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 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
Marketing mix
Marketing mix Product The product is the most important aspect of the marketing mix. The product can be a service or even a holiday destination. Products have both tangible and intangible benefits. Tangible benefits include benefits, which can be measured such as the top speed of a car. Intangible benefits are benefits that cannot be measured such as the enjoyment the customer will get from the product. It is important that the product is changed as necessary to bring it up to date and prevent it from being overtaken by competitors. I'm going to selling a travel service using air travel. It will be a low cost airline that will fly from a variety of different airports in the UK notably in the north where no low cost airline is available, and to a range of different European destinations. I will be offering customers the lowest prices as well as complete customer satisfaction. Hopefully I will be able to compete with the current cutthroat competition in today's airline industry. The research I acquired from various sources helped me to learn hat customers actually want which is basically hassle-free cheap and quick travel. I also learnt essential tips about starting up an airline, for example the biggest mistake airlines could make when starting an airline service is over ordering too many aircrafts. I will aim to position my product in the minds of the customers by
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
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
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
The Marketing Mix.
INTRODUCTION For my Investigation on Payne's Poppets I shall be investigation ways in which the company can be improved using all the factors of the marketing mix and also economies of scale I shall combine all this information to produce a final assessment and recommendation sheet on how Payne's Poppets need to improve using the marketing mix as a guideline. The Marketing Mix The Marketing Mix is made up from the four P's: Product- what the customers want to buy. Price- this must be one that the customer thinks is good value for money. Promotion- this is to make potential customers aware of the products existence. Place- this must be positioned conveniently for the customer to buy the product. If gets the four P's correct then they will be successful as it will be easy for them to attract customers. The Product Payne's Poppets product will be the showing of films, bowling games and refreshment sales. Payne's will need to be able to provide viewings of newly released films, keep the furnishings maintained and employ friendly and courteous staff in the cinemas and in all other sections of the business to ensure that their customers will return. Price The prices that the products are to be sold at should be at a level which the customer will believe to be value for money and not just cheap, as this may sometimes be thought as a reflection of the quality of the
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
THE FOUR P'S The 4 P's in Marketing The four P's in marketing are Product, Price, Promotion and Place (Distribution). Marketing mix The marketing mix provides us with a useful way of looking at the marketing of products. Businesses will need to create a successful mix including the right product or service, to sell it in the right place, at the right price and using the most suitable form of promotion. All successful businesses follow the four P's format and Converse is a good example of a company that successfully uses this marketing strategy. We already know that the simple mix is often referred to as the four P's of product, promotion, price and place. This is a very easy way of looking at what has become a very difficult business environment and has at times been felt too simplistic and restrictive in terms of the real mix and what should be the fullness of our understanding. In recent times, therefore, it has been expanded to include three more P's with the additional elements of people, provision of customer service and process management. People People have been known as the greatest advantage of a modern business. The main thing is that everybody who works for my business is a customer, either the internal or external customers. Both sets of customers expect to be supplied with the service they need if it's on time or specified. This principle holds well for
Marketing Mix - The 4 Ps.
Marketing Mix - The 4 Ps "Strategies are broad statements of the action to be taken to achieve the objectives identified in the plan. Marketing strategies are all the methods used by an organization to achieve its long term marketing objectives. They will specify * A target market the group of customers to whom a company wishes to appeal * A marketing mix the controllable variables the company puts together to satisfy this target group. Marketing tactics, on the other hand, are the methods used by the organizations to achieve its short term marketing objectives. Note that the distinction between strategy and tactics is in terms of broad statement/ detailed statement and long term/ short term plans. Both are expressed in terms of the elements of the marketing mix- the 4 Ps. Programmes or plans of action (tactics) Programmes specify what has to be done, who is to do it and by when. Programmes are developed for major functional areas within marketing. For example: * The sales plan will include details of territories, distribution networks, control systems and sales teams; * The promotion plan will specify, in detail, the forms of promotion that will be employed, as well as how and when they will be used; * The market information plan will specify the details of the market research effort. The programmes or plans of action will be expressed in terms of
