...The traditional digital marketing mix – Product-Place-Price-Promotion-People is equally applicable to online marketing. There practically is no difference; in fact the digital platform is simply another channel to implement the principles of marketing, probably in a more effective way. It is extremely important for a brand to be able to identify the right target audience. In depth analysis is the key to understand where the potential lies. It is extremely important to create a positive buzz about a brand on the online space after all who can deny the age old adage that the “power of a brand lies in the minds of consumers.” And 90% of modern customers look and shop for products and services online! Consumer behavior has changed drastically over the past few decades. Men and women are connected 24 cross seven. Smartphones and handheld devices have changed lifestyles, shopping patterns and naturally the very way entrepreneurs conduct business online. The art of identifying your target market and reaching out to them with the right message has never been more challenging and exciting! What with almost everyone including housewives and children on social media forums! Marketers have a wider audience and can do so much to influence the tech-savvy buyer. It is important to create the right marketing mix depending on the product/service, demand and target audience. Components of Digital Marketing Mix Email marketing This method though clichéd is a commonly used way of...
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...Marketing mix. The Marketing mix consists of the four P’s, which are Product, Price, Place and Promotion. Use of the Marketing Mix will aid market managers in getting the right product at the right price, in the right place, during the right time. Consumers see products as complex bundles of benefits that satisfy their needs. When developing products, marketers first must identify the core customer value that consumers seek from the product (Armstrong & Kotler, pp. 210, 2011). Product Mix Product mix is a set of products or services a business provides for its customers. The product mix can be similar in substance or totally different. For example, Proctor & Gamble has a wide selection product mix. They sell items that are similar such as dish washing detergent and dishing washing liquid. Proctor & Gamble also sell products that are vastly different such as Pepto Bismol and women’s facial make up. Different product mixes make up the product lines. Proctor & gamble have many product lines ranging from Household goods to personal care products. The first P representing the Product has to be marketed to the right people. A Market manager must know and understand his product. Studying the product allows the market manager to target a specific group of potential customers. Studying the product also allows a market manager to recognize new uses of the product for new markets. Price Mix PRICE MIX is the value of the product determined by the producers. Price mix includes...
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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 the only...
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...Marketing Mix Paper In this day and age, finding a customer base is no long a assured. Consumers are becoming increasingly savvy, knowing exactly what they want and what they do not want. Just because a company makes a product, there is no guarantee that consumers will buy it. In order to survive in today’s business world, companies must be able to obtain new customers and keep their business. This has made research and marketing the main focal point of businesses of all sizes (Market Research Bulletin, 2009). To develop a marketing research approach, a company will look to do a consumer analysis, an industrial analysis, and develop a marketing mix that will best suit the organization and the consumer. In a consumer analysis, some areas to look at are demographics, psychographics, behaviors, and geographical consideration. In an industrial analysis, the company will do a competitor analysis (Perreault & McCarthy, 2004). There are many possible ways to meet the needs of customers. There are so many variables, a company needs to be able to organize them to simplify the selection for that organization’s marketing mix. All the variables are reduced down to four basic variables: product, place, price, and promotion. All other variables will be listed under these four variables. All four Ps are needed in the marketing mix, and in fact, should be tied together (Perreault & McCarthy, 2004). This paper will discuss and describe the elements of the marketing mix. It will...
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...Schweitzer Elements of Success For marketers, the four P’s or the “elements of a marketing mix” is known as studying the right product, putting that product in the right place, at the right price, in the right manner. In simplest terms, the four P’s is as followed: product, place, price, and promotion. Implementing all four P’s can mean success for an organization. To the Hawaii Department of Education, executing each element precisely without mendaciousness is the difference between mediocrity and exceeding expectations. Even though Hawaii’s public school system graduate majority of their students, something needs to happen with the fraudulent spending going on to promote the very best education for Hawaii’s youth. To understand that idea, take a deeper look at each P and its importance it plays in marketing, the unethical structure, and the unsupervised supervised spending. Product Tangible goods like Boxing gloves, airplane, and a white t-shirt or services such as medical care, babysitting, or education is the product element a company markets. Take the school system for example. The school system has many product elements: the education itself; a simple set of tools one will need to be successful in their adult years and others like team sports, college prep courses, programs for at-risk youth, arts, etc., all supporting the source of the marketing mix. Not only do people use this product for its benefits, but they also buy into the product for what it...
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...MKT/421 University of Phoenix Marketing Mix Marketing mix is when the right product is put in the right place, at the right time, and at the right price. When an organization or company creates a product that attracts individuals and put it on sale or offer it to individuals it should may be place at a price in which it matches the value of the product and is worth what the consumers or individuals get out of it. The 4 Ps of marketing and the marketing mix are sometimes used as synonyms for one another because they are close to being the same thing. The 4 Ps of marketing mix are product, place, price, and promotion. Each component of the marketing mix has some type of importance and are given an equal abundance of importance. In the marketing mix the customer is the most important piece of the marketing strategy however it is not included because all the components are aimed toward the target. A company that I think would represent for a good marketing mix is Apple. They are about pleasing their customers and making sure that they are aware of the products that they have to offer. Prices are adjusted to make sure that things are affordable and sometimes to bring in new customers. Surveys are completed at times to see what it is that the customer wants and what satisfies the customer. The customers have a say so in the product and the company value their opinion. The product- The product is...
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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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...Dr. Watson Elements of Success For marketers, the four P’s or the “elements of a marketing mix” is known as studying the right product, putting that product in the right place, at the right price, in the right manner. In simplest terms, the four P’s is as followed: product, place, price, and promotion. Implementing all four P’s can mean success for an organization. To the Hawaii Department of Education, executing each element precisely without mendaciousness is the difference between mediocrity and exceeding expectations. Even though Hawaii’s public school system graduate majority of their students, something needs to happen with the fraudulent spending going on to promote the very best education for Hawaii’s youth. To understand that idea, take a deeper look at each P and its importance it plays in marketing, the unethical structure, and the unsupervised supervised spending. Product Tangible goods like Boxing gloves, airplane, and a white t-shirt or services such as medical care, babysitting, or education is the product element a company markets. Take the school system for example. The school system has many product elements: the education itself; a simple set of tools one will need to be successful in their adult years and others like team sports, college prep courses, programs for at-risk youth, arts, etc., all supporting the source of the marketing mix. Not only do people use this product for its benefits, but they also buy into the product for what it...
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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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...Marketing Mix MKT/421 October 28, 2013 The marketing mix is an easy concept that some businesses forget to incorporate into their strategy to make them successful. The marketing mix is as simple as putting the right product in the right place, at the right time, and at the right price. If your company or organization can create a product that a specific target audience wants and you are able to accomplish a few key items then the product will more than likely be productive. The key elements involve having the product available where the target audience frequents to purchase items. The price of the product or service must be comparable to other like items or products on the market. You must have the product or service available during a time when consumers want to purchase the item. It doesn’t matter if you have the best Christmas ornaments ever made if they are available in May. The target audience for those sales does not want to purchase that product then. Timing of the item or service is a key element for success. If you put all of the key elements into play then you’re on the path to success. The marketing mix sounds like it would be a simple concept to implement but the truth is that it takes a lot of research and hard work to accomplish this task successfully. The marketing strategy involves researching what the consumers want and also identifying where they shop for those items. As mentioned earlier part of the marketing mix is putting the item in the right place...
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...Define Marketing Mix. Marketing is a process that depends on customer needs and demands. Marketing concept proposes that an organization requires focusing on customer needs and wants, coordinating its efforts and endeavoring to accomplish organizational goals. Marketing can be best defined as: “A process of identifying, satisfying and retaining customer’s profitability”. The American Marketing Association defines market as: “Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” The marketing mix is a business tool used in marketing and by marketers. It is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 Ps, getting the mix of these elements right enables the organization to meet its marketing objectives and to satisfy the requirements of customers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's. When marketing their products firms need to create a successful mix of these four P’s: • Product • Price • Place • Promotion. These four P’s are the parameters that help the marketing managers in controlling, subject to the internal or external constraints of the market environment. The aim is...
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...Marketing Mix Paper Roger Briseno University of Phoenix MKT 421 Mark Vitale February 7, 2012 Marketing Mix When a market tries to reach its customers and establish a marketing mix, it is vital that they combine marketing strategy in the factor to target potential markets. Importantly, for any businesses or organizations to be successful, they would need to attract customers with new products or services that customers would love. According to Business Know-How, “The key is developing a marketing strategy that forms a solid foundation for your promotional efforts. Implementing promotional activities such as advertising, direct mail or even networking and one-to-one sales efforts without a marketing strategy is like buying curtains for a house you are building before you have an architectural plan.” By implementing the four P’s of marketing, such as, product, price, place, and promotions will enable a formal marketing mix to take place for an organization or business in selling its services and products to the public more effectively. The organization which I am familiar with working in the hospitality food of a restaurants provide our guests New Orleans style food in the heart of Florida delighting many peoples’ fulfillment of Cajun without traveling to New Orleans for the taste. Within this paper I will describe the elements of the marketing mix corresponding with the four P’s. Furthermore, I will describe how each one of the four elements of the marketing mix impact...
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...ingredients including Borax, glue and water. I did this expecting it would be quite simple, but I was wrong. I never even did it right once after 5 tries. After doing research about the materials I learned that the borax acts as a connector for the glue molecules. The glue molecules join together to form even larger molecules called polymers which result in a thickened gel, or slime. Up until I did the research, I figured that glue was already a bit like slime only much thinner. And the same way you would add flour to cookie dough that is too sticky or thin, adding borax would make it clump up more. The very first time I attempted making slime, I mixed less than half of a teaspoon of Borax into a teaspoon of glue, then added water. It was unsuccessful. It was too slippery and you could feel the Borax in it, meaning it didn’t mix well together. The second time I attempted, I did the same thing only added the glue into the Borax, which also didn’t mix very well. So I tried my 3rd and 4th trial a little differently by mixing water and glue the first time, slowing add Borax looking for the right amount. And mixing water and Borax adding small amounts of glue at a time the second time. Neither of them worked either. I think I had the right idea with adding water to only one of the ingredients at a time, seeing how it didn’t mix well… I thought of a way to make it mix in better. They were both close but no cigar. All of my slime attempts were a bit off. A bit too gritty, a bit too liquidy...
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...22 Marketing Mix 22.1 Introduction The basic task of marketing is the delivery of product(s) to consumers so that their needs are fulfilled and organisational objectives are also achieved. This involves several important decisions, e.g. deciding about the product or products which should be offered for sale, price of the product, markets where products may sell and the means of communication with the consumer for the sale of the product. All these decisions form part of marketing-mix. In this lesson we shall study about the concept of marketing mix, its components and the relationship among various components of marketing mix. 22.2 Objectives After studying this lesson, you will be able to : explain the concept and characteristics of marketing mix; describe various components of marketing-mix; establish the relationship amongst various components. 22.3 Concept and Characteristics of Marketing Mix The process of marketing or distribution of goods require particular attention of management of business because production has no relevance unless products are sold. Marketing mix, simply stated, is the process 20:: Business Studies of designing and integrating various elements of marketing in such a way as to ensure the achievement of enterprise objectives. The elements of marketing mix have been classified under four heads - product, price, place and promotion. That is why marketing mix is said to be a combination of 4 P’s. Decisions relating to the product include...
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...Stein's perspective: 1) What factors play into the dilemma? There are a number of factors that play into George’s dilemma in this case, but before I begin to analyze those factors lets briefly reexamine the situation. George Stein is working at a milkshake/ice cream mix supply company called Eastern Dairy. George is working at Eastern Dairy for the summer and he works the night shift. The night shift is unsupervised and ran by 4 or 5 assembly workers. George has gotten along with all his fellow employees and together they have formed quite the comradery. Paul, one of the assembly workers on the night shift, has become somewhat of a self elected supervisor of the shift. All of the employees of the night shift get along very well and enjoy their time together thoroughly which has allowed George to really enjoy his time at work. One night they are faced with a problem regarding the filtration of the mix. All the filters are getting clogged up due to a bad batch of mix filled with maggots. Now, the employees can either repeatedly unclog the filters and reattach them over and over until all the mix has completed the filtration process or they can remove all the filters and allow the maggots to stay in the mix until it has gone through the homogenizer and the pasteurization process, which according to Paul will “Pulverize” all solid matter and destroy any bacteria. The issue with constantly removing, unclogging and reattaching the filters is that it will slow down the filtering...
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