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
Marketing Mix.
Marketing Mix Product Products can generally be classified under two headings - consumer products and producer products... Consumer products Purchased and used by individuals / citizens for use within their homes and these products fall into 3 categories: - Convenience products. Fast-moving consumer goods (f.m.c.gs) sold in supermarkets, such as soap, chocolate, bread, toilet paper, etc. These often carry a low profit-margin Producer products Purchased by businesses and are either used in the production of other products, or in the running of the business. For example, raw materials (timber, steel), machinery, delivery vehicles, and components used to make larger products (e.g. tyres and headlights for vehicles). A product line is the term used to describe a related group of products that a business produces (e.g. a business may produce televisions, and its product line may include portable televisions, 12-inch screen models, 18-inch screen models, televisions with a built-in video facility, etc). Product mix is the term used to describe the different collection of product lines that a business produces (eg the same business may also produce video recorders, camcorders and computers, as well as televisions). Most businesses will wish to change their product portfolio over time. This can be the result of changing consumer tastes, replacing those
Mcdonalds Marketing Mix
The Marketing Mix and Its Constraints McDonalds - the marketing mix is applied to products in McDonalds in many ways: McDonald's are looking at different ways of saving energy and the planet. One way was that they collected waste from eleven of their restaurants where it was later collected and recycled to produce electricity for local buildings. A McDonald's spokesman said the experiment had cut its carbon impact by fifty four percent in Sheffield. Mc Donald's became the first fast tune chain serving coffee from ethical sourced growers. The deal for the fair trade coffee from South and Central American farms has been certified by the rainforest alliance. Product: Menus give customers a choice of what they want to order/eat. Therefore McDonalds develops menus on what customers want to gain maximum profits. The company gains such information after going through the process of market research. However the customer's requirements change over time. To keep customers happy and the company up to date with customer's needs and wants, the company should monitor customer's preferences. In order to meet these changes, the company introduce new products and phase out old ones, this will continue over time. The company know that items on the menu will vary in popularity. Their ability to generate profits will vary at different point in the products life cycle. All products
The Marketing Mix.
The Marketing Mix The Marketing Mix is made up from the four P's: Product- what the customers want to buy or a service that a company provides for the customer. Price- must be one that the customer thinks is good value for money. Also it must be the right price to attract the target segment and to incur sales revenue. Promotion- this is to make potential customers aware of the products existence. Place- this must be positioned conveniently for the target audience to be able to receive the broadcast. If I get the four P's correct then I will hopefully be successful and it will be easier for me to attract customers to listen to my radio station. The Product For any products or service to succeed the product or service should appeal to the customers or consumers. There are various stages that need to be looked at before a product or service can be launched into the market. The stages can be found in the product life cycle. The stages are development, launch, growth, maturity, saturation, decline and withdrawal. Each product or service goes through these stages-but each product or service is individual and they have a unique product life cycle. Within my radio station there are many life cycles, for example the life cycle of the DJ's and even the music. My radio station will provide a service and hopefully it will attract a lot of people to listen to it. The main
The Marketing Mix
"A term used to describe the way in which businesses mix together elements that go into a successful sale of a product" (Mr. P. Neill) Market research helps a business to discover what consumers want or may want in the future. Marketing helps it to satisfy their wants and hopes. To market my products profitably for my business, I have to consider four main factors: ~ The product, or the kind of good service provided; ~ The price, or what the customer can be charged; ~ Promotion, or how customers will hear about the product; ~ Place, or how the product will be distributed These are known as the four P's. The Product Although all the four P's are important, the product is even more important than the others. Without the product, there could be no price, no place, no promotion. The product is the basis of the whole marketing process. Each product has some features, which distinguish it from similar products. Manufacturers use these features to differentiate their goods, or make them different, from their rivals' products. For example: ~One clothes manufacturer may use better materials than its rivals. Another may have better workmanship. ~One computer manufacturer may install a 24-hour, unlimited-use hotline for its customers. Another may have its hotline functioning for only eight hours a day. ~ One computer manufacturer may give a one-year guarantee; another may
Elements of the marketing mix.
Assignment 2 INTRODUCTION This assignment is designed to look at products and services, their characteristics, life cycle stages and new product development. It will also look in more detail about the marketing mix, mainly at the differences between selling goods and selling services, and the importance of price in the purchase decision and the distribution and communication channels used within the organisation. The report will relate all theoretical concepts to a work environment. The work environment I am going to link with this marketing report is the company I work for, TD Travel Group. TD Travel Group is an independent corporate travel organisation that takes the frustration and confusion out of business and group travel arrangements using its specialised services. TD Business Travel Management co-ordinates air travel worldwide as well as catering for car rental, rail tickets and sea crossings. They also offer a number of specialist facilities including organising currency, the procurement of passports and visas and running a 24-hour emergency help line. The Special Events department takes a fresh approach on every brief in order to deliver a perfectly organised event, whether it is a conference or a skiing trip. TD Roomfinder use their years of experience in the business of dealing with hotels in order to ensure the best deal for their clients looking at both
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
Current Marketing Mix for Payne's Poppets.
Current Marketing Mix for Payne's Poppets. What is the Marketing Mix? The marketing mix is the successful implementation of four aspects. A correct mix of these aspects will result in a product or service being marketed successfully. The four aspects of the marketing mix as mentioned before are * Product - something that the customers would want to buy * Place - where the business is selling this product, at a place, which the target market would frequent. * Price - the cost of the product should appeal to the customers whilst also generating profit * Promotion - attracts and raises awareness of people towards the product. The marketing mix is important because having the correct marketing mix can make the difference whether or not a product is successful. The Marketing Mix is closely linked to Market Research, from which a suitable marketing mix can be drawn up. In this section I will research and analyse the current marketing mix employed at Payne's under the four headings: product, price, place and promotion. The information collected will be from the Payne's website and through other such sources. Product From visiting the product range page on the Payne's website at www.paynes.co.uk, I have found out that Payne's have a selection of products, which they market which include "Just Mints", "Just Brazil's", "Just Almonds", "Just Hazelnuts", "Lift" and also
Marketing mix of McDonalds
Marketing Objective A marketing plan must be created to meet clear objectives. Aims to lead marketing efforts and are used to measure how well the plan works. They may be related to market share, sales, goals, reaching your target audience and build awareness in the market. Objectives communicate what marketers want to achieve. Long-term goals are divided into short-term measurable objectives which McDonald used as milestones on the road. The results can be analysed regularly to see whether the objectives have been achieved. This type of feedback allows the company to change plans. This gives you flexibility. Once marketing objectives are set next step is to determine how they will be achieved. A marketing strategy is to determine how the objectives will be delivered. It explains what marketing actions and resources will be used and how they work together. Marketing mix of McDonald’s Marketing mix and consists of various elements in the following way, which form the backbone of the company, the economic system and thus contributes to the achievement of marketing objectives. Marketing mix of services for McDonald's is as below . Product McDonald places a strong emphasis on developing a menu that customers want. Market research defines exactly what it is. However, customer requirements change over time. In order to meet these changes, McDonald's has introduced new
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,
