Marketing Mix
Marketing Mix A Marketing Mix is the combination of product offerings used to reach a target market for the organization. The marketing mix comprises the Product (what the actual offering comprises), Price (the value exchanged for that offering), Promotion (the means of communicating that offering to the target audience, promotional mix) and distribution (also known as Place, the means of having the product offering available to the target audience). The marketing mix is also known as the four Ps. The combination of the 4Ps that creates an integrated and consistent offering to potential customers that satisfies their needs and wants. The marketing mix approach is one model of crafting and implementing marketing strategies. It recognizes that marketers have essentially four variables to use when crafting a marketing strategy and writing a marketing plan. They are price, promotion, product and distribution (also called placement). The Marketing Mix Explained In order for your business to sell its products and services as successfully as possible, you need to look at what products you are selling in detail to ensure they will be attractive and needed; the price to ensure it is not too cheap or too expensive; where you are best distributing your product; and finally, how you can create interest and awareness for your products. All these elements need to be targeted at the
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
marketing mix
Task 2 - Marketing plan Business name: Buzz Palace Legal status: Sole trader - A sole trader is a business that is owned by one person. The business will employ several workers but it is owned by one person. This is the most common form of business. An example of this would be a newsagent or a self employed plumber. Marketing strategy is the plan of action for any product or service, this is all based on the research that I have done to achieve my objectives. Marketing strategies are based on goals and objectives. The marketing strategy of a business is the method by which it intends to achieve its objectives. The first stage is setting marketing objectives, this is basically setting deadlines and targets to allow the company to measure the companies achievements. The second stage is specifying the core marketing strategy, this involves targeting certain markets. The third is the implementation of tactics to achieve the main strategy. All companies set themselves objectives, objectives are put together to give a business some direction into where there business is heading. It is also a way of showing success in terms of achievements and it also sets a bench mark of expected achievements and success. If a company is unable to meets its objectives within or around the time limit it is likely to be branded a failure because of its inability to meet expectations. So it is
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
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 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
The marketing mix The marketing mix is probably the most common phrase in marketing, the marketing mix refers to the elements in the marketing tactics, they are price, product, place and promotion, also referred to as the four ps. A business can change how they market a service or product by changing one of the elements in the marketing mix. It is very important for business to pay attention to their marketing mix, since it is essential for marketing an item and will enable you to change how you market an item by changing one of the four ps. You can compare the marketing mix to a cake mix. All cakes contain eggs, milk, flour and sugar. However you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar. It is the same with the marketing mix. The offer you make to the customer can be altered by varying the mix elements. So for a high profile brand increase the focus on promotion and desensitize the weight given to price. In my business I will be targeting many different segments. In the marketing mix we use segmentation to focus on different groups of customers, we do this to aid our marketing mix. Since my business is a clothes shop I will be targeting four major segments, they are age, gender, income and lifestyle. I will be using a mass market, as I will be producing many of the same clothes. I will not use a
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
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
