and will provide a description of Caterpillar Inc., and how each element of the marketing mix impacts the development of Caterpillar's marketing strategy and tactics. Organizations must understand that creating an effective marketing mix will require experimenting and market research in order to see increased results. By using variations of the 4 P's, organizations will gain the ability to reach a magnitude of consumers within their targeted market. Furthermore, the 4 P's were designed to focus on an organization's target customers to identify the value of the product or service and to determine how well the product or service will be received. Product The first variable, Product can be defined as the products or services an organization offers to its customers. Product is concerned with creating the right product or service for
marketing mix
Task 2 - Marketing plan Business name: Buzz Palace Legal status: Sole trader - A sole trader is a business that is owned by one person. The business will employ several workers but it is owned by one person. This is the most common form of business. An example of this would be a newsagent or a self employed plumber. Marketing strategy is the plan of action for any product or service, this is all based on the research that I have done to achieve my objectives. Marketing strategies are based on goals and objectives. The marketing strategy of a business is the method by which it intends to achieve its objectives. The first stage is setting marketing objectives, this is basically setting deadlines and targets to allow the company to measure the companies achievements. The second stage is specifying the core marketing strategy, this involves targeting certain markets. The third is the implementation of tactics to achieve the main strategy. All companies set themselves objectives, objectives are put together to give a business some direction into where there business is heading. It is also a way of showing success in terms of achievements and it also sets a bench mark of expected achievements and success. If a company is unable to meets its objectives within or around the time limit it is likely to be branded a failure because of its inability to meet expectations. So it is
Marketing Mix.
Marketing Mix The most important thing about marketing is to identify what the consumers' needs are, and then try to meet them. This is called consumer-orientation. To find out what these needs are, a firm's marketing department or a specialist research organisation carry out extensive market research. The 4Ps and the marketing mix The 4Ps are the ideas to consider when marketing a product. They form the basis of the marketing mix. Getting this mix right is critical in order to successfully market a product. The 4Ps are: . Product 2. Price 3. Promotion 4. Place If market research is carried out effectively, a company can plan a promotion for the right product, at the right price, and to get it to their chosen market, in the right place. Product A product can be either goods or a service that is sold either to a commercial customer or an end consumer. A customer buys a product, and a consumer uses it. Sometimes these are one and the same, as an industrial firm can also be a customer and a consumer. For example, British Airways might buy aeroplanes from British Aerospace, so it is a customer. It won't sell on the planes to another buyer, as BA needs the planes to provide its service, so it is also a consumer. Sometimes a wide product range covers both (Mercedes produce lorries for haulage companies, and cars for domestic use). More commonly, there will be a
The marketing mix
The marketing mix The marketing mix is probably the most common phrase in marketing, the marketing mix refers to the elements in the marketing tactics, they are price, product, place and promotion, also referred to as the four ps. A business can change how they market a service or product by changing one of the elements in the marketing mix. It is very important for business to pay attention to their marketing mix, since it is essential for marketing an item and will enable you to change how you market an item by changing one of the four ps. You can compare the marketing mix to 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. It is the same with the marketing mix. The offer you make to the 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. In my business I will be targeting many different segments. In the marketing mix we use segmentation to focus on different groups of customers, we do this to aid our marketing mix. Since my business is a clothes shop I will be targeting four major segments, they are age, gender, income and lifestyle. I will be using a mass market, as I will be producing many of the same clothes. I will not use a
Marketing Mix
Marketing Mix Marketing mix is defined as the traditional approach to marketing planning and is based on the four ps. It gives a plan by which to operate, influence and satisfy the consumers. Product Policy: This is a statement of the range of products that the organisation offers to the market place. Decisions have to be made by the firms about quantities, timing, and product variation, associated service quality and style and even the packaging and branding. Most organisations have a range of products of different quality and for different market segments. Whatever quality Cadbury's decides upon, for whichever market segment. The quality should remain consistent. Decisions on the products are made by Cadbury's about the quantity of new products to be supplied. In Cadbury's new product development embraces a number of categories. It can involve the introduction of a totally new product to the company's portfolio such as the recent Cadbury introductions of spira, twirl targeted at people with busy lives. Chomp a caramel bar covered with chocolate with chocolate was a recent introduction aimed at children's pocket money. The new product I 'm marketing for is a new Cadbury's dairy milk chocolatwith hazelnut in triangle chunks. This is aimed at both children and adults.. Range extensions are new innovations within a company's established product range. Line extensions
Marketing Mix.
Marketing Mix The marketing mix principles (also known as the 4 p's.) are used by business as tools to assist them in pursuing their objectives. The marketing mix principles are controllable variables, which have to be carefully managed and must meet the needs of the defined target group. The mix is apart of the organisations planning process and consists of analysing the defined: * Product strategies * Price strategies * Place strategies * Promotion strategies. Product strategies When an organisation introduces a product into a market they must ask themselves a number of questions. . Who is the product aimed at? 2. What benefit will they expect? 3. How do they plan to position the product within the market? 4. What differential advantage will the product offer over their competitors? We must remember that Marketing is fundamentally about providing the correct bundle of benefits to the end user, hence the saying 'Marketing is not about providing products or services it is essentially about providing changing benefits to the changing needs and demands of the customer' (P.Tailor 7/00) Philip Kotler in Principles of Marketing devised a very interesting concept of benefit building with a product For a more detailed analysis please refer to Principles of Marketing by P.Kotler. Kotler suggested that a product should be viewed in three levels. Level 1: Core
Marketing Mix
Marketing Mix Marketing Mix: Marketing mix is simply a technique used to promote a product or a service, which can consist of many factors such as advertising, pricing, packaging, labelling, branding and boosting the product/service provided. Marketing mix is applied to most, if not all products and services provided by any company in the private sector, with the aim of increasing sales or demands for a specific product/service. Companies use marketing mix techniques to increase sales on certain products. E.g. they may use "Premium Pricing" on certain products and services. This means that the product or service will have a very high price, however, it will be worth it as the product or service may be unique, luxurious or may have a special designing and etc. Premium pricing is always aimed at higher class people who would be able to afford such products services, and any high street stores would also be located in a posh area. Marks & Spencer is a typical example of a company which uses premium pricing, as their products are considerably higher than other average or unpopular brands. However the quality of their products is also higher, and although the prices more expensive the company still manages to make profits. "Penetration Pricing" is also another technique which helps companies increase sales. This is when a product or service is new or is not very popular,
The Marketing Mix.
MARKETING MIX The Marketing Mix The marketing mix is the balance of marketing techniques required for selling the product. It's components are often known as the four Ps: * Price - the price of the product - particularly the price compared to your competitors - is a vital part of marketing. There are several possible pricing techniques, which I will explain about further on. * Product - targeting the market and making the product appropriate to the market segment you are trying to sell into * Promotion - this may take the form of point of sale promotion, advertising, sponsorship or other promotions. * Place - this part of the marketing mix is all about how the product is distributed. Current trends are towards shortening the chain of distribution. In the past many firms have been what could have been described as product-oriented. They produced a product and spent their energies marketing this product. There was little flexibility for individual customers or segments of the market. Firms now tend to be market-oriented. This means that they are flexible and adaptable to the demands of the market. They aim to change the product as necessary to satisfy their customers. I think with my coca-cola hooded sweatshirt I am going to be a bit product-oriented and a bit market-oriented, to try to get the best out of it. The marketing mix is central to marketing. It describes
The Marketing Mix
The Marketing Mix The marketing mix is the balance of marketing techniques required for selling the product. It's components are often known as the four Ps: * Price - the price of the product - particularly the price compared to your competitors - is a vital part of marketing. There are several possible pricing techniques, which I will explain about further on. * Product - targeting the market and making the product appropriate to the market segment you are trying to sell into * Promotion - this may take the form of point of sale promotion, advertising, sponsorship or other promotions. * Place - this part of the marketing mix is all about how the product is distributed. Current trends are towards shortening the chain of distribution. In the past many firms have been what could have been described as product-oriented. They produced a product and spent their energies marketing this product. There was little flexibility for individual customers or segments of the market. Firms now tend to be market-oriented. This means that they are flexible and adaptable to the demands of the market. They aim to change the product as necessary to satisfy their customers. I think with my coca-cola hooded sweatshirt I am going to be a bit product-oriented and a bit market-oriented, to try to get the best out of it. The marketing mix is central to marketing. It describes an interactive
Marketing Mix
Marketing Mix A Marketing Mix is the combination of product offerings used to reach a target market for the organization. The marketing mix comprises the Product (what the actual offering comprises), Price (the value exchanged for that offering), Promotion (the means of communicating that offering to the target audience, promotional mix) and distribution (also known as Place, the means of having the product offering available to the target audience). The marketing mix is also known as the four Ps. The combination of the 4Ps that creates an integrated and consistent offering to potential customers that satisfies their needs and wants. The marketing mix approach is one model of crafting and implementing marketing strategies. It recognizes that marketers have essentially four variables to use when crafting a marketing strategy and writing a marketing plan. They are price, promotion, product and distribution (also called placement). The Marketing Mix Explained In order for your business to sell its products and services as successfully as possible, you need to look at what products you are selling in detail to ensure they will be attractive and needed; the price to ensure it is not too cheap or too expensive; where you are best distributing your product; and finally, how you can create interest and awareness for your products. All these elements need to be targeted at the
