Kotler and Armstrong (2014) stated that marketing mix is a set of tactical marketing tools that the firm blends to produce the response it wants in the target market. The marketing mix consists of four groups of variables- the 4P’s (Price, Product, Place, Promotion)
The first element of 4Ps is Product. Yudelson (1999) defined product as all the benefits (present or anticipated) that the buyer or acquired obtains from the exchange. Product is the things that create by company and offers it in the business sector to fulfill shopper’s needs. The term not only applies to physical goods, but also intangibles such as service. there are two major types of product, namely consumer products and industrial products. Consumer product is the item that
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Shopping products are less often purchased items that consumers spend much time and effort in collecting information for comparison purpose. Examples include furniture, clothing, electrical appliances which have a higher pricing in the market. Specialty products are items that have a unique characteristic, purchased in a occasional basis and generally highly priced. Consumers will undergo extensive research before buying these products. Examples of specialty products are cars, antiques, jewelry. Unsought products are products that consumers generally don’t have the desire to buy it despite they acknowledge of it’s existence. Examples of this kind of goods are funeral service and life insurance. Another major sub category of product is industrial products. Adcock, Bradfield, Halborg and Ross (1993) stated that industrial products are products bought for use in making other products and services. It can be further divided into 3 categories as capital items and equipment, materials and components and supplies. Capital items and equipment comprises of installations such as plants and buildings and accessory equipment such as office equipment and factory equipment. Materials and components consist …show more content…
Singh (2012) reported that “ Promotional activities are mainly intended to supplement personal selling, advertising and publicity. Promotion helps the trader and sales force to represent the product to the consumers in an effective manner and induce them to buy.” (p. 42). . Kotler and Armstrong (2014) also stated that promotion mix or marketing communications mix is the specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships. The five major promotion tools are classified as advertising, sales promotion, personal selling, public relations and direct marketing. Advertising is a paid form of non personal promotion of ideas, goods and services from seller to buyer in order to induce them to buy it. Example of advertising is Nike’s “Just do it” campaign. Sales promotion is a short term incentives such as discounts to encourage the sale of a good and service. For instant, supermarket will give discounts to it’s customers for certain products in order to attract more sales. Personal selling is a face to face presentation by seller to buyer for the purpose of making sales and promote customer relationships. Public relations (PR) is a conduct of establishing good relations with company’s external publics via favorable publicity. Public relations are important for a company’s image and also their future. Direct marketing is a act of making straight forward communication
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 refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
The marketing mix, which is basic to any organization, can be considered the ‘controllable’ variables that every business encounters. These controllable variables can be modified based on the uncontrollable variables (external factors found in Environmental Scan) that directly affect business operations. A company focuses on four elements in the marketing mix: Product, Price, Place, and Promotion, which are managed and coordinated through marketing programs in efforts to appeal to their target market. Marketers strive to understand what motivates consumers to purchase certain products. The marketing mix helps to break down some of these questions: What will consumers buy? How much will they spend? Where will they buy? And will they buy again?
The LEGO Group organization is famous due to its flagship product – colourful plastic bricks that can be interlocked to form a variety of figures, and then disconnected again. These binding bricks originated in a wooden form when the company was first established in Billund, Denmark by Kirk Kristiansen in 1932 (The LEGO Group, 2012), and today’s well known plastic version was introduced in 1958 (Rosenberg). The company’s head office is located in Billund to this day, and The LEGO Group remains privately owned by Kristiansen’s family (The LEGO Group, 2012). They currently sell toys and teaching materials in over 130 countries worldwide.
Borden, N. H. (1964), "The concept of the marketing mix", Journal of Advertising Research, Vol. 4 No. June, pp. 7-12.
Product is/are the products or services you offer and are they unique and different, superior in quality and easier to use. In my own opinion, the product or service is one the most important aspects of a successful business. If you have an item that the customer really wants they will drive out of their way to purchase it. They are usually willing to pay a higher price if the quality justifies it. When a local popular hamburger place open up in Phoenix, people drove long distances and sat in long lines just to bite into one of their juicy hamburgers.
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.
The marketing mix helps a company define the marketing elements for successfully positioning a market offer. The four P’s model, one of the best-known models, helps a company define its product marketing options in terms, place, price and promotion (MindTools.com, 2010). To enhance their impact with their target market, companies often use this model when you are planning a new venture, or evaluating an existing offer. As companies start out in an industry, many marketers learn about putting the right product in the right place, at the right price, at the right t...
It has been previously distinguished between goods and services, but at the end, every product has both tangible and intangible elements, with a set of added services built around the initial and core product needed by the customer. It can be analyzed through a molecular model (Shostack). For IKEA’s case, see chart 1.
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.
Another aspect is price. Under the 4Ps approach price could also become a competitive advantage. For instance, if the product is not unique itself, a certain pricing strategy, such as price reduction, could potentially sell the product.
· Use of social media for promotion- word of mouth and social media help to get the message across and promote the product efficiently
According to Kotler and Armstrong, “A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.” Product constitutes one of the four P’s of the marketing mix and entails both the physical products and also the services that comprise all the offerings of a company to the target market. Product can also be further sub-divided into two categories comprising; firstly consumer products and secondly industrial products. Consumer products are bought by final consumers for personal consumption. They can be broken down to tangible and intangible (services). Examples of tangible are laptops, cars, books, games. Examples of intangibles are insurance and haircuts.
Marketing mix – Defined as the combination of elements such as product, pricing structure, distribution system and promotional activities that are used to satisfy the needs of an organization’s target market and accomplishing the firm’s objectives. When entering a foreign market, the company has the choice of pursuing basic marketing mix options such as: the mix remains unchanged, certain elements could be modified or a totally new mix can be formulated. (Keegan & Green, 1997)
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.