...Introduction Marketing mix comprises four P’s: Product, Place, Price and Promotion, which is one of the most fundamental concepts of marketing. These Ps are quite essential for developing a marketing strategy of any organization (Perreault & McCarthy, 2004). The marketing mix (price, product, distribution, promotion) forms the entire promotional campaign. As stated in “Management of a Sales Force” by Rosann L. Spiro, Gregory A. Rich, and William J. Stanton, “when these are effectively blended, they form a marketing program that provides want-satisfying goods and services for the company’s market." The term became popular in the article written by Niel Borden called “The Concept of the Marketing Mix.” He started teaching the terms to many after he learned about it with an associate. The marketing mix is a broad concept that includes several aspects of marketing which all are required to obtain a similar goal of creating awareness and customer loyalty. The marketing mix is not only an important concept, but a guideline to reference back to when implementing the price, promotion, product, and distribution. Those are the four main ingredients of the marketing mix, but there are other components not already mentioned on the Wikipedia site, including, planning, branding, packaging, display, distribution channels, personal selling, advertising, servicing, and physical handling. All in all the current description of the marketing mix is accurate, but missing some vital pieces of...
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...Starbucks Market Segmentation Market segmentation is a common marketing process that divides a large group of an audience into a certain criteria with consumers that have similar needs, according to the online Business Dictionary (WebFinance, 2013). Once a market segment is developed, companies can use the marketing mix to individually approach the most profitable markets with messages specifically designed for them. This makes marketing investments more efficient. If successful, the benefits are higher profit margins, possible market share and revenue growth (Tobak, 2008). Starbucks uses demographic segmentation markets by: age, gender, income, ethnic background, and family life cycle; as well as geographic segmentation markets by: region of a country or the world, market size, market density, or climate; and psychographic segmentation, which can link with demographics. The company positions the business as a highly respected brand, and as such, that can distinguish their products from competition, which gives them an advantage. Starbucks practices a concentrated targeting strategy by focusing only one segment, which is the gourmet coffee drinker. This is how Starbucks defined its niche and labels the company as a high quality product. After establishing their niche, Starbucks continually expanses its product line to their specific segment more enthusiastic (Cachola, 2012). According to the article: “Starbucks and McDonald’s Winning Strategy” by Panos Mourdoukoutas, it...
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...2 Four P’s Marketing Mix on Starbucks The marketing mix plays an important part in marketing. The purposes of the marketing mix are to use a combination of tools to satisfied the customers and obtain company goals. The marketing mix is referred as the four P’s: product, price, place, and promotion. “The elements are adjusted until a right combination is found that serves the needs of the product’s customers while generating optimum income”. (Marketing Mix, 2010, p. 1). By using the four P’s, most businesses have the ability to connect with consumers within the targeted market. The ability to create a successful marketing mix often has good results. However using the wrong mix can lead to failed marketing strategies which can result in the business dissolving. The key is not to get stuck on one mix; the combination of elements often has better results than just using one. This research paper will review all elements of the marketing mix and how each ones plays an important role that organizations must acknowledge in order to be successful. The first P in the mix is the product. The product is used to determine market needs, wants, and desires, to assess internal resources regarding satisfying market needs, wants, and desires with innovation, to develop process for market resource and product testing, and to forecast product life cycle. With this being said, the product would refer to a physical product or service in a company. The product would be used to satisfy a targeted...
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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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...bo wang Chapters 4 & 5 Assignment Due September 18 via Dropbox @ 6:59 pm Please answer the following questions. 1. Baby boomers in America are aging. Describe how this might affect the marketing mix for the following. (it is estimated that over 45% of the US population will be over 65 in 2030). Be sure you cover the WHOLE marketing mix – product, price, distribution and promotion for each. (12 pts) * Bally’s Health Clubs * McDonald’s * Whirlpool Corporation * Nike athletic footwear demography is an uncontrollable variable in the external environment such as age, People are directly or indirectly the basis of all markets, making population the most basic statistic in marketing. in 2012, there were approximately 75 million baby boomer,their ages range from the late-forties to the mid sixties. .Clearly, boomers and seniors are still a huge market with significant needs. Product : bally’s health clubs :since their getting old, they start care about physical problem, pay attion to work out program. as a fitness club, it could offer membership package such as fitness program , or yoga class to attract them. McDonald’s : decades ago, McDonal’s only offer unhealthy fast-food. However. nowadays, McDonal’s change their menu. they offer different menu . such as health salad , or low-fat meal. So the middle age who concern about their healthy, will consider get a meal from McDonald’s. Whirlpool...
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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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...Product In marketing, the term “product” refers to tangible, physical products as well as service such as brand name, functionality, styling, quality, safety, packaging, repairs and support, warranty, accessories and services. In OldTown White Coffee, the product refers to local foods and products offered to consumers. OldTown White Coffee used its own uniquely Malaysian taste (the authentic Ipoh White Coffee) to introduce a product to the market in Malaysia. In Malaysia, the OldTown White Coffee set its base at Ipoh, Perak. In mere time span of 5 years, OldTown White Coffee has grown up to over 176 outlets since the first outlet in 2005 in Malaysia. OldTown White Coffee has became the first largest kopitiam restaurant chain in Malaysia OldTown White Coffee‟s products include tangible elements. Tangible elements are the things that customers are able to see, touch, feel, taste, and smell. These all tangible elements OldTown White Coffee were done as perfectly and completely. To satisfy the palate of local population in country, OldTown White Coffee uses the localized version of its product. In other words, OldTown Coffee offers local foods and meals in Malaysia. For example, the meals included Nasi Lemak Special, Prawn Noodles, Kaya or Butter Toast and Asam Laksa. While, hot and cold beverages included, Hazelnut White Coffee, Old Town White Coffee Signature Freeze, Old Town White Coffee, and Old Town Nanyang O. With the intention to provide quality white coffee to Malaysian...
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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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