...Marketing Mix – The 4 P’s of Marketing Product The foremost of the marketing four p’s is the product that a company intends to sell. A product can be something like a car, toothbrush, nail polish, utensil, clothing item, etc. Although, manufacturing a product does not fall in the work of the marketing department, yet how the product should look, how it should function and how it can be used by the customers, is mainly determined by market research and based on the same marketing strategies are determined to position it in the best possible manner in the market. To be successful at developing the right product, which is one of the important four p’s of marketing, the marketing department should give regular inputs with regards to the needs and wants of the customers to the manufacturing department. Guarantees, warranties as well as support services for the product are decided upon to match the offerings of the competitors. Price Next of the 4 p’s of marketing is the pricing strategy. The price should be determined in accordance to a number of factors such as the number of product features, the price of similar products in the market, how much the customers are willing to shell out for the conveniences offered by the product, etc. As price is the revenue for a business so special attention should be paid while determining the pricing strategy. Discounts, allowances, financing options fall under the pricing marketing mix strategy too. Place “Place” refers to making a product...
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...Marketing - Marketing Mix and Consumer Behaviour: The key is the research. Francesco Giunta Consumer Behaviour: The key is the research. Marketing over the last two decades has made significant progress in terms of segmentation, positioning and targeting of the product. In this progress is included the core aspect of consumer behaviour. The study of such behaviour is a necessity for any company in any business, regarding this it is interesting the analysis of consumer behaviour in purchasing technological products. There are several cases of companies not only in the technology field, leading market research in order to understand how they can maintain the loyalty of existing customers and attract new ones, but not everyone can have positive results. A remarkable example of success is Apple Inc. which with its revolutionary and aesthetically refined products managed to have a tremendous positive feedback from consumers and is able to maintain a strong and lasting relationship. Consumer Behaviour : Marketing Research and Marketing Mix Marketing Research In creating a product and an advertising campaign is essential to consider the target market. It is crucial to know what are the habits of the consumer, their needs when purchasing a specific product and what are the benefits of such purchase. So it is vital to understand how to attract consumers' attention and get a complete picture of the situation. It is possible to do that by following five basic steps/questions...
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...MARKETING MIX STRATEGIES Marketing mix strategies comprises of four P’s: PRODUCT Product is the basic component of marketing mix. The decision pertaining to product may relay to: * Product attributes * Product mix * Branding * Product Support service Beginning from the customers to the sellers to the realtors and investors, each one of us is plunging for quality homes within your reach. Unitech, the largest real estate company not only in term of revenue but also earning, market capitalization and developable area. Quality Unitech offers quality Products to its customers even at affordable price. Variety Its key business is the expansion of residential, commercial and retail properties which also includes flyovers, highways and airports, schools, hotels, transmission lines, entertainment projects, amusement parks and SEZs. Design Design is nothing but ‘How the product looks and how you feel about that’. Unitech design its product keeping in mind not only the quality but also make use of an innovative design to attract the buyers towards it. It also provides architectural and engineering design particularly for affordable housing customers. Brand Name Unitech got the title of ‘Super brand’ by the Super Brands India in 2008.’ It also won the award for being among India’s top ten builders. Facilities Unitech designs its products’ keeping in mind the needs and preferences of the buyers and provides them with the best of the facilities: * Gymnasium ...
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...4 p's of marketing The Four P's of Marketing The four P's of marketing are: Product Price Place Promotion Product is what you are selling. Not just the physical product or the actual service, but all the customer benefits and values that the product represents. It is usually not important to have the best possible product. Cutting edge and feature packed products cost more. The key is to have the most valuable product in its price range. Price is the amount that the customer must pay. This is the acid test of whether the features you added to the product were really valuable, or whether you might have been better to cut a few low-value features out and so be able to offer a lower price. Place is sometimes thought unimportant to online business. However, many deals still go best with a handshake. Services can only be cost-effectively provided within a fixed travel-radius. Shipping costs matter. Place is still a vital concern. With the internet, all online shops are on the super-highway and equidistant to any customer, and yet people still look for local and regional suppliers. Financial and legal issues are still mostly set by place too. Where will you place your distribution centers? Would better placement of your business let you ship faster or more cost-efficiently? Promotion is the P that everyone knows Marketing is about. Of course, we are not only talking about advertising in promotions, but also sponsorships, public relations, special offers, viral marketing, and...
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...4 marketing P’s It’s very important to consider the 4P’s analyze because it will help us to evaluate the weakness and strengths of the company. It also will give us an advice to discover the segment where company can easier succeed and the segment where it should work more and improve the strategies. 1. Product Analyzing this step we can see if the product that company selling is the one that customers really need because this is the most important key to success. Oriflame offers natural cosmetic products which helps them to build the main core competence of the company. 2. Price Why is Price so important? Price is the only element of mix that generates turnover and profits and this is the first choice criteria for consumers (especially in times of economic crisis). The price allows consumers to compare and make decisions, it directly influences demand (price elasticity) and gives an indication of the product’s positioning and quality. Other influences which affect consumer demand is psychological price -> fix your price according to two points: the pricing floor (too cheap) and the pricing ceiling (too expensive). We can say that Oriflame keeping its prices between this two levels. This fact is an advantage for them because people can afford the products and choose them instead of more expensive brands, considering that in cosmetics industry are a lot of competitors. 3. Place The positioning of a product or a brand, it’s making the great choice to put forward...
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...Name: Liang Wang Date: Sep 10th, 2013 The 4 P’s in Action The largest traditional U.S. bookseller Barnes & Noble bookstore is facing and work their way through a difficult period. Sales decreased at Barnes & Noble bookstores in the latest quarter and its Nook e-book devices failed to keep up with competitors, pushing the company to a net loss that more than doubled from a year ago. Barnes & Noble expects to close up to a third of its retail book stores over the next decade. Like other retailers, the chain has struggled in a digital world, where readers increasingly turned to e-books and online discounts. I will give two suggestions for Barnes & Noble in order to go through the difficult period. First, Barnes and Noble’s marketing team may change their marketing place from mainly the traditional book stores to mainly Internet sales. Barnes & Noble is the largest book retailer in the United States, operating mainly through its bookseller’s chain of bookstores. The store chain is so big that it will cost too much on rent and overhead fee. In order to reduce the cost, they can make the best use of the Internet as a powerful medium and sales channel. The Internet is the lowest cost system developed to communicate with a potential customer of hundreds of millions of people all over the world. The cost of a simple web site is usually less than the cost of running a regular book store. A Web site can also give more information than a regular book store, including...
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...Second Final Business Analysis Project Assignment TA: Jason Steinberg (jss467) Product: GNC offers a diverse array of health and wellness products that all promote consumer weight loss, strength gain, and increased athletic ability. GNC Pro Performance AMP Amplified 100% Whey Protein is one of the firm’s top-selling products and is the most popular whey protein offered by GNC. This particular line of whey protein benefits all consumers from athletes and fitness enthusiasts to the average buyer looking to lose weight and improve overall strength and conditioning. GNC Pro Performance AMP Amplified 100% Whey Protein serves as both a daily meal replacement and as a supplement for workouts to aid in muscle recovery and development. The hydrolysates in the whey protein help the body’s cells process, store, and release amino acids in order to accelerate time needed for the body to recuperate. This is important for athletes who are straining their bodies regularly and need to be functioning well at a cellular level. Whey protein hydrolysates meet daily protein requirements and maximize muscle growth, helping to satiate feelings of hunger thus cutting fat and lowering body fat percentage in consumers. GNC Pro Performance AMP Amplified 100% Whey Protein is offered in chocolate and vanilla flavors to satisfy customers’ tastes and preferences, thereby appealing to a wider range of people and prospective buyers. One of GNC’s biggest competitors is Bodybuilding.com, an online retailer...
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...Philosophers sometimes view the idea of human freedom of action as the real problem of free will, but this classification is one of the main misunderstandings in both subject matters. The misunderstanding between freedom and free will may have begun as early as the time when Thomas Hobbes and David Hume, argued their cases to support the theory of the modern concept of compatibilism. From both Hobbes’ and Hume’s perspective, to be free to act on one's will is basically to be free of external restrictions, limitations, constraints, and controls. From their perspective, the absence any external constraint gives makes the agent freedom to do as he or she wills, even if the person’s will itself is determined (or predetermined) by causal laws of nature. Factors That Affect Personal Development Take a moment to consider all of the genetic and environmental factors that have shaped who you are today, and you will quickly become overwhelmed. From gender, race, and socioeconomic background—to family dynamics, education, and genetics—there are millions of factors that have converged to make you who you are. Most people believe that humans are responsible for their own actions and that they all have the opportunity to make the right choices. But when you consider how large a role race, gender, wealth, and family upbringing all play in shaping an individual, can you truly believe that everyone has the same opportunities? Furthermore, are there some conditions under which people cannot...
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...Marketing Mix Of Ray Ban Marketing Essay Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way - probably the best-known way - of defining the marketing mix, and was first expressed in 1960 by E J McCarthy. What is marketing? Putting the right product in the right place, at the right price, at the right time. When We talk about Market,Whether you are a small business or a large corporation you need a good marketing strategy. There are many ways to market your business the question is which ways are the most effective for your product or service? Ray-Ban is a Eyewear company.This Company just make Sunglasses. The 4 P's of Ray-Ban Marketing decisions generally fall into the following four controllable categories: Product Price Place (distribution) Promotion PRODUCT Product/Service The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made: Brand name Functionality Styling Quality Safety Packaging Repairs and Support Warranty Accessories and services Ray-Ban have a eyewear products.Ray-Ban become a good brand in eyewear industry. Ray-Ban know what does the customer want from the product and what needs does it satisfy. Ray-Ban just selling googols but in many models. Ray-Ban giving guaranty on some googols glasses for screech. Ray-Ban produces...
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...Case 29 Starbucks’ Global Quest in 2006: Is the Best Yet to Come? Arthur A. Thompson The University of Alabama Amit J. Shah Frostburg State University Thomas F. Hawk Frostburg State University n early 2006, Howard Schultz, Starbucks’ founder, chairman of the board, and global strategist, could look with satisfaction on the company’s phenomenal growth and market success. Since 1987, Starbucks had transformed itself from a modest nine-store operation in the Pacific Northwest into a powerhouse multinational enterprise with 10,241 store locations, including some 2,900 stores in 30 foreign countries (see Exhibit 1). During Starbucks’ early years when coffee was a 50-cent morning habit at local diners and fast-food establishments, skeptics had ridiculed the notion of $3 coffee as a yuppie fad. But the popularity of Starbucks’ Italianstyle coffees, espresso beverages, teas, pastries, and confections had made Starbucks one of the great retailing stories of recent history and the world’s biggest specialty coffee chain. In 2003, Starbucks made the Fortune 500, prompting Schultz to remark, “It would be arrogant to sit here and say that 10 years ago we thought we would be on the Fortune 500. But we dreamed from day one and we dreamed big.”1 Having positioned Starbucks as the dominant retailer, roaster, and brand of specialty coffees and coffee drinks in North America and spawned the creation of the specialty coffee industry, management’s long-term objective was now to establish...
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...PROMOTION Promotion is an important marketing force that provides an extra incentive(usually short term in nature) for consumers, the trade, the sales force and other influential groups. Promotion ranks with advertising and selling efforts as one of the major activities that can be utilized in the marketing of packaged goods. Promotion is directed not only to consumers or the trade but also to the occasion to the sales force and other influential groups. The great Indian brand wagon of Lux started nearly 4 decades ago. Great brands sometimes outlast their ambassadors as proven by Lux which celebrated its 75th anniversary in India. The first ambassador Leela Chitnis featured in a Lux advertisement which flagged off the Lux wagon. She gave way to a galaxy of stars which include Madhubala, Nargis, Meena Kumari, Mala Sinha, Sharmila Tagore, Waheeda Rehman, Sairah Banu, Hema Malini, Zeenat Aman, Juhi Chawla, Madhuri Dixit, Sridevi, Aishwaria Rai Bachchan, Kareena Kapoor, Priyanka Chopra and most recently Katrina Kaif. The last frontier for most actors aspiring to stardom is becoming a Lux ambassador. The brand has outlasted many soaps. From the beginning, Lux became a household name in the country. Lux advertisements through ages Lux campaigns have wooed millions of people over the decades. Popularly known as the beauty soap of film stars, Lux has been an intimate partner of the brightest stars on the silver screen for decades. An ode to their beauty, an announcer...
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...Chapter one: Company History SQUARE today symbolizes a name – a state of mind. But its journey to the growth and prosperity has been no bed of roses. From the inception in 1958, it has today burgeoned into one of the top line conglomerates in Bangladesh. SQUARE today is more than just an organization, it is an institute. In a career spanning across five decades it has pioneered the development of the local business in fields as diverse as Pharmaceuticals, Toiletries, Garments, Textile, Information Technology, Health Products, Food Products, Hospital, etc. With annual turnover above US $ 450 million and with a workforce more than 22,000, square today is a true icon in Bangladesh business sector. The journey begins Square started out as a small scale pharmaceutical venture in 1958.It was a partnership effort of four young and enterprising men whose determination and passion saw it through the turmoil of the incipient period. By its fourth year, Square turned into a profit making organization. Milestones: SQUARE 1958: Debut of Square Pharmaceuticals as a partnership farm 1964: Converted into a Private Limited Company 1974: Technical Collaboration with Janssen Pharmaceutica, Belgium, a subsidiary of Johnson and Johnson Intl, USA. 1982: Licensing agreement signed with F.Hoffman-La Roche Ltd., Switzerland. 1985: Achieved leadership in pharmaceutical market of Bangladesh among all multinational and national companies. 1988: Debut of Square Toiletries...
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...MARKETING THEORIES – THE MARKETING MIX – FROM 4 P’S TO 7 P’S Visit our Marketing Theories Page to see more of our marketing buzzword busting blogs. Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long. One example of this evolution has been the fundamental changes to the basic Marketing mix. Where once there were 4 P’s to explain the mix, nowadays it is more commonly accepted that a more developed 7 P’s adds a much needed additional layer of depth to the Marketing Mix with some theorists going even going further. Before we get carried away though what is the Marketing Mix and what is the original 4 P’s principle? THE MARKETING MIX Simply put the Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering. The 4 P’s have been associated with the Marketing Mix since their creation by E. Jerome McCarthy in 1960 (You can see why there may have been some need to update the theory). The Marketing Mix 4 P’s: * Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get. * Place – The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop. * Price – The Product should always be seen as representing...
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...Marketing Mix Frank Robles MKT/421 February, 25 2013 Paressa Naveed There are four categories in the marketing mix. They consist of product, place, price and promotion. Many companies use these four elements of the marketing mix to help bring in revenue on the services that they are using. This paper will focus on those four p’s of marketing and explain in detail how the four p’s are beneficial to any organizations, marketing strategy and tactics. The first category in the four p’s would be the product. What the product is a service or item that a company offers. When a product is marketed, it means that the company created the idea to reach a target audience. The product should attract a certain audience and the company is responsible for creating the marketing strategy in order to hit the target audience. The second category in the four p’s would be place. Place is directly involved where an organization puts together a strategy where they make sure they get the product to its target audience. The whole process is revolved around how the product gets distributed to the consumer. This process is very important on deciding how the product gets to the consumer before they decide to purchase it or buy it. There are many ways on how the product gets to the consumer and how it reaches the target population. Now, as for the third P which stands for promotion. When a company promotes a product, they have different ways of doing so...
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...marketing website with tons of articles for people to read and for help on their products and companies. The author is Karl Wirth who is the CEO and a co-founder of Apptegic, a customer intelligence and marketing automation solution that enables online businesses to understand each customer and respond in real time. Karl Wirth’s message was basically explaining of how the 7 P’s of marketing apply to customer retention marketing. Karl Wirth’s stated, By acting on the 7 Ps of Customer Retention Marketing, you can keep your customers; make their interactions with your business successful; and in so doing make your business more successful. The evidence I found to support this theme was that they stated all 7 points of marketing in it. Everyone is use to the 4 P’s and what they do and how we use them, but they used three more that I have not heard of being used. Many CPG companies are now using online and social mediums to build direct relationships with their customers This article is very smart and logical and provides great information. It provides the four P’s: Product, Place, Price, Promotion. Yet it provides 3 more P’s to the reader, People, Processes and Positioning. I have never heard of those three. It states that People are the most important. Retaining customers is about building relationships, and relationships are about people. For Processes, treat your customer as a person, and not a customer. You need good processes, such as monitoring social media and engaging customers there...
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