?Describe the elements that make up the marketing mix. Marketing mix often called “4Ps” refers to four elements of a firm’s marketing strategy which are designed to meet the needs of customers. The elements include: Product Price Place Promotion To meet consumers’ needs, businesses must produce the right product, at the right price, make it available at the right place, and let consumers know about it through right promotion. PRODUCT: It is the actual offering to the customer. It refers to the functions and features of a good or service.
It should satisfy the need of the customer. A product is anything that can be offered to a market that might satisfy a want or need Products can be of two type: Tangible (Which have some physical appearance, can be touched and can be seen like car, Mobile, TV, Clock etc. ) Intangible (Which don’t physically exist, can’t be touched, can’t be seen like doctors service, Music etc. ) Products must be ensured to meet the needs of customers in terms of the following aspects: I. Appearance (Color, size, shape, etc. ) II.
Function (Convenient for use & Should be able to satisfy customers need) III. Cost (Cost should be low so that price is low too if cost is high the product’s price will be higher) PRICE: It is the process of determining what to charge from the customer. It is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer’s perceived value of the product. The pricing policy that a business chooses is often a reflection of the market at which it is aiming.
The Term Paper on When A New Product Comes Onto The Market There Are
... on a price for their product including market and psychological pricing methods. Price is an important element in the marketing mix because ... of the marketing mix: Product Defining the characteristics of our product or service to meet the customers' needs. The product is the ... substantial funds via contributions.This allows them to keep tuition costs at a minimum even though other schools in the ...
There are various pricing strategies that can be used like Skimming Penetration Competitive Pricing Differential Pricing PLACE: Place refers to the means by which products can be distributed to the consumers. The product must get to the right place at the right time. It represents the location where a product can be purchased. It is often referred to as the distribution channel. Channels of distribution are the routes through which the ownership of goods flow on its way from the producer to the customer Distributor Super-stockist
Wholesalers Retailers It can include any physical store as well as virtual stores on the Internet. PROMOTION: The methods used to communicate the features and benefits of your products or services to your target customers. A business must choose a method of promotion which is the most effective in its particular market and for its own product. For example, TV advertising may be better for the product with a high sales turnover or a wide appeal. But for high-technology machines or equipment, it is better to choose personal selling methods.
Promotional campaigns often take into account the AIDA model: Awareness – raising awareness of a product Interest – exciting interest in the product Desire – creating desire for the product Action – encouraging a purchase Promotion has five distinct elements Advertising Personal selling Public relations Word of mouth Point of sale. There are 2 types of promotion: ABOVE THE LINE PROMOTION: is an advertising technique using mass media to promote brands. Major above-the-line techniques include TV and radio advertising, print advertising and internet banner ads.
This type of communication is conventional in nature and is considered impersonal to customers. The ATL strategy makes use of current traditional media: television, newspapers, magazines, radio, outdoor, and internet. BELOW THE LINE PROMOTION: is the form of non-media communication, even non-media advertising. BTL promotions are becoming increasingly important within the communications mix of many companies, not only those involved in FMCG products, but also for industrial products. BTL techniques ensures recall of the brand while at the same time highlighting the features of the product.
The Essay on Types of Advertising Media
As we noted in Managing the Advertising Campaign tutorial, selection of the media outlet through which an ad will be presented has important implications for the success of a promotion. Each outlet possesses unique characteristics though not all outlet are equally effective for all advertisers. Thus, choosing the right media can be a time consuming process requiring the marketer to balance the ...
