The aim of the marketing mix is to create a product that a certain group of people will want, and then put it on sale at a place that consumers regularly visit and stipulate a price that would guarantee satisfaction. The marketing mix consists of product, price, place and promotional strategies that a firm uses to help them reach their objectives. That might sound simple but to do all of this, major research needs to go into finding out what customers want and also where they want that product or service to be for easy consumption. Once the marketing mix is defined the company can now ask themselves if, in this case, Yoplait yogurt, meets the customer needs (product) in a place that is easily accessed with a price that is favourable to the …show more content…
It happens to be the only element in the marketing mix which generates a turnover for the organization. The remaining 3P’s are the variable cost for the organization as it costs to produce and design a product, it costs to distribute a product and it costs to promote it. Pricing tends to be difficult but it must reflect the supply and demand relationship. Pricing a product too low or two high could mean a loss of sales for the organization. Pricing should take into account many factors, a few being, target group and willingness to pay, competition and fixed and variable costs. Organizations tend to adopt a number of pricing strategies based on the objective the company has set itself to achieve. There are many pricing strategies from penetrating price, skimming price, competition pricing, product line pricing and many more. In the case of Yoplait yogurt, product line pricing is what is used. Product line pricing is when the company prices different products within the same product range at different price points. An example within the product Yoplait would be that Yoplait Original would be priced around $7-8TT (according to location) whereas Yoplait Greek would be priced between $10-11TT. The Greek is priced higher because it contains more protein and it is also thicker than the Original. The greater the benefit obtained the greater the consumer will pay. This form of price discrimination assists the …show more content…
Bundling pricing is when an organization bundles a group of products at a reduced price, this pricing is usually very popular with supermarkets.
Place:
Place in the marketing mix is where the customer will preview and buy the product. Since Yoplait yogurt is a commodity, consumers can find the product in supermarkets, small retail outlets, mini marts, pharmacies, and many other places throughout Trinidad and Tobago. Within these outlets that sell Yoplait, it is usually stocked in the dairy section.
Promotion:
Promotion is considered to be all the activities that encourage the customer to consider viewing and buying a product. Hadco uses the press, advertisement on billboards as well as actual promotions in the supermarket, mini markets, gyms or events. A promotion can usually be on any day at any time where consumers can taste samples of what they want to potentially buy and also get information on the product at that exact moment; women between the ages of 18 – 35 are usually targeted. In those types of promotions the company can achieve feedback first hand on what the customer wants or needs or does not want or need. In terms of advertisement, if someone is driving along the Churchill Roosevelt Highway – heading east – in El Socorro, there are multiple Yoplait billboards displayed back to back which allows the consumer to see
Place in marketing mix refers to where the product is purchased from and how it’s distributed. For example, most consumer of confectionery will buy products form retail stores. Businesses need to adapt their marketing mix depending on
According to an article from ‘Supply & Demand Chain Executive’ written by (DelMonte, 2007) states what is the marketing mix: “is putting the right product in the right place, at the right price, at the right time.’ The marketing mix is an implement which is needed and it is much utilized in today’s working industries for managers to evaluate business targets such as sales and company’s profits, and also to assist in order to meet consumer needs effectively. It purposes is to satisfy the customer as well as the seller by using the marketing mix tool. The marketing is known as the ‘4Ps’, and it is made up of: place, product, promotion and price.
Handi’s company knows very well what brought them to success. It was his innovation to introduce a new kind of yogurt to the market and successfully promoting that made his company consumer’s favorite.
In Shakeaway, they currently have campaign to promote their Christmas winter products to be able to make these products successful they use the marketing mix along with the promotional mix which supports the marketing mix when marketing and promoting the product. The marketing mix is ideas to consider when Shakeaway is marketing their new winter milkshakes, the promotional mix is how Shakeaway communicates with different target audience and is one of the key element within the marketing mix.
The marketing mix is a desirable place to begin when you are thoroughly considering creating a new product or service, and it offers you some
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
As Christians, we are called to honor God with our stewardship of our own bodies by donating our time, our bodies, and our money. In order to maximize our personal health and keep our bodies healthy in order to glorify God, we need to make smart decisions when buying exercise equipment or applying for different health club memberships. One important question we need to ask ourselves as Christians is can we stay fit for Kingdom use? Just as Romans 12 states: “Do not be conformed to this world, but be transformed by the renewal,” as instead of refusing to exercise or make yourself better based on other’s actions, we should exercise and eat right in order to renew or bodies, and become transformed so that we can glorify God. However, dieting and
The price comes from how much the product should sell for. In considering prices, the organization should consider the "product, customers, competitiveness, and quality."(Purdue, 2007)
First of all, penetration pricing is the major determinant of the price and that is employed when the product managers have to give most of the value to the customers and keeps a small margin. Chatime decided use penetration pricing where set a lower price of milk tea than the eventual market price to attract
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’.
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.
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”.
Promotion refers to the act of communicating the benefits and value of your product to consumers. It then involves persuading general consumers to become customers of your business using methods such as advertising, direct marketing, personal selling and sales promotion
Product Bundle pricing means offering a group of related products at a combined low price, so as to get rid of slow moving products. For example, Dove charges $7.50 for a bottle of Dove Beauty Moisture Body Wash and $13.90 for a bundle of two bottles at CK Departmental Store.
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.