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Four p of marketing mix essay
Four ps of marketing approach
Four p of marketing mix essay
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When creating a marketing mix for a product, the company needs to look at the 4Ps: product, place, price and promotion (Eugene McCarthy, 1960). “When considering the 4 P’s of the GoPro, it is clear that the company’s success has been due in large to such great marketing.” (Suki Chan, 2013)[1]. · Product- GoPro primarily creates cameras, but it also offers mounting accessories and other additional accessories such as camera cases and spare batteries to use as well. · Price- the prices depend on the quality of the camera. The cheapest is the Hero 3 White Edition at £199.99, and the most expensive is the Hero 3+ Black Edition at £359.99. They offer free shipping around Christmas time to encourage sales. (GoPro website) · Place- GoPro is available to buy online, however you can purchase some of the accessories in stores such as John Lewis in the UK. There are locations available all over the world though such as Australia, New York and Austria. · Promotion- In our essay we will be focusing fundamentally on the promotion side of the marketing mix. Swot Analysis Strengths · Unique Products- there is nothing that functions quite like GoPro in the media world · Technology- GoPro has been able to produce a digital waterproof camera which is relatively advanced compared to others · Use of social media for promotion- word of mouth and social media help to get the message across and promote the product efficiently Weaknesses · Lack of market- GoPro’s target audience is small as it primarily directs sports enthusiasts who are in real need of the product · Expensive- the price is very high so the product is not likely to be bought on the whim · Slow at carrying out research- compared to Sony... ... middle of paper ... ...social media to promote their cause. They use home videos and unprofessional shots for their adverts, which gives them a personal touch. Reinforce- making the most of their 1,547,934 YouTube subscribers and their 6,800,000 Facebook likes, GoPro do video and photo of the day, which keeps their followers interested. It also keeps it fresh in their memory that GoPro is still proactive in promoting their product. Inform- these daily videos and pictures are easy to share amongst friends and others, therefore spreading the word even more. They can also be used to inform when there are new models of the GoPro and also informs in ways how you can use it to create unique imagery from different viewpoints Persuade- through all of their followers on social media, they can easily encourage them to share the videos and photos posted as well as asking them to post their own
Due to the various options of distribution channels their prices vary. Consumers take that into consideration when purchasing their products.
Anyone connected to social media has, at some point, had a video or photo appear in their feed that the entire world seems to be watching. The infamous dress that ignited a global debate on its colour, the Old Spice man stepping out of the shower, or Susan Boyle belting out I Dreamed a Dream. These are all moments that humanity has shared over digital space by means of rapid social distribution, or by ‘going viral’.
Price increases in the raw material mean that prices needed to be increased, but customers were still willing to pay for a quality product.
A celebrity status is a brand which is built on values, behavior, attitudes, hobbies and charity activities. Maintaining a reputable brand is critical for social media celebrities; a brand that people can trust, relate with and one which will remain relevant in years to come (Evans 2010, p 249-250). Social media is essential for growing a celebrity’s fan base as well as creating a platform where such a person can market a brand and connect with fans in a more personal way. In this way, fans will easily relate with the activities a celebrity does and will be ready to give support (Hallam, 2013).It is important for celebrities to communicate their values to their fans. Their fans should know them for what they do. People will be interested in a Face book brand page or follow somebody on Twitter because they are inspired by their messages and can relate to personalities that attract them. Oprah Winfrey was the director and host of the highly rated Oprah Winfrey show. She also is the founder of the Oprah Winfrey network. Oprah has inspired millions with her values of transparency and philanthropy because she has successfully been able to communicate her “Oprah” brand on Facebook and twitter. Even though Oprah is a very popular and influential person, she is considered a friendly person who can be approached by people of low social status. A
GoPro is officially the best-selling camera in the entire world and the company has doubled its sales figures every year since its creation, expecting to make a billion dollars in 2013 alone (Cade, 2013). GoPro’s owner and creator, Nick Woodman, Ernst and Young’s National Entrepreneur of the Year 2013 (Jewish Business News, 2013), believes that the company’s strategies of aggressive marketing and strong use of social media, as well as the constant advancements in consumer technology are the reasons for the unrivalled success of GoPro (Mac, 2013). The camera is ever improving and the company is world renowned for its marketing methods. With the release of the Hero 3+ Black Edition two months ago, one must ask, can anyone compete with GoPro? Well it certainly won’t be easy, as the point-of-view camera company Contour recently found out.
Must have their own social media account that is up-to-date and have an understanding of social media
... device makes them think several times before making the buying decision. Moreover, the design of the product can also have an impact on the growth of wearable technology since people would buy it only if they find it trendy and aesthetic. With Google Glass, for example, consumers did not like its look as they felt that it made them look nerdy and they want something which looks cool and would add to their personality. The design of the device should be appealing enough to draw consumer attention so that they are interested in buying the product. Another limitation is that consumers would have to take off the wearable devices when visiting certain places where activities such as taking of photos, videos, etc. are prohibited. Consumers may find it tedious to take off and put back the device as they visit certain places and they may be less induced to buy the device.
The marketing mix is primarily made up of four variables, and they are product, place, price, and promotion. These variables are often referred to as the four P's. Many sources often describe the marketing mix as a recipe used in developing a viable marketing strategy, with each ingredient being used different ways and at different times based on the product or service one is trying to market. This paper will utilize three sources to describe the elements of the marketing mix. It will also describe how each one of the four elements of the marketing mix impacts the development of an organization's marketing strategy and tactics.
The equipment that you need is dependent on what you want to do and how often you think you will be doing it. It you are looking for something to take vacation pictures, you probably do not go often enough to invest a lot of equipment in a camera.
What are the elements of the marketing mix? There are four elements, which are product, place, price, and promotion. Organizations use these four elements of the marketing mix to make a profit on the product or service that they offer. The following will discuss the four p’s of marketing, and describe how each one of the four elements of the marketing mix impacts the development of a specific organizations marketing strategy and tactics.
What better way to know which gadget works best for you than to check out what other users has to say? Whether you are buying a mobile phone or camera, it pays to read feedback and comments from people who already have firsthand experience in using a gadget. The same concept should be applied when deciding which camcorder to buy. As what you will discover in this Panasonic AG-AC90 AVCCAM handheld review, it is great value for your money.
... the phone and is able to dial out and have connection to the satellite. There are other digital cameras, but none of them have the capabilities that this camera will have. Apple market value and market shares will increase since they will not be selling or marketing just to one country, but will be marketing their product through strategic alliance with their suppliers to several countries. Apple will have a strategic alliance with Logistics to make and sell their product with local vendors, because of the uniqueness of the camera being able to make phone calls to the consumer to alert them of activity around their house. The consumers can even send the information to the cloud for future reference to be stored in a database or downloaded on a computer. It should enhance sales and be used in any geographical area, helping the communities to prosper globally.
Product. Companies that follow this approach try to create a consumer product or service that is supposed to be unique or better than that of the competitor 's. Uniqueness or some upgrades in the product were believed
Explanation: This act of having many people use the camera creates a bandwagon appeal becauses it causes people to think that everybody uses this camera, so they should too.
There are many kinds of cameras available today, but not all cameras are created equal.