Marketing Mix
Marketing Mix Marketing Mix: Marketing mix is simply a technique used to promote a product or a service, which can consist of many factors such as advertising, pricing, packaging, labelling, branding and boosting the product/service provided. Marketing mix is applied to most, if not all products and services provided by any company in the private sector, with the aim of increasing sales or demands for a specific product/service. Companies use marketing mix techniques to increase sales on certain products. E.g. they may use "Premium Pricing" on certain products and services. This means that the product or service will have a very high price, however, it will be worth it as the product or service may be unique, luxurious or may have a special designing and etc. Premium pricing is always aimed at higher class people who would be able to afford such products services, and any high street stores would also be located in a posh area. Marks & Spencer is a typical example of a company which uses premium pricing, as their products are considerably higher than other average or unpopular brands. However the quality of their products is also higher, and although the prices more expensive the company still manages to make profits. "Penetration Pricing" is also another technique which helps companies increase sales. This is when a product or service is new or is not very popular,
The Marketing Mix
E1. The Marketing Mix A. 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. B. 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. C. 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. D. Production Classic
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.
Marketing Mix
Principles of Marketing Coursework: The Marketing Mix Sumeera Noreen 07815383 The marketing mix, or the 4Ps as it is most commonly known as, is a "set of controllable tactical marketing tools...that the firm blends to produce the response it wants in the target market." (Kotler et al, 1994, p.48) It consists of four major elements: product, price, promotion and place, which are used in order to satisfy the customers in the marketplace. Getting the mix of the four elements right is crucial in order to successfully market a product. The concept of the marketing mix was first introduced by Borden in 1965, which originally included twelve variables of marketing. McCarthy reduced the model to four elements, that is the 4Ps. These four variables are interrelated; decisions in one area will affect decisions in another. "Marketing mix variables are often viewed as controllable variables because they can be changed. However, there are limits to how much these variables can be altered." (Dibb et al, 1994, p.17) Product refers to any type of good or service that the company wants to sell. The success or failure of the product depends on the product's features and design, branding and packaging. The product is the most important element of the marketing mix because if the product is not good enough and fails to satisfy the needs of the customers, then no amount of promotion,
The Marketing Mix.
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
Marketing Mix.
Marketing Mix is the combined elements of the product put together which will determine the success of the product. For example if the product has a very good marketing mix then that product is more likely to succeed it will do this by increasing potential customers and then converting them to actual customers. If the marketing mix is not carried out with long thought then the product may fail eg by not making many any sales and profit and this is why having the correct marketing mix is a vital component when producing and selling a product There are four main aspects when it comes to Marking mix these can be collectively known as the four P's: * Product: this can be further broken down into 3 levels which are the core layer: benefits of the product, tangible layer: the features of that product ie what it does, the augmented layer: any other services or benefits that are obtained when buying the product. * Price: One main factor of the price for the product will depend mainly on competition prices and after the product has made a successful impact on the market then the price will be more influenced by supply and demand. * Place: This is the location of where the product is presented and will then increase or decrease potential buyers. * Promotion: This gets your product noticed and if presented well it will increase the amount of potential buyers for your product.
Marketing Mix
Marketing Mix Below is a detailed description of the four P's; these in the right combination can lead to a product being successful. Product- it is essential for the product to appeal to as many people as possible in order for it to be successful unless the company attempts to establish a niche market (this is a specific segment of a large market which will often only appeal to a select range of people and it is often priced fairly high e.g. organic foods) the product must meet the demands of customers in order to appeal to them. The company will have to decide on what the function the product will do and the design the product will have. Market orientated research will also have to be carried out (primary & secondary) in order to have knowledge of what will appeal to the customers. My initial idea for the product is to produce a chocolate/fruit flavour energy bar; my product will establish a niche market. Product range which is when a different design of a basic product attracts different market segments, should be kept in mind as in the snack market this has proved to be successful in cases such as Cadbury's buttons. Price- the price of a product is an important selling point, as the customer will want to be able to buy a product of high quality at a low price. In order to compete with similar products the price of the product will have to be reasonable and the product
marketing mix
Running Head: Marketing Mix Marketing Mix Paper Marketing/MKT-421 Marketing Mix Paper Have you ever watched a commercial on TV and wondered how somebody created some of these crazy ideas/schemes to entice people to buy things? Make no mistake about it, it's not just some lucky person developing slogans; it's a specialized team that is highly trained to analyze customer needs and carefully develop a strategy to market their goods/services in the economy. The field of marketing is fast becoming the most effective way for businesses to improve their overall performance to compete in today's global economy. Most successful companies have learned by trial and error that catering to needs of their customers, providing quality goods/services, and providing good customer service strengthens continued sales and profits. Marketing oriented companies are also customer oriented and take into account customer needs by focusing on creating goods and services that will outshine their competition. Conducting research is crucial when attempting to identify specific requirements of both existing and potential customers. Marketers maintain open lines of communication between a company and its customers to ensure the success of any marketing method. Over time, customers become loyal and will buy again-and-again as well as provide free word-of-mouth advertising undoubtedly resulting in
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
marketing mix - price
Marketing Mix - Pricing There are a number of pricing policies which a business may adopt. The choice of policy depends on: Market-led pricing This method is where a business accepts the price at which competitors are charging at sets its price at the same level or slightly lower. This is usually used in a market were there is a strong number of competitors. My product would fit into this category as there is a lot of competitors in the drinks market. Cost-based pricing Were you work out the businesses total fixed and variable costs and then adding on the percentage profit. The calculation is as follows- Skimming This is often used in a market were there is little competition. A high price is set initially when the product gets a bit older people aren't as willing to pay as high a price so the price is lowered. The large price at the start gives a feeling of high quality. This would not be very suitable for my product as there is two many competitors in the drinks market and this method is usually used on new hi-tech products. * Penetration pricing This is where a low price is set initially in order to gain customers then the price increases when the customers realize the quality of the product. This method could be used for my sports drink product as I could set the price low to begin and then increase the price when the customers realize the
