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
Marketing mix & 4P's The 4 P's are product, price, place and promotion, which are: Product, price, place, promotion Product- These are some of the things that make a product. Market or product driven: Market driven firms will use a market research to find out what people want and then make the product. These products are usually useful. Product driven products are new products that re made or invented and tried to be sold. This often means they make something no one likes. Detail of the product: The design must be fit for its purpose. The product name must be attractive. Firms usually build up a brand name, this usually makes their product different from others in the same market and can help to build up customer loyalty. Product life cycle: There are five different stages of a product in terms of production, but this can vary for example the life of most lorries may be 10years where are the life of a MP3 player may be only a few months. These are the five stages: . Development is where the product ideas are brought together. This stage involves market research. 2. This is the launch stage, this is the stage were the product is first put on sale. This stage usually backs up with lots of advertising and promotion. 3. This is the growth stage, this is the stage where the sales and profitability gradually increases until the product becomes well established. This
Marketing mix - Poppets.
Contents . Introduction 2. Questionnaire 3. How I did Questionnaire 4. Shop survey 5. Methodology 6. Application of marketing mix 7. Product 8. Price 9. Place 0. Promotion 1. Packaging 2. Analysis of Poppets national questionnaire 3. Questionnaire Results 4. Recommendations Poppets Questionnaire Are you male or female? Male Female How old are you? 0-12 13-16 17-25 10- 26-40 40+ Do you eat sweets? Yes No How often do you eat Poppets? Daily Weekly Monthly Less then once a month What flavours do you eat? Mint Toffee Hazelnut other How often do you buy them? Daily Weekly Monthly Other Where do you buy your sweets? Asda Tesco Co-op Post office Newsagents School Leisure Centre Other How much are you willing to spend? 0-10p 10-20p 20-30p 30-40p 40-50p 50-60p 60-70p 70p+ How often do you see Poppets Adverts? Daily Weekly Monthly Never seen one Poppets Questionnaire (page2) Rate Poppets out of 10 1 b 2 3 4 5 6 7 8 9 1 10 Where do you live? Stowmarket Needham Market Haughley S Stowupland Ipswich Where do you notice adverts most? TV Cinema Newsagents Bill
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 - 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
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
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
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
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
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
