...utilized to promote the product. The learner will be utilizing information obtained from lectures on technology research, promotional strategies, and distribution intensities. Identify a specialty that fits for your geographic area and justify your selection. “Cancer is defined as the uncontrolled growth of abnormal cells in the body. Cancer appears to occur when the growth of cells in the body is out of control and cells divide too quickly. There’re numerous forms of cancer, it can develop on any organ or tissue in the body, such as lungs, colon, or breast, skin, bones or nerve tissue. Drinking excessive alcohol, or obesity, Benzene and other chemicals are some causes of cancer. The most common forms of cancer for both sexes are colon and lung cancer. Most cancers are diagnosed by biopsy. Treatments are based on the stage and type of cancer.” According to State Center for Health Statistics, North Carolina (2009), Forsyth County was ranked number one for the leading cause of mortality at 24.1%. As the Vice President of Marketing implementing a specialization in cancer could possibly reduce the death rate and increase profit margin for the hospital. Indicate what level of intensity would promote this transition effectively, keeping in mind those physicians, employees, and consumers who will be affected by the change provide support for your answers. The level of intensity for this specialization would be presented as Exclusive. Exclusive distribution is defined by Berkowitz...
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...Product, Price, Distribution, and Promotion Shenetter C. Morris Dr. Cynthia Davis HSA 505 December 11, 2011 Product, Price, Distribution, and Promotion Identify a specialty that fits for your geographic area and justify your selection. A specialty that’s fits the Alabama geographic area is women’s health. The top five areas of women’s health that are affecting the lives of women on a daily basis are: heart disease, breast cancer, stroke, autoimmune diseases, and osteoporosis. Based on research I will attempt to prove why women’s health was chosen as a specialty by providing statistical facts and benefits. Worldwide, 8.6 million women die from heart disease each year, accounting for a third of all deaths in women. Heart disease is the number one killer in the state of Alabama. Research shows that in the year 2007 a total of 11,926 people died of heart disease and of that number 6, 018 were females. On an average, nearly twenty-one females die from heart disease in Alabama each day. Alabama is one of five states to have the highest death rate from heart disease. Alabama has the second highest death rate from cardiovascular disease in the country ("Alabama state fact,”). Statistics for the Alabama area show that per 100,000 women a rate of 116.8 was white and a rate of 116.2 was black that reported breast cancer incidents. Based on 100,000 women rates of 24.1 experienced deaths by breast cancer, rates show that 21.5 of women that died by breast cancer were white and...
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...satisfy those needs most effectively. So the businessman needs to: (a) produce or manufacture the product according to consumers’ need; (b) make available it at a price that the consumers’ find reasonable; (c) supply the product to the consumers at different outlets they can conveniently approach; and (d) inform the consumers about the product and its characteristics through the media they have access to. So the marketing manager concentrates on four major decision areas while planning the marketing activities, namely, (i) products, (ii) price, (iii) place (distribution) and (iv) promotion. These 4 ‘P’s are called as elements of marketing and together they constitute the marketing mix. All these are inter-related because a decision in one area affects decisions in other areas. In this lesson you will learn about the basic aspects relating to these 4‘P’s viz., product, price, place and promotion. OBJECTIVES After studying this lesson, you will be able to : • • • • • • • • explain the concept of marketing mix and its components; explain the meaning of product and its classification; state the various factors affecting pricing decisions; describe different methods of pricing; state the meaning of channels of distribution; identify the various channels of distribution; state the factors affecting choice of a channel of distribution; and explain the concepts of promotion and promotion mix. 101 Business Studies MODULE -5 Marketing 20.1 CONCEPT AND COMPONENTS OF MARKETING...
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...delivery of product(s) to consumers so that their needs are fulfilled and organisational objectives are also achieved. This involves several important decisions, e.g. deciding about the product or products which should be offered for sale, price of the product, markets where products may sell and the means of communication with the consumer for the sale of the product. All these decisions form part of marketing-mix. In this lesson we shall study about the concept of marketing mix, its components and the relationship among various components of marketing mix. 22.2 Objectives After studying this lesson, you will be able to : explain the concept and characteristics of marketing mix; describe various components of marketing-mix; establish the relationship amongst various components. 22.3 Concept and Characteristics of Marketing Mix The process of marketing or distribution of goods require particular attention of management of business because production has no relevance unless products are sold. Marketing mix, simply stated, is the process 20:: Business Studies of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. The elements of marketing mix have been classified under four heads - product, price, place and promotion. That is why marketing mix is said to be a combination of 4 P’s. Decisions relating to the product include product designing, packaging and labelling and varieties of the product. Decision...
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...essentially the same products to customers; the difference lies in their locations, value added service and their marketing programmes. The fuel price levels vary between service station operators due to “the location, quality or the price policies of the operators. Australian’s oil industry has some unique characteristics and very competitive local environment. Therefore, in many cases petrol suppliers use the lens to focus the elements of marketing mix so that the consumers receives an overall message about quality, cost, performance and the product’s position compared with competing brand. 2. Elements of Marketing Mix Marketing mix is the term used to describe the combination of the four inputs: the product, the price structure, the promotional activities, and the distribution system that the firm uses to pursue the sought level of sales in the target market. 2.1 Product The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees,and support. The product mix includes the followings variables: ➢ Product line and range, ➢ Style, shape, design, color, quality and other physical features of a product, ➢ Packaging and labelling of a product, ➢ Branding and trade mark given to the product, ➢ Production innovation, and ➢ Product servicing. 2.2 Price This refers to...
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...marketing mix for a new product or service Marketing mix Sometimes referred to as the four P’s of Product, Price, promotion and Place, these are the ideas to consider when marketing a product. The marketing mix provides an excellent framework for developing marketing plans. There are four main parts which are: * Product * Price * Promotion * Place Product A product is something that can be accessible to a market to satisfy a want or need. Products include physical goods, services, experiences, events, persons, places, properties, organisations, information and ideas. It is therefore the mixture of goods and services that are obtainable to the target consumer. Product levels A product can be viewed in three different levels: * Level 1: The core product is the benefit of the product that makes it valuable to someone. * Level2: The actual product is the physical item. Branding, added features and benefits play apart to differentiate the product from competitors offers. * Level 3: the augmented product is additional value beyond the physical product. It normally involves after-sales service, warranties, deliveries, instillations etc. Product range A business always changes and updates its products range and mix. Another important issue is the extent of the mix. If a business does not have a lot products, there is a chance that one will go out of date and damage total sales significantly. However, if there is too much products, the range might...
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...The Product Life Cycle A product's life cycle (PLC) can be divided into several stages characterized by the revenue generated by the product. If a curve is drawn showing product revenue over time, it may take one of many different shapes, an example of which is shown below: Product Life Cycle Curve The life cycle concept may apply to a brand or to a category of product. Its duration may be as short as a few months for a fad item or a century or more for product categories such as the gasoline-powered automobile. Product development is the incubation stage of the product life cycle. There are no sales and the firm prepares to introduce the product. As the product progresses through its life cycle, changes in the marketing mix usually are required in order to adjust to the evolving challenges and opportunities. Introduction Stage When the product is introduced, sales will be low until customers become aware of the product and its benefits. Some firms may announce their product before it is introduced, but such announcements also alert competitors and remove the element of surprise. Advertising costs typically are high during this stage in order to rapidly increase customer awareness of the product and to target the early adopters. During the introductory stage the firm is likely to incur additional costs associated with the initial distribution of the product. These higher costs coupled with a low sales volume usually make the introduction stage a period of negative...
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...market’s needs. There are four critical elements in marketing your products and business. They are the four P’s of marketing. 1. Product. The right product to satisfy the needs of your target customer. Audience: Business managers Content: Presents the four elements of marketing your products and business Outcome: Readers will be aware of the range of marketing decisions they need to make 2. Price. The right product offered at the right price. 3. Place. The right product at the right price available in the right place to be bought by customers. 4. Promotion. Informing potential customers of the availability of the product, its price and its place. Each of the four P’s is a variable you control in creating the marketing mix that will attract customers to your business. Your marketing mix should be something you pay careful attention to because the success of your business depends on it. As a business manager, you determine how to use these variables to achieve your profit potential. This publication introduces the four P’s of marketing and includes worksheets that will help you determine the most effective marketing mix for your business. Product “Product” refers to the goods and services you offer to your customers. Apart from the physical product itself, there are elements associated with your product that customers may be attracted to, such as the way it is packaged. Other product attributes include quality, features, options, services, warranties...
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...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...
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...The Marketing Mix (4p’s) The marketing mix consists of Product, Price, Place and Promotion strategies that a firm uses to help them reach their objectives. The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other. PRODUCT STRATEGIES When an organization introduces a product into a market they must ask themselves a number of questions. • Who is the product aimed at? • What benefit will they expect? • How do they plan to position the product within the market? • What differential advantage will the product offer over their competitors? Three levels of a product Level 1: Core Product. What is the core benefit your product offers? Customers who purchase a camera are buying more than just a camera they are purchasing memories. Level 2: Actual Product. All cameras capture memories. The aim is to ensure that your potential customers purchase your one. The strategy at this level involves organizations branding, assessed features and benefits to ensure that their product offers a differential advantage from their competitors. Level 3: Augmented Product. What additional non-tangible benefits can you offer? Competition at this level is based around after sales service, warranties, delivery. A retail departmental store that offers a free five year guarantee on purchases...
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...requires a good mixture in order to be successful in the final sale of the product at a profit. The following will discuss what the marketing mix is and a brief history of the marketing mix. It will also discuss further in detail the four P's of the marketing mix, as well as, show the relation of the marketing mix to a product offered by Verizon Communications. The History of the Marketing Mix and the Four P's The term "marketing mix" has been dated to originate sometime in the late 1940's. Neil H. Borden, a teacher at the time, began using the term after James Culliton had described the marketing manager as a "mixer of ingredients". The term "marketing mix" gained its popularity in 1964 when Borden published his article, The Concept of the Marketing Mix. Borden's original marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. The ingredients of Borden's original marketing mix were later regrouped by E. Jerome McCarthy into what is known today as the 4 P's of marketing: Product, Price, Place, and Promotion (NetMBA, 2006). The product area is the emphasis in developing the right product or service for the target market. In the case of physical products, it also refers to any services or conveniences that are part of the offering (quickmba, 2004). In the product area of the marketing mix there are certain strategy decision areas that...
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...(1791/601) Varaždin, 09.04.2010. Varaždin, 09.04.2010. 2 Table of content 3 1. The 4 P's of Marketing in general 4 2. The Marketing Mix 4 2.1. Product Decisions 5 2.1.1. The Product Life Cycle (PLC) 6 2.1.1.1. Introduction 7 2.1.1.2. Growth 7 2.1.1.3. Maturity 7 2.1.1.4. Decline 7 2.1.2. Problems with Product Life Cycle 7 2.1.3. The Customer Life Cycle (CLC) 8 2.2. Price Decisions 8 2.2.1. Pricing Strategies 9 2.2.1.1. Premium Pricing 9 2.2.1.2. Penetration Pricing 9 2.2.1.3. Economy Pricing 9 2.2.1.3. Price Skimming 10 2.2.1.4. Psychological Pricing 10 2.2.1.5. Product Line Pricing 10 2.2.1.6. Optional Product Pricing 10 2.2.1.7. Captive Product Pricing 10 2.2.1.8. Product Bundle Pricing 10 2.2.1.9. Promotional Pricing 11 2.2.1.0. Geographical Pricing 11 2.2.1.1. Value Pricing 11 2.3. Place (Distribution) Decisions 11 2.3.1. Six basic 'channel' decisions 12 2.3.2. Selection Consideration - how do we decide upon a distributor 12 2.3.3. Types of Channel Intermediaries 13 2.4. Promotion Decisions 13 2.4.1. The Promotions Mix 14 2.4.1.1. Personal Selling 14 2.4.1.2. Sales Promotion 14 2.4.1.3. Public Relations (PR) 15 2.4.1.4. Direct Mail 15 2.4.1.5. Trade Fairs and Exhibitions 15 2.4.1.6. Advertising 15 2.4.1.7. Sponsorship 16 3. CONCLUSION 17 4...
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...2013 Marketing Mix 4p’s The Marketing mix is a set of four decisions which need to be taken before launching any new product. These variables are also known as the 4 P’s of marketing. The marketing mix consists of- Product Price Place Promotion Marketing Mix 4p’s [pic] The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other. PRODUCT STRATEGIES When an organization introduces a product into a market they must ask themselves a number of questions. • Who is the product aimed at? • What benefit will they expect? • How do they plan to position the product within the market? • What differential advantage will the product offer over their competitors? Three levels of a product Level 1: Core Product. What is the core benefit your product offers? Customers who purchase a camera are buying more than just a camera they are purchasing memories. Level 2: Actual Product. All cameras capture memories. The aim is to ensure that your potential customers purchase your one. The strategy at this level involves organizations branding, assessed features and benefits to ensure that their product offers a differential advantage from their competitors. Level 3: Augmented Product. What additional non-tangible benefits can you offer? Competition at this level is based around after sales service...
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...A distribution channel is the route that a product takes from the producer to the final consumer. It can also be referred to as a chain of all the different stages that exist in the distribution process and each stage is referred as an intermediary. Wholesalers: They act as a link between the producers and the retailers. Retailer: They allow customers the opportunity to purchase goods and services in a familiar environment. They also break bulk but at a lower level, they also store the goods before the customers buy them, they also provide outlets for producers. Agents: These are there to create an enabling environment for buyers and sellers to exchange goods and services. An agent may not necessarily have the goods but makes it possible for exchange to take place. They provide expertise in areas of import and export legislation for instance. Factors affecting the distribution of a PRODUCT Cost: The shorter the channel of distribution the cheaper it is, and hence most p Type of product: The nature of the product is very important in the choice of a distribution channel, e.g. Perishables must be moved quickly. Type of firm: Larger firms may try to use their own distribution channels because they can afford it. Spread of the market: If an organisation is spread across the world, like COCA COLA, it will need to have more complex method of distribution in place. On the other hand the smaller organisations will only focus on the supply of the products needed in their area. Technical...
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...Mix Marketing mix is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The marketing mix helps companies define the marketing elements for successfully positioning your market offer. The term "marketing mix" became popularized after Neil H. Borden published his 1964 article, The Concept of the Marketing Mix. Borden began using the term in his teaching in the late 1940's after James Culliton had described the marketing manager as a "mixer of ingredients". The ingredients in Borden's marketing mix included product planning, pricing, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingredients into the four categories that today are known as the 4 P's of marketing. The marketing mix model can be used to help you decide how to take a new offer to market. It can also be used to test your existing marketing strategy. Whether you are considering a new or existing offer, the steps below help you define and improve your marketing mix. Marketing decisions generally fall into the following four controllable categories: * Product * Price * Place (distribution) * Promotion These four P's are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment...
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