...While the forms of marketing are almost as varied as the products themselves,there is evidence that there are some universal rules that are applicable to successful marketing in the retail and some service industries.Studies have found that some of the characteristics affecting consumer behavior that marketers must take into account,due to the influence on consumer purchases are product, pricing, positioning, and placement. What is known in marketing circles as the four p's. Product is the goods or service you create or obtain to sell to consumers that you can make a profit suppling to consumers.In order to grow or maintain continued profit,this product must be able to attract new customers. Pricing is the actual fee you intend to charge for the product or service to your target consumer group for profit. When setting prices,always remember that profits are always affected by any discounts and or allowances you may coose to offer in the future,and be sure that you are setting profits within the legal limits of the law. Many great business plans have failed simply because no one took the time to consider the legal side of planning. Positioning is positioning the product in your target consumer groups minds. A right positioning strategy has to be in place as a foundation,along with a product that follows through on a promise.A positioning strategy is always aimed at your target group.Some positioning options are as follows,you may position against a competitor,by claiming...
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...THE PROS AND CONS OF INTERNET MARKETING INTRODUCTION: Internet marketing, also known as web marketing, online marketing, webvertising, or e-marketing, is referred to as the marketing (generally promotion) of products or services over the Internet. When Internet was still in its formative years, marketing people used to depend on traditional media such as television, radio, handbills, billboards, newspapers, and magazines. Today, the Internet is premium source for promoting your business. There has been a rapid rise in the number of internet users since last few years. Thus Internet is the lucrative place to promote the business. Background Now it is a well-known fact that what we call 'marketing' has undergone substantial changes over the recent years, and the key role in this transformation has been played by internet. Internet "refers to the physical network that links computers across the globe. It consists of the infrastructure of network servers and wide area communication links between them that are used to hold and transport the vast amount of information on the internet". Introduction of internet have reshaped the structure and performance of different sectors, e.g. hospitality, travel, health and medicine, marketing education etc. Introduction of internet has changed the rules and marketing practioners have no way but to adhere to it. In fact marketing is just one of numerous fields have been substantially revolutionized by internet-based technological ...
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...MARKETING MIX The marketing mix is a business tool used in marketing and by marketing professionals. The marketing mix is often crucial when determining a product or brand's offering, and is often synonymous with the four Ps: price, product, promotion, and place; in service marketing, however, the four Ps have been expanded to the Seven Ps or eight Ps to address the different nature of services. In recent times, the concept of four Cs has been introduced as a more customer-driven replacement of four Ps.[1] And there are two four Cs theories today. One is Lauterborn's four Cs (consumer, cost, communication, convenience), another is Shimizu's four Cs (commodity, cost, communication, channel). Contents [hide] * 1 History * 2 Producer-oriented model * 3 Consumer-oriented model * 4 Four Cs: in the Seven Cs Compass Model * 5 See also * 6 References * 7 External links | ------------------------------------------------- History[edit] The term marketing mix was coined in an article written by Neil Borden called “The Concept of the Marketing Mix.”[2] He started teaching the term after he learned about it from an associate, James Culliton, who in 1948 described the role of the marketing manager as a "mixer of ingredients"; one who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried.[3] -------------------------------------------------...
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...Stacy Powell Wal-Mart MKTG305-1301A Applications in Marketing Project Type: Unit 5 Individual Project March 17, 2013 Abstract For this assignment, Wal-Mart was chosen as my Fortune 500 Company. Let’s begin by describing Wal-Mart’s main line of business and provide the name of four different countries that Wal-Mart operates. Then clarify the putting into practice the 4Ps marketing mix theory by Wal-Mart and explain any differences following the carrying out of this theory from country to country. Wal-Mart Wal-Mart stores has maintained being at the top of the corporate ladder and had been on top for two years in a row for Fortune 500 and Global 500 (CNN Money, 2013). Sam Walton opened a Walton’s 5 & 10 store on Bentonville Town Square in Arizona in 1950; this little dime store was the beginning for Wal-Mart. This location is now Wal-Mart’s Visitor Center. Sam Walton opened the first Wal-Mart in 1962 in Rogers, Arkansas (Wal-Mart, 2012). Wal-Mart is all about helping people to save money so that they are able to live better lives. People are able to shop anytime, anywhere whether it is online, from their mobile devices, or in retail stores (Wal-Mart, 2012). Wal-Mart has locations operating in 27 different countries under 69 different banners. Four countries in which Wal-Mart operates are: United States, China, Argentina, and Japan. In the United States, there are Wal-Mart Supercenters, Sam’s Club, Wal-Mart Express, Neighborhood Markets, and Wal-Mart...
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...P's Really Mutually Dependent? The marketing mix is a very simple concept, widely accepted as being of high utility in the management of the marketing function. Introduction The seven Ps of the services marketing mix were developed from the four Ps, which were introduced by McCarthy (1960). These original four Ps were the Product, Price, Promotion and Place of a good. The main reason that these aspects were chosen to be the main part of the marketing mix is that they are specific factors over which the marketing manager should be able to exercise a degree of control, depending on the nature of their firm's resources. For example, the marketing manager is able to decide what type of products a firm will develop to best fit the market, depending on the firm having the necessary technology, and also the places it can be sold within the firm's wider distribution network. However, when considering services, it is clear that marketing managers have control of more factors, leading to a debate around the use of other factors in the marketing mix. Ultimately, this led to the creation of the services marketing mix by Booms and Bitner (1981), which includes People, Processes and Physical Evidence as critical aspects of the mix. This seven Ps framework has been used to drive and analyse marketing activities in a wide range of markets (Kotler and Keller, 2005). However, the extent to which this framework can be used to create a specific marketing mix for a specific organisation is strongly...
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...Marketing mix Kotler defined that marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value freely with others. (Kotler, 2002) McCarthy’s Four Ps A marketing expert named E. Jerome McCarthy created the Marketing Four Ps in the 1960s. This classification has been used throughout the world. Business schools teach this concept in basic marketing classes. The marketing four Ps are also the foundation of the idea of marketing mix. Product A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of services or goods. Price The price of the product is basically the amount that a customer pays for to enjoy it. Price is a very important component of the marketing mix definition. It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. Place Placement or distribution is a very important part of the product mix definition. You have to position and distribute the product in a place that is accessible to potential buyers. This comes with a deep understanding of your target market. Understand them inside out and you will discover the most efficient positioning...
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...From Marketing Mix to Relationship Marketing: Towards a Paradigm Shift in Marketing Management Decision, 1994, Vol. 32 Iss: 2, pp.4 – 20 Christian Grönroos, Professor of Marketing at the Swedish School of Economics and Business Administration in Helsinki, Finland. Abstract Discusses the nature and sometimes negative consequences of the dominating marketing paradigm of today, marketing mix management, and furthermore discusses how modern research into, for example, industrial marketing and services marketing as well as customer relationship economics shows that another approach to marketing is required.This development is supported by evolving trends in business, such as strategic partnerships, alliances and networks. Suggests relationship marketing, based on relationship building and management, as one emerging new marketing paradigm of the future.Concludes that the simplicity of the marketing mix paradigm, with its Four P model, has become a straitjacket, fostering toolbox thinking rather than an awareness that marketing is a multi-faceted social process, and notes that marketing theory and customers are the victims of today′s mainstream marketing thinking. By using the notion of a marketing strategy continuum, discusses a number of consequences of a relationship-type marketing strategy for the focus of marketing, pricing, quality management, internal marketing and intraorganizational development. Briefly comments on the possibility of developing a general marketing theory...
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...The 7 Ps or marketing mix consists of the following 7 elements: - Product - Price - Place - Promotion - Physical layout - Provision of customer service - Processes The 7-Ps or Extended Marketing Mix of Booms and Bitner is a Marketing Strategy tool that expands the number of controllable variables from the four in the original Marketing Mix Model to seven. The traditional Marketing Mix model was primarily directed and useful for tangible products. The 7-Ps model is more useful for services industries and arguably also for knowledge-intensive environments. Booms and Bitner's expanded the marketing mix by adding the following 3 additional P's: 5. People: All people directly or indirectly involved in the consumption of a service are an important part of the extended marketing mix. Knowledge Workers, Employees, Management and other Consumers often add significant value to the total product or service offering. 6. Process: Procedure, mechanisms and flow of activities by which services are consumed (customer management processes) are an essential element of the marketing strategy. 7. Physical Evidence: The ability and environment in which the service is delivered, both tangible goods that help to communicate and perform the service and intangible experience of existing customers and the ability of the business to relay that customer satisfaction to potential customers. The first two additional Ps are explicit (People, Process) and the third one (Physical Evidence) is an...
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...Marketing Mix MKT/421 October 28, 2013 The marketing mix is an easy concept that some businesses forget to incorporate into their strategy to make them successful. The marketing mix is as simple as putting the right product in the right place, at the right time, and at the right price. If your company or organization can create a product that a specific target audience wants and you are able to accomplish a few key items then the product will more than likely be productive. The key elements involve having the product available where the target audience frequents to purchase items. The price of the product or service must be comparable to other like items or products on the market. You must have the product or service available during a time when consumers want to purchase the item. It doesn’t matter if you have the best Christmas ornaments ever made if they are available in May. The target audience for those sales does not want to purchase that product then. Timing of the item or service is a key element for success. If you put all of the key elements into play then you’re on the path to success. The marketing mix sounds like it would be a simple concept to implement but the truth is that it takes a lot of research and hard work to accomplish this task successfully. The marketing strategy involves researching what the consumers want and also identifying where they shop for those items. As mentioned earlier part of the marketing mix is putting the item in the right place...
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...dominant marketing mix paradigm become a strait-jacket? A relationship building and management approach may be the answer. From Marketing Mix to Relationship Marketing: Towards a Paradigm Shift in Marketing Christian Grönroos approach to marketing which eventually has entered the marketing literature[2, 4-14]. A paradigm shift is clearly under way. In services marketing, especially in Europe and Australia but to some extent also in North America, and in industrial marketing, especially in Europe, this paradigm shift has already taken place. Books published on services marketing[15-17] and on industrial marketing[18-20] as well as major research reports published are based on the relationship marketing paradigm. A major shift in the perception of the fundamentals of marketing is taking place. The shift is so dramatic that it can, no doubt, be described as a paradigm shift[21]. Marketing researchers have been passionately convinced about the paradigmatic nature of marketing mix management and the Four P model[22]. To challenge marketing mix management as the basic foundation for all marketing thinking has been as heretic as it was for Copernicus to proclaim that the earth moved[23, 24]. The purpose of this report is to discuss the nature and consequences of the dominating marketing paradigm of today, marketing mix management of the managerial school (cf.[25] and how evolving trends in business and modern research into, for example, industrial marketing, services marketing and...
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...MARKETING FUNDAMENTALS (BMAN 70441) University Student ID: 7922185(0) Application of the marketing mix is no longer relevant for firms adopting a contemporary approach to marketing. Is this statement true? Write an essay that critically assesses this statement with reference to relevant literature and briefly outline suitable practical examples of firm’s practices where appropriate. Introduction Marketing developed as a distinctive management function in the period between the First World War and the Second World War (Lindgreen et al., 2004) which according to Marshall (1927) focused purely on distribution and exchange of goods. Period through the 1950s and 1960s as observed by (Borden, 1964) saw a tremendous increase in the evolution and interest in the subject of marketing, leading to the development of the concept of transactional marketing. The Marketing Mix Model also called as transaction marketing has been used as a corner stone of marketing for virtually four decades (Grönroos, 1994). Since its inception, McCarthy’s (1964) Four Ps- Product, Promotion and Place have been of utmost importance in the marketing management text (Yudelson, 1999). The model has seen little change since 1950s and as time has progressed; goods and services have noticeably transformed, both in terms of appearance and perceived value (Grönroos ,1994). Piller and Müller (2004) further observed that the customers had changed...
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...EXPANSION OF MARKETING MIX The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. The marketing mix consists of four main elements: 1. Product - The product is the physical product or service offered to the customer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc. 2. Price – pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing. 3. Place – place decisions are those associated with channels of distribution that serve as the means for the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Distribution decisions include market coverage, channel member selection, logistics, and levels of service. 4. Promotion – promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost acquiring them. Promotion decisions...
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...the marketing mix using the marketing management process. In today’s hypercompetitive marketplace, when a firm has the right marketing mix chances for success are very good; if the marketing mix is only marginally successful a firm’s future is in doubt. This paper will briefly describe the marketing management process. Next the elements of the marketing mix are described. Along with each element, examples are provided showing how each part of the marketing mix affects the development of an organization’s marketing strategy and tactics. “The marketing management process is the process of (1) planning marketing activities, (2) directing the implementation of the plans, and (3) controlling these plans” (Perreault, Cannon, & McCarthy, 2009, p. 32). Planning activities include setting objectives, evaluating opportunities, creating marketing strategies, preparing marketing plans, and developing a marketing program. Implementing the plan is putting everything into practice. Controlling the marketing plan after implementation includes measuring results, evaluating progress, and adjusting the marketing mix accordingly. Through the marketing management process as part of defining the marketing strategy, a firm defines its marketing mix. When a firm hits on the right combination of the four Ps of the marketing mix, it will enjoy success. The four Ps are “…controllable parameters likely to influence the consumer buying process and decisions” (Constantinides, 2006, p. 408). The four Ps are...
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...Lendorse Morant Ms. J. Gaffney Principles of Marketing 5.22.14 Chapter 2 Discussion Question 1-6 (Page 61) 1) (Q) Explain what is meant by market-oriented mission statement and discuss the characteristics of effective mission statements. (A) A market oriented mission statement is when the decisions made by a company are based around information about customer needs and wants rather than what the business thinks is right for the customer. A mission statement is more than just a statement of specific details, it’s usually broad in scope. It doesn’t use monetary numbers, percentages, or ratios. It’s also short, about 250 words in length. A mission statement is also inspiring and enduring. 2) (Q) Describe the business portfolio planning process and the role marketing plays in the process. (A) The business portfolio planning process is about identifying and selecting the right work to achieve business objectives and maximize business value. The position and role of each one in the overall company business, as well as their interrelation determine the portfolio structure. 3) (Q) Explain why it is important for all departments of an organization-marketing, accounting finance, operations management, human resources, and so on- to “think consumer”. Why is it important that even people who are not in the marketing understand it? (A) Consumer comes in to contact with many other departments but I suppose the main reason is that the consumer...
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...blocks? Focus on using the deeper levels of thinking from Bloom's taxonomy in your responses on all assignments, discussion posts, and so on. You will get out of your education what you put into it. Have questions? Please post them in the Q & A Forum in the Discussion area. For faster response times, feel free to call or e-mail me. ------------------------------------------------- Ready? Let's get started! Click on the Week 1 Objectives tab to left to see what learning we will achieve this week. Marketing, Strategies, and Research What is Marketing? | What is Market Management? | Discovering Consumer Wants and Needs | The Marketing Orientation and the Marketing Concept | The Four Ps | Market Research | Marketing Plan Tip | | What is Marketing? | | Real-Life Application ... | Many equate marketing with advertising. That's not unusual. The concept of "make a product and pitch it on TV" is what marketing is to many Americans.As you will learn in Week 1, marketing is much more than advertising on TV. As a matter of fact, TV advertising – despite the billions spent annually...
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