BMW's Marketing Mix.
Introduction to Marketing P6 Marketing Mix The marketing mix is used by businesses as a tool in marketing. It is often used when determining the products or services brand. It usually consists of the four Ps; they are Price, Product, Promotion and Place. Below is an example of what is included in each of the 4 P’s and how it helps BMW in selling its Products to the consumer: BMW is one of the leading manufactures in high-quality automobiles that are available in a variety of designs and styles. BMW offers it customers a range of different automobiles from small to large cars, SUVs, convertibles and motorcycles. Their sleek design and sporty appearance of all BMW vehicles has allowed the brand to build an excellent reputation for itself in the luxury car industry and to give itself the slogan “The Ultimate Driving Machine.” Create a Marketing Mix for the chosen BMW vehicles by mainly focusing on the one series as this is a vehicle that BMW have newly introduced in the market to increase market share and to compete with rivals such as VW and Ford in the hatchback market. Mainly focusing on the Price, Product, Place and Promotion of BMW Products. Price Price is the amount that the customer is willing to pay for a given product or service and this is important as it determines the company’s profit and survival in the market. The price of BMW’s one Series is
Marketing Mix
Marketing Mix Below is a detailed description of the four P's; these in the right combination can lead to a product being successful. Product- it is essential for the product to appeal to as many people as possible in order for it to be successful unless the company attempts to establish a niche market (this is a specific segment of a large market which will often only appeal to a select range of people and it is often priced fairly high e.g. organic foods) the product must meet the demands of customers in order to appeal to them. The company will have to decide on what the function the product will do and the design the product will have. Market orientated research will also have to be carried out (primary & secondary) in order to have knowledge of what will appeal to the customers. My initial idea for the product is to produce a chocolate/fruit flavour energy bar; my product will establish a niche market. Product range which is when a different design of a basic product attracts different market segments, should be kept in mind as in the snack market this has proved to be successful in cases such as Cadbury's buttons. Price- the price of a product is an important selling point, as the customer will want to be able to buy a product of high quality at a low price. In order to compete with similar products the price of the product will have to be reasonable and the product
Marketing Mix
Marketing Mix Marketing mix is defined as the traditional approach to marketing planning and is based on the four ps. It gives a plan by which to operate, influence and satisfy the consumers. Product Policy: This is a statement of the range of products that the organisation offers to the market place. Decisions have to be made by the firms about quantities, timing, and product variation, associated service quality and style and even the packaging and branding. Most organisations have a range of products of different quality and for different market segments. Whatever quality Cadbury's decides upon, for whichever market segment. The quality should remain consistent. Decisions on the products are made by Cadbury's about the quantity of new products to be supplied. In Cadbury's new product development embraces a number of categories. It can involve the introduction of a totally new product to the company's portfolio such as the recent Cadbury introductions of spira, twirl targeted at people with busy lives. Chomp a caramel bar covered with chocolate with chocolate was a recent introduction aimed at children's pocket money. The new product I 'm marketing for is a new Cadbury's dairy milk chocolatwith hazelnut in triangle chunks. This is aimed at both children and adults.. Range extensions are new innovations within a company's established product range. Line extensions
marketing mix analysis
Main Aspects of Marketing Mix (100) The easiest way to understand the main aspects of marketing is through its more famous synonym of "4Ps of Marketing". The classification of four Ps of marketing was first introduced and suggested by McCarthy (1960), and includes marketing strategies of product, price, placement and promotion. The following diagram is helpful in determining the main ingredients of the four Ps in a marketing mix. Product In simpler terms, product includes all features and combination of goods and related services that a company offers to its customers. So the Airbusproduct includes its body parts such as the engine, nut bolts, seats, etc along with its after-sales services and all are included in the product development strategy of the Airbus. However, a serious criticism can be raised here in terms of how marketing mix analysis will cater for companies such as ABN Amro Bank, Natwest Bank, British Airways and Fedex Corporation as they don't possess tangible products. It was argued that is it feasible to omit service-oriented companies with the logic that the term "services" does not start with a "P", however, it was asserted that these companies can use the terminology of "service products" under marketing mix strategy making (Kotler & Armstrong, 2004). Lazer (1971) argued that product is the most important aspect of marketing mix for two main reasons.
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
The Marketing Mix.
The Marketing Mix The major marketing management decisions can be classified in one of the following four categories: * Product * Price * Place (distribution) * Promotion These variables are known as the marketing mix or the 4 P's of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The marketing mix is portrayed in the following diagram: The Marketing Mix The firm attempts to generate a positive response in the target market by blending these four marketing mix variables in an optimal manner. Product Microsoft needs the Xbox to be the leader in the gaming market and needs a competitive advantage over the Sony Playstation and the Game cube. Xbox has many features, which will appeal to different audiences. From the SWOT an analysis I conclude the Product should contain the following features: * A good reputation with customers * Development potential * To become the hardware giant not just the software giant * To have good game development companies behind the Xbox The Xbox has many functions such as a DVD player which only can be activated by purchasing remote control which is sold separately, Microsoft should decide that to give this free with the Xbox when someone purchase it, because the competitor Sony Playstation 2 has a DVD facility; as to my secondary information I done a
The 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 an interactive
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
P6: Develop a coherent marketing mix for a new product or service - the iPhone
Task 9 P6: Develop a coherent marketing mix for a new product or service Marketing mix The marketing mix provides a good example and path for business that are developing marketing plans. The marketing mix is made up of four parts which can also be called the four Ps, these are * Products * Price * Place and * Production Product A product can be anything that is used to satisfy the needs of a Market. A product can be anything ranging from goods, information, ideas or even organisations. In other word is the mixture of services and goods that businesses offer to their target customers. Price The price is very important as it determines the company's profit and hence and survival. Also it’s the amount the customer pays for the product. Place The place is where the products will be delivered to supermarkets and then they will sell it. The places sometimes are the big four supermarkets. Promotions Promotion is something such as: advertising, public relations, sales organisation and sales promotion. Businesses do promotions for the company so more people can see and it can attract more customers to their businesses Objectives of developing mix Support brand building Support brand building is one of the reasons why t is good to use is because it allows a new product to enter the market which can help increase the existing brands reputation and image.
Marketing mix
Task 1(c) Marketing Mix- Price Price Pricing is an important planned issue because it is related to product positioning. Also, pricing affects other marketing mix elements such as promotion, product features, and channel decisions. The importance of price in the marketing mix differs. In low cost, old markets price can be very important, for instance, in the sale of white mix and gloss paint. However, in modern markets, such as clothing, it could be one of the least appropriate issues. Certain products are designed to equal a particular section. For consumers with limited budgets, price is a major- purchasing condition, whereas for those to whom money is no object price is less important. The opening pricing task is to form a general price target for an organisation which is in line with the marketing aims, and then decide objectives for each of the product lines. Penetration pricing Penetration pricing is the pricing method of setting a fairly low initial entry price, a price that is often lower than the general market price. The expectation is that the first low price will secure market acceptance by breaking down existing brand loyalties. Penetration pricing is most commonly linked with a marketing aim of increasing market share or sales volume, rather than short term profit maximization. The advantages of penetration pricing are that it creates cost control and
