Subject: Business Studies
Unit Title: Market Research Strategies
Assignment Title: Marketing MIx
Assignment No: MR.2
Student Name: Elina Suklaja
Student No: SUK13036214
The marketing mix is the combination of marketing activities that an organisation engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 P’s- price, product, promotion and place. Getting the mix of these elements right enables the organization to meet its marketing objectives and to satisfy the requirements of customers.
In addition to the traditional four Ps it is now customary to add some more Ps to the mix to give us Seven Ps.
The additional Ps have been added because today marketing is far more customer oriented than ever before, and because the service sector of the economy has come to dominate economic activity in this country. These 3 extra Ps are particularly relevant to this new extended service mix.
The three extra Ps are people, process and physical environment. (source: )
The products I choose to apply marketing mix for and assess the difference between them are android phones and meat burgers.
The pricing strategy for most new android phones in the market is skimming which means that new products are very expensive, as they are made better quality, faster and with more menu options available every time a new one is launched, providing consumers a wide range of choice.
Important part of pricing is knowing the market and what the consumer wants out of the phone. The market for android phones is very diverse, as many young people use them because of all social networking opportunities and music and photo taking options, as well as older people who use them for different applications for their businesses etc.; so also it is using the cost-plus strategy, selling out accordingly to the market needs.