...How can the marketing mix be used to effectively differentiate and position your product or service? What exactly is this Marketing Mix? Borden (ND) first coined the term following a discussion with one of his colleagues, Professor James Culliton, in 1948 regarding one of his manufacturing costs studies. In Bordens paper he identifies twelve pertinent points that form the marketing mix for manufacturers : Product Planning Pricing Branding Channels of Distribution Personal Selling Advertising Promotions Packaging Display Servicing Physical Handling Fact Finding and Analysis This was narrowed down around the 1960’s by Edmund Jerome McCarthy to the 4P’s which are used to this day. McCarthy et al (2002) state these as being : Product - the goods or services offered by an organisation that can satisfy the needs of the end customer. Place (Involves channels of distribution, logistics and distribution customer service) - essentially making the product available to the end customer. Promotion - providing the information to the potential customers so that can make an informed decision and, hopefully, make the purchase. Price - inclusive of all costs prior to reaching the end customer including transport overheads, margins etc, this is the price the customers pay for the goods. Differentiation of your product or service can take place within any of the 4P’s, From a Product point of view you may be offering one that outperforms the competition or has...
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...Marketing mix Kotler defined that marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and exchanging products and services of value freely with others. (Kotler, 2002) McCarthy’s Four Ps A marketing expert named E. Jerome McCarthy created the Marketing Four Ps in the 1960s. This classification has been used throughout the world. Business schools teach this concept in basic marketing classes. The marketing four Ps are also the foundation of the idea of marketing mix. Product A product is an item that is built or produced to satisfy the needs of a certain group of people. The product can be intangible or tangible as it can be in the form of services or goods. Price The price of the product is basically the amount that a customer pays for to enjoy it. Price is a very important component of the marketing mix definition. It is also a very important component of a marketing plan as it determines your firm’s profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. Place Placement or distribution is a very important part of the product mix definition. You have to position and distribute the product in a place that is accessible to potential buyers. This comes with a deep understanding of your target market. Understand them inside out and you will discover the most efficient positioning...
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...Services marketing mix: the 7 Ps • Product • Price • Place • Promotion • People • Process • Physical evidence Persona Services marketing mix: 1. Product: persona sells everything that enhances beauty of both male and female. Persona has separate units for male and female customers: Persona Adams and Persona Beauty Parlor. Along with that Spring Spa and Gym ensures Beauty of face, body and mind. Various services designed and monitored by experts ensure maximum quality. Persona helps flourish natural beauty as well as provides make over opportunity and through Persona Studio, one can frame it. Canvus magazine will help the customers to learn and apply various fashion and beauty concepts. 2. Price: fo Persona applies value based pricing. It offers a range of services, starting from a minimum standard price. Customer segments are considered from middle income groups to high ends for Spring Spa. 3. Place: Persona selects the places in Dhanmondi 27, Mirpur, Banani and Gulshan in Dhaka and in Panchlaish of Chittangong. The places are very convenient for the target groups and are in prominent locations of the cities. 4. Promotion: * Persona is mainly promoted through word of mouth. It is well known to the beauty lovers of the city and the CEO Kaniz Almas Khan is a celebrity make up artist which makes persona a very trusted name. * However, in the early stages it had promotional offers in 1st Boishakh and ads published in newspaper. Nowadays the...
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...SECURITIES ANALYSIS AND PORTFOLIO MANAGEMENT Centre Name: M S Ramaiah School of Advanced Studies Course Name: MBA in Finance and Accounting Name of the Student : Biju Govind M Student Registration No : HMB0909008 Module Leader at MSRSAS : Prof. Uday Kumar Jagannathan FULL TIME 2009 BATCH M. S. Ramaiah School of Advanced Studies New BEL Road, Gnanagangothri Campus, MSR Nagar, Bangalore-560 054 Tel: 23605539 / 23601983 / 2360 4759. Fax: 2360 1923 website: http://www.msrsas.org |M. S. Ramaiah School of Advanced Studies | |Postgraduate Engineering and Management Programme- Coventry University (UK) | |Assessment Sheet | |Department |Management Studies | |Course |MBA in Finance and Accounting |Batch |Full-Time 2009 | |Module Code |ACF 505 |Module Title |Securities Analysis and Portfolio Management | |Module Leader |Prof. Uday Kumar Jagannathan |Module Completion Date |23-07-2010 | ...
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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 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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...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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...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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...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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...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 to view vacancies beforehand. It makes it convenient for patrons as they are able to view our availability through the internet. Other value added services include the provision of study materials and Wireless Connection. The main source of revenue is from...
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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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...ABSTRACT In marketing its important to have a mission, value and vision for the company, product and service. It’s also important for companies doing business internationally to follow the countries polices and beliefs. Coca Cola has implemented the concept of mix marketing that even the completion has tried copy to have a successful business. INTRODUCTION Coca Cola is a beverage company that produces several brands of beverages such as soft drinks, juices and sports drinks. Coca Cola is best known for manufacturing and supplying their drinks since 1886. Coca Cola operates out of 200 countries internationally, produces and sells over 500 brands to its distribution channels. Four countries Four of the countries that Coca Cola operates out have and partners with to help the countries people environment economy health and education. China, South America, Africa and the U.K. The four ps in marketing mix The four P’s in the marketing mix are product, price, promotion and place (location). Coca Cola’s products offer over 300 beverages and they mix the product with other companies such as Fanta, Sprite, Fruitopia, Coke and powder juices. (Marketing Mixx.com 2012) The second P in marketing is price. Coca Cola prices vary by brand, size and amount. Coca Cola offer prices in other countries are genuine and readily accepted by the population, which usually is based on supply and demand. The third P in marketing is promotion. Coca Cola’s promotion of the brand is an important...
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...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.main.feature.of.Braaap’s.products..Customers.are.able. to.choose.any.colour.to.their.preferences.and.build.customised.bikes.as.long.as.the.customisations.would.not.affect.the.performance.and.safety.of.bikes....
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...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 from domestic...
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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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