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Marketing Mix - The 4 Ps.

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Introduction

Marketing Mix - The 4 Ps "Strategies are broad statements of the action to be taken to achieve the objectives identified in the plan. Marketing strategies are all the methods used by an organization to achieve its long term marketing objectives. They will specify * A target market the group of customers to whom a company wishes to appeal * A marketing mix the controllable variables the company puts together to satisfy this target group. Marketing tactics, on the other hand, are the methods used by the organizations to achieve its short term marketing objectives. Note that the distinction between strategy and tactics is in terms of broad statement/ detailed statement and long term/ short term plans. Both are expressed in terms of the elements of the marketing mix- the 4 Ps. Programmes or plans of action (tactics) Programmes specify what has to be done, who is to do it and by when. Programmes are developed for major functional areas within marketing. For example: * The sales plan will include details of territories, distribution networks, control systems and sales teams; * The promotion plan will specify, in detail, the forms of promotion that will be employed, as well as how and when they will be used; * The market information plan will specify the details of the market research effort. ...read more.

Middle

Tangibles - shape, colour, size, design, packaging, appearance important Intangibles - after-sales service, customer care policy, availability of spare parts, guarantees. "We are optimistic about the prospects for the sector. The UK consumer economy is slowing down, but at present there appears to be no risk of recession. The sector has been suffering from a product gap, but there is a stream of new products now becoming affordable (eg recordable DVDs) and we except to see another surge in demand". "There has not been comparable product development in the white goods market, which remains primarily a replacement market, a new fridge, cooker or washing machine is only usually bought when the previous one breaks. One factor that can influence this cycle is the housing market as consumers often like to surround themselves in a new home with new white goods, or are forced to leave fitted applicants behind. There have been some discernible trends within the white goods market, noticeably towards larger American style fridges, bagless vacuum cleaners and latterly towards larger cylinder washing machines that don't rely upon the traditional belt drive". (Quotes taken from Executive Summary Mintel Report) ...read more.

Conclusion

Promotion The fourth P stands for Promotion. Promotion is all the things we do to tell the target markets about the products, price, and place. Promotion is also known as marketing communications. Changing selling / salesforce organisation / changing advertising or sales promotion / changing PR policy / increasing - decreasing exhibition coverage / Non-Pricing Strategies * Non controllable methods - word of mouth / personal recommendations / brand heritage / loyalty * Controllable methods - carefully directed eg. advertising The goal of promotion is to provide information that helps prospective customers to buy. Competitors such as Cash Converters, Empire and Big W promote their products on local broadcasted TV that can be expensive. The way I am going to promote my products are: * Big and flashy adverts in local newspapers, adverts that are very eye catching - is technique fairly expensive. * Comical advertising, this will make people listen and enjoy the advertisement being played on local radio stations. This type of promotion will really stain the minds of customers - this can be expensive depending on how long its being broadcasted for and what radio station its been broadcasted from. ...read more.

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