Marketing Mix

Decent Essays

1.0 Introduction to Marketing Management

Marketing management is a process of planning and executing the conception, promotion, pricing and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. Marketing management is a process which involves analysis, planning and implementation. It also involves the control of goods, services and ideas. The goal of marketing management is to provide satisfaction for parties involved. Marketing management’s task is to influence the timing, level and composition of demand in a way that will help the organization to achieve their objectives.

As fast food companies are one of the world’s largest growing food types, an organization under the …show more content…

Some factors that influences pricing includes fixed and variable costs, competition, company objectives, proposed positioning strategies and target group and willingness to pay.

Pricing strategies is based on a firm’s objective. Some company sets their product price low in the beginning stage to get more sales and later increase it once the market share is high, some sets price base on competitor and some sets high price to show the exclusiveness of their product. There are a few types of pricing strategies such as penetration pricing, skimming pricing, competition pricing, product line pricing, bundle pricing, psychological pricing, premium pricing, optional pricing, cost based pricing and cost plus pricing. For an example, Domino’s normally prices its pizza’s at $5.99 instead of $6.00 to convey the psychological impression of a lower price to their customers.

2.3 Promotion Promotion is the communication link that is between a seller and a buyer. Organizations can use many different ways of sending message about their products or services to their customers. A successful product or service will mean nothing unless the benefit or attractiveness of a product or service is communicated clearly to the target market. Some methods that is used in promotions are advertising, personal selling, sales promotion and public

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