...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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...Marketing LaTroya c. Boyd MKT/421 4/30/14 Dr. Michael Rico WHAT IS MARKETING? I consider marketing to be a form of art. The goal is to persuade the audience and lead each individual into the direction of being convinced. Whether it is a product sold in the market or an idea of a business and the creator is looking for an investor, marketing builds the connection that should ultimately lead into trust. According to “Basic Marketing A Marketing Strategy Planning Approach” marketing is defined as more than just buying and selling. It is stated that “marketing is the performance of activities that seek to accomplish an organizations objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producer to consumer or client.” In other words, the mission of any business is to keep track of what customers are most interested in order to maintain a successful business. It takes strategic planning and for all involved in the company to use good communication skills and learn to coordinate with the rest of the so that everyone is on the same page. To promote goods or services the marketing strategy should be organized. Un-organization is the recipe for failure. Personally I believe marketing is quite a few things. Marketing is art. It is a process of convincing people and promotion. Other sources will sum marketing up and describe it as a management process where goods and services are moved from a mere idea to the consumer...
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...1 CONTENT PAGE 1. 2. Executive Summary Business Background 2.1. Company Name 2.2. Mission Statement 3. Industry Market Analysis 3.1. Industry Profile 3.2. Market Demographics 3.3. Industry Growth 3.4. Market Analysis 3.5. Lifestyle Trends and Its Impact 4. Competitor Analysis 4.1. Public Libraries 4.2. Schools (including night studies) 4.3. Positioning Marketing Mix and 5. Recommendations 5.1. Product 5.2. Participants 5.3. Physical Evidence 5.4. Process of Service 5.5. Pricing 5.6. Place 5.7. Promotional Mix 6. 7. 8. 9. Financial Highlight Sustainability Appendix References 10 10 11 12 12 13 13 14 17 17 18 37 3 4 4 4 5 5 5 6 7 7 8 8 8 9 2 1. EXECUTIVE SUMMARY In Singapore, the trend of students studying out has been increasing steadily. It has become a culture and a norm to study out. However, there is a severe lack of dedicated study space. Hence, Tables and Chairs is determined to change this situation. Besides profit oriented, Tables and Chairs also provides the unique opportunity for students to contribute back to society as a fraction of our profit goes to sponsoring a child. Our patrons include students of any level whom are seeking a space to carry out self study. Therefore our direct competitors in providing study spaces include Public Libraries and schools while indirect competitors include cafes and fast food restaurants. One unique feature of Tables and Chairs is that students will be able to pre-book their study spaces online. Our website also allows students...
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...number of markets. Like coffee and healthcare nutrition. But also pet food. It’s very various. Here you can see some famous brands of Nestle, including Nespresso Nescafe Pellegrino and so on. And of course KitKat! KitKat is one of them most popular chocolates around the world. It’s well-known red and white colors and the clear KitKat Logo makes it also one of the most recognized brands ever. I will show you how KitKat is marketing their brand by showing the Marketing Mix of KitKat. This consist of the product strategy, the Price strategy, the place strategy and de promotion strategy. First the Product Strategy: The original KitKat is a 4-finger chocolate bar and each finger has 3 layers of wafer and crème-filling, covered in an outer layer of chocolate. In the Netherlands you also have these typical 4-finger bars. But you also have the KitKat Mini with 2 smaller fingers. And there’s a single larger KitKat, the KitKat Chunky, which is also available in white chocolate. And you can buy a MCflurry at the McDonalds, which is an example of Neslte working with another company. Plus there are these new Pop Chocks from KitKat, which are getting more and more popular in the Netherlands. Then the Price Strategy: The key concept of maintaining a strong brand image in a competitive market, is flexibility of the pricing...
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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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...The target market is the basis for creating a marketing mix to satisfy the needs of the market. It is the in-depth research into the characteristics of the target market and it consist of product, pricing, promotion and place. Based on graph above, the research found out that majority of Chatime’s customers are between the age of 18 to 22, which is 25 out of 50 persons. Other than that,the second highest range of chatime customers age are below the 18, which is 14 out of 50 persons. The target market of Chatime is probably the college age students and post graduate individuals. They are mostly from the urban areas and care about trends and enjoying good lifestyle. A company`s product is an important variable in the marketing mix. If a company`s products do not meet customers` wants, the firm will fail unless it is willing to make an adjustments. Chatime diversify their products into several categories. There are mellow milk tea, fresh tea, coffee, chatime special mix, oriental pop tea, QQ jelly, energetic healthy juice and smoothie series. In total, there are 73 choices of drinks for customers to choose from. Besides, customers can also customize their drinks according to their likings in terms of ice options, sugar levels and choice for toppings. _____________. Furthermore, Chatime provides comfortable lounge that features modern European which is designed by Ana Marcelo. The white and purple couches and cushion chairs give customers a calming and relaxing feel to gather...
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...Assignment #1 Posted by Ge Gao at Saturday, July 7, 2012 1:49:33 PM CDT 1. Are you influenced by coupons and promotions? Does it change your buying patterns? How does it influence your perception of value? Yes, I’m influenced by coupons and promotions. It does change my buying patterns. I would buy some products for the future or products I don’t need. It makes me feel that if I spend time on looking for coupons and promotions, I can get those products at a lower price. I think I can pay less to get the same value, or get a higher value than what I pay by coupons and promotions. 2. Ron Johnson had a successful track record at Target and Apple. Are the questions around his new pricing strategy for Penney premature? JC Penney is trying to find a customer segment that is not entirely focused on price and deliver a different experience to them. But the problem is that JC Penney is currently a “me too” retailer, with nothing unique to offer. They are selling to a customer segment that is trained to look for the cheapest deal and their products don’t possess the differentiation to take consumer’s focus off its price. When selling a relatively undifferentiated product, it is hard to convince customers to pay more than what a lower priced competitor might offer. Differentiation is a key to avoiding steep discounts, and for JCP it seems pre-mature to offer lower prices when products are not differentiated. That differentiation can come from products or from the service in...
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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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...USA. It is well 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...
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...Marketing Mix Introduction Growth Maturity Decline Thermoball™ Insulation Jacket 1. Revolutionary new Thermoball™ Insulation. 2. Functions like down feather but insulates when wet. 1. New product features: colors, styles and patterns based on gender preferences. 2. A better alternative to down feather. 1. A better alternative to similar products by other manufacturers. 2. Improvements made to the style and form – fitted, etc. 1. Customers choosing other, newer products over this one. 2. Area of high innovation always feeds newer, better things. Place (Distribution) 1. Distribution limited to a few licensed retailers to include REI (currently available for shipping to U.S. addressed only). 2. Introduced after a long testing period trying to answer the needs of athletes. 1. Placement of articles so that they are available to wider circles – North Face. 2. More retailers interested in the product placement. 1. Higher priced retailers starting to drop out. 2. Specific, target markets only. 1. Distribution is mostly through the outlet stores or smaller, local businesses. 2. Discontinuation. Price 1. High price due to it being a revolutionary new product marketed as a better alternative to down feather. 2. Price driven by it being a new, revolutionary product limited to a few retailers. 1. Prices slightly start to lower due to retail competition. 2. The manufacturer does not necessarily lower the price but retailers do. 1. The price drops...
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...Company Case Payless Shoesource: Paying Less For Fashion Questions For Discussion 1.Which of the different product mix pricing strategies discussed in the text applies best to payless's new strategy? The strategy for setting a product's price changes when the product is the part of a product mix. Mostly,firms look for a set of prices that maximizes the profits on the total product mix where pricing is difficult because the various products have related demand and costs and face different degrees of competition. There are five different product mix pricing strategies that can be used for a firm. These are such as the product line pricing, optional-product pricing,captive-product pricing, by-product pricing and lastly, product bundle pricing. 2. How do concept such as psychological pricing and reference pricing apply to the Payless strategy? In what ways does Payless’s strategy deviate from these concepts? : A pricing approach that considers the psychology of prices and not simply the economics; the price is used to say something about the product. For example, $19.99 or $9.99 sort of “odd prices” that can round of by one last digit number. With the new line and new strategy, Payless increase the price of their products. However, if the suddenly change their price by increasing a lot, customers would not feel comfortable and they wouldn’t like it at all. So, they can use this kind of strategy of Psychological pricing so still increasing of prices but make their customers...
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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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...Contents 1. Introduction 3 2.0 The effect that each proposed price might have on the attitude of Reading’s management toward intracompany business 3 2.1 Assessment of pricing methods 4 2.2 Should corporate management become involved in this transfer pricing controversy? 6 3.0 Conclusion 7 4.0 References 8 Introduction This report entails the issues faced by Reading and Millwall in their negotiations with particular focus in how they can come to an agreement on a price that is satisfactory to both divisions. It addresses the effects of each proposed price on Reading’s attitude towards intra-company business; whether the negotiation of a price approach is satisfactory and also advises on whether the corporate management should get involved in this transfer pricing controversy and help to bring about a reasonable settlement. 10 The effect that each proposed price might have on the attitude of Reading’s management toward intracompany business Each one of the three prices involved in this case will have an effect on the attitude of Reading’s management towards intracompany business. The prices involved are the buying management’s (Millwall), the selling management’s (Reading) and the corporate management’s. Reading management’s price proposal is the regular selling price less variable selling and distribution expenses. This means that...
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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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...Q5. Describe the current marketing mix for Trap-ease. Do you see any problems with this mix? Marketing mix are the variables that mangers can control in order to best satisfy customers in the target market. A typical marketing mix includes the product offered at price, with some promotion to tell customers about the product and a way to reach the customers’ place. This is often referred to as the 4P’s: Product, Price, Place and Promotion. The product is the physical product or service offered to the consumer. Price is the amount of money the customers have to pay obtain the product. Promotion represents the various aspects of communicating information about he product with the goal of generating a positive customer response. Place is about getting the products to the target customers. The following table summaries the marketing mix, including a list of the aspect of each of the 4Ps. Product Price Place Promotion The marketing mix for Trap-Ease is: Product: Trap-Ease innovative mousetrap Price: Retail = $2.49 Place: Large Retailers, Safeway, Kmart, Hechingers & CB Drugs Promotion: Trade shows, Home-and-Shelter style magazines, Publicity. The Trap-Ease is an above average product that provides a much needed customer solution. There is no variety in the packaging therefore customers do not have a choice as whether they want a package with one or two. There is no mechanism to ascertain whether customers are satisfied with the product. The price is very...
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