Marketing mix

Contents . Introduction 1 2. The Marketing Mix Paradigm 2 2.1. The 4Ps of the Marketing Mix 2 2.2. Emergence of Marketing Mix 5 2.3. The Nature of the Marketing Mix 5 3. What is Meant by Services? 6 3.1. Major Characteristics of Services 8 3.2. Goods and Services 9 3.3. Introduction to Services Marketing 10 3.4. Evolution of Services Marketing 11 3.5. The Breakthrough from Product Marketing 12 3.6. Paradigm Shift in Marketing 14 3.7. Model of Services Marketing - The 7Ps 15 3.8. Strengths and Weaknesses of 4Ps and 7Ps 20 3.9. Service Processes 20 3.10. Service Encounter 21 4. Relationship Approach as a Foundation of Marketing 21 5. Conclusion 23 6. References 25 List of Figures Figure 1 : Components Of Marketing Mix 3 Figure 2: Customers Perspective - 4 Cs 4 Figure 3: The Tangible-Intangible continuum for goods and services (Source: Shostack, 'Breaking Free from Product Marketing', Journal of Marketing, Vol. 41, No.2, April 1977). 7 Figure 4: The Marketing Mix for Services 17 List of Tables Table 1: Strengths and Weaknesses of 4Ps and 7Ps (Source: Rafiq and Ahmed (1995)) 20 Table 2: Transaction Marketing vs Relationship Marketing (Source: Payne (1993)) 22 . INTRODUCTION The aim of this paper is to discuss the breakthrough from product

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  • Level: GCSE
  • Subject: Business Studies
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The Marketing Mix - Description of the Marketing Mix

The Marketing Mix Description of the Marketing Mix: Marketing is the way in which a business promotes its products or service. Marketing is not solely selling the product; it is concerned with identifying customers and satisfying their needs/wants at a profit. Businesses have to sell what they produce/serve. To do this, marketing decisions must be made, which involve: PRODUCT - what products will be sold. PRICE - what price those products will be sold at. PLACE - where the best place to sell the product/service will be. PROMOTION - how the customers will get to know about the product. The above are known as the Marketing Mix. Market Research: Researching involves investigating a subject in order to find out about it. Market research takes two forms... QUANTITATIVE - finding out numerical information. Or information that is definite and precise - based on facts rather than opinions or choices. QUALITATIVE - finding out opinions and reasons for choices. This information can be collected using PRIMARY (field research) and/or SECONDARY information... 1. Desk Research (secondary). This involves the use of secondary data (information that is already available - on databases or business directories, etc.). This information can come from within the business, or from outside: From outside the business... This information comes from sources outside the

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  • Subject: Business Studies
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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

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  • Level: University Degree
  • Subject: Business and Administrative studies
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Interrelationship between target marketing and the marketing mix.

Assignment 1: Individual Research Essay Q2: Interrelationship between target marketing and the marketing mix. Target marketing and the marketing mix are two extremely important subjects within the world of marketing. Organisations cannot appeal to all buyers in the entire market so marketers use target marketing to identify the parts of the market it can serve best. Target marketing is when the seller identifies market segments, selects one or more of them and develops products and marketing mixes tailored to each (Kotler et al. 2001). Marketing mixes are a combination of price, product, promotion and distribution (place) that help to deliver a product in a successful manner (Kotler et al. 2001). A target market must be selected first then an appropriate marketing mix is applied to that markets positioning, this is where the interrelationship between the two exists. The marketer must have a clear understanding of their chosen target market, the way they will react to certain stimuli and the way they will perceive the product, before developing a marketing mix. The marketer must also be aware of the changing market, which can cause a marketer to redevelop their marketing mix. A key organisation that is aware of the many target markets and has developed varying products with different marketing mix, is Australian car manufacturer Holden Ltd. Holden Ltd has a clear company goal

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  • Subject: Business and Administrative studies
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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

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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,

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Marketing Mix

Principles of Marketing Coursework: The Marketing Mix Sumeera Noreen 07815383 The marketing mix, or the 4Ps as it is most commonly known as, is a "set of controllable tactical marketing tools...that the firm blends to produce the response it wants in the target market." (Kotler et al, 1994, p.48) It consists of four major elements: product, price, promotion and place, which are used in order to satisfy the customers in the marketplace. Getting the mix of the four elements right is crucial in order to successfully market a product. The concept of the marketing mix was first introduced by Borden in 1965, which originally included twelve variables of marketing. McCarthy reduced the model to four elements, that is the 4Ps. These four variables are interrelated; decisions in one area will affect decisions in another. "Marketing mix variables are often viewed as controllable variables because they can be changed. However, there are limits to how much these variables can be altered." (Dibb et al, 1994, p.17) Product refers to any type of good or service that the company wants to sell. The success or failure of the product depends on the product's features and design, branding and packaging. The product is the most important element of the marketing mix because if the product is not good enough and fails to satisfy the needs of the customers, then no amount of promotion,

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The marketing mix.

The marketing mix has several specific targets that can all collate together. (Jobber 2001) Suggests the strength of the four P's approach is that it represents a memorable and practical framework for marketing decision making. This can help to keep staff motivated and moving in the same direction but to many people it oversimplifies the reality of marketing management in the 21st century. (Gronroos 2002) Such a product based strategy can lead to a seemingly strong base product well advertised not leading to short or long term profitability because it is not exactly what the customer is looking for. In the 21st century customer expectation has become higher than ever and with more purchasing freedom of choice than ever before the job of attracting and retaining customers has become more and more difficult. There has also been a realization that (Wilson, Gilligan 1992. P.190) 'A 5percent increase in customer retention can result in anything from a 25per-cent to a 125per-cent boost in profitability'. A marketing strategy strong in the area of customer retention has to be given serious consideration. Relationship marketing is aimed at creating long term customer and supplier relations. With this greater freedom of choice also comes a greater risk of making an incorrect purchase. (Gronroos 2000) points out that an ongoing relationship can offer customer security and a minimized

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Marketing mix

Marketing mix Product The product is the most important aspect of the marketing mix. The product can be a service or even a holiday destination. Products have both tangible and intangible benefits. Tangible benefits include benefits, which can be measured such as the top speed of a car. Intangible benefits are benefits that cannot be measured such as the enjoyment the customer will get from the product. It is important that the product is changed as necessary to bring it up to date and prevent it from being overtaken by competitors. I'm going to selling a travel service using air travel. It will be a low cost airline that will fly from a variety of different airports in the UK notably in the north where no low cost airline is available, and to a range of different European destinations. I will be offering customers the lowest prices as well as complete customer satisfaction. Hopefully I will be able to compete with the current cutthroat competition in today's airline industry. The research I acquired from various sources helped me to learn hat customers actually want which is basically hassle-free cheap and quick travel. I also learnt essential tips about starting up an airline, for example the biggest mistake airlines could make when starting an airline service is over ordering too many aircrafts. I will aim to position my product in the minds of the customers by

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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

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  • Level: University Degree
  • Subject: Business and Administrative studies
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