...Tabel of Contents 1. Introduction 3 2. Definition of marketing 3 3. Meaning of marketing 3 4. Role of marketing 4 4.1 Marketing strategy 5 4.1.1 Market segmentation and targeting 5 4.1.2 Marketing differentiation and positioning 5 4.2 Marketing mix 6 4.2.1 Product 6 4.2.2 Price 7 4.2.3 Place 7 4.2.4 Promotion 8 5. Conclusion 8 Reference 10 Introduction Profitability is the final goal for all business. Companies earn profits through customers purchasing their products and services. Without marketing, companies cannot attract consumers and grab the market share. That’s why marketing is so important to a business. In this essay, the author will discuss the role of marketing in the development and launch of new products, using the new product of Zag called “Patet”, which is a multifunctional translate device. Definition of marketing “Marketing is managing profitable customer relationships.”(Armstrong and Kotler, 2012) This simple definition of marketing illustrates that the two main goal of marketing is to grab new customers by guarantee their value of products and services as well as keep satisfying their current customers. In 2007, The Chartered Institute of Marketing (CIM) also defined marketing as “The strategic business function that creates value by stimulating, facilitating and fulfilling customer demand. It does this by building brands, nurturing innovation, developing relationships...
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...ELEMENT IN THE MARKETING MIX Definition of Marketing Mix According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy" Marketing Mix was first coined by Neil Bordon, the President of the American Marketing Association in 1953 and is referred to as the set of actions, used by a company or organisation to promote its product or service in the market. A typical Marketing Mix is made up of 4Ps – Product, Price, Promotion and Place. These 4 Ps were introduced by the marketer E. Jerome McCarthy in 1960 and since then they are being used worldwide by the marketers. Product A product is a good or service offered by the company to satisfy the demands of the consumer. Price Price is considered to be an amount charged by the seller for the product or service given to the buyer. Promotion The methods used by the marketer to bring the product into market and to create awareness among the people e.g. advertisement. Place Place is all about how the products reach its buyers for sale. A business can be profitable only when the right product with right price is made available to the right users. The Product ‘P’ is always the single most important element in the Marketing Mix Affirmative The product plays the most important role in the entire process of marketing mix. The product is...
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...CONSUMER BEHAVIOR PAPER Consumer Behavior Paper University of Phoenix Consumer Behavior MKT435 Dustin Youngdahl July 19, 2011 Consumer Behavior Paper The main role of the marketing function is to anticipate and satisfy customer needs and wants. This sound easy to do, but the true is that to achieve this goal organizations need to make understand very well its customer behavior, needs, and believes. This paper the subject to discuss is the concept of customer behaviors and its relationship with marketing. It also explain the impact that the different element of the marketing mix will have in the purchase decision. Consumer Behavior According to Hawkins−Mothersbaugh−Best the meaning of consumer behavior “ is the study of individuals, groups or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.” Awareness of consumer behavior is critical for companies that want to be successfully in the marketplace because it will help with the understanding of the process consumers follow to make a purchase decision. It also help the organization to identify which elements of customer experience are important or relevant and which ones have very little impact in buying a specific product or service. This include areas such as the psychology about the feelings, believe, thinking, motivations, and reasons to choose...
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...Sandal Resorts International: Marketing Mix Darryl Dunham Kaplan University MT219: Marketing Dr. Kimberly Millier The purpose of this report is to analyze the four components of the marketing mix of the Sandals Resorts International brand. The Sandals brand’s product, pricing, placement and promotion marketing strategy will be discussed as well as whether they are doing a good, fair or poor job in these components. Sandals Resorts International is a collection of luxury all-inclusive vacation resorts located in the Caribbean. Sandals Resorts International includes four different options for the type of resorts including the original Sandals Resorts, Beaches, Fowl Cay Resorts, and Grand Pineapple Beach Resorts. These all offer different alternatives with the Sandals resorts being a luxury all-inclusive and couples only, Beaches geared toward families and kids, Fowl Cay being marketed as exclusive and private, and lastly Grand Pineapple being the more budget friendly all-inclusive option. Sandals was established back in 1981 by the founder Gordon “Butch” Stewart. The first resort was opened up in Montego Bay, Jamaica and this is where the headquarters is located. The key with Sandals is the way they differentiate themselves with the extra mile that they take on to accommodate their clients which separates them from the competition. As stated in the marketing concept to be successful, a company must provide a greater customer value and satisfaction than its competitors...
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...MG660 - Chapter 1 Assignment Syed Imran Farid September 30, 2015 Professor: Leon Guendoo QA1 The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. The four Ps of marketing: The marketing mix can be divided into four groups of variables commonly known as the four Ps: Product: Product means the goods-and-services combination the company offers to the target market. Kotler and Armstrong (2013). For many a product is simply the tangible, physical item that we buy or sell. You can also think of the product as intangible i.e. a service. In order to actively explore the nature of a product further, let’s consider it as three different products – the core product, the actual product, and finally the augmented product. Price: Price is the amount that is charged by marketer of his offerings or the amount that is paid by consumer for the use or consumption of the product. Price is crucial in determining the organization’s profit and survival. Adjustments in price affects the demand and sales of the product. Marketers are required to be aware of the customer perceived value of the product to set the right price. Place: place is about where the product is made, where it is stored and hot it is transported to the customer. The place for each of these...
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...macro-forces of an industry will be analysed, continuing on to compare the marketing mix of two organisations within that industry. All organisations - with their suppliers, customers, competitors, and publics - have a macroenvironment. This environment consists of macro forces that act on and affect the organisation and are generally outside their control, as opposed to the micro forces which also affect the organisation, but are generally under their control. The marketing mix is the term used to describe how an organisation goes about developing a product and selling it to the market. The industry chosen is soft drinks which industry falls into the category of fast-moving-consumable-goods (FMCG's), as it is a product that is consumed, and is fast-moving. These won't sit in a supermarket or convenient store for long, as they are constantly being purchased. Other examples of a 'FMCG' are canned foods, ice cream, soup, cereal, potato chips and a whole lot more. Part 1 There are six main macro forces making up the "macroenvironment." These are: • The demographic environment - which is the study of human populations in terms of size, density, location, age, sex, race, and occupation 1. Studies in this area, for example, can show the changing age structure, which is necessary, as marketeers need to understand who makes up the market, thus allowing them to make the most effective decisions for the marketing mix. • The economic environment ' which has an effect on consumer...
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...decisions, "marketing mix" analysis falls after various external and internal environmental analyses such as PESTEL analysis, Porter's Five Forces analysis, SWOT Analysis and even formulation of competitive strategies (Porter's Generic Strategies). Marketing mix is an imperative concept in modern marketing and academically it is referred to as the set of controllable tools that the firm blends to produce the response it wants in the target market, so it consists of everything the firm can do to influence the demand for its product (Kotler and Armstrong, 2004). It is important to realise that marketing mix strategy of any company can have one major function, that is, strategic communication of the organisation with its customers (Proctor, 2000). It was further argued that marketing mix provides multiple paths as such communication can be achieved either in spoken form and written communications (advertising, selling, etc.) or in more symbolic forms of communication (the image conveyed in the quality of the product, its price and the type of distribution outlet chosen). However, the key element is that the main aspects of marketing mix that will be discussed below "should not be seen as individual entities, but as a set of interrelated entities which have to be set in conjunction with one another" (Proctor, 2000: 212). Main Aspects of Marketing Mix (100) The easiest way to understand the main aspects of marketing is through its more famous synonym of "4Ps of Marketing". The classification...
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...Discussion questions “Marketing is managing profitable customer relationships” (Armstrong & Kotler, 2011, p.4). In marketing you want be able to get new customers, while also still satisfying your existing customer. Word of mouth marketing from customers is business’s best and worst thing for a company. If customer was impressed it makes a company look really good, but if customer was not impressed you could also lose customers because of what another customer said. The end of day goal in sales is to profit through sales volume, and marketing’s end day goal is to profit through customer satisfaction. I do think that marketing and sales should be included as part of the sales organization within a company. Marketing gets the customers in door, so then the sales team can sell the correct product to the customer. Marketing and sales need to work hand and hand, to make sure marketing is getting the right people in the door to get the product. Armstrong, G., & Kotler, P (2011). Marketing: An Introduction (10th ed.). Upper Saddle River, NJ: Prentice Hall. Planning is very important in marketing because you have to know how to market your products. A market plan is made of strategic and tactical plans. “The marketing planning process consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort”( Kotler & Keller, 2012, p15). A market plan should...
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...1.6 DEFINITION OF TERMS Marketing – this is societal process by which individuals and groups obtain what they need through offering and freely exchanging products and services of value with other. The managerial perspective of marketing is “the art of selling products” (Kotler P. and Keller K, 2006). It can also be defined as an organizational function and a set of process for creating, communicating and delivering value to customers and for managing customer relationship in ways that benefit the organization and it stakeholder (AMA, 2007). Marketing Mix – this has been defined as the set of marketing objectives in target market (Kotler P. and Keller K, 2006). According to Borden, is the set of marketing tools that the firm uses to pursue its marketing objectives (Zinkhan et al, 2007). However, these tools were classified into four based groups which McCarthy called the four P’s of marketing: product, price, place and promotion. Marketing strategy – this is the marketing tool as well by which the business units hope to achieve its marketing objectives. It consists of specific strategies for target market positioning the marketing mix and marketing expenditure level (Levy S.J, 2004). Marketing of banking services – this is the process of identifying and stimulating demand for the banks service, meeting that demand by making available the banking services in the most effective and efficient manner to present and potential customers and achieving the profit and other objectives...
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...natural, technological, political and cultural forces." - Kotler et al Macroenvironmental forces need to be studied by organisations as they can both provide opportunities and pose threats. The fast-food industry is a consumer service; two organisations that operate in the fast-food industry are McDonald's and Hungry Jack's. McDonald's was chosen because it is the primary operator in this market and holds the greatest market share. Hungry Jack's was chosen because the product they offer is the most similar to McDonald's. I thought it would be interesting to compare marketing strategies of two organisations that offer a fairly similar product. McDonald's is the market leader both in Australia and throughout the world. Hungry Jack's is positioned more as a market follower. Companies use target marketing to tailor for specific markets. There are three components involved in target marketing: market segmentation, market targeting and market positioning. McDonald's primary target markets are seniors, adults and teenagers however the most heavily targeted segment is children. Hungry Jack's also essentially segment their market using demographic variables. The final step in target marketing is developing a marketing mix. These tools are also known as the four P's and in the case of services, the seven P's. They are product, price, promotion, place, people, process and physical evidence. With the marketing mix of McDonald's compared to Hungry Jack's, the major difference...
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...Marketing strategies involve tactics that help the company during the marketing mix (the 4ps); the marketing mix encompasses the price, promotion, place, and product. Therefore, marketers have some challenges to consider before putting the product on the market. Marketers must consider short and long term factors; they include: consumer or product value vs. the competition, price matching, brand support, and achievable goals and profits (profitability). The price of all products influences how the market perceives the company’s products and price offering. Within the marketing mix, price, is the only factor that has the most direct effect on profitability and it is also the most easily controlled factor. On the other hand, it impacts the overall organization and with the fluctuations in the market, organizations have to design numerous strategies that can fit the different countries. Therefore, I think that organizations should utilize different pricing approaches within any country they conduct business. This is because organizations have to focus on the customer’s preference for the product and the price to meet their needs. It also helps the company remain competitive on the market within the industry; in fact, Kotler and Keller (2012) stated that “pricing decisions must be consistent with the firm’s marketing strategy and its target markets and brand positioning” (p. 383, a). Furthermore, other factors that must be considered include the customers, the company, the...
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...modern digital music players and others variety of different software, networking and generalservices. In addition, the company has its own company software products including, thecompany mobile operating system, and the Company‟s proprietary Operating system softwarefor the Mac; server software and application software for consumer, together with education,initiative and government customers. The value of Apple‟s brand increased by 129% in the past year, from about $33 billion in 2011 to $76 billion this year, according to iInterbrand‟s Global brand Rankings 2012. The company iseveryday increasing year by year and the high record among company‟s grade. International Marketing SID No: 1241835 2 Figure: 1(Source: IDC...
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...products or services to be able to pull and encourage them to engage in purchase of their products. And as such, the promotional mix used by a company is really important for this task. The promotional mix in itself is very broad, consisting of various tools, like advertising, personal selling, direct marketing, public relation and sales promotion. To make the optimum use of these tools, marketers usually select them, depending on their budget and objectives, as well as the sector in which they operate (Kotler & Armstrong 1997). As such, research has been conducted on the use of promotional mix and research questions and objectives have been set. The methodology which will be used has been devised. We shall be doing a descriptive study through a survey questionnaire, in which there will be open as well as close ended questions and the questionnaire will be administered through personal interview that is direct, face-to-face. The sample size will be 100 persons and will all be customers of J Kalachand & Co Ltd. After the research, we will be able to know what place J Kalachand holds in the mind of customers as a seller of electrical appliances and other furniture. We shall also know, through the questionnaire what make customers buy at J Kalachand and discourage them not doing so. We will then be able to implement the promotional mix used by J Kalachand in a more effective way. 1.0 Chapter one: Problem and its context 1.1...
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...Marketing Mix Analysis of iPad Marketing Mix Analysis of iPad Executive Summary Managing and developing marketing mix appropriately is extremely important to firm's marketing and success. In order to marketing product successfully, the right product must be exhibited to right people at the right place, right price and right time. If a firm can manage the marketing mix successfully, as a result, it can be a source of competitive advantage for firms. Each element of the marketing mix should be analyzed and if necessary, adapted to ensure that the right balance is achieved to give the product or service the very best chance of success in the market place. Apple is a successful company and its previous product iPod has a high market share in the global market due to its brand perception and image as s high quality innovative brand. In 2010, Apple launched an innovative product – “iPad” in US, which is a tablet computer with touch screen. Even in the first launching date iPad had been sold 0.3 million units. The product no doubt is getting support of Apple’s brand image and it has changed the way to consumer lifestyle. That is why iPad is thought as a revolutionary who will arouse a wave to electronic industry. Apple’s iPad delivered the value to the customer via marketing mix tools called the 4Ps: Product looks good and works well. Right price. Right place at the right time. Successful promotion helps to a larger output. Apple followed this by innovation and introducing...
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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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