...Chapter 9 Product-Mix Strategies A product mix is the set of all products offered for sale by a company. A broad group of products, intended for essentially similar uses and having similar physical characteristics, constitutes a product line. Marketing executives can choose from a variety of positioning strategies. For example for some products the best position is directly against the competition. Another strategy is associating the company’s product with (or distancing it from) a product class or attribute. Also certain producers and retailers are known for their high-quality products and high prices. Product-mix expansion is accomplished by increasing the depth within a particular line and/or the number of lines a firm offers to customers. When a company adds a similar item to an existing product line with the same brand name, this is termed a line extension. There are many reasons for line extensions but the main one is that a firm wants to appeal to more market segments. Another way to expand the product mix, referred to as mix extension, is to add a new product line to the company’s present assortment. Under a mix-extension strategy, the new line may be related or unrelated to current products. Improving an established product, termed product alteration, can be more profitable and less risky than developing a completely new one. Another strategy, product mix contraction, is carried out either by eliminating an entire line or by simplifying the assortment within...
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...How can the marketing mix be used to effectively differentiate and position your product or service? What exactly is this Marketing Mix? Borden (ND) first coined the term following a discussion with one of his colleagues, Professor James Culliton, in 1948 regarding one of his manufacturing costs studies. In Bordens paper he identifies twelve pertinent points that form the marketing mix for manufacturers : Product Planning Pricing Branding Channels of Distribution Personal Selling Advertising Promotions Packaging Display Servicing Physical Handling Fact Finding and Analysis This was narrowed down around the 1960’s by Edmund Jerome McCarthy to the 4P’s which are used to this day. McCarthy et al (2002) state these as being : Product - the goods or services offered by an organisation that can satisfy the needs of the end customer. Place (Involves channels of distribution, logistics and distribution customer service) - essentially making the product available to the end customer. Promotion - providing the information to the potential customers so that can make an informed decision and, hopefully, make the purchase. Price - inclusive of all costs prior to reaching the end customer including transport overheads, margins etc, this is the price the customers pay for the goods. Differentiation of your product or service can take place within any of the 4P’s, From a Product point of view you may be offering one that outperforms the competition or has...
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...B. Marketing Mix 1. Product Mix. Out of this World Inc. is a well known video game company. The company have took on other electronics as well but is know for video game and video consoles. The company is known for the quality and customization of each product created. The new Atari 2K is a great example of the company mission as a unit and a whole. The new Atari 2K will remain true to the key attributes of Out of this World Inc. products, but will be offered at a lower price point. 2. Price. Most of Out of this World Inc. products are at the top of the price scale. In the gaming world it seems as if most consoles are all around the same price. The typical consoles here at Out of this World Inc. range between $150.00 and $550.00. Out of this World Inc. new product, the Atari 2K, will range from $200.00 and $399.00. The goal is to market the product at a cheaper price. Distribution. Distribution of the Atari 2K and games that are just made for the console will be sold around the world. Of course there Out of this World Inc. is nationally and international so the product will be marketed and sold around the world. However, the console will not be in lower retail stores like Game Stop. This is because Game Stop usually sells and carries used products and all systems will be new. Right now people save money on used games, and there’s no denying that. There are unintended consequences namely, that a great deal of money doesn’t end up going to the publishers and developers of...
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...The Marketing Mix variables (The 4 P's of Marketing) The major marketing management decisions can be classified in one of the following four categories: * Product * Price * Place (distribution) * Promotion These variables are known as the marketing mix or the 4 P's of marketing. They are the variables that marketing managers can control in order to best satisfy customers in the target market. The marketing mix is portrayed in the following diagram: The Marketing Mix Product | | | Place | | | | | | | | | Target Market | | | | | | | | | | Price | | | Promotion | | The firm attempts to generate a positive response in the target market by blending these four marketing mix variables in an optimal manner. Product:- The product is the physical product or service offered to the consumer. 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. 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. Place:- Place (or placement) decisions are those associated with channels of distribution that serve as the means for getting the product to the target customers...
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...152000206 Submission Date: 24/8/2015 PRODUCT MIX PRODUCT MIX On footpath for Accurate method of product mix with example of leading consumer product company p&g PRODUCT MIX involves planning and developing the right type of product that will satisfy fully the needs of customers. A product has several lengths. These dimensions are collectively called product mix. Product mix for example may consist of * size and weight of the product, * volume of output, * product quality, * product design, * product range, * brand name, * package, * product testing, * warranties * And after sales services and the like. other effects of product mix Product Mix as Per Financial Dictionary The set of goods and services a company provides. Generally speaking, a company offering a wider product mix carries less risk but also usually has a lower profit margin. That is, the profit margin for a company like Wal-Mart may not be high, but so long as most of its products have strong sales, it is in no danger of bankruptcy. On the other hand, a company may only offer a few products; this is high risk because there may be low demand for the products, but specializing in a niche market can result in exceptionally large profits. Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved Product Mix as Per Investment Term The composition of goods and services produced and/or sold by a firm. A limited product mix tends to increase the firm's risk at the...
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...The variety product mix that Chevrolet has is a plus; however it can cost against them if they have products that are too similar. They are competing with other automakers, but in particular Ford Motor Company and as a staple in target marketing Chevrolet knows their competitor and makes vehicles to rival them (Boone, 2016). Consumers have a wide range of taste and in order to have leverage and persuade consumers to purchase a Chevy vehicle can work for Chevrolet because they appeal and target multiple types of consumers. Chevrolet uses selective targeting in their advertising and marketing of their automobiles by branding particular vehicles for certain type of consumers (Ferrell & Hartline, 2014). This type of marketing is appropriate and...
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...Discuss how the marketing mix strategies are likely to change over burritos’ product lifecycle. Marketing mix strategies are likely to change over burritos’ life cycle as they influence the product’s succession. With reference to Cantinas frozen burritos’, marketing mix strategies help evolve the product’s lifecycle towards the target market. The four marketing mix strategies include product, place, prime and promotion used in each stage of the product lifecycle (Armstrong et al. 2010). A new product progresses through stages from the introduction, growth, maturity, and decline in a sequence known as the product life cycle that is likely to change over the burritos’ time (QuickMBA 2009). As the burritos’ product hits the market as a new product development, it enters the introduction stage of the product lifecycle. Marketing mix strategies at this stage is extensively attracted to the promotion, as the frozen burritos’ is a new and unique product in the Australian marketplace. Profits are heavily spent on the promotion, which means high competitive prices of the product are through advertisement. Promotion at this stage targeted towards a small market segment, which is catered towards 15 – 30 year olds looking for alternative foods. (Armstrong et al. 2010). Extensive marketing testing was placed to build product awareness and to educate potential consumers about the product being introduced. This ultimately ensured its place in the lifecycle process with its slow growth...
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...Chapter 1: Introduction Background of The Study MBA curriculum is highly focused on mixture of theoretical and practical studies. As part of the MBA course it is essential that the student submits a comprehensive study during the Internship period and prepare and present a study report. As part of that the study topic was decided in consultation of the supervisor as “Performance Analysis of Grameenphone for The Year 2009”. Under the scope of the topic a comprehensive study was done on Grameenphone which is presented in this paper. Statement of the problem: The major objective of a business firm is to increase the wealth of its shareholders. Financials of a firm is the mirror of the ultimate performance of a firm besides its brand preference and some other indices. Even the other indices are used to assure the profitability in both short and long term. The study dealt with the financial indices to indentify the strength, weakness and opportunity for the company and tried to recommend some improvement scope from the theoretical perspective. This study aims to see the performance of Grameenphone for 2009 in various indices. Objective of the study: Telecom is the most discussed industry in Bangladesh due to its nature of touching people’s life. Grameenphone Limited is the distinct market leader with more than 43% subscriber market share. In 2009 the company came into the pick of the discussion of local business environment as it went for the IPO which was the largest in the...
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...thickened gel, or slime. Up until I did the research, I figured that glue was already a bit like slime only much thinner. And the same way you would add flour to cookie dough that is too sticky or thin, adding borax would make it clump up more. The very first time I attempted making slime, I mixed less than half of a teaspoon of Borax into a teaspoon of glue, then added water. It was unsuccessful. It was too slippery and you could feel the Borax in it, meaning it didn’t mix well together. The second time I attempted, I did the same thing only added the glue into the Borax, which also didn’t mix very well. So I tried my 3rd and 4th trial a little differently by mixing water and glue the first time, slowing add Borax looking for the right amount. And mixing water and Borax adding small amounts of glue at a time the second time. Neither of them worked either. I think I had the right idea with adding water to only one of the ingredients at a time, seeing how it didn’t mix well… I thought of a way to make it mix in better. They were both close but no cigar. All of my slime attempts were a bit off. A bit too gritty, a bit too liquidy, not sticky enough, not bouncy enough. It all smelled like glue and made a mess of my hands. Eventually after the 5th failed attempt of randomly mixing all ingredients in different parts, amounts & orders… I just stuck...
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...Marketing Mix Product Lancôme, founded in France in 1935, and bought by L’Oreal (also a French company) in 1964, is L’Oreal’s high end division of cosmetics, fragrances, and makeups. (“Lancôme”) Research has shown that Lancôme is missing out or underutilizing on a major segment of the market, about half: men. The case study illustrates the growing men’s grooming market in the US: currently $14 billion, and expected to reach $21 billion by 2015. In order to address this, Lancôme needs a product that will reestablish themselves in the men’s grooming market since they have primarily been viewed exclusively as a perfume, makeup, and skin care company, mainly targeting female consumers. What is something men experience and (most) women do not? Balding. Lancôme will introduce a “Hair Restoration Shampoo” targeted exclusively towards men. This shampoo is more of a “preemptive strike” shampoo/conditioner than typical balding ointments/creams, such as Rogaine. The “Hair Restoration Shampoo” is targeted towards men who are showing signs of balding, or fear future baldness in general. We feel the latter has huge opportunity, as almost every man fears going bald at some point in his life. The main competition in this market is Rogaine, a topical hair re-growth product, first made available by prescriptions in the late eighties. (“History of Rogaine”) Rogaine has evolved over the years and, since 2006, has been made available over the counter. The man advantage that...
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...Marketing Mix Product Lancôme, founded in France in 1935, and bought by L’Oreal (also a French company) in 1964, is L’Oreal’s high end division of cosmetics, fragrances, and makeups. (“Lancôme”) Research has shown that Lancôme is missing out or underutilizing on a major segment of the market, about half: men. The case study illustrates the growing men’s grooming market in the US: currently $14 billion, and expected to reach $21 billion by 2015. In order to address this, Lancôme needs a product that will reestablish themselves in the men’s grooming market since they have primarily been viewed exclusively as a perfume, makeup, and skin care company, mainly targeting female consumers. What is something men experience and (most) women do not? Balding. Lancôme will introduce a “Hair Restoration Shampoo” targeted exclusively towards men. This shampoo is more of a “preemptive strike” shampoo/conditioner than typical balding ointments/creams, such as Rogaine. The “Hair Restoration Shampoo” is targeted towards men who are showing signs of balding, or fear future baldness in general. We feel the latter has huge opportunity, as almost every man fears going bald at some point in his life. The main competition in this market is Rogaine, a topical hair re-growth product, first made available by prescriptions in the late eighties. (“History of Rogaine”) Rogaine has evolved over the years and, since 2006, has been made available over the counter. The man advantage that Rogaine has...
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...Dolly Madison Bakery family of products. Automated Manufacturing Line The decision Hostess has recently taken to launch the “Bake Right” product line has driven many challenges for the manufacturing team. In order to launch the “Bake Right” product line the company need to acquire new equipment and hire additional personnel. Different scenarios have been evaluated and forecast shows a steady business growth during the next three years. Introduction of the “Bake Right “product line to the market will require additional efforts on the manufacturing floor and possibly adding weekend shift to meet the expected demand. The Engineering department has suggested a project to automate all Dolly Madison Bakery products. This manufacturing line will perform all operations needed to produce Dolly Madison Baker products from beginning to finish. Automated operations will include: 1. Automated mixers – These mixers are capable to mix different recipes and will have preprogrammed weight checkers with automated feeders. 2. Screw driven extruders machines – Once the mixes are ready will fed the extruders machine tha will inject the mix into preformed trays. 3. Heat tunnel – the trays with the recently extruded mix will travel along a conveyor. This conveyor will be driven through a Heat Tunnel were the mix will be exposed to enough heat during a predetermined time to bake the mix and convert it onto the final product. 4. Cooling tunnel - Once the product has been baked it will pass...
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...Fluorides reduce decay by increasing the strength of teeth. Sodium fluoride is the most commonly used fluoride. Sodium perborate is used as a tooth whitening ingredient. Most toothpastes contain the preservative p-hydrozybenzoate. Water is also used for dilution purposes. The Manufacturing Process Weighing and mixing • 1 After transporting the raw materials into the factory, the ingredients are both manually and mechanically weighed. This ensures accuracy in the ingredients' proportions. Then the ingredients are mixed together. Usually, the glycerin-water mixture is done first. • 2 All the ingredients are mixed together in the mixing vat. The temperature and humidity of vat are watched closely. This is important to ensuring that the mix comes together correctly. A commonly used vat in the toothpaste industry mixes a batch that is the equivalent of 10,000 four-ounce (118 ml) tubes. Filling the tubes • 3 Before tubes are filled with toothpaste, the tube itself passes under a blower and a vacuum to ensure cleanliness. Dust and particles are blown out in this step. The tube is capped, and the opposite end is opened so the filling machine can load the paste. • 4 After the ingredients are mixed together, the tubes are filled by the filling machine. To make sure the tube is aligned correctly, an optical device rotates the tube. Then the tube is filled by a descending pump. After it is filled, the end is sealed (or crimped) closed. The tube also gets a code stamped on it indicating...
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...Case Report: Kristen's Cookie company 1. It takes 26 minutes to complete a rush order, that is, the addition of the time it takes to complete each step: 6 (wash and mix) + 2 (spoon) + 10 (load and bake) + 5 (unload and cool) + 2 (pack) + 1 (pay) = 26. Process flow diagram of the cookie-making process: Me Mixer Me Spoon and tray Roommate Oven and tray Oven and tray INPUT OUTPUT Roommate Oven and tray Tray Roommate Roommate Remarks: Since it does not consume any time, the first step, that is to take an order, is here ignored. Inventory is not kept at any time as the cookie dough is continuously being processed by the dozen to fit the bottleneck's capacity and only produce fresh cookies according to placed orders. 2. We assume the following: The minimum amount of cookies per order is one dozen cookies (the case states that the process produces “cookies by the dozen”). There are at least two trays and spoons, as the case mentions “cookie trays” and “spoons” Since the amount of time necessary to unload the oven is considered “negligeable”, it can be done during the same minute used to load the next batch. In this view, the first order takes 26 minutes but each following batch only requires an additional 10 minutes (see Gantt chart 1 attached). Capacity of resources (dozen cookies per hour): | Me | Roommate | Mixer (1) | Trays (2) | Spoons (2) | Oven (1) | Cycle time | 8mns/unit | 4mns/unit...
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...FLOUR,WHEAT,BREAD SHORTENING,SOFTENED BUTTER VANILLA GLAZE Weight Measure Issue 6-3/4 oz 1 lbs 1-5/8 lbs 1-1/4 lbs 1-1/8 lbs 1-3/4 oz 1-7/8 oz 7-7/8 lbs 14-1/2 oz 8 oz 1 cup 2 cup 3 cup 2-1/4 cup 2-5/8 cup 3/4 cup 3 tbsp 1 gal 2-1/2 qts 2 cup 1 cup 2-3/8 cup Method 1 Sprinkle yeast over water. DO NOT USE TEMPERATURES ABOVE 110 F. Mix well. Let stand 5 minutes; stir. Set aside for use in Step 3. Place water, eggs, sugar, milk, and salt in mixer bowl. Using dough hook, mix at low speed just until blended. Add flour and yeast solution. Mix at low speed 1 minute or until all flour mixture is incorporated into liquid. Add shortening; mix at low speed 1 minute. Continue mixing at medium speed 10 minutes or until dough is smooth and elastic. Dough temperature should be between 78 F. to 82 F. FERMENT: Cover. Set in a warm place (80 F.) about 1-1/2 hours or until double in bulk. PUNCH: Divide dough into 3 pieces, 4 lb 5 oz each; shape into a rectangular piece. Let rest 10 to 20 minutes. MAKE-UP: Roll each 4 lb 5 oz piece of dough into a long rope of uniform diameter. (If using D 036 01, Sweet Dough Mix, use 4 lb 2 oz pieces.) Slice into 34 pieces, weighing 1-3/4 to 2 oz each. Shape into balls by rolling with a circular motion. Place on lightly greased sheet pans in rows 6 by 9. Melt butter or margarine. Brush 1/2 cup on rolls in each pan. PROOF: At 90 F. to 100 F. until double in bulk. BAKE: At 375 F. for 20 to 25 minutes or until golden brown or...
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