The four main marketing mix variables, referred to as the 4Ps of marketing are: product, price, place, and promotion. Product is the first element in the marketing mix. Therefore a product can be tangible or intangible or a combination of both. A tangible product being one which can actually be touched while an intangible product cannot, for example a service. Our product named eBLOCK is a tangible product which also has intangible attributes such as repair and replacement services.
Another way to categorize eBLOCK is as a consumer good as it is a final good purchased by the consumer for personal use. The eBLOCK is a product which combines existing technologies and products and combines them into one multifunctional device. Phillips therefore makes use of a market breakthrough strategy to bring the eBLOCK to the potential market, as shown by Figure 1.
A product can be divided into five customer-perceived CPV benefit levels. The product levels are core benefit, basic product, expected product, augmented product, and potential product. The five product levels are depicted below. Each level adds more customer-perceived value resulting in the final market offering.
The elementary level is called the core benefit. The core benefit is the benefit the costumer actually buys. The core benefit of the eBLOCK is that it provides a comfortable learning environment which is easy to use.
The Marketing Mix In Marketing Strategy
The second level is the basic product. The most basic "eBLOCK" allows students to make notes, make calculations, view presentations and documents, and construct and view their agenda. Additional applications and expansion of the eBLOCK is possible at a cost or by buying a different model. The third level of the CPV hierarchy is the expected product. Next is the fourth level, augmented product. If the product malfunctions or breaks one can bring it in for repairs or replacements.
The final product level is the potential product, which consists of all the potential transformations that a product or offering might go through in the future. Innovation, development, and modernization of the "eBLOCK" will continue as long as the product is in use. Furthermore, one can expand the basic "eBLOCK" with more advance and or new applications in the future.
Also software updates will follow. In the long run this green product will not only save trees, but also fill your wallet and ultimately can to some extent improve the overall quality of life. The different images show diverse layouts of how the functions of the product will look.
It also has a short description of what is being shown. This also allows the customer to draw graphs in their notes when necessary. Another feature of the eBLOCK is that it can be bought in diverse colors to suit the different tastes of customers. This subside should include an introduction to the product, further specifications, a web shop and so forth. The product should also be available at all universities and HBO colleges in the Netherlands either through the school itself or through student associations.
Once, Phillips decides to expand to different models of the eBLOCK, it needs to look for different distribution point.
These distribution points can be found throughout its own distribution channel. Phillips needs to do so as it at this moment will also have a new focus group. The price for the expanded version will lie much higher at approximately euro's which includes a higher profit margin. Phillips should adjust the basic price to accommodate different target consumer.
Selling at a lower price to these organizations allows them to pass on the price advantage to the students, who normally do not have a great deal of spendable income left to spend.
It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. The four Ps of marketing: product, price, place and promotion. The marketing mix can be divided into four groups of variables commonly known as the four Ps:. Price: The amount of money paid by customers to purchase the product.Getting started with go no go decision making
Place or distribution : The activities that make the product available to consumers. Each of the four Ps has its own tools to contribute to the marketing mix: Product: variety, quality, design, features, brand name, packaging, services Price: list price, discounts, allowance, payment period, credit terms Place: channels, coverage, assortments, locations, inventory, transportation, logistics Promotion: advertising, personal selling, sales promotion, public relations.
An effective marketing strategy combines the 4 Ps of the marketing mix. The four Ps of the marketing mix have a number of weaknesses in that they omit or underemphasize some important marketing activities.
The Marketing Mix Essay
Verified writer. For example, services are not explicitly mentioned, although they can be categorized as products that is, service products. As well, other important marketing activities such as packaging are not specifically addressed but are placed within one of the four P groups.
The four Ps of the marketing mix can be reinterpreted as the four Cs. Customer solutions, not products: Customers want to buy value or a solution to their problems. Customer cost, not price: Customers want to know the total cost of acquiring, using and disposing of a product.
Convenience, not place: Customers want products and services to be as convenient to purchase as possible. Communication, not promotion: Customers want two-way communication with the companies that make the product. Coca cola is the brand with the highest brand equity.Marketing Mix MKT Marketing Introduction Companies today try their best to continue to keep up with the changes of services, products and technology.
Companies rely on their abilities in marketing to keep consumers interested in their products and services.
Marketing planning starts by thinking of the targeted audience needs, strategies, and the development of the products and or service needed. Today Holden is one of only seven fully-integrated global General Motors operations that designs, builds and sells vehicles for Australia and the world.
Holden has its headquarters in Port Melbourne, with an engine manufacturing plant on-site and vehicle manufacturing. Marketing Mix of Coca-Cola and Pepsi One of the fiercest battles between brands through the years is the battle between Coke and Pepsi. How effectively these brands market their products determine their market share. We learned in our lesson that a brands marketing strategy is comprised several components called a marketing mix. The marketing mix is composed of four areas; product, price, placement and promotion.
Through many years of success and failure these brands are ripe with illustrations. What is marketing mix? The marketing mix is the set of tools that a firm uses to implement its marketing strategy. The marketing mix is often known as the '4 Ps'. The elements are listed below. Simply we need it in order to put the right product in the right place, at the right time, in the right time.
Marketing is defined as identifying customer needs and wants and maintaining profitable long term customer relationships by. The four strategies, which include product, place, price, and promotion, involve the decisions that a business must make to succeed.
This paper will further define marketing mix, the four strategies. Their passion is superlite riding and racing. Braaap was founded by brad smith in Tasmania, Australia and has now grown into an international success and family business, the braaap family. The marketing mix characterize the strategies and tactics a company uses to reach target customers.
The company also uses some alteration of its marketing mix to correspond with the local conditions of markets. Despite the many changes that marketing mix has gone through, from four Ps to four As or from four Ps to four Cs, the marketing mix basically consists of product mix, price mix, promotion mix and place mix.
This paper would. Marketing Mix Product Nike is the well-known supplier of athletic sport shoes and sport apparels. Nike provides good design, brands, packaging and features such as warranty and after sales service for their products. They also provide customization service wherein customers are able to design their product based on their preferences.Institute of Marketing. Clark who defines the term as :. Thus, we can state that marketing is the process by which the products are made available to the ultimate consumer from their point of origin.
It consists of all those activities which are meant to ensure the flow of goods and services from the producer to the consumer. In economic terms, marketing covers those activities which relate to the creation of time, place, and possession utilities.
A company adopting the marketing concept has three distinguishing elements around its marketing function:. It focuses its attention to corporate objectives, including profit. Corporate objectives are given top preference and departmental goals act as the means to achieve corporate goals. It adopts the systems approach in planning, organising, controlling and coordinating its entire business as one system to achieve the overall corporate objectives.
We have integrated corporate strategic plans as well as corporate operating plans. Then there are departmental or functional plans such as production plan, financial plan, marketing plan, etc. Thus, we have integrated marketing activities throughout the firm.
Customer-orientation, profitable sales volume and integrated marketing activities are the three pillars of the marketing concept. Under the marketing concept, i.
Demand is the central controlling factor, and marketing management essentially becomes demand management. Hence, more emphasis is given to research and innovation. The following are the prominent differences between selling concept and marketing concept:. Top priority is given to sales volume rather than profits-increasing sales, rising commission to salesman. Top priority given to profitable volume of sales and market share at fair prices and reasonable risk.
The need for some selling is taken for granted under the selling concept. Under the marketing concept, the aim of marketing is to render selling unwanted, i. In this sense, F. Clark stated that marketing consists of those efforts which effect transfers in ownership of goods and care for their physical distribution.
According to the traditional concept, marketing consists of the movement of goods from the manufacturers at a time when they are required, to the place where they are used, and for those who use or consume them for various purposes. The traditional concept of marketing explained above refers to the physical activities involved in the process of distribution of goods.4 P's of Marketing Mix - Understanding Marketing Assignment
But, its modern concept is more than a mere physical process. Previously market was considered to be a place where buyers and sellers would meet. But market does not necessarily mean a place.
Free Marketing essays
According to Barwell, marketing consists of identifying, anticipating and satisfying customer needs and desires. To quote E. Peter Drucker observes emphatically that the purpose of business is to create a customer — by which he lays stress on two aspects:. The modern concept, this way, focuses on the consumers and their satisfaction. That is why, the approach of modern marketing is consumer-oriented, instead of solely product-oriented. The concepts on marketing have undergone significant changes as we witness in the real world.
Its approach thereafter became sales-oriented in the middle of this century and now it is consumer-oriented at the fag-end of this century. The twin aspects of quality and price, which are essential elements of a total marketing concept, are vital and necessary for the fullest satisfaction of consumers.Read following paragraph and explain the process this firm might go through to reach this specific marketing strategy - how and why this company reach to use this decision.
Also explain results this firm may get from using this specific marketing strategy. In addition, recommend any modification of strategy based on SWOT analysis. The flavors, chosen by Kim herself, are.
From McDonald nuggets to the Subway sandwich, Tyson is one of the largest poultry processing plants in the country. Examples of Decisions Marketing Mix The main component of the marketing mix is the product.The economics of fair trade research paper essayempire
It consists of the services, along with the physical product itself. The company imaging, packaging, and the brand name are all included in this concept. An example of product decision in this particular case study is the variety of cookies that are provided: The Girl Scouts will also be asking certain troops to reduce their cookie lineups to six varieties. The top six selling cookies--Thin Mints, Do-si-dos. Product The product I will be re-launching is the Cadburys Double Decker bar with less calories than a traditional bar.
This new re-launch of a chocolate bar will be a limited edition chocolate bar. The idea being limited edition is to make a substantial profit in a short period of time. Although the product will say limited edition I aim to keep these. Question 2. Define each of the four Ps. What insight might a firm gain by considering the four Cs rather than the four Ps?
Answer Price is one of the elements in the marketing mix and also an important aspect for the seller and the buyers. For consumer, price is the value whereby they have to pay with cash in order to exchange products and services. Meanwhile for seller, price is the source of the income gained through sales. The price is shown in everywhere, for instance taxi fare, premium. Marketing Mix Strategy. The marketing mix strategy comprises of whatever influences demand that a company want to do in order to generate production.
It is a very crucial instrument that help in marketing planning systems and performance Cousins, Introduction Business opportunities are very few when it comes to new products in the market.Phd mathematics education jobs ireland england
The right path should be followed for a person to get maximum profit from the business that introduces the new product in the market. People are afraid of trying new products or services that are flocking to the market.
The […]. Wal-Mart Stores Inc. Environmental Analysis and Branding StrategiesApple is a corporation that is best known for the sale of apple computers, iPods and iPhones. They are also known for the sale of computer software and other consumer electronics. Like any other company dealing with the sale of consumer product the corporation faces both external and internal forces. These […]. Apple is a corporation that is best known for the sale of apple computers, iPods and iPhones.
These internal and external environment […]. Has increasing bottom line. Has over hotels […]. Marketing involves the process of educating customers why they should buy your products and service over your competitors. Finding a company without a marketing manager is rare.
The skills and techniques you obtain from marketing can help you, […]. A major issue in society today is the topic of stricter gun laws and it creates many different controversies. The Second Amendment of the constitution allows citizens the right to keep and bear Arms, so why are people raging about the opposing views of others? Globally, people are debating on whether or not guns should […].
As shown through these statistics, the branding of Star Wars and the use of product placement, merchandise, and licensing opportunities that followed the film are […].We will write a custom Essay on Apple Inc. Established inApple Inc. The company designs, manufactures and sells consumer electronics. Some of its most successful products include the iPad, iPhone, and iPod. Consequently, the company has gained unrivaled market dominance in some electronic consumer market segments Gouldp.
For example, the company enjoys a strong brand loyalty for its iPad and iPod products in America and Europe. Later in, andthe same organisation named the company the most respected brands, globally Canals A key success factor for Apple Inc. Based on its usefulness, the California-based company has developed an effective price skimming strategy that supports the strong brand loyalty it enjoys in North America and other global markets. This strategy makes the customers feel special and obligated to purchase many company products brand loyalty.
This paper explains this view by highlighting how different aspects of the marketing mix strategy integrate to influence customer-buying decisions this way. Similarly, these products do not have a longer battery life than ordinary mp3 players do. Therefore, they are similar to other products, but look superior to its rivals. Although some observers say the company succeeded because of its innovation, the company has never invented anything.
For example, it did not invent smart phones, computers, or music-playing devices. For example, simply plugging the iPod in its cradle transfers music and charges the device. This integration strategy has made the California-based company a market leader. These strategies have made many people believe Apple is a creative market leader.
Although Apple is an American company, it has a wide global presence. For example, the company marketed its iPad product using this strategy it used three market segments — North America, Europe, and Asia. North America was the most lucrative market, followed by Europe, in that order. The company used three criteria to come up with this segmentation plan. It used age and income as the main criteria for this strategy. For example, the iPad product mainly appealed to young and middle-aged people.
Using the income criteria, the company understood that the product would appeal to middle-income and high-income groups. The same strategy has seen the company partner with leading stores around the world, such as David Jones in Australia Lamido For example, they require their retailers to sign a contract with the company to stock Apple products, for about two years Lamido For example, during the launch of the iPod, the company availed its products to more than 18 million customers out of 60 million global customers who have the product today this way Lamido Moreover, the company did not spend many resources to do so.
It also collaborated with established telecommunication companies to distribute its products. For example, in Europe, Apple collaborated with established telecommunication brands, such as O2, Vodafone, Orange, and T-mobile UK telecommunications companies to avail its products in the European market Lamido Jonesp. Particularly, alliances with other prestigious and well-established technological brands make the customers believe that they could gain access to a premium network of technological brands by buying Apple products.
Apple has an aggressive promotion strategy that hinges on marketing its products across different marketing platforms. The company uses public relations, television adverts, and online marketing strategies to promote its products. For example, the tech giant used television adverts 4TV adverts to market the iPhone. He also collaborated with many media firms to serve the same purpose Lamido Although the company uses multiple strategies to promote its products, most of its promotional strategies are simple.Fiu sociology degree requirements
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