...MARKETING TASK 3 Understand the individual elements of the extended marketing mix The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. The service marketing mix consists of 7 P’s as compared to the 4 P’s of a product marketing mix. Simply said, the service marketing mix assumes the service as a product itself. However it adds 3 more P’s which are required for optimum service delivery. The product marketing mix consists of the 4 P’s which are Product, Pricing, Promotions and Placement. These are discussed in my article on product marketing mix – the 4 P’s. The extended service marketing mix places 3 further P’s which include People, Process and Physical evidence. All of these factors are necessary for optimum service delivery. Let us discuss the same in further detail. Concept of Product A product concept plays a vital role in the new-product development process. It serves as a means by which to present a new-product idea to consumers. A product concept can be presented either physically or symbolically. It is through the use of the product concept that companies can receive feedback from consumers as to the possibility of implementing and furthering the proposed concept (Kotler 237). Introduction to the product TOYOTA PRODUCTION SYSTEM Cost control through the elimination of waste TOYOTA PRODUCTION SYSTEM Cost control through the elimination of waste Toyota is the market leader in its class...
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...Marketing Mix Paper Piña MKT/421 June 6, 2011 Carlyn Carmichael Marketing Mix Paper To achieve the marketing objectives the strategy must include different elements – that is the different parts of the marketing mix. In this reading, the elements of the marketing mix which is product, place, price, and promotion will be defined and explained. McDonald’s will be used in this reading to describe how each one of the four elements of the marketing mix affects the development, marketing strategy and tactics. Marketing is having a great product, being sold at the right price at the right place while utilizing the appropriate promotion. Sounds simple but a lot of hard work goes into these simple steps. A company has to go to great lengths to find what the customer likes, where they shop, and what they consider a good value. This is where the marketing mix comes in. The marketing mix was intended to recommend that you have a well-adjusted mix of marketing activities within your marketing plan. Reviewing these steps can help through the plans and avoid faults. The marketing mix as identified by McCarthy consists of the 4 Ps; product, price, promotion and place; and is a good way in outlining the marketing mix. Product – this element defines the characteristics of your product or service that will meet your customers’ needs. Price – this portion refers to the price of the product or service, including the strategy that is used. It is important to test numerous pricing...
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...“Principles of Marketing” was a part of my programme this year. I haven’t studied marketing before, but I had an idea of its general concept. It is well known how everything around us and in our lives is affected by marketing. It was useful and interesting to get closer and understand this discipline better. My expectations were met: the information given us during lectures and practice on seminars in teamwork was very fruitful and informative. I became aspired by this subject, and I wanted to know more about it. The process of learning was performed in such way, that students were willing to interact and learn with fun. From the beginning it was anxious, it was not clear what was expected from me, the assessments seemed to be impossible to do. But with every lesson the level of confidence with subject was rising. My first assignment was a test, which supposed to be taken online. It was a high motivator to study and read the textbook. The test covered all the topics, which were taken in semester one, and it was challenging. Unfortunately I have got low grade in it, and I strived to remedy on my next exams. In one of the assignments we were supposed to work in groups. That was our first experience of teamwork. The theoretical knowledge that I gained previously has been applied in this task. We created our fictional product for E-Portfolio. It was a perfume “PHY”. In this assignment we worked on 4P’s of marketing mix: we introduced the product. Perfume industry was chosen due...
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...Marketing LaTroya c. Boyd MKT/421 4/30/14 Dr. Michael Rico WHAT IS MARKETING? I consider marketing to be a form of art. The goal is to persuade the audience and lead each individual into the direction of being convinced. Whether it is a product sold in the market or an idea of a business and the creator is looking for an investor, marketing builds the connection that should ultimately lead into trust. According to “Basic Marketing A Marketing Strategy Planning Approach” marketing is defined as more than just buying and selling. It is stated that “marketing is the performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to consumer or client.” In other words, the mission of any business is to keep track of what customers are most interested in order to maintain a successful business. It takes strategic planning and for all involved in the company to use good communication skills and learn to coordinate with the rest of the so that everyone is on the same page. To promote goods or services the marketing strategy should be organized. Un-organization is the recipe for failure. Personally I believe marketing is quite a few things. Marketing is art. It is a process of convincing people and promotion. Other sources will sum marketing up and describe it as a management process where goods and services are moved from a mere idea to the consumer...
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...The four P's are part of what is known as "The Marketing Mix". The four P's represent the rules of what makes for a successful product. The Four P’s are: Product, Place, Price, and Promotion. In terms of a retail product, these principles are fairly straight forward and are self-explanatory. But in terms of a service, where there is no traditional tangible product but rather a result of services rendered, you have to ask how you would apply these principles. A specific service that I use for a good example is Netflix. There is no tangible product, since the entire service is data streaming in the form of shows and movies. Netflix is a marketing genius. They have been able to put Blockbuster out of business, and have expanded into nearly all markets of electronic delivery available! They are available on several gaming platforms, on demand applications built in to hardware, computers, tablets, and even mobile phones. All while they maintain a non-physical presence. In the beginning, Netflix offered DVD's by mail for a cheap monthly price, as many movies as you could watch, one at a time...and the price was less than 2 movies rented ONE time...for only 24 hours at Blockbuster. Blockbuster failed to change and move on with the times, and they got greedy...Netflix capitalized on the opportunity, bridging the gap, and with low overhead. Blockbuster could not compete. Netflix had excellent product base. The products were already developed! They simply have to become...
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...Symbiosis® Center for Management and Human Resource Development (SCMHRD) Mahindra Holidays and Resorts Hospitality Industry 2011G31, Sandeep Karnawat, EXMBA 2011-14 Service Marketing Assignment -1 September 24, 2012 Contents Company 3 Domain Expertise 3 Mission 3 Vision 4 Business Model 4 7Ps of Service Marketing 5 Product 6 Place 7 Price 8 Promotion 8 People 9 Physical Evidence 10 Process 12 GAP Model of Service Quality 13 Customer Gap 13 Provider Gap 1, the Listening Gap 14 Provider Gap 2, the Service Design and Standards Gap 15 Provider Gap 3, the Service Performance Gap 16 Provider Gap 4, the Communication Gap 17 Bibliography 19 Company Mahindra Holidays & Resorts India Ltd., (MHRIL) is a part of the Leisure and Hospitality sector of the Mahindra Group and brings to the industry values such as Reliability, Trust and Customer Satisfaction. Started in 1996, the company’s flagship brand ‘Club Mahindra Holidays’, today has a fast growing customer base of over 147,000 members and 40 beautiful resorts at some of the most exotic locations in India and abroad. Domain Expertise Over the last decade, MHRIL has established itself as a market leader in the family holiday business. The company has followed a two pronged strategy – rapidly increasing its bouquet of resorts to provide more variety in holidaying options and enhancing its service levels to its members to provide delight at every point of interaction. All...
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...Entering the Foreign Market Principles of Marketing MKT 100 November 03, 2013 My company is called Henderson’s iPhone Store. We market all the latest versions of Apple smartphones. We will be marketing the new Apple iPhone 6 and entering all foreign markets. The target market for the iPhone is teenagers, college students, business class individuals, and adults. (Apple Inc., 2013). Our specific target market for this report is a married person, approximately 36 years old, and lives in a major city. This individual has a steady job, makes a solid income of about $65K a year. This individual likes to play sports, and has a very active social life. He has high goals which include gaining the experience which will assist him in landing his dream job with an income of over $100K yearly. Consumer’s behaviors include finding convenient mobile devises that offers more efficient ways for calling, messaging, and entertaining using a single button. These consumers are looking for the latest technology to satisfy their personal and social needs. Most of these consumers are affluent, and will purchase expensive products and brands which are shown as a status symbol (Apple Inc., 2013). Identifying the target audience is an important success factor for Henderson’s iPhone Store. Market segmentation can be used in many ways to construct the framework to influence their targeting activities. Understanding the market and the factors that influence consumer buyer behavior can...
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...bo wang Chapters 4 & 5 Assignment Due September 18 via Dropbox @ 6:59 pm Please answer the following questions. 1. Baby boomers in America are aging. Describe how this might affect the marketing mix for the following. (it is estimated that over 45% of the US population will be over 65 in 2030). Be sure you cover the WHOLE marketing mix – product, price, distribution and promotion for each. (12 pts) * Bally’s Health Clubs * McDonald’s * Whirlpool Corporation * Nike athletic footwear demography is an uncontrollable variable in the external environment such as age, People are directly or indirectly the basis of all markets, making population the most basic statistic in marketing. in 2012, there were approximately 75 million baby boomer,their ages range from the late-forties to the mid sixties. .Clearly, boomers and seniors are still a huge market with significant needs. Product : bally’s health clubs :since their getting old, they start care about physical problem, pay attion to work out program. as a fitness club, it could offer membership package such as fitness program , or yoga class to attract them. McDonald’s : decades ago, McDonal’s only offer unhealthy fast-food. However. nowadays, McDonal’s change their menu. they offer different menu . such as health salad , or low-fat meal. So the middle age who concern about their healthy, will consider get a meal from McDonald’s. Whirlpool...
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...Product In marketing, the term “product” refers to tangible, physical products as well as service such as brand name, functionality, styling, quality, safety, packaging, repairs and support, warranty, accessories and services. In OldTown White Coffee, the product refers to local foods and products offered to consumers. OldTown White Coffee used its own uniquely Malaysian taste (the authentic Ipoh White Coffee) to introduce a product to the market in Malaysia. In Malaysia, the OldTown White Coffee set its base at Ipoh, Perak. In mere time span of 5 years, OldTown White Coffee has grown up to over 176 outlets since the first outlet in 2005 in Malaysia. OldTown White Coffee has became the first largest kopitiam restaurant chain in Malaysia OldTown White Coffee‟s products include tangible elements. Tangible elements are the things that customers are able to see, touch, feel, taste, and smell. These all tangible elements OldTown White Coffee were done as perfectly and completely. To satisfy the palate of local population in country, OldTown White Coffee uses the localized version of its product. In other words, OldTown Coffee offers local foods and meals in Malaysia. For example, the meals included Nasi Lemak Special, Prawn Noodles, Kaya or Butter Toast and Asam Laksa. While, hot and cold beverages included, Hazelnut White Coffee, Old Town White Coffee Signature Freeze, Old Town White Coffee, and Old Town Nanyang O. With the intention to provide quality white coffee to Malaysian...
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...Marketing Mix University of Phoenix MKT/421 MARKETING Introduction Marketing mix is important for every company to choose which direction to go. The four p’s of marketing mix are product, price, place, and promotion. An evaluation mix of the four elements allows the company to achieve the expectations between the targeted customers and the organizational buyers. Elements of Marketing mix: • Product – The products or services offered to your customer: Their physical attributes what they do, how they differ from your competitors and what benefits they provide. • Price – How you price your product or service so that your price remains competitive but allows you to make a good profit. • Place (Also referred to as Distribution) – Where your business sells its products or services and how it gets those products or services to your customers. • Promotion – The methods used to communicate the features and benefits of your products or services to your target customers (About.com). Product Product is anything that a company may produce or a service that occurs to fix a specific problem. Companies that produce multiple products have an advantage in gaining the trust of customers. With each product a company produces a marketing plan must be in place for that item to secure the trust. If one product does not work properly, the customers would not think the other products the company produces are trustworthy. There are different products made by separate...
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...Factors and Customers Satisfaction of Budget Hotel Customers in China Yang Yu Master of Business Administration International Business Assistant Professor Dr. Arisara Seyanont 2012 ABSTRACT The purpose of this research was to study the customer perception toward marketing mix (7P’s), customer satisfaction and customer loyalty of budget hotel in China. The researcher distributed 450 questionnaires during the month of September to October to the customers who stayed at budget hotel in China. There were 400 questionnaires completed and usable. Collected data from questionnaires processed by computer program in terms of frequency, mean, standard deviation and regression. Results showed that customer perception toward product/service and promotion had a positive impact on custom satisfaction, and customer satisfaction had a positive impact on customer loyalty. The budget hotel operators can use the result to determine their target market, make a good marketing mix plan to make the customer satisfaction and loyalty. iv ACKNOWLEDGEMENTS I would like to express my gratitude to all those who helped me during the writing of this thesis. My deepest gratitude goes first and foremost to my thesis advisor Assistant...
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...The Extended Marketing Mix also known as the 7 P’s of the marketing mix. The Original 4 P’s of marketing is consists 4 original elements or specific topics. Created by Edmund Jerome McCarthy an American Marketing Professor in 1960’s simplified the marketing mix concepts of these 4 Specific elements. The four elements of marketing mix is: 1. Product (or Service): In this Portion we discuss the aspects of the products deal the specification of actual good of product or services. We have to think what does the customers or clients need. Also we have to think what the customer satisfies. What feature does the product have to meet such need? As a Provider we have to know what features have to add to meet such needs, how and where it will use, what would be the cost, and also what will be maximum cost in sufficient and sustainable profit etc. 2. Place: In this portion we discuss how can be the products gets to the customers. Where will be the buyer’s looks for my product? If in a store what kind of Store? Do we have to provide catalog? What are the competitors doing? How can we provide different from them? We have to find the answers and keep it in our knowledge. 3. Price: In this portion we discuss the process of selling the price. The discount associate with the Products. We have to know what price we would set for the product. What price is asking by our competitors? How we set the discount values. We also have to find the answers for our product. 4. Promotion:...
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...Internet? THE PROMOTION: Promotion includes every aspect of advertising, brochures, packaging, salespeople and sales methodology. How are you going to promote, advertise and sell this product at this price at this location? What will be the process from the first contact with a prospect through to the completed sale? (UMUC,1) Whenever a decision is made to rebalance one of the “P’s", it also impacts decisions in other areas. For example, changing the price of a popular product, by lowering its price, could impact the placement aspects by requiring increased shipments to retail stores. This is why it is critical for marketers to coordinate with other departments to discuss any possible complications, and to make sure everyone is on board. In my opinion, the most important is factor is product. Price, place and promotion serve to enhance the product attractiveness. If you fail to focus on making quality products, you may make a sale but you can...
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...Competition, Marketing Mix, and Pricing goes hand in hand with the services of the healthcare provider i choose. Througout this paper you I'll analyze the competitive environment of health s ervices. You will also see the diferent tools of the marketing mix that available. Although many any other healthcare providers have different purposes in objectives. Key Charactics of Services There are four distinctive characteristics of services. According to Koltler and Shalowitz those four are intangibility, inseparability, variability, and perishability. Intangibility is when services cannot be seen tasted, felt, heard, or smelled before the are brought. Inseparability is when services are produced and consumed simultaneously. Variability is when services are highly variable because the depend on who provides them and when and where they are provided. The last one is Pershisability, you cannot store services, you can only build capacity to perform them when they are needed. (Lotler, Phillip, Shalowitz, Joel and Stevens, Robert 1st Edition (2008)) Pinnacle Orthopedics falls under the characteristicsc of Intangibilty and Variable. The service provider has to follow certain things to improve the confidence of the client: The provider can try to increase the tangibility of services. For example, by showing the patients models of Lumbar (spine) and Cervical (neck) of what to expect after surgery. This allows...
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...Task 1 To deal with the present crisis of The Abbey and Hotel Radicor, it is essential to identify our primary and secondary stakeholders. Our tactical and strategic directions are aimed at bringing about changes and will affect people in multiple ways. Therefore transparency to our project and their involvement in the participatory process is crucial. To keep the project truly open, the following stakeholders have to be involved in any assessment and preplanning activity as well as planning and implementation. They have been divided according to their influence and willingness to implement change at the initial stage of this project. According to me, these are my key stakeholders who I will address concerning the poor review of Abbey. List of Prioritised Stakeholders Stakeholder | Influence | Willingness | Current Attitude | Expected Action | Rank | Hotel Radicor Operations Management Group (MD, GM & Directors) | High | High | Is not appropriately appraised of the present situation of the Hotel | Advocate an action-plan to facilitate ‘change’ | 1 | Chef Marcus Vesty of The Abbey | High | High | Is over committed with other assignments to have noticed service and operations failure in ‘Abbey’. | Evaluate economic feasibility, Operating model and design. | 1 | The other important stakeholders that fall into different groups like promoters, latent, defenders and apathetic are: Social Media, External Advisors, Loy Chan (Simcomm Group), Funders, Legal Department...
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