Elements of the marketing mix.
Assignment 2 INTRODUCTION This assignment is designed to look at products and services, their characteristics, life cycle stages and new product development. It will also look in more detail about the marketing mix, mainly at the differences between selling goods and selling services, and the importance of price in the purchase decision and the distribution and communication channels used within the organisation. The report will relate all theoretical concepts to a work environment. The work environment I am going to link with this marketing report is the company I work for, TD Travel Group. TD Travel Group is an independent corporate travel organisation that takes the frustration and confusion out of business and group travel arrangements using its specialised services. TD Business Travel Management co-ordinates air travel worldwide as well as catering for car rental, rail tickets and sea crossings. They also offer a number of specialist facilities including organising currency, the procurement of passports and visas and running a 24-hour emergency help line. The Special Events department takes a fresh approach on every brief in order to deliver a perfectly organised event, whether it is a conference or a skiing trip. TD Roomfinder use their years of experience in the business of dealing with hotels in order to ensure the best deal for their clients looking at both
Marketing Mix - examples from Sikorsky Helicopters.
ELEMENTS OF THE MARKETING MIX Elements of the Marketing Mix Richard Fenton MKT421 July 16, 2012 Eve Bisenz-Johnson ________________ Elements of the Marketing Mix Today's organizations acknowledge marketing as an important piece of their potential success or failure. A solid marketing strategy is most valuable asset to assure that an organization's marketing operations is doing well. Market plans entail making goals, evaluating new opportunities, formulating marketing strategies, and coming up with marketing programs. Business plans include the development of a market strategy is around a product or service. Marketing strategy is a business's path toward becoming a profitable organization. The marketing mix are important parts of an organization's marketing plan. The Four Ps concept best illustrates the marketing mix. Price, promotion, place, and product are the Four Ps of the marketing mix. Most people have a misconception that customers are a part of the marketing mix. However, customers are only the targets of an organization. “The basic reason to focus on some specific target customers is so that you can develop a marketing mix that satisfies those customers’ specific needs better than they are satisfied by some other firm" (Perreault, 2011). Product A good or service produced by organizations for a target audience is the product. A organization's
The Marketing mix Price
Task 6 - The Marketing mix Price Cost based - It is when a business works out the total cost of producing a product by adding together all the fixed variables costs. Then it adds an amount for a profit, often called mark up, to give the selling price. The mark up is usually expressed in the form of a percentage. For example, if the kosher food shop works out that the total cost for producing a kosher chicken is £10. They decide they want to add a 10% mark up to create profit for them. This would give the following calculations: Total cost £10 Percentage mark up per chicken 10% of the total cost £10 x 10 divided 100 = £1.00 Total price = £11.00 Market based - It is when a business looks at how much other business are selling a product for and selling the same product for around the same price or maybe a bit lower to gain the advantage amongst its competitors. For example if a kosher chicken at La Boucherie cost £11.00, my shop will sell it at £10.60. This generally happens in an environment where there is a lot of competition and opposition. Promotional pricing - Pricing to promote a product is a very common application. There are many examples of promotional pricing including offers such as Buy One Get One Free and 2 for the price of 1. Skimming pricing - Charge a high price because you have a large competitive advantage. The high price attracts new
Poppets - Current Marketing Mix
Poppets Coursework task 3 - Current Marketing Mix The marketing mix is very important for all products. The 4 P's - Product, Price, Place and Promotion - are an integral part of a product's marketing. If these 4 P's are not right, the company could aim their product at the wrong market, price themselves out of the market, or not distribute enough of the product. In each case, the company would face serious problems. The 4 P's are therefore vitally important. The confectionary market in general uses the 4 P's. The product has to look appealing and obviously taste nice, as well as meeting the customer's wants. Confectionary is a want, not a need, and therefore the product must offer something special, a Unique Selling Point to attract the customer. The packaging must be carefully designed to appeal to the target market, as impulse buying accounts for a large proportion of sales in this market. The pricing is also important in the confectionary market, as all products cost roughly the same. Confectionary is generally aimed at younger people with not as much money to spare, and so the price is very important. Confectionary has to be sold in the right place, which is where distribution becomes important. If the product is not readily available, then the impulse buying public would be unable to see the product to buy it. So it is important that confectionary is sold in local
coca cola marketing mix
A key factor in Coca Cola's success is its power in the industry. Although it has major competitors such as Pepsi and Virgin Cola, it owns the vast majority of soft drink selection. The company owns Schweppes, Oasis, 5 alive, Kea Oar, Fanta, Lilt, Dr Pepper, sprite and the sports drink Powerade. This is good for the company but reduces the buying power of the consumers, as there is less choice, creating greater selling power to Coca Cola. This means that Coca C ola can stop any new competitors coming into the market because it has so many brands that a new company would have to spend billions on marketing a new a product to compete against Coca Cola. Coca Cola that has large profits may be able to reduce prices, which it could take but a new competitor would not. Its large portfolio means that it can sell to all types people who have different taste Marketing mix Pricing strategy is an integral part in a companies long term objectives. In order for Coca Cola to survive and prosper it is vital that they choose the right strategy where value for money and profitability are balanced. As Coca Cola is a huge organisation in which it operates a franchising system which supplies to over 1200 bottling operations world wide it is able to keep manufacturing costs down, thus increasing profitability. Although Coca Cola is the most famous and the most popular soft drinks supplier it
The Marketing Mix - the Five Ps.
INTRODUCTION According to palmer (2004; 576), “the marketing mix refers to the choices available to a company or organization regarding the promotion or marketing of its product or services. Usually this process involves considerations regarding where the marketing will take place, the product or service, the customers, and the best way to carry out the promotion as a whole.” The marketing mix is not based on any theory, but on the need for marketing managers to breakdown their decision making into a number of identifiable and actionable headings. The familiar 4ps marketing mix, firmly based on the needs of the manufactured goods sector has given us the four familiar 4ps of product, price, promotion and place. These 4ps have been found to be too limited in their application to services, however the 4ps have been expanded to the 7ps to address the different nature of business. PRODUCT Product offering lies at the heart of an organization’s marketing program is usually the starting point in creating or marketing mix. Product is everything, both favorable and unfavorable that a person receives in an exchange. Dynamates Public Relations consultancy is a new company which will be offering services to other companies. This company should provide services that satisfy the needs and wants of the target market. The importance of a high quality product and services that
Current Marketing Mix for Payne's Poppets.
Current Marketing Mix for Payne's Poppets. What is the Marketing Mix? The marketing mix is the successful implementation of four aspects. A correct mix of these aspects will result in a product or service being marketed successfully. The four aspects of the marketing mix as mentioned before are * Product - something that the customers would want to buy * Place - where the business is selling this product, at a place, which the target market would frequent. * Price - the cost of the product should appeal to the customers whilst also generating profit * Promotion - attracts and raises awareness of people towards the product. The marketing mix is important because having the correct marketing mix can make the difference whether or not a product is successful. The Marketing Mix is closely linked to Market Research, from which a suitable marketing mix can be drawn up. In this section I will research and analyse the current marketing mix employed at Payne's under the four headings: product, price, place and promotion. The information collected will be from the Payne's website and through other such sources. Product From visiting the product range page on the Payne's website at www.paynes.co.uk, I have found out that Payne's have a selection of products, which they market which include "Just Mints", "Just Brazil's", "Just Almonds", "Just Hazelnuts", "Lift" and also
The Marketing Mix.
E1. The Marketing Mix Promotion There are many methods I can use to promote Classic Cola. I can use above the line promotion methods, where I can use media to get through to potential and actual customers. I can also use below the line promotion, such as personal selling. But I think I will use above the line promotions methods as I think it will be more affective. I will use television adverts as over 90% of homes have television sets in them. Also I will have the choice to choose the timings of when I can advertise Classic Cola, as different advertising spaces during the day target different people. Price I will have to chance the price of Classic Cola from the current price, which is 64p for a 2-litre bottle. I have decided to change the price to 55p and lower as time goes. I say this because I will make sure the production of Classic Cola will benefit from Economies of Scale, which then I can pass the benefits over to the consumers via lower prices. Place I will also place Classic Cola in national and international stores, in order for more people to actually know and buy the product. I say this because not everyone has seen or heard about Classic Cola, so by placing the product nationally and internationally there is more change of people taking an interest in the product, resulting in an increase of sales for Classic Cola. Production Classic Cola is a
Thorpe Park Marketing Mix
Contents Page * Introduction * Market research * Questionnaire * Results * Market research analyse * Marketing Mix * Product * Price * Promotion * Place * Recommendation * Conclusion and issues for the future Introduction During this project I am aiming to produce a marketing strategy to increase the number of visitors to Thorpe Park. Thorpe Park provides a fun packed day for the whole family with a wide range of rides from fast to slow, big to small. Not only do they have thrilling and breathe taking rides but also a wide variety of food restaurants and snack bars ready to cater for all your needs. In order to produce an effective marketing strategy I will use market research. This will help me find out various information such as what type of rides people want, why people visit Thorpe Park and what would persuade them to attend the park more often? I will also research the local competition in order to make Thorpe Park the most appealing to potential customers. I will do this using benchmarking as it will show what Thorpe Park are doing wrong but also what they are doing right. This will allow them to improve their products and customer services. During my market research I could use both primary and secondary research as they would enable me to gather information through things such as the internet, questionnaires and newspaper articles. Different types
The Marketing Mix
The Marketing Mix is made up from the four P's: Product- what the customers want to buy. Price- how much I will sell my product for Promotion-this is the advertising for my product. Place- I must be positioned conveniently so it is easier to sell my product. Product My products for HeLp SkAteS will be skateboard decks, clothing, and wheels. I have used Market Research into what my products should be and how I would make and design them so that the consumer will want to buy them. Price The prices that my 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 product they will receive influencing their final decision on whether or not they will purchase it. I could use one of the following pricing strategies to sell my product at depending on what my market is like: Penetration Pricing-is where a firm charges a very low price when the product is new, and is used to increase the interest from customers. Skimming-is when firms charge a high price to make the product seem desirable to customers who have a larger income Destroyer Pricing-this is when firms charge prices which they know are unprofitable for their competitors, driving them out of the market. However this is illegal. Price Discrimination- this is charging different
