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
With Reference to Two Examples, Explain How and Why the Marketing Mix Will Vary From Product To Product.
With Reference to Two Examples, Explain How and Why the Marketing Mix Will Vary From Product To Product. One example would be to compare the marketing mix of a mobile phone and of ball-point pens. For mobile phones the quality of the product is very important as the consumers buying these goods based on the quality of the good. This is because as the mobile phone is a technological gadget for which people crave only the best and the newest technology, consumers will buy mobile phones taking into regard the quality of the product alone. Though, the same is not true for ball-point pens, as most consumers generally do not regard quality as the main selling point of the good, as this type of good is generally inexpensive and common. Thus people take into account the quality of the product more for mobile phones rather than ball-point pens. The promotion of a product such as mobile phones is very important, as things such as advertising and special offers can persuade people to buy this certain phone over another. As advertising can influence people into perceiving one phone better than another, the advertising of phones will affect the sales. As people generally will not buy a phone which they have never heard of or seen before, as they cannot recognize and relate to the product. Also, special promotions and offers will help sell a mobile phone, as people could be influenced
Marketing Mix Cadbury's
Marketing mix A business must have a product which customers want to buy and it must be sold in a place which the target audience will use. In addition to this, the price of the product must be acceptable to the customer, if customers are to be attracted to the product, the business must undertake some promotion. This way of looking at marketing is known as the marketing mix, Made up from the 4 P's; Product, Place, Price, and Promotion. It is called a mix because the 4P's have to be mixed correctly for the product to be successful Product Product life cycle All products have a time-span over which customers will want them, This is called the product life cycle. As you can see there are 5 main stages to a product life cycle: Development Introduction Growth Maturity Decline Introduction The introduction is where the product is launched or first put on sale. Before this a business may conduct market research and invest money developing the product. When the product is launched a business may advertise it in a number of ways to help it get off to a successful start. Growth This is the second stage, where the sales show the most rapid growth. Advertising and other promotion support change slightly as the product will generally known to consumers. The product is still new and will be in great demand Maturity This is the next stage in which sales are
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.
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
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
the marketing mix report
THE MARKETING MIX REPORT Introduction This report focuses on identifying the marketing mix. Though out the report I will be discussing the importance of the marking mix and how it can be used to build a successful business. I will also be considering and expanding on the 4 P's (Promotion, Product, place, and pricing). The marketing mix The marketing mix is the set of ingredients, which the firm uses in order to achieve its objectives. It focuses on the various elements of marking needed to carry out the marking strategy, which are designed to meet the needs of the customers or the market segment and consist of four main parts (Promotion, Price, Product, and Place. Packaging is an extra part). In order to satisfy customers' needs, businesses must produce the suitable product or service for their segmentation, at the right price, make it available at the right place, and let the potential customers know about it through promotion. If all of this is done correctly the business should meet its objectives. Product A product is something that is offered to the market, it is not just a physical equipment. A product can mean so many different things to a customer. For example, a mobile phone is not just a communication device, it is also a fashion accessory and it sometimes represents the owner because they come in so many different colours and designs. Businesses need to
Marketing Mix - Principles and Scope of Marketing.
MK209 Marketing Mix Mr J Turner Principles and Scope of Marketing Coursework Miss Ashley Kennedy 0205036 April 2003 "I keep six honest serving men (they taught me all I know) their names are What and Why and When and How and Where and Who" Rudyard Kipling The above quote is an early form of Market Research, one could say! But what is the point in asking questions if you do not react to the answers. In this Coursework, I wish to explain, using examples of Companies and Firms, factors that SHOULD be taken into account when making Product Decisions. This will include the 4 (7) P's, and how each is inter-dependant and inter-related. Included is analysis of Marketing Planning, and the benefits and disadvantages of certain models. The Marketing Mix can be defined as the combination of detailed strategies, tactics, techniques, and activities. The role of the Marketing Mix is to move marketing objectives and plans into reality, and ultimately achieves Company/Firms goals. The key to a successful Marketing Mix, lies with the Management, and the decision maker is crucial to any Marketing Department. Why? Because getting the right Product available, at the right Price, in the right Place with an appropriate Promotional Campaign behind it all - takes planning, strategy and tactics. This does not just happen through instinct alone. The skill of the Marketing Manager
The Marketing Mix
Marketing Mix The marketing mix is the combinations of factors which help the business sell a product- Usually summarised as the 4 P's, which are price, product, promotion and place. It is important I get this right as if I get it wrong it could affect my business's success. And if my business is not successful I will be in a financial problem as the business requires a large amount of capital, buying between 5 and 10 computer pc computers of a sum around £500 each, however I would try see if I can get a discount by buying in bulk. Product The product mix is the combination of products that a business sells, like soap powders, cosmetic's and medicines. The product range is a group of similar products made by a business, like a number of different soap powders. I will be selling a wide range of tea's, coffee's and soft drinks, also selling a few snacks, while putting peanuts next to the computers hoping that the customer gets thirsty. My closest competitors are in Morden I am aware they do not have that good computers, however they have a reasonable amount of them of them. Quality is achieving a standard for a product or service, or a production process, which meets the customers' needs. I will ensure that my business reaches a standard of quality that my customers will be happy with, as I will make sure my computers will be at a high speed and high performance rate. I will
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
