Marketing Mix Paper
The marketing mix is probably the most famous phrase in marketing. According to Wikipedia.com, the marketing mix approach to marketing is a model of crafting and implementing marketing strategies. It stresses the "mixing" or blending of various factors in such a way that both organizational and consumer (target markets) objectives are attained (Wikipedia). "The elements are the marketing 'tactics '. Also known as the 'four Ps ', the marketing mix elements are price, place, product, and promotion" (Marketing Teacher). In other words, "Marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. Consumers often call the marketing mix "the offering." By using
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Pricing:
Price means the pricing strategy you will use. You have already fixed, as an hypothesis a customer price fitted to your customer profile but you will have now to bargain it with the wholesalers and retailers.
In fact, you have to choose between three strategies:
- Competitive pricing: If your product is sold at the lowest price regarding all your competitors, you are practicing competitive pricing. Sometimes, competitive pricing is essential. For instance, when the products are basically the same, this strategy will usually succeed.
- Cost-plus-profit: It means that you add the profit you need to your cost. It is also called cost-orientated strategy and is mainly used by the big contractor of public works. The authority may have access to the costing data and should like to check if the profit added to the cost is not too high.
- Value pricing: It means that you base your prices on the value you deliver to customers. For example, when a new technology has a very large success, you can charge high prices to the customer. This practice is also called skimming. It is easy when you are in the introductory phase of the product life cycle.
Promotion:
The function of promotion is to affect the customer behavior in order to close a sale. Of course, it must be consistent with the buying process described in the consumer analysis. Promotion includes mainly three topics: advertisement, public relations, and sales promotions.
Promotion is about how the customers are informed about a particular product or service and plays a vital role. So promotion basically carries the 3 Ps of the marketing mix by presenting that all important information to the right target market.
Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.
I will then make sure I create value for each customer segment and create a pricing structure that will align price with the value delivered. On the other hand, most of the customers usually perceive that the higher the price charged, the higher the value is attached to the goods they purchase or services offered. This also becomes a cutting edge in determining the pricing strategy to use as I anticipate my clients to perceive what I offer them to be of a high value.
Commonly prices are based on the marketing needs of the business. There are often temporary price strategies used to achieve a particular short-term target, called tactical pricing. Promotional pricing is designed to
What is the marketing mix? Professor Jerome McCarthy coined this term which breaks down into four separate parts: product, price, place, and promotion, better known as the four P’s of marketing. Some experts feel this early 60’s mentality is a little archaic and should reflect societies other factors. Today’s marketers feel there are two important P’s that have been overlooked, or intentionally ignored, and they are politics and public opinion.
Price skimming; high price is set for a new product on the market (usually for high quality of product)
The term marketing mix is defined as a set of marketing tools that the firm uses to pursue its marketing objectives in the target market. The marketing mix is an essential part of the formulation of a firm’s marketing strategy. It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan. Traditionally, the marketing mix consisted of four broad categories of variables known as the 4 P’s: product, place, price and promotion. These are the variables the firm can control in order to best satisfy customers in the target market.
Pricing is a crucial part of the four Ps. Price is also considered a flexible marketing mix element. Marketers must consider the research, development, and services when pricing. In addition, marketers have to think about the how their company will price their products and services based on how much they will spend on fabrication and how competitors are pricing the same products and services. Customers are an important thought in the pricing process as well because they are the ones that are going to produce the revenue for the company. Marketers are also at the mercy of the economy; they will have to price low enough to get a good number of customers and gain a profit, but no low enough that they will get financially hurt in the process.
Promotion is the way in the business makes its products known to the customers, both current and potential. Promotion involves spread information about a product, product line, brand, or company. It is one of the four key aspects of the marketing mix. To generate the sales and profits, the benefits of products have to be communicated to customers. Promotion is the major component of market mix. The purpose of promotion is to reach the desired targeted consumers it try to make them act positively
Price - What a consumer is willing to give up to obtain your product. If a supplier sets a price higher than what a consumer is willing to pay, then the consumer is unlikely to complete the transaction.
Marketing mix can be describes as "the use and specification of the 4 Ps describing the strategic position of a product in the marketplace… A prominent person to take centre stage was E. Jerome McCarthy in 1960; he proposed a four-P classification which was popularized. (wikipedia.com)" The marketing mix approach to marketing is a model of creating and implementing market strategies. The marketing mix stresses the mixing of different factors in a way that both organizational and consumer or target markets objectives are attained. The 4 Ps of marketing are Product, Place, Promotion and Price. Each plays a key factor in the overall successful marketing of a product or service.
The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the marketing mix every category should be examined independently and the link connecting each one of the marketing blend or mix must be tackled.
Price, which is one of the most important elements of the marketing mix, can be difficult to get right. Pricing too high, or low, can negatively impact on customer satisfaction and revenue. Adopting a pricing strategy is necessary to achieve desired sales objectives (Chan & Wong 2005).
The promotion relate to direct publicity of a product. It provides information that will assist in making decision to purchase product and services. However, successful promotion help in increasing the sales so advertising and other cost are spread for larger output. TCIL market the product in such a way that people will only prefer Thomas cook
Marketing mix: is a business tool used in marketing and by marketing professionals. The marketing mix is often crucial when determining a product or brand 's offering, and is often synonymous with the four Ps: price, product, promotion, and place