AVCE Business marketing mix
AVCE Business The Marketing Mix Brief Five All businesses need a marketing mix to achieve its marketing objectives. The marketing mix refers to the factors known as the four P's * Product * Place * Price * Promotion In marketing, product refers to both goods and service. Goods are physical objects, such as sports clothing, home entertainment equipment or food and drink. Services involve a combination of skills, information or entertainment, such as football match, use of a swimming pool or a theatre production. There are three critical factors to consider when developing a product: * Product characteristics * Position of the product within the product life cycle * Brand image of the product Without one of these three factors the product will not sell to its potential. Product characteristics like the brand are very essential when developing a product. Branding is the process that gives a product or service a distinctive identity with the aim of creating a unique image that will make it easily identifiable and separate from its competitors. For example, in blind tests 51 per cent of people prefer Pepsi. However, when customers can see the brand that they are drinking, 65 per cent say that they prefer Coca-Cola. What these 65 per cent of people are in fact saying is that they prefer the brand represented by the Coca-Cola image rather than the product itself.
Marketing Mix.
Marketing Mix Product Products can generally be classified under two headings - consumer products and producer products... Consumer products Purchased and used by individuals / citizens for use within their homes and these products fall into 3 categories: - Convenience products. Fast-moving consumer goods (f.m.c.gs) sold in supermarkets, such as soap, chocolate, bread, toilet paper, etc. These often carry a low profit-margin Producer products Purchased by businesses and are either used in the production of other products, or in the running of the business. For example, raw materials (timber, steel), machinery, delivery vehicles, and components used to make larger products (e.g. tyres and headlights for vehicles). A product line is the term used to describe a related group of products that a business produces (e.g. a business may produce televisions, and its product line may include portable televisions, 12-inch screen models, 18-inch screen models, televisions with a built-in video facility, etc). Product mix is the term used to describe the different collection of product lines that a business produces (eg the same business may also produce video recorders, camcorders and computers, as well as televisions). Most businesses will wish to change their product portfolio over time. This can be the result of changing consumer tastes, replacing those
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
Elements of the Marketing Mix.
Marketing Mix 1 Elements of the Marketing Mix Mrs. Fields Famous Brands Debbie Blakesley Marketing MKT 421 Nicholas Skelton February 23, 2004 Marketing Mix 2 Elements of the Marketing Mix Mrs. Fields Famous Brands E. Jerome McCarthy identified the principals of marketing when he wrote his book Basic Marketing. This marketing concept is over 40 years old and has been the topic of many marketing books and journals. The marketing mix includes the four basic P's, that include Product, Price, Promotion and Place. These elements support the basic goal of marketing, which is to find the need of the customer and fulfill that need. Product is a description of the product or service your customer desires. Product features, quality, instructions and installation are elements that fall under the product category. When determining the Price of a product, the strategy should include the objective of the company to make a profit. Pricing strategy should also address any discounts applied; the demand for the product and flexibility needed when introducing the product (Cohn, 2003). Promotion is about the communication to the customer. How is the information about the product going to be received or perceived? What method of communication is going to be used to send the message to potential customers? Promotion is about advertising the product and what media type
Marketing mix of McDonalds
Marketing Objective A marketing plan must be created to meet clear objectives. Aims to lead marketing efforts and are used to measure how well the plan works. They may be related to market share, sales, goals, reaching your target audience and build awareness in the market. Objectives communicate what marketers want to achieve. Long-term goals are divided into short-term measurable objectives which McDonald used as milestones on the road. The results can be analysed regularly to see whether the objectives have been achieved. This type of feedback allows the company to change plans. This gives you flexibility. Once marketing objectives are set next step is to determine how they will be achieved. A marketing strategy is to determine how the objectives will be delivered. It explains what marketing actions and resources will be used and how they work together. Marketing mix of McDonald’s Marketing mix and consists of various elements in the following way, which form the backbone of the company, the economic system and thus contributes to the achievement of marketing objectives. Marketing mix of services for McDonald's is as below . Product McDonald places a strong emphasis on developing a menu that customers want. Market research defines exactly what it is. However, customer requirements change over time. In order to meet these changes, McDonald's has introduced new
Sony Ericsson Marketing Mix
.0 INTRODUCTION In the corporate world today, marketing is the vital component needed to increase the profitability of a company, increase the rate of longevity and boost the sales of a certain product or service. This certainly applies in the telecommunication industry especially when there are so many mobile phone providers in the market that caused the industry to be extremely competitive. But what is marketing? Marketing is the general term used to describe all the process that lead to final sales, including the planning and executing of price, promotion and distribution to satisfy individual and organizational needs. (Erickson, 1996). From the definition above, it is seen that marketing is not just selling a product and service but an essential part of business to ensure the success of a company. Sony Ericsson Mobile Communication is a global provider of mobile multimedia devices, and it is a joint venture of Sony Corporation and Ericsson (www.sonyericsson.com). It is one of the most successful mobile phone providers that implemented the concepts of marketing and gained competitive advantages within the industry. In this report, I will be explaining on how Sony Ericsson has serviced me as a customer, and how they maintained my loyalty towards their products. 2.0 The Marketing Mix The marketing mix is a general term used to describe the different kinds of choices
Marketing Fundamentals - The marketing mix and relationship marketing
Marketing Fundamentals Introduction In 1964 Neil H. Borden published the article: The Concept of the Marketing Mix. The marketing mix in Borden's concept originally included "product planning; pricing; branding; channels of distribution or place; personal selling; promotions; advertising; packaging; display; servicing; physical handling; and fact finding and analysis," (Zineldin and Philipson, 2007, p231). According to this concept, the list of twelve ingredients of the marketing mix is adjustable. It could depend on what kind of elements or areas researchers want to focus on or emphasize to change more, but in The Concept of Marketing Mix, Borden (1964) already explained explicitly why he chose the twelve elements as the marketing mix. However, even though the idea of the marketing mix is derived from Borden, the 4Ps marketing mix which is known to the public was introduced by Jerome McCarthy: Product, Price, Promotion, Place (Constantinides, 2006; Gummesson, 2008). As Anderson and Taylor (1995, p2) claim: "The major step in popularizing the marketing mix was the publication of Jerome McCarthy's, Basic Marketing: A Managerial Approach in 1960." The purpose of this paper is to discuss whether the marketing mix is still a suitable approach to modern day marketing. For instance, with new technology and subsequent changes in people's lifestyles, new marketing concepts are
The Marketing Mix
The Marketing Mix The marketing mix is looking at the right product, at the right price, what media to use and to use the right place. These are known as: * Product * Price * Promotion * Place Or the four P's The product is determined by market research, which is when the business finds out the wants and needs of consumers. They will look at competitions and what they can afford. The decisions that need to be made before the product is created are: * What the product will look like * What ingredients or components are to be used in it * The packaging to use The price is also determined by market research. The research and development department will look at al the leading competitors and try to offer something unique and at a lower price. There are three different types of pricing. They are: * Skimming * Competitive pricing * Introductory pricing Skimming This is used for the luxury or niche market. A niche market is a market that sells something to only a few people because only a small group of people need the products. An example of this is products for extreme sports such as skateboarding. Competitive This is used on most products as a method of keeping up with competitors prices. The company will look at rival prices of a similar product and then match or make the price lower then its competitors. This is a good way of attracting more customers.
Cadbury marketing mix
In this task I will analyse the information I gathered the task 3 and discuss how it helps Cadburys meet their aims and objectives. I will be discussing the marketing mix, teams and enterprising behaviour. Marketing mix I will talk about section product 3, which is in my task 3. It is the newspaper article I have found on the telegraph website. It is about how Cadburys are planning to bring back the Wispa chocolate bar after an online campaign on websites such as Facebook and MySpace. This shows market research for products as they have investigated on the Internet whether their customers want the Wispa chocolate to come back. Also Cadburys said they are "frequently contacted by consumers" this shows Cadburys have good communication lines with their customers and are willing to listen to what the customer wants. Also this portrays Cadburys will take customer opinions into consideration. This newspaper article also shows Cadburys are willing to take a risk, but be sensible about it. This is shown as instead of Cadburys making 100 millions of Wispa chocolate bars, they made an initial run of 23 million, and this tells us that Cadburys are being rational about the re-launch of Wispa. This will help succeed the aim 'Profitably and significantly increase global confectionery share', Cadburys a bring a old idea back which the public want therefore result in strong growth in the
