Premium Essay

Markiting

In: Business and Management

Submitted By lulela
Words 2008
Pages 9
It is a framework which helps to structure the approach to each market.

The mix is a bundle of variables which are offered to the customer. These include the product or service itself (its advantages); its availability (the place where and when it is available, delivered or distributed); its image (the way it is promoted) and, of course, the price which should be charged.

These are some of the ingredients which a marketing manager must mix together when optimising a limited amount of resources.

What is the best mix? A marketing manager has to juggle resources and decide on the best marketing mix. Should money be spent or forfeited on: reduced prices? Improved products? New delivery trucks? Or maybe invest all your money in a high risk TV advertising campaign?

Did you recognise the 4 Ps just there? In 1960 Jerome McCarthey presented the 4 Ps to the world. Since then marketing managers around the world have become familiar with them. Can you recall them?

In addition to the 4 Ps, there are other approaches to the mix. These are explored under 'Different Approaches' subtopic as shown in the title map.

Let's look at each of the 4 Ps briefly.

Product - this means the product's (or service's) quality, the functions, the features and benefits of its design plus packaging, guarantees and level of after-sales service. Choices can be made about any of these aspects.

Price includes recommended prices to end-user customers, distributor's trade prices, cash discounts, bulk discounts, terms of credit.

Place means where and when the customer buys and consumes the product or service. Place is sometimes referred to as the marketing channels, physical distribution, logistics or location.

Promotion means the promotions mix or the communications mix. This mix includes advertising, sales promotions, publicity, direct mail, exhibitions, display, packaging,...

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