Marketing: The Marketing Mix

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1 MARKETING MIX The Marketing Mix is a marketing tool. It is often crucial when determining product or brand's offering, and it is also called as 4P's (Product, Price, Promotion, and Place) of marketing. However, in case of services of different nature the 4 P's have been expanded to 7P's or 8P's. According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy" (citace) According to Principles of Marketing, 14e, Kotler and Armstrong, 2012 - "The Marketing Mix is the set of tactical marketing tools - Product, Price, Promotion, and Place - that the firm…show more content…
Concept of 4C's. The Concept of 4C's is more customer-driven replacement of 4P's. According to Lauterborn's the 4C's are - Consumer, Cost, Communication, and Convenience. According to Shimizu's the 4C's are - Commodity, Cost, Communication, and Channel. For Starbucks view is better producer-oriented model than a costumer-oriented model. 1.1 4P – Producer-oriented model of marketing mix This model is divided into four parts, as is Price, Place, Promotion and the most important for this project Product. 1.1.1 Price Price is the amount that is charged by marketer of his offerings or the amount that is paid by consumer for the use or consumption of the product. Price is crucial in determining the organisation's profit and survival. Adjustments in price affects the demand and sales of the product. Marketers are required to be aware of the customer perceived value of the product to set the right…show more content… Product classification Marketers classify products for example on the basis of durability and tangibility. Products fall into three groups according to durability and tangibility: 1. Nondurable goods are tangible goods normally consumed in one or a few uses, such as beer and yogurt. Because these goods are purchased frequently, the appropriate strategy is to make them available in many locations and advertise heavily to induce trial and build preference. 2. Durable goods are tangible goods that normally survive many uses: refrigerators, machine tools, and clothing. Durable products normally require more personal selling and service and require more seller guarantees. 3. Services are intangible, inseparable, variable, and perishable products that normally require more quality control, supplier credibility, and adaptability. Examples include haircuts. There are a lot of the other product classification as a consumer-goods classification or industrial-goods classification. 2

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