...Marketing Mix Janea’ Jackson MKT/421 Stephanie Jenson April 25, 2011 Introduction A marketing strategy provides an in depth look at what a company can do within the market. When creating a marketing strategy, the company must first identify the target audience and a related marketing mix. According to businessdictionary.com, the target audience is “a particular group of people, identified as the intended recipient of an advertisement or message.” The four P’s make up what is commonly referred to as the marketing mix, “a set of controllable tactical marketing tools - product, place, price and promotion - that the firm blends to produce the response it wants in the target market” (Armstrong & Kotler, pg. 51). Focusing on a specific audience can help a company develop a marketing mix that will satisfy the needs of this audience better than the competition. It is quite useful to reduce all of the elements in the marketing mix down to just these four basic marketing tools. These four tools are essential to the development of organizations' marketing strategies and tactics. This paper will describe the elements individually, as well as looking at an organization such as Wal-Mart, a national retailer, who individualizes the marketing mix to fit the company’s specific strategies and tactics. Breakdown of Elements So now let’s discuss the four Ps in further detail. The product tool is based upon the development of the right product. This product has to be appealing to the...
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...Marketing mix The Marketing mix is generally accepted as the use and specification of the "four P's" describing the strategic position of a product in the marketplace. One version of the marketing mix originated in 1948 when James Culliton said that a marketing decision should be a result of something similar to a recipe. This version was used in 1953 when Neil Borden, in his American Marketing Association presidential address, took the recipe idea one step further and coined the term "Marketing-Mix". A prominent marketer, E. Jerome McCarthy, proposed a 4 P classification in 1960, which has seen wide use. The four Ps concept is explained in most marketing textbooks and classes. Definition A"Marketing Mix" is the set of controllable, tactical marketing tools that work together to achieve company's objectives, they are: product, price, promotion and place: o Product - A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are often service based like the tourism industry & the hotel industry. Typical examples of a mass produced tangible object are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system. o Price – The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer's...
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...THE APPLICATION OF THE MARKETING MIX AND EXTENDED MARKETING MIX FOR SERVICES IN A BUSINESS ORGANIZATION OF YOUR CHOICE The marketing mix refers to variables that a marketing manager can control to influence a brand’s sales or market share (Ellis, 2006). The marketer E. Jerome McCarthy proposed the four Ps classification in 1960, which has since been used by marketers throughout the world (Wikipedia, 2014). These variables are summarized as: product, price, promotion, and place (distribution). The 4P’s are also known as product marketing mix because their application is traditionally for marketing of products. Robert F. Lauterborn proposed a four Cs classification in 1990 which is a more consumer-oriented version of the four Ps (Wikipedia, 2014). They are: consumer, cost, communication and convenience. In this discussion we concentrate on McCarthy’s 4P’s. The extended marketing mix is, as the name suggests, an extension of the marketing mix which was traditionally for products (Bhasin, 2014). As services came more into the picture it was seen that the 4p’s could not justify the marketing mix. Bhasin further reports that the extended marketing mix was brought forward by adding the following 3 elements: Process, Physical evidence and People to make the 7P’s. These 3 more elements were necessary to explain the marketing of services. Therefore this extended marketing mix is also known as the service marketing mix. The marketing mix and extended marketing mix can be illustrated as...
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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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...The Marketing Mix Name Institution Date of Submission Introduction The marketing is an essential business tool used by marketing professionals in determining a brand’s offering. It is normally described as the four P’s of marketing; the product, price, place, and promotion. However, in some cases, the four P’s have been expanded to incorporate other elements thus making them five or seven P’s with some scholars. The four P’s of marketing will be discussed. Product Product is anything that satisfies a need or wants and can be offered in an exchange in its tangible (good) or intangible (service). The product may either generate a functional or a linking relationship with the prospect. The functional relationship refers to the value of using the product. The product’s value is crucial in the purchasing decision process. The link with the product may be defined by the complementarity between the client and the product. It is the basis of individuals’ interests in the product. If the perceived link lacks in a product, no interest may be derived in the product. The product has several dimensions such as a support system, attributes, and benefits. The support system entails features such as the sales force, advertising, warranty, delivery, promotion systems, and reputation. Attributes include features such as the ingredients, style, quality, brand, and package. There are several benefits that may be derived from a product and such entail functional, psychological...
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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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...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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...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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...Compiled by: Gerard Perry Topic: UCB Marketing Mix United Colors of Benetton is a global brand, and one of the most well known in the world, with an international style that combines color, energy and practicality. The womenswear, menswear, childrenswear and underwear collections offer a total look for everyday, for work and for leisure, in the city and outdoors. The brand is broadening its horizons, expanding into new areas of merchandise from Home Collection to baby products, travel bags and new perfumes. Considering the product range of UCB, the basic benefit from the core product would be body protection against external factors, whereas another benefit could be a desire to stands out and be admired. The core product is then turned into a tangible product by the use and development of such characteristics as branding, features, styling, packaging, and quality level. Under the global brand name UCB there is a mix of products. Each womenswear, menswear, childrenswear and underwear collections is accompanied by accessories and shoes collections to complete each look. In addition, the company publishes “Colors” magazine that echoes the entire UCB philosophy. The main product of UCB is the clothing line that has a strong Italian character in design and style, which combines bright and expressive colors and practicality. By buying Benetton brand customers can be seen as individuals with their own style as well as sensitive to social issues raised in Benetton’s campaigns...
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...Marketing mix-the case of Aesop Serial number MEB1499 Student ID 26779595 Class PMD Table of contents Executive Summary 3 1.0 Background 4 2.0 Marketing Mix 4 2.1 Marketing mix theory 4 3.0 Aesop-a case study 5 3.1 Product in marketing mix 5 3.2 Price in marketing mix 6 3.3 Strengths and weaknesses in marketing mix 7 4.0 Conclusion and recommendations 8 Reference list 9 Executive Summary The purpose of this report is to evaluate how marketing mix elements are used in Aesop’s promotional strategy; how effective Aesop has been in the promotional strategy; and it provides some necessary recommendations. In this report, two marketing mix elements product and price are analyzed. By analyzing Aesop’s strategies of product and price, it is easy to identify the strengths and weaknesses of the company. The findings indicate that Aesop has made great progress in high-quality products and product orientation. What is more, price policy which based on the cost of production is reasonable. However, the capacity of the market still needs further expansion. This report gives some advice on expanding the market, and it will ensure that Aesop develops better in the future. 1.0 Background Aesop was founded by Dennis Paphitis in 1987 in Melbourne. The name originates from Aesop’s Fables. It is an organic herbal cosmetics company. Aesop devotes itself to natural skin care, body care and hair care, and it aims at providing the finest quality...
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...MKT/421 University of Phoenix Marketing Mix Marketing mix is when the right product is put in the right place, at the right time, and at the right price. When an organization or company creates a product that attracts individuals and put it on sale or offer it to individuals it should may be place at a price in which it matches the value of the product and is worth what the consumers or individuals get out of it. The 4 Ps of marketing and the marketing mix are sometimes used as synonyms for one another because they are close to being the same thing. The 4 Ps of marketing mix are product, place, price, and promotion. Each component of the marketing mix has some type of importance and are given an equal abundance of importance. In the marketing mix the customer is the most important piece of the marketing strategy however it is not included because all the components are aimed toward the target. A company that I think would represent for a good marketing mix is Apple. They are about pleasing their customers and making sure that they are aware of the products that they have to offer. Prices are adjusted to make sure that things are affordable and sometimes to bring in new customers. Surveys are completed at times to see what it is that the customer wants and what satisfies the customer. The customers have a say so in the product and the company value their opinion. The product- The product is...
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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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...Marketing Mix MKT/421 February 11, 2013 Ron Stripe Marketing takes a day to learn. Unfortunately it takes a lifetime to master – Phil Kolter. Marketing involves so much more than simply selling a product or service. It involves planning and preparations that requires an organization to connect with their customers on a much deeper level. A marketing mix is one of the most valuable tools an organization can utilize to create such a connection. The marketing of an organization includes so many variables; therefore, it is necessary to categorize these variables by product, price, place, and promotion, which are the 4P’s of the marketing mix. These categories are the framework for just about every successful organization in today’s market. An organization like Fisher-Price understands how important a marketing mix is to compete in a market that is saturated with developing young minds; which in fact, was the driving force behind their refreshing new approach to stay connected with today’s moms. The Marketing Mix What is a marketing mix and how does it affect an organization? The answer to this question is what all business owners and managers need to know to contend in the highly competitive market of this day and age. The term "marketing-mix," was first coined by Neil Borden, the president of the American Marketing Association in 1953. It is still used today to make important decisions that lead to the execution of a marketing plan. The various approaches that are used...
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...Marketing Mix Latasha Edwards University of Phoenix MKT/421 Stuart Ringer July 07, 2012 Abstract This essay will describe the elements of the marketing mix. Starbucks is the organization that will allow a description of how all four elements affect developmental marketing strategy. An explanation of how each part of the marketing mix is implemented and what industry that Starbucks exist is present. Marketing Mix Starbucks originated in 1971 in Seattle. Today there are over 17,000 stores across 55 countries all over the world. The mission; “inspire and nurture the human spirit one person and one cup at a time” (Starbucks Company Profile, 2011, p. 1). Starbucks got its name from a story; Moby Dick and logo is a Greek mythology siren. This company views employees as partners. Products include coffee; more than 30 blends, handcrafted beverages; such as Frappuccino’s and ice coffee, merchandise; cups, mugs, music, books, fresh food; cookies, salads, and sandwiches. Marketing mix A plan, that is controlled, including four elements; product, price, place, and promotion. The company makes adjustments of these four elements until the right combination meets consumer needs. The ultimate goal, when using this tool, is to make a profit (Marketing Mix, 2012). Product is the central part of the marketing mix. One has to figure out how to make it, how the product line is going to run and set it up. One also has to decide the...
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...developing a marketing strategy, the four P's of marketing must be addressed. These are product, price, placement, and promotion. These all work together to help reach maximum potential in a marketing strategy. Product is anything that is marketable. This can be a service, physical item or an idea. It is important to define what the product is in order to define the target market. Without a definite product, no other part of the marketing strategy can be implemented. Price does play an important part in the marketing mix, but it should not rule the business. Price should be in line with a customer's perception of value. Price must also match the quality of the product being offered. Knowing what the breakeven point is also is important. Without this information, the price may not be enough to cover the costs of selling the product. Placement and distribution is the third element of the marketing mix. This includes the physical placement such as location, inventory, transport, and coverage. It also covers the channels used to market the product. Channels can change over time as businesses grow and evolve. Promotion is the final element of the marketing mix. Promotion includes the communication of information about the product. The goal is to create a positive customer response. Marketing communication includes advertising, promotions, public relations, publicity, sales force or team, and promotional strategy. Furthermore, every organization uses the marketing mix. The organization...
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