Marketing Mix
The elements of the Marketing Mix refer to the tools that will be employed in the marketing efforts of a product, service or concept, to a particular targeted or segmented group. If the right Marketing Mix is used, it will aim all of the company’s efforts at satisfying it’s customers at a profit or other notable success. A typical Marketing Mix includes “The four P’s”, which are product, price, promotion, place and sometimes people. Since consumers are surrounded by the controllable variables of the Marketing Mix, a marketer/marketing team must pay particular attention to these variables when creating a marketing plan, before the implementation process. The ultimate goal in using a Marketing Mix is to, “create a product
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The most notable feature of McDonald’s brand is the “M” logo, better known as the “Golden Arches”. In addition to television, radio, and newspaper, McDonald’s makes considerable use of billboards, print ads, and signage, as well as sponsoring sporting events ranging from Little League games to the Olympic Games. In addition, McDonald’s has used various marketing slogans in their advertising campaigns, e.g., you deserve a break today, look for the golden arches, and I’m loving it. McDonald’s uses Market Research to find out what targeted or segmented groups they want; it looks at factors outside the company’s control such as changes in the economy or the law, and added reasons why people buy, such as image and enjoyment of the brand. Similarly, McDonald’s commercials are focused on the entire McDonald’s experience, not just the product and McDonald’s has never engaged in negative or comparative campaign of its competitors. McDonald’s uses demographic segmentation with age as a parameter and the main targeted segments are children, youth and young urban families. This is demonstrated through their “Happy Meals” that come with toys that range from hot wheels cars to several Walt Disney characters. The toys are usually current with what children are familiar with, whether it’s a cartoon character like “SpongeBob” or a character from a movie like “Shrek”. Special “Play Places” aimed at making McDonald’s a fun place to eat and also targeting
Marketing mix is a business term that refers to the tool used in marketing. Utilizing marketing mix when determining a product or brand goes hand-in-hand with the 4P 's price, product, promotion, and place. Marketing mix is required for organizations when planning or implementing new marketing strategies. When planning an effective market strategy it is essential to utilize these elements to develop an effective plan..
Marketing mix might be considered the most important term in marketing. The marketing mix components are basic foundation of a marketing plan. The marketing mix consists of the four P 's which are price, place, product, and promotion. By using the marketing mix you can vary the offers of services that you give to your customers. For instance when you are a big name brand corporation you might focus more on promoting and desensitize the focus on price.
“Marketing Mix” is made up of 4P’s of marketing. This tool blends these variables together to produce the results it wants to achieve in its specific target market. “Brand Position” mentions to consumer’s reason to buy the products in preference to others.
Marketing mix is used at the MARC facility to develop and implement a plan to achieve organization goals. The four variables product, price, place, and promotion are within the organization’s control and therefore, the mix of those four elements are key in marketing decisions. Marketing mix is the combination of all the experiences, tools, innovations, and creativity that the MARC uses to make consumers their clients. All four P’s are needed in a marketing mix they should all be tied together. Revenue, while promotion, place, and product generate cost. Producing, designing, distributing, and promoting products come with expenses.
Marketing mix -The marketing mix is commonly used marketing term. Its elements are basic, strategic components of a marketing plan. Which is mentioned as the four p’s, which include Price, place, product and promotion. More recently 3 more P’S have been added to the marketing mix which are people, process and physical evidence this is known as the extended marketing mix.
There are changing societal trends in the areas where McDonald’s operate. There are changes in consumer preferences and also in some communities they culture different as compared to other areas in the market. To remain relevant in the market, they have to deal with these issues by conducting market research that will help them be knowledgeable of the needs of the market. They also need to adjust their menu to suit the needs of the consumers.
A marketing mix consists of Product, Place, Price and Promotion. It is fundamental to understand these four elements for developing an effective marketing strategy.
The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.
This project relates with what specifically marketing mix is, what its elements are and how they coincide to produce a comprehensive, cohesive and effective sales strategy.
Setting the right marketing mix for the product or service means that it including all of the important bases in marketing strategy. The marketing mix is generally established as the use and requirement of the 4P’s which is describing the strategic position of a product in the marketplace. One version of the beginning of the marketing mix starts in 1948 when James Culliton said that a marketing decision should be a result of something related to a methods and he described the marketing manager as a “mixer of ingredients”.
The use of a marketing mix is an exceptional way of making sure that ‘putting the right product in the right place’ will take place. The marketing mix is an important tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly implemented through the 4 P’s of marketing: Price, Product, Promotion, and Place.
The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.
McDonald’s serves such fast foods as hamburger, Chicken products, Cheese burger, breakfast items, French fries, milkshakes, desserts and soft drinks. Recently, the company has ventured into the healthy foods category, serving wraps, salads and fruits. This is an endeavor by the company to counter the trend in obesity attributed to the consumption of fast food. McDonald’s products are standardized and sold under the same brand to suit the needs of the target market. Burgers constitute of seasoned grilled beef patties. A variety of burgers are sold including Big Mac, Quarter Pounder, Hamburger, Double cheese burger, Big N’Tasty, Angus Third Pounders and Cheddar MacMelt. Big Mac and Quarter were the major
Marketing mix refers to the enterprise for their target market needs, control various marketing factors (product, price, place and promotion) to optimize the combination and comprehensive utilization, in order to accomplish better economic and social benefits (Chai, 2009, p.4). Place and product will be attached more importance in this section.