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Marketing Mix

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Introduction

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 right people at the right time. In order for your business to tackle this correctly, you need to get the right type of mix (marketing mix), the mix should include four main elements: Product, Price, Place and Promotion, by examining each and carefully and adapting them to your customer's needs, you will continue to produce and needed products and services. Product You need firstly to identified who will be interested in buying your products and services, this should be identified once you have analysed the results of the market research. Your market research data will be able to look more closely at what your market want and then look at your products to see if they are satisfying your customer's needs. ...read more.

Middle

Again this type of pricing strategy might be used when the product is in its growth stage in the product life cycle as demand is high and sales are high. Differential Pricing This involves allowing the same product to be priced differently; this can be justified when the product is sold in areas with differing economic climates, when sold through differing distribution channels, to appeal to a different market segment. For example, you could choose to charge a wholesaler less for buying in bulk than for an individual who only bought on single card. you could also decide to charge more for your card designs in London than you would in the North of England simply because the economy is more stable in London than in the North of England. Promotion The fourth part of the marketing mix refers to process of informing your customers of your company's products. To make your customers aware that your products exist, there are a number of methods you may choose to use, they include: * Media Advertising (television, magazines, Internet, radio) * Personal selling (involving a sales person) * Non-personal communication (persuasion advertising - competitions, free samples. * Other promotional types include public relation exercises and free publicity. Promotion needs to be carefully planned, and it is usual to decide on a new promotional plan each year. There should be one main objective to the promotion campaign and that particular emphasis should be projected during a certain time to a certain market segment. Using market research establishes who are the best market segments to aim your campaign towards. The message of your campaign must be focused towards the market segment and it must relate to the promotional objectives. Time your promotion, when and where is the optimum impact likely to be. Which promotional technique you decide to employ must have a bearing on how best you can reach this segment and which technique would best put your message across favourably. ...read more.

Conclusion

In medieval Europe, trade guilds used brands to provide quality assurance for customers and legal protection for manufacturers. Packaging The packaging is the outer wrapping of a product. It is the intended purpose of the packaging to make a product readily sellable as well as to protect it against damage and prevent it from deterioration while storing. Furthermore the packaging is often the most relevant element of a trade mark and conduces to advertising or communication. Socio economic grouping Definitions of Socio-Economic Groupings A Professional people, senior managers in business or commerce, top civil servants, and retired people previously grade A and their widows B Middle management executives in large organisations with appropriate qualifications, principal officers in local government, civil service top management or owners of small business concerns, educational and service establishments, and retired people previously grade B and their widows C1 Junior management, owners of small establishments and all others in non-manual positions, and retired people previously grade C1 and their widows. Jobs in this group have very varied responsibilities and educational requirements C2 All skilled manual workers and those manual workers with responsibility for other people, and retired people previously grade C2 with pensions from their job and their widows D All semi-skilled and unskilled manual workers, apprentices and trainees to skilled workers, retired people previously grade D with pensions from their job and their widows E All those entirely dependent on the state long-term through sickness, unemployment, old age or other reasons, those unemployed for a period exceeding six months (otherwise classified on previous occupation), casual workers without a regular income Marketing Marketing is the process that identifies, anticipates and satisfies customer requirements efficiently and profitably Marketing involves a number of business activities, including market research, product design, pricing, advertising and promotion, costumer service, distribution and packaging and after-sales service. Marketing objectives: aims that a business hopes to achieve through its marketing action, e.g. Marketing plan: this document setting out the strategies by which a business will achieve its marketing objectives. The plan will include details of target markets, advertsing and promoto ...read more.

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