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
marketing mix
What is meant by the Marketing Mix? Do you think that the original form of the Mix needs any changes in it if it is applied to service industries? The term marketing mix refers to the four major areas of decision making in the marketing process that are blended to obtain the results desired by the organization. The four elements of the marketing mix are popularised by McCarthy in 1960. The marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market (P.Kotler). Each element in the marketing mix is-product, price, promotion, and place. Marketing managers make numerous decisions based on the various sub-elements of the marketing mix, all in an attempt to satisfy the needs and wants of consumers. The first element in the marketing mix is the product. A product is any combination of goods and services offered to satisfy the needs and wants of consumers. Price is simply the amount of money that consumers are willing to pay for a product or service so it is an important element of the mix. Promotion is used to create awareness and stimulate demand and the most visible of 4 Ps in the marketing mix. Promotion is a communication process that takes place between a business and its various publics. Publics are those individuals and organizations that have an interest in what the business produces and offers for sale. Thus, in
marketing mix
Running head: MARKETING MIX PAPER Marketing Mix Paper University of Phoenix Sustainable Customer Relationships - MBA 570 Marketing Mix Paper The 4 P's, also known as the marketing mix, is a concept created by Neil H. Borden. According to author Laura Lake, "your marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives" (Lake, 2009, ¶ 1). The four variables that make up the 4 P's are Product, Price, Place (Distribution), and Promotion. This paper will further detail each element of the 4 P's and will provide a description of Caterpillar Inc., and how each element of the marketing mix impacts the development of Caterpillar's marketing strategy and tactics. Organizations must understand that creating an effective marketing mix will require experimenting and market research in order to see increased results. By using variations of the 4 P's, organizations will gain the ability to reach a magnitude of consumers within their targeted market. Furthermore, the 4 P's were designed to focus on an organization's target customers to identify the value of the product or service and to determine how well the product or service will be received. Product The first variable, Product can be defined as the products or services an organization offers to its customers. Product is concerned with creating the right product or service for
Thorpe Park Marketing Mix
Contents Page * Introduction * Market research * Questionnaire * Results * Market research analyse * Marketing Mix * Product * Price * Promotion * Place * Recommendation * Conclusion and issues for the future Introduction During this project I am aiming to produce a marketing strategy to increase the number of visitors to Thorpe Park. Thorpe Park provides a fun packed day for the whole family with a wide range of rides from fast to slow, big to small. Not only do they have thrilling and breathe taking rides but also a wide variety of food restaurants and snack bars ready to cater for all your needs. In order to produce an effective marketing strategy I will use market research. This will help me find out various information such as what type of rides people want, why people visit Thorpe Park and what would persuade them to attend the park more often? I will also research the local competition in order to make Thorpe Park the most appealing to potential customers. I will do this using benchmarking as it will show what Thorpe Park are doing wrong but also what they are doing right. This will allow them to improve their products and customer services. During my market research I could use both primary and secondary research as they would enable me to gather information through things such as the internet, questionnaires and newspaper articles. Different types
Marketing Mix.
Tom O'Connor Cyril Rayan MKT/421 September 23, 2003 Marketing Mix Marketing mix is a term used by businesses to promote their products or services. The various elements to the marketing mix are referred to as the four P's: Product, Place, Price, and Promotion (Fastlink). These aspects are how customers learn about a company's products or services. The Product portion of the marketing mix refers to the researching of consumers' product needs and coming up with a product that has the characteristics to accommodate those needs. This is a very important element of the marketing mix because it directly involves creating products and services that satisfy consumers' needs and wants. The Place portion of the marketing mix equation has to do with making the product available when it is desired and at a convenient or proper location. The product needs to be made available in sufficient quantities to satisfy customer needs. Putting the product in the customers' hands can be the factor that makes the sale. The Price facet of the marketing mix is relative to the activities associated with establishing pricing policies and determining product prices. Price is a critical component of the marketing mix because consumers are concerned about the value obtained in an exchange. Price is also an important factor when considering the competition. The Promotion variable relates to
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
Poppets - Current Marketing Mix
Poppets Coursework task 3 - Current Marketing Mix The marketing mix is very important for all products. The 4 P's - Product, Price, Place and Promotion - are an integral part of a product's marketing. If these 4 P's are not right, the company could aim their product at the wrong market, price themselves out of the market, or not distribute enough of the product. In each case, the company would face serious problems. The 4 P's are therefore vitally important. The confectionary market in general uses the 4 P's. The product has to look appealing and obviously taste nice, as well as meeting the customer's wants. Confectionary is a want, not a need, and therefore the product must offer something special, a Unique Selling Point to attract the customer. The packaging must be carefully designed to appeal to the target market, as impulse buying accounts for a large proportion of sales in this market. The pricing is also important in the confectionary market, as all products cost roughly the same. Confectionary is generally aimed at younger people with not as much money to spare, and so the price is very important. Confectionary has to be sold in the right place, which is where distribution becomes important. If the product is not readily available, then the impulse buying public would be unable to see the product to buy it. So it is important that confectionary is sold in local
The Marketing Mix.
The Marketing Mix By M.S.D The shop that I am going to be investigating is "Tesco" established in Slough. This is an established opened 60 years ago. My plan for the company's marketing campaign must include; · All the options that the company should consider, · Why I have chosen to make the decisions I do. I will have to research the company and what forms of marketing they have intended to be set up. Also I will need to know what funds is set-aside for marketing. All of this will found out through primary data collection that will be in the form of a letter to the business Marketing strategies for "Urban Surf Co" Sources of knowledge To help generate a fully comprehensive marketing strategy for your company I will use four source of information to investigate the way you wish to be perceived and the way other firms have achieved this . Paper. I have written a letter to your store with an attacked questionnaire this is in an attempt to understand the market you have set up in and the marketing strategies that you would to put in place. 2. People. This can be covered by the questionnaire or can also be completed by speaking the shop staff or a telephone call to them. 3. Technology. For this I will look over the Internet to find a site about setting up marketing strategy for new company and I will also look at existing one from other companies. 4.
marketing mix
Running Head: Marketing Mix Marketing Mix Paper Marketing/MKT-421 Marketing Mix Paper Have you ever watched a commercial on TV and wondered how somebody created some of these crazy ideas/schemes to entice people to buy things? Make no mistake about it, it's not just some lucky person developing slogans; it's a specialized team that is highly trained to analyze customer needs and carefully develop a strategy to market their goods/services in the economy. The field of marketing is fast becoming the most effective way for businesses to improve their overall performance to compete in today's global economy. Most successful companies have learned by trial and error that catering to needs of their customers, providing quality goods/services, and providing good customer service strengthens continued sales and profits. Marketing oriented companies are also customer oriented and take into account customer needs by focusing on creating goods and services that will outshine their competition. Conducting research is crucial when attempting to identify specific requirements of both existing and potential customers. Marketers maintain open lines of communication between a company and its customers to ensure the success of any marketing method. Over time, customers become loyal and will buy again-and-again as well as provide free word-of-mouth advertising undoubtedly resulting in
The Marketing Mix
E1. The Marketing Mix A. Promotion There are many methods I can use to promote Classic Cola. I can use above the line promotion methods, where I can use media to get through to potential and actual customers. I can also use below the line promotion, such as personal selling. But I think I will use above the line promotions methods as I think it will be more affective. I will use television adverts as over 90% of homes have television sets in them. Also I will have the choice to choose the timings of when I can advertise Classic Cola, as different advertising spaces during the day target different people. B. Price I will have to chance the price of Classic Cola from the current price, which is 64p for a 2-litre bottle. I have decided to change the price to 55p and lower as time goes. I say this because I will make sure the production of Classic Cola will benefit from Economies of Scale, which then I can pass the benefits over to the consumers via lower prices. C. Place I will also place Classic Cola in national and international stores, in order for more people to actually know and buy the product. I say this because not everyone has seen or heard about Classic Cola, so by placing the product nationally and internationally there is more change of people taking an interest in the product, resulting in an increase of sales for Classic Cola. D. Production Classic
