Marketing Module, Assignment #2
By: Alexis Catrina Abeleda-Mostajo
5/3/2016
Introduction
The idea of marketing for a product is commonly overlooked because the focus goes straight towards the product rather than the marketing campaign. In actuality, the marketing should be well managed and produced to be able to have a well thought out promotion for the product itself. It is understandable to think that by over doing a marketing campaign can overhype a product, but at the same time it can turn a simple product into what ordinary people believe to be a necessity in real life. And with that being said, throughout this module assignment I will be going into depth of the marketing mixes of product, price, promotion and place (Four P’s) as
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I have listed below a chart, which defines each of the Four P’s as well as describes how the Coca-Cola Company displays them within their marketing.
Product: This is a good that satisfies a consumer want or need. • The product is a carbonated soft drink
• It is specifically targeted to the younger generations as well as young adults.
• Coca-Cola is the most popular soft drink in the world.
Price: The price determines what the customers are willing to give to purchase the product. • Street Vending Machine: (12oz Flo z/355ml)
America: $1.75
Japan: Y120 ($1.21)
China: 12.20 yuan ($1.94
• Coke prices in supermarkets: (12oz Fl Oz/355ml)
America: $1.01
Japan: Y100 ($1.00)
Chia: 6.24 yuan ($1.01)
• Its availability is presented a wide range of products with the pricing is in accordance to market and the geographic segment.
• Price is also based on competitors pricing. For example, their fierce rivalry as well as competitor, Pepsi.
• Known to be an oligopoly since they have few sellers, but large buyers.
•
Promotion: This is used to publicize the product towards consumers as well as to remind, persuade as well as inform and create a desire to buy the product. • Billions is invested by this products marketing team in advertisement and promotions around the world to properly maintain their position as the top.
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.
“Promotion refers to the advertising and selling part of marketing. It is how you let people know what you’ve got for sale. The purpose of promotion is to get people to understand what your product is, what they can use it for, and why they should want it.”
Promotion is a way company communicates messages on what the pruct does and what does the product can offer customers. It includes below elements:
Pricing is important when marketing a product. The determining factor for the pricing is the material, time to make, amount spent on marketing and promotion of the product. The goal in providing such a product that is moderately
Promotion: promoting product to target market which may focus on acquiring new customers or retaining customers.
Competition within the industry as well as market supply and demand conditions set the price of products sold.
In this paper about the Marketing Mix, it will explain the elements of the marketing (product, place, price, and promotion). I have enclosed a chart about the Pricing Strategies Mix. I will also be selecting an organization by the name of Target in which I am familiar with and will describe the four elements of the marketing mix and how it impacts the organizations developmental marketing strategies and tactics.
According to our period to period Tradeoffs Plot, Allround remained the leader in symptoms relief but at the same time was under priced. Because Allround’s price
The strategy for setting a product’s price often has to be changed when the product is part of a product mix. In this case, the firm looks for a set of prices that maximizes its profits on the total product mix. Pricing is difficult because the various products have related demand and costs and face different degrees of competition.
Many different companies tried to get the same customers with comparable products with different prices.
Promotion – an activity, such as a sale or advertising campaign designed to increase visibility or sales of a ‘product’.
There are two case studies from the journals and to analyse by flower of service and pricing strategy.
Promotion – Promotion means making customers aware about your products and introducing the customers with the benefits which they can get by buying their products. They can do advertisements, direct marketing and sales promotion for the promotion of the product.
Promotion is an aspect of the marketing mix that has great importance. In order for our product to be successful, the promotion we use will be very vital. This is because of the fact that the method of promotion we use for the product can help to differentiate our product from other products which makes it unique and outstanding amongst other brands. Moreover, using the right promotion can be used as a way to persuade consumers of our product that they made the right choice.