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Corporations need efficient strategy planning to carry on in our aggressive markets. This does not call for the company to come up with a strategy, but to figure out which strategy is best for them given the objectives and resources. They must also consider the strengths and weaknesses of the company as well as opportunities and threats. To enhance the aptitude of the companies, a marketing strategy is introduced. The marketing strategy will create lucrative marketing mixes for defined target markets. The marketing mix is composed of four key elements to execute or examine for marketing campaigns. The chief goal of the marketing committee is to optimize the marketing mix. Marketers can enhance their outcomes and marketing value by implementing the right combination of the four P’s. Discrete alterations made to the marketing mix are looked at as tactical changes, while rendering huge changes to it can be considered strategic. The “Four P’s” of marketing are: product, price, placement, and promotion. Product: A product is an object or a service that is mass produced or manufactured on a large scale with a specific volume of units (Australian Business Case Studies, 2008). This piece of the market mix also encompasses how the product is packaged, the overall performance of the product/service, and the design and structure of the product. Pricing: The price is the cost that a buyer pays for a particular item. Pricing is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product (Wikipedia, 2008). Pricing will vary due to demographics. Additionally, the product’s price will also be influenced by the competitive forces around the... ... middle of paper ... ... it out. References Australian Business Case Studies. (2008). Marketing Mix. Retrieved on August 3, 2008, from http://www.afrbiz.com.au. Cina, Mark.(2002). Toyota Uses Unique Marketing Strategy For Scion. Retrieved on August 3, 2008, from http://www.popularmechanics.com/automotive/new_cars/1270196.html?page=2. Gonzalez, Hector. (2005) Keepin' It Real' -- Will Corporate Sponsorship Build Up or Tear Down Urban Culture? Retrieved on August 3, 2004, from Marketing mix. (2008, July 30). In Wikipedia, The Free Encyclopedia. Retrieved 20:55, August 3, 2008, from http://en.wikipedia.org/w/index.php?title=Marketing_mix&oldid=228807083 Rechtin, Mark. (2005). Scion's dilemma: Be hip -- but avoid the mainstream. Retrieved on August 3, 2008, from http://www.autonews.com. Truell, Andy. (2008). Marketing Mix. Retrieved on August 3, 2008, from www.answers.com.
Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,
The distribution of the product determines the pricing policy because if the seller decides to sell the product at exclusive stores then the price is likely to be high. The costs of production also affects the pricing as the higher the costs, the greater its price. The organizational goal is also a major influential factor for pricing. If the organization strives for profit maximization, then the price will be set high. However, if the aim of the seller is to survive then the price will be set...
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
The Marketing mix or also called 4P’s is useful tool and a basic element of the marketing departments that allows to define the marketing strategy of a company or a brand from four different points: product, place, price and promotion. It is essential that there is a hundred per cent coherence and consistency between these variable so that they can complement each other and get better results. Next,
Pricing also can convey the organizations value and positioning of its product or brand. A well designed and well marketed product direct a price premium and reap big profits for its products. Pricing affects everything from the marketing strategy to the marketing environment. Consumers are also very big on pricing because in the current environment, everyone is looking to decrease their pocket expenses as much as
In a struggling United States economy, Toyota has to be sure to understand that results may not be huge and they may not be quick to come by. Looking at Toyota’s most recent year of sales, we can see that there is room for improvement, but we need to keep the positive trend going that the last three years have provided. The first thing Toyota needs to do is get information regarding the 2014 Highlander Hybrid out to its target market. If Toyota aims to increase sales of this particular model by 15% in 2014, thus increasing market share and profits, Toyota could effectively take a hold of the SUV hybrid market.
It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.
Product: the item, good or service that is being provided that delivers benefits to those who consume it; includes quality, packaging, design and brand
On Figure 1 below we can see its presence, as a one of the four pieces (4Ps) of Marketing Mix Model and even often are considered as synonymous. If companies aim to achieve their targets, then all the four elements (product, price, place and promotion) should be planned carefully in advance and in line with overall marketing strategy (Kotler et all,
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
A product is a service or item that is offered to the customer to fulfilled their requirements and needs. A brand portfolio is used to include all entities when a large organisation run under various and numerous brands, services and company. Typically, each of the brands possesses a separate trademark and manage as a single business entities. Samsung is a huge company and produce various products with creative and interesting design and sizes, therefore customer has numerous choices. Samsung brand portfolios is Samsung Electronics Co.Ltd, SDI Co.Ltd, Electro-Mechanics Co.Ltd, Techwin Co.Ltd, Heavy Industries Co.Ltd and Security Co.Ltd. All those products had been offered to the multinational company and the world. Every Samsung brand is regulated
To be a successful business, the owner of the business should use the marketing mix and the results of market research; having identified its key audience a company has to ensure a marketing mix is created that is targeted specifically to those people. The marketing mix is a term used to describe the four main marketing tools, Price, Product, Promotion and Place (EStartup business blog, 2010). An example of each 4P’s are: which products are well received, what prices consumers are willing to pay, what TV programs, newspapers and advertising consu...
The marketing mix, also known as the 4 Ps of marketing, refers to the set of actions that a company uses to promote its brand or product in the market. It consists of product, price, place and promotion. All elements of the marketing mix influence each other. They make up the business plan for a company and can give it great success.
The term "product" refers to tangible, physical products as well as services. It also means defining the characteristics of your product or service to meet the customers' needs. AirAsia’s philosophy is girded by the fact that they have been seen as a small airline competitor for many years. Therefore, in order to win more customers and return customers, they need to ensure that their primary products and services are up to par and meet the defining needs of customers. AirAsia offered (product) tangible and (services) intangible good to increase the demand of customer. (AIR ASIA MARKETING PLAN, 2015)