...Elements of Marketing Mix MKT/421 Elements of the Marketing Mix Today’s high performance organizations are placing a high emphasis on marketing as a key to organizational success. The planning phase of the marketing management process is extremely important to effective marketing operations. Marketing planning involves setting objectives, evaluating opportunities, creating marketing strategies, preparing marketing plans, and developing marketing programs. Developing a market strategy consists of identifying a target market for a product or service, followed by building a marketing mix to reach the target group as creating marketing strategy is a key element in the process of market planning. The marketing mix and its elements make up the basic tactical components of a marketing plan. The elements of the marketing mix are known as the Four P’s including some products marketed at a price with some promotion to tell customers about the product and a way to reach the potential customers (Perreault, 2011). The idea that the customer is also an element of the marketing mix is a common misconception. The customer is in fact the target of the marketing mix. “The basic reason to focus on some specific target customers is so that you can develop a marketing mix that satisfies those customers’ specific needs better than they are satisfied by the competitors in the industry” (Perreault, 2011). Elements of Product The product element of the marketing mix refers to...
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...service stations under an agreement with the oil companies; many are owned by those companies. They all provide 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...
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...Pricing as an Element of the Marketing Mix THE COMMERCIAL EXCHANGE Although people often think of marketing as synonymous with advertising or salesmanship, it is actually much broader. Marketing consists of the full range of activities involved in facilitating commercial exchanges and having all of these activities be guided by a concern for customer needs. The central idea here is that of the commercial exchange (see Figure 1.1). This is where a seller provides a product to a buyer in return for something in exchange (usually an amount of money). The product could be something tangible, which is referred to as a good, or the product could be the result of human or mechanical effort, which is referred to as a service. The buyer could be a consumer - an individual who purchases a product for his or her own use - or the buyer could be a business customer - an individual or group who purchases the product in order to resell it or for other business purposes. One aspect that makes the commercial exchange a very important idea is that it describes an interaction that is voluntary. Both the buyer and seller participate in the exchange voluntarily because the exchange will lead them both to be better off. For example, consider the vendor in the street selling Chocolates. You pay in your money and get a large package of M&M’s. You do that voluntarily because you would rather have the bag of candy than the money. On the other hand, the Mars company, which produces M&M’s...
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...MARKETING MIX ELEMENTS OF RETAIL PETROL OUTLETS Australian retail petrol outlets all essentially provide the same products to the customer whether the service stations are privately owned and operated or managed under agreements with the supplying oil companies such as BP, Shell, Caltex, Mobil etc. The difference is in their ability to position themselves in the market as having an understanding of their target markets needs, wants and desires and delivering on these to create customer satisfaction and ultimately maximising their return. A useful tool to ensure successfully positioning of their offer is the use of the four marketing mix elements. The four marketing mix elements, collectively known as the four P’s include Product, Price, Promotion and Place. This report provides an overview of each element and how they are applied to retail petrol outlets; sending an overall message to the consumer about quality, cost, performance and the product’s position compared with a competing brand. PRODUCT A product is ‘anything tangible or intangible that satisfies the consumer or business customers’ needs as a result of an exchange process’. A product can be physical goods, services, ideas, people or places. A good is a tangible product that we can see, touch, smell, hear, taste or possess. Intangible products, such as services, ideas, people and places, are products we can not always see, touch, taste, smell or possess. A product has three distinct layers; the core product...
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...Marketing 2014 Unit 2935GENERIC MARKETING(v4) Determine the marketing mix (Level 5, 10 Credits) Due:23rd FEBRUARY 2014 11.55 PM Instructions: 1 You are encouraged to present your work in a word processed report formatusing appropriate headings, page and section numbering, indentations, figures and tables, appendices, style (Arial or Times New Roman) and size (font 12, line spacing 1.5). 2 This assignment is to be submitted electronically via www.abacusinstitute.ac.nz/moodle by 5:00pm on the due date above. OR Alternative arrangements can be made for presenting and submitting your workwith help of the course instructor/tutor, in case of any special needs. 3 The presentation of your work must use appropriate tone, register, vocabulary (includingnon-sexist language), grammar and syntax. Unit Standard 2935 [v4] Determine the marketing mix ER | Description | Range | LO1 | Analyse the inter-relationships of elements of the marketing mix. | | 1.1 | Variations in individual elements of the marketing mix are assessed for their impact on related elements of the mix. | Variation of any two elements. | 1.2 | Environmental factors are assessed for their impact upon elements of the marketing mix. | social, economic, demographic, cultural, ethnic, natural, political, legal, regulatory, technological, competitive. | 1.3 | Customer response to the marketing mix is assessed in terms...
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...| Module: | Marketing Management | Topic(s)/Element(s): | Marketing Mix | Tutor, Room & Ext.: | David Thorley SB 115, Tel 504563, EMAIL: david.thorley@blackpool.ac.ukJohn Plummer SB 110, Tel 504481, EMAIL: john.plumm@blackpool.ac.uk | Issue Date W/C17/09/12 | Student Submission Date W/C03/12/12 | Staff Return Date W/C07/01/13 | Weighting:50% | Moderated by:D Thorley | Assessment Type:Essay | Assessment Number:1 | Script Submission Reference Code: | MarketMan 12 / 1 | Instructions to Candidates: You are expected to write an essay of 2,000 words on the topic given below. Assessment Task: Analyse the role of the marketing mix to a tourism / hospitality/ events organisation of your choice. You should agree your choice of organisation in advance with your tutor. Assessment Objectives: - Analyse the components of the marketing mix along with the constraints on the mix as related to various sectors of the industry. - Evaluate the components of the promotional mix in relation to the various sectors of the industry and identify a range of relevant media. - Understand the consumer decision making process and how it affects a range of mix variables Assessment Criteria: Your answer should include a clear examination of the concept of the marketing mix relating to a hospitality organisation, tourism or an events organisation. You should evaluate how your chosen organisation makes use of the elements within the extended marketing mix to influence...
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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 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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...Write a short critical essay explaining how the poor economic climate in the UK might affect the marketing mix of a start-up retail venture in the high street. I will look critically at setting up a retail business on the high street in the current economic climate and the affect this may have on the marketing mix. I will first give a brief overview of the economic situation in the UK and high street retail in general. The UK economy has undergone a protracted period of instability since the banking crisis of 2007/08, which sparked economic downturn for the UK and caused a dramatic fall in both consumer and business confidence. Between 2008 and 2012, the UK experienced two periods of recession and has been subject to austerity measures, such as public spending cuts, welfare reforms and increased taxation, imposed by the UK Government in an attempt to reduce the country’s budget deficit and reverse economic decline. These measures coupled with high inflation, rising levels of unemployment and low wage growth have contributed to less disposable household income and subsequently lower consumer spending across most of the UK. The economic constraints of the last five years, such as falling consumer spending, increasing operating costs for businesses (20% rise since 2006) alongside less available, affordable borrowing to businesses have led to large numbers of high street retailers closing their doors. The Centre for Retail Research (2013) reported that 54 retail companies...
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...MARKETING TASK 3 Understand the individual elements of the extended marketing mix The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. The service marketing mix consists of 7 P’s as compared to the 4 P’s of a product marketing mix. Simply said, the service marketing mix assumes the service as a product itself. However it adds 3 more P’s which are required for optimum service delivery. The product marketing mix consists of the 4 P’s which are Product, Pricing, Promotions and Placement. These are discussed in my article on product marketing mix – the 4 P’s. The extended service marketing mix places 3 further P’s which include People, Process and Physical evidence. All of these factors are necessary for optimum service delivery. Let us discuss the same in further detail. Concept of Product A product concept plays a vital role in the new-product development process. It serves as a means by which to present a new-product idea to consumers. A product concept can be presented either physically or symbolically. It is through the use of the product concept that companies can receive feedback from consumers as to the possibility of implementing and furthering the proposed concept (Kotler 237). Introduction to the product TOYOTA PRODUCTION SYSTEM Cost control through the elimination of waste TOYOTA PRODUCTION SYSTEM Cost control through the elimination of waste Toyota is the market leader in its class...
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...Viswanathan, N. & Dickson, P. 2007, ‘The fundamentals of standardizing global marketing strategy’, International Marketing Review, vol. 24, no. 1, pp. 46-63. Introductory Academic Program – Academic English The issue of standardisation versus adaptation, which affects all international business organizations, continues to evolve as markets and technologies develop further. In the article ‘The fundamentals of standardizing global marketing strategy’ (2007), Viswanathan and Dickson contribute to the discussion by examining the considerations related to the standardisation of a multinational company’s marketing practices. The authors subsequently propose a new theoretical framework that identifies three complex drivers to be considered in evaluating the degree of marketing standardisation possible: the similarity of consumer response to the marketing mix, the transmissibility of competitive advantage, and similarities in the amount of economic freedom in different markets. The article imparts perceptive insights on the latter two drivers, which, according to the literature review, have been relatively ignored by researchers in comparison to the role of consumers. This critical review assesses the structure and practicality of the proposed conceptual framework, as well as the comprehensiveness of the authors’ exploration of the issue. The proposed theoretical model, intended for the use of marketing practitioners as an instrument in decision-making, appears reasonably sound,...
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...1. Research the Braaap organization at: Braaap,started,with,a,vision,of,making,motorcycling,more,fun,and,more,accessible,,so,more,people,could,experience,what,we,love,in,motorcycling.,Their,plan,from,the,beginning,was,to,build,a,Motorcycle,that,could,compete,with,the,custom-built,American,race,bikes,,but,is,affordable.,Be,World,Class.,With,a,dream,of,building,a,world,class,niche,Motorcycle,brand,braaap,founder,Brad,Smith,set,out,to,find,manufacturing,partners,that,could,build,the,dream,bike,,as,a,young,man,with,nothing,but,a,vision,over,50,motorcycle,manufacturing,plants,laughed,him,out,of,their,office,until,finally,manufacturing,partners,started,to,believe,in,the,vision,and,thank,god,they,did,because,they,now,have,what,they,believe,is,the,best,motorcycle,range,of,its,type,in,the,world.,BRAAAP,are,the,only,motorcycle,on,the,planet,with,lifetime,warranty,and,we,are,the,only,motorcycle,brand,to,win,back-to-back,championships,at,the,world,title,for,our,sport. 2. Identify the key characteristics of their products and services and their significance to the market. Braaap’s.motorcycle.products.have.four.distinct.features,.which.are:.life.time. warranty,.customisation,.built.for.adults.and.flexible.finance. Braaap.provides.lifetime.warranty.for.majority.of.its.products.and.all.its.motorcycles..This.could.significantly.improve.the.attractiveness.of.its.products.in. customers.because.customers.would.notneed.to.worry.about.the.repair.and. maintenance. Customisation.is.another...
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...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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...known to people for their innovations in the computer market. The company was founded on April 1, 1976, and incorporated as Apple Computer, Inc. on January 3, 1977. It ranks as the world's second largest IT company by its revenue, Samsung being the first. 2. Marketing Situation: * The Exchange Value: Apple's iPad has a price ranging between $499 to $699. Although this may seem as a high price, but in exchange customers recive a high quality product which is durable. * The Strategic Mission: "Technology alone is not enough. Faster, thinner, lighter; those are all good things. But when technology gets out of the way, everything becomes more delightful, even magical. That's when you leap forward. That's when you end up with something like the iPad 2" Above is apple's mission statement for the iPad. * The Marketing Goals: * Creating suspense, anticipation and hype before the release of the iPad 2. * The power of perception, so as to be seen as a powerful product. * Since more competitors have emerged since the ipad 1, it is important to have the biggest market share in this market. * The 4Ps also known as the marketing mix , is a set controllable elements used by a company to get that the firm required response in the target market. * Product: Ipad is a tablet device with various features. It includes a LED touch screen. Specifications comprise dimensions of 9.56 x7.47 inch. Also, It's thin (0.37inch)...
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...Individual elements of the extended marketing mix & its usage in different context Second assignment issued by Fatima Bagherian Daniel Pisch Business E2020 (evening) 12.11.2015 1 Contents Foreword…………………………………………………………...............3 Methodology………………………………………………………………….4 Referencing..………………………………………………………………5-6 Task 1 - question 1.……………….……………………………………….7 Question 2………….……………….…………………………………….....8 Question 3…………………………………………………………………….9 Question 4…………………………………………………………………..10 Question 5…………………………………………………………………..11 Task 2 – question 1………………………………………………....12-13 Question 2…………………………………………………………………..14 Question 3…………………………………………………………………..15 2 Foreword This assignment has been commissioned by Fatima Bagherian. In order to do this assignment student must study the Unit 4 marketing principles. The goal of this assignment is that the student is able to: Explain how products are developed to sustain competitive advantage Explain how distribution is arranged to provide customer convenience Explain how prices are set to reflect an organization’s objectives and market conditions Illustrate how promotional activity is integrated to achieve marketing objectives Analyse the additional elements of the extended marketing mix Plan marketing mixes for two different segments in consumer markets Illustrate differences in marketing products and services to businesses rather than consumers Show how and why international marketing differs...
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