Marketing & Marketing Mix usb
Marketing Mix A Definition of Marketing This is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to satisfy customers. Market is also used for groups of people wanting to purchase a product or service. Some products may exceed more than one market. This is the location where people meet to buy and sell. Marketing is more than just selling or advertising. It is the art of making it as easy as possible to get the potential customer to buy your product. A Definition of Marketing Mix and what it Contains The four main elements used by a marketing manager to market goods and services. These elements are product, price, place, and promotion.In order for marketing to succeed a range of different activities should take place.This is called the Marketing Mix. The four P's are the key to the product being marketed. Product This is a key part as its quality and appearance etc. are made.It makes the design ,quality, appearance, special features, number of models or sizes etc. The product is essential to be rightly packaged and the branding name suiting the product. In marketing, companies are always trying to make as much profit as possible. They try to establish good famous brands. If a company has a good brand it can produce bucket loads of money. So companies try to extend the life of profitable brands. An
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
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 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.
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
Marketing Mix Cadbury's
Marketing mix A business must have a product which customers want to buy and it must be sold in a place which the target audience will use. In addition to this, the price of the product must be acceptable to the customer, if customers are to be attracted to the product, the business must undertake some promotion. This way of looking at marketing is known as the marketing mix, Made up from the 4 P's; Product, Place, Price, and Promotion. It is called a mix because the 4P's have to be mixed correctly for the product to be successful Product Product life cycle All products have a time-span over which customers will want them, This is called the product life cycle. As you can see there are 5 main stages to a product life cycle: Development Introduction Growth Maturity Decline Introduction The introduction is where the product is launched or first put on sale. Before this a business may conduct market research and invest money developing the product. When the product is launched a business may advertise it in a number of ways to help it get off to a successful start. Growth This is the second stage, where the sales show the most rapid growth. Advertising and other promotion support change slightly as the product will generally known to consumers. The product is still new and will be in great demand Maturity This is the next stage in which sales are
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
Task 1(c) Marketing Mix- Price Price Pricing is an important planned issue because it is related to product positioning. Also, pricing affects other marketing mix elements such as promotion, product features, and channel decisions. The importance of price in the marketing mix differs. In low cost, old markets price can be very important, for instance, in the sale of white mix and gloss paint. However, in modern markets, such as clothing, it could be one of the least appropriate issues. Certain products are designed to equal a particular section. For consumers with limited budgets, price is a major- purchasing condition, whereas for those to whom money is no object price is less important. The opening pricing task is to form a general price target for an organisation which is in line with the marketing aims, and then decide objectives for each of the product lines. Penetration pricing Penetration pricing is the pricing method of setting a fairly low initial entry price, a price that is often lower than the general market price. The expectation is that the first low price will secure market acceptance by breaking down existing brand loyalties. Penetration pricing is most commonly linked with a marketing aim of increasing market share or sales volume, rather than short term profit maximization. The advantages of penetration pricing are that it creates cost control and
marketing mix
Marketing mix & 4P's The 4 P's are product, price, place and promotion, which are: Product, price, place, promotion Product- These are some of the things that make a product. Market or product driven: Market driven firms will use a market research to find out what people want and then make the product. These products are usually useful. Product driven products are new products that re made or invented and tried to be sold. This often means they make something no one likes. Detail of the product: The design must be fit for its purpose. The product name must be attractive. Firms usually build up a brand name, this usually makes their product different from others in the same market and can help to build up customer loyalty. Product life cycle: There are five different stages of a product in terms of production, but this can vary for example the life of most lorries may be 10years where are the life of a MP3 player may be only a few months. These are the five stages: . Development is where the product ideas are brought together. This stage involves market research. 2. This is the launch stage, this is the stage were the product is first put on sale. This stage usually backs up with lots of advertising and promotion. 3. This is the growth stage, this is the stage where the sales and profitability gradually increases until the product becomes well established. This
Unit 3 - Marketing Research And Marketing Mix
Unit 3 Investigating Marketing Definition of Marketing - Getting the right product to the right audience at the right time and price. All successful marketing is based on marketing's four main P's: * Product - getting the right product for the customer * Price - fixing the price at the right level for the product * Promotion - promoting the product to the right audience * Place - getting the right product to the right people at the prefect time Ribena is a brand of uncarbonated soft drink made by GlaxoSmithKline in the United Kingdom. The original and most common variety contains blackcurrant juice. Ribena was originally manufactured by the Bristol-based food and drink company Carters as a blackcurrant cordial. The drink was launched in the 1930s and it was given the name Ribena, from the botanical name for the blackcurrant, Ribes nigrum in 1938. Blackcurrants are a rich source of Vitamin C. During World War II other fruits rich in vitamin C, like oranges, became almost impossible to obtain in the United Kingdom. Blackcurrant cultivation was encouraged by the Government and the yield of the nation's crop increased significantly. (Source - http://www.businesspme.com/uk/articles/advertising/112/Ribena.html) Chosen Product I have chosen to make a new flavour of Ribena, a tropical flavour. Seen as this flavour has never been introduced to the market I think I can make a
