...Marketing Mix – The 4 P’s of Marketing Product The foremost of the marketing four p’s is the product that a company intends to sell. A product can be something like a car, toothbrush, nail polish, utensil, clothing item, etc. Although, manufacturing a product does not fall in the work of the marketing department, yet how the product should look, how it should function and how it can be used by the customers, is mainly determined by market research and based on the same marketing strategies are determined to position it in the best possible manner in the market. To be successful at developing the right product, which is one of the important four p’s of marketing, the marketing department should give regular inputs with regards to the needs and wants of the customers to the manufacturing department. Guarantees, warranties as well as support services for the product are decided upon to match the offerings of the competitors. Price Next of the 4 p’s of marketing is the pricing strategy. The price should be determined in accordance to a number of factors such as the number of product features, the price of similar products in the market, how much the customers are willing to shell out for the conveniences offered by the product, etc. As price is the revenue for a business so special attention should be paid while determining the pricing strategy. Discounts, allowances, financing options fall under the pricing marketing mix strategy too. Place “Place” refers to making a product...
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...Marketing - Marketing Mix and Consumer Behaviour: The key is the research. Francesco Giunta Consumer Behaviour: The key is the research. Marketing over the last two decades has made significant progress in terms of segmentation, positioning and targeting of the product. In this progress is included the core aspect of consumer behaviour. The study of such behaviour is a necessity for any company in any business, regarding this it is interesting the analysis of consumer behaviour in purchasing technological products. There are several cases of companies not only in the technology field, leading market research in order to understand how they can maintain the loyalty of existing customers and attract new ones, but not everyone can have positive results. A remarkable example of success is Apple Inc. which with its revolutionary and aesthetically refined products managed to have a tremendous positive feedback from consumers and is able to maintain a strong and lasting relationship. Consumer Behaviour : Marketing Research and Marketing Mix Marketing Research In creating a product and an advertising campaign is essential to consider the target market. It is crucial to know what are the habits of the consumer, their needs when purchasing a specific product and what are the benefits of such purchase. So it is vital to understand how to attract consumers' attention and get a complete picture of the situation. It is possible to do that by following five basic steps/questions...
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...Place The distribution of Twelve Cupcakes’s Cupcakes are exclusive. To acquire their cupcakes the only way is through their main outlet. As they are a self-created brand, they do not have any franchise outlet nor do they distribute their cupcakes to any related cafes to sell. The type of distribution Twelve Cupcake uses are Corporate VMS. Cupcakes are made directly from the outlet and then sold directly to the consumers. Twelve cupcakes uses visual appeal for their outlet concept. Usually displacing all their cupcakes on the display shelf to show case to consumers when they walk pass the shop. Price Twelve Cupcakes adopts Cost-Based pricing strategies. Setting cost for taking into account the expense delivering, circulating, and offering the item in addition to a reasonable rate of return for effort and risk. It is also adopted the break-even pricing to set price to break even on the costs of production, therefore marking up the price to cover up the cost price used to produce the cupcakes. One of Twelve Cupcakes price adjustment is promotional pricing. Running promotions like seasonal promotion for example leap year promotion, where you purchase 3 cupcakes and you get 1 for free. Another example is SG50, where within 50 mins the cupcakes are sold only at $0.50 each. This promotion was created specially for the country, as it was a unique way to attract more customers. Promotion Where promotion is concerned, pushing means that Twelve Cupcakes focuses on the channel...
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...4 p's of marketing The Four P's of Marketing The four P's of marketing are: Product Price Place Promotion Product is what you are selling. Not just the physical product or the actual service, but all the customer benefits and values that the product represents. It is usually not important to have the best possible product. Cutting edge and feature packed products cost more. The key is to have the most valuable product in its price range. Price is the amount that the customer must pay. This is the acid test of whether the features you added to the product were really valuable, or whether you might have been better to cut a few low-value features out and so be able to offer a lower price. Place is sometimes thought unimportant to online business. However, many deals still go best with a handshake. Services can only be cost-effectively provided within a fixed travel-radius. Shipping costs matter. Place is still a vital concern. With the internet, all online shops are on the super-highway and equidistant to any customer, and yet people still look for local and regional suppliers. Financial and legal issues are still mostly set by place too. Where will you place your distribution centers? Would better placement of your business let you ship faster or more cost-efficiently? Promotion is the P that everyone knows Marketing is about. Of course, we are not only talking about advertising in promotions, but also sponsorships, public relations, special offers, viral marketing, and...
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...4 marketing P’s It’s very important to consider the 4P’s analyze because it will help us to evaluate the weakness and strengths of the company. It also will give us an advice to discover the segment where company can easier succeed and the segment where it should work more and improve the strategies. 1. Product Analyzing this step we can see if the product that company selling is the one that customers really need because this is the most important key to success. Oriflame offers natural cosmetic products which helps them to build the main core competence of the company. 2. Price Why is Price so important? Price is the only element of mix that generates turnover and profits and this is the first choice criteria for consumers (especially in times of economic crisis). The price allows consumers to compare and make decisions, it directly influences demand (price elasticity) and gives an indication of the product’s positioning and quality. Other influences which affect consumer demand is psychological price -> fix your price according to two points: the pricing floor (too cheap) and the pricing ceiling (too expensive). We can say that Oriflame keeping its prices between this two levels. This fact is an advantage for them because people can afford the products and choose them instead of more expensive brands, considering that in cosmetics industry are a lot of competitors. 3. Place The positioning of a product or a brand, it’s making the great choice to put forward...
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...Name: Liang Wang Date: Sep 10th, 2013 The 4 P’s in Action The largest traditional U.S. bookseller Barnes & Noble bookstore is facing and work their way through a difficult period. Sales decreased at Barnes & Noble bookstores in the latest quarter and its Nook e-book devices failed to keep up with competitors, pushing the company to a net loss that more than doubled from a year ago. Barnes & Noble expects to close up to a third of its retail book stores over the next decade. Like other retailers, the chain has struggled in a digital world, where readers increasingly turned to e-books and online discounts. I will give two suggestions for Barnes & Noble in order to go through the difficult period. First, Barnes and Noble’s marketing team may change their marketing place from mainly the traditional book stores to mainly Internet sales. Barnes & Noble is the largest book retailer in the United States, operating mainly through its bookseller’s chain of bookstores. The store chain is so big that it will cost too much on rent and overhead fee. In order to reduce the cost, they can make the best use of the Internet as a powerful medium and sales channel. The Internet is the lowest cost system developed to communicate with a potential customer of hundreds of millions of people all over the world. The cost of a simple web site is usually less than the cost of running a regular book store. A Web site can also give more information than a regular book store, including...
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...Second Final Business Analysis Project Assignment TA: Jason Steinberg (jss467) Product: GNC offers a diverse array of health and wellness products that all promote consumer weight loss, strength gain, and increased athletic ability. GNC Pro Performance AMP Amplified 100% Whey Protein is one of the firm’s top-selling products and is the most popular whey protein offered by GNC. This particular line of whey protein benefits all consumers from athletes and fitness enthusiasts to the average buyer looking to lose weight and improve overall strength and conditioning. GNC Pro Performance AMP Amplified 100% Whey Protein serves as both a daily meal replacement and as a supplement for workouts to aid in muscle recovery and development. The hydrolysates in the whey protein help the body’s cells process, store, and release amino acids in order to accelerate time needed for the body to recuperate. This is important for athletes who are straining their bodies regularly and need to be functioning well at a cellular level. Whey protein hydrolysates meet daily protein requirements and maximize muscle growth, helping to satiate feelings of hunger thus cutting fat and lowering body fat percentage in consumers. GNC Pro Performance AMP Amplified 100% Whey Protein is offered in chocolate and vanilla flavors to satisfy customers’ tastes and preferences, thereby appealing to a wider range of people and prospective buyers. One of GNC’s biggest competitors is Bodybuilding.com, an online retailer...
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...Philosophers sometimes view the idea of human freedom of action as the real problem of free will, but this classification is one of the main misunderstandings in both subject matters. The misunderstanding between freedom and free will may have begun as early as the time when Thomas Hobbes and David Hume, argued their cases to support the theory of the modern concept of compatibilism. From both Hobbes’ and Hume’s perspective, to be free to act on one's will is basically to be free of external restrictions, limitations, constraints, and controls. From their perspective, the absence any external constraint gives makes the agent freedom to do as he or she wills, even if the person’s will itself is determined (or predetermined) by causal laws of nature. Factors That Affect Personal Development Take a moment to consider all of the genetic and environmental factors that have shaped who you are today, and you will quickly become overwhelmed. From gender, race, and socioeconomic background—to family dynamics, education, and genetics—there are millions of factors that have converged to make you who you are. Most people believe that humans are responsible for their own actions and that they all have the opportunity to make the right choices. But when you consider how large a role race, gender, wealth, and family upbringing all play in shaping an individual, can you truly believe that everyone has the same opportunities? Furthermore, are there some conditions under which people cannot...
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...Marketing Mix Of Ray Ban Marketing Essay 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 4 Ps is one way - probably the best-known way - of defining the marketing mix, and was first expressed in 1960 by E J McCarthy. What is marketing? Putting the right product in the right place, at the right price, at the right time. When We talk about Market,Whether you are a small business or a large corporation you need a good marketing strategy. There are many ways to market your business the question is which ways are the most effective for your product or service? Ray-Ban is a Eyewear company.This Company just make Sunglasses. The 4 P's of Ray-Ban Marketing decisions generally fall into the following four controllable categories: Product Price Place (distribution) Promotion PRODUCT Product/Service The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made: Brand name Functionality Styling Quality Safety Packaging Repairs and Support Warranty Accessories and services Ray-Ban have a eyewear products.Ray-Ban become a good brand in eyewear industry. Ray-Ban know what does the customer want from the product and what needs does it satisfy. Ray-Ban just selling googols but in many models. Ray-Ban giving guaranty on some googols glasses for screech. Ray-Ban produces...
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...Case 29 Starbucks’ Global Quest in 2006: Is the Best Yet to Come? Arthur A. Thompson The University of Alabama Amit J. Shah Frostburg State University Thomas F. Hawk Frostburg State University n early 2006, Howard Schultz, Starbucks’ founder, chairman of the board, and global strategist, could look with satisfaction on the company’s phenomenal growth and market success. Since 1987, Starbucks had transformed itself from a modest nine-store operation in the Pacific Northwest into a powerhouse multinational enterprise with 10,241 store locations, including some 2,900 stores in 30 foreign countries (see Exhibit 1). During Starbucks’ early years when coffee was a 50-cent morning habit at local diners and fast-food establishments, skeptics had ridiculed the notion of $3 coffee as a yuppie fad. But the popularity of Starbucks’ Italianstyle coffees, espresso beverages, teas, pastries, and confections had made Starbucks one of the great retailing stories of recent history and the world’s biggest specialty coffee chain. In 2003, Starbucks made the Fortune 500, prompting Schultz to remark, “It would be arrogant to sit here and say that 10 years ago we thought we would be on the Fortune 500. But we dreamed from day one and we dreamed big.”1 Having positioned Starbucks as the dominant retailer, roaster, and brand of specialty coffees and coffee drinks in North America and spawned the creation of the specialty coffee industry, management’s long-term objective was now to establish...
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...respondents, 65 or 59 % are female and 45 or 41 % are male. They were at average age of 17.5 in female and 17.23 in male. On frequency of respondents in favorite SNS, number of hours usage, moments spend using SNS, priority of reasons in using SNS and number of friends on line, the respondents’ mean favorite site used is 93 respondents preferred Facebook as networking site, followed by 69 or 62 % who prefers other sites, 65 or 59 % prefers Youtube, 46 or 41 % prefer Twitter, while 44 or 40 % prefer Yahoo messenger. Out of 110 , there are 46 or 42 % who spend time with SNS in 30 to 1 hour, 44 or 44 % spent 2 to 3 hrs, while 13 or 11 % used 4 to 5 hrs, and only 7 or 6 % devoted 5 hours or more. In moments used in SNS, Out of 110 respondents , there are 16 or 14 % use SNS in vacant period, while only 2 or 2 %% do it during class, 4 or 3.6 % do SNS in before class and 88 or 80 % use SNS after their class. Out 110, there were different reasons why they use SNS, such as bumming around which ranked 1 , 84 or 76 % , 75 or 64 % ranked studying as 2, 73 or 63 % meet new friends on SNS, and 42 or 38 % both for UpdaIng with family and friends. Out of 110, there are 10 or 9 % who have 10 to 100 friends on line , 16 or 14.5 % have 101 to 200 friends,...
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...improvement and future success of this company moving into the public market. In order to properly perform an assessment of the LBJ Company, there first had to be some set of standards or regulations that outline the internal controls and proper procedures for companies and businesses to adhere to for financial reporting. As it turns out internal control is a key component of Foreign Corrupt Practices Act(FCPA) of 1977 and the Sarbanes-Oxley Act(SOX) of 2002 which required companies to follow this set of internal controls. This list of internal controls is as follows: 1). Conduct its business in an orderly and efficient manner, 2). Safeguard its assets and resources, 3). Deter and defect errors, theft, and fraud, 4). Ensure accuracy and completeness of accounting data, 5). Produce reliable and timely financial and management information, 6). Ensure adherence to its policies and plans.(O’Malley) From this point on all senior management officials will be held responsible for enforcing and ensuring that their company follows these regulations and...
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...such as someone’s vacation hours and stocking merchandise for the store, those tasks should be delegated out to the assistant manager and to the store clerks. Being a supervisor means being in a role of leadership, logic, common sense, and decision making for yourself, the employees, and for the company. The “in Basket” debate and discussion gives us and our fellow classmates the opportunity to see if we can successfully delegate out certain tasks as a supervisor at a fictitious company. The discussion between me and fellow classmates was a great one and it appeared as though everyone agreed on everything accept for different incidents. The only two incidents where I came across disagreement were in regards to task number 3, and task number 4. These are the examples in which I will be using in this paper as far as disagreeing is concerned. Task number 3 is in regards to the mall hours changing for an upcoming holiday and that there is a request for store plans. In my own opinion and the opinion of all of my fellow classmates accept for one that I could find agreed that this task needed to be done by the Supervisor. The disagreeing student felt that it should be delegated to the Assistant Manager. This task should be done by the supervisor because it is not only a very important one...
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...Corridors of Transition between 12 Angry Men and 12 “I have always found that mercy bears richer fruits than strict justice”. Abraham Lincoln “The virtue of justice consists in moderation, as regulated by wisdom”. Aristotle ”Nobody gets justice. People only get good luck or bad luck”. Orson Welles Justice = mid-12c., "the exercise of authority in vindication of right by assigning reward or punishment;" also "quality of being fair and just," from Old French justice "justice, legal rights, jurisdiction" (11c.), from Latin iustitia "righteousness, equity," from iustus "upright, just" . The Old French word had widespread senses, including "uprightness, equity, vindication of right, court of justice, judge." The word began to be used in English c.1200 as a title for a judicial officer. Meaning "right order, equity" is late 14c. Justice of the peace first attested early 14c. In the Mercian hymns, Latin iustitia is glossed by Old English rehtwisnisse. To do justice to (someone or something) "render fully and fairly showing due appreciation" is from 1670s. This word, with such a strong connotation, influenced and formed the basis of many philosophical...
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...1____ | 0____ | | 4+ | 2 + | 0 = | 6 | 1.1.3 21↓ | 20↓ | | 2X | 1X | | 1____ | 1____ | | 2 + | 1 = | 3 | 1.1.4 24↓ | 23↓ | 22↓ | 21↓ | 20↓ | | 16X | 8X | 4X | 2X | 1X | | 1____ | 0____ | 0____ | 1____ | 0____ | | 16 + | 0 + | 0 + | 2 + | 0 = | 18 | 1.1.5 27↓ | 26↓ | 25↓ | 24↓ | 23↓ | 22↓ | 21↓ | 20↓ | | 128X | 64X | 32X | 16X | 8X | 4X | 2X | 1X | | 1____ | 1____ | 1____ | 0____ | 0____ | 0____ | 1____ | 0____ | | 128 + | 64 + | 32 + | 0 + | 0 + | 0 + | 2 + | 0 = | 226 | 1.1.6 156 | 28 | 28 | 28 | 12 | 4 | 0 | 0 | | 27↓ | 26↓ | 25↓ | 24↓ | 23↓ | 22↓ | 21↓ | 20↓ | | v | v | v | v | v | v | v | v | | 128x | 64x | 32x | 16x | 8x | 4x | 2x | 1x | | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 = | 10011100 | 128 + | 0 + | 0 + | 16 + | 8 + | 4 + | 0 + | 0 = | 156 | 1.1.7 255 | 127 | 63 | 31 | 15 | 7 | 3 | 1 | | 27↓ | 26↓ | 25↓ | 24↓ | 23↓ | 22↓ | 21↓ | 20↓ | | v | v | v | v | v | v | v | v | | 128x | 64x | 32x | 16x | 8x | 4x | 2x | 1x | | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 11111111 | 128 + | 64 + | 21 + | 16 + | 8 + | 4 + | 2 + | 1 = | 255 | 1.1.8 200 | 72 | 8 | 8 | 8 | 0 | 0 | 0 | | 27↓ | 26↓ | 25↓ | 24↓ | 23↓ | 22↓ | 21↓ | 20↓ | | v | v | v | v | v | v | v | v | | 128x | 64x | 32x | 16x | 8x | 4x | 2x | 1x | | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 1 | 11001001 | 128 + | 64 + | 0 + | 0 + | 8 + | 0 + | 0 + | 1 = | 255 | 1.1.10 | 2^7 | 2^6 | 2^5 | 2^4 | 2^3 | 2^2 | 2^1 |...
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