The Marketing Mix Purpose To enforce the value of the marketing mix elements in

Question

The Marketing Mix Purpose To enforce the value of the marketing mix elements in designing marketing strategy Background Given the highly competitive marketing environment, many marketers focus on specific segments of consumers when designing and building products, setting the price, determining where the products will be placed on shelves, and designing the promotions. This process is known as building the marketing mix. As you think about the elements of the marketing mix and relate the process of building the mix to the everyday products you buy,you will often be able to tell what marketing strategy the marketer has in mind. Exercise: Review the elements of the marketing mix-product, price, promotion, and place- as discussed in the learning activities and in class. Select four products and/or services with which you are familiar. Analyze how the marketer of each of those products/services has built the marketing mix. You should address cach of the elements below in your presentation e who marketer was intending to target as the primary customer . how the product/service was designed around the characteristics and needs of the targeted customer .how price might have been determined, compared with the prices for competing products and the level of affordability of the targeted customer how the marketer promotes the product/service, including which media options . where consumers can expect to find the product/service in the marketplace. Wrap-Up Describe how one of the product or services you analyzed has met your needs as a consumer Do you feel you are within the Target Population for the product? Explain your answer Review the scoring rubric to assure you have met all of the scoring criteria for the assessment.

Explanation / Answer

Marketing Mix

Briefly, marketing mix is about putting the right product or a combination thereof in the place, at the right time, and at the right price. It refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. It is also known as, the 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, in recent years, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements. The difficult part is doing this well, as you need to know every aspect of your business plan.

A product is an item that is built or produced to satisfy the needs of a certain group of people. This could be product or services and can be intangible or tangible. You must ensure to have the right type of product that is in demand for your market. So during the product development phase, the marketer must do an extensive research on the life cycle of the product that they are going to create. A product has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. It is important for marketers to reinvent their products to stimulate more demand once it reaches the sales decline phase. Marketers must also create the right product mix. It may be wise to expand your current product mix by diversifying and increasing the depth of your product line.

In developing the right product, one has to focus on following aspects:

The price of the product is basically the amount that a customer pays for to enjoy it. It is one of the very important components of the marketing mix. Price determines company’s profit or loss or its survival, so , one can understand its importance in marketing mix. Adjusting the price of the product has a big impact on the entire marketing strategy as well as greatly affecting the sales and demand of the product. This is inherently a touchy area though. If a company is new to the market, it is unlikely that your target market will be willing to pay a high price. Always remember that a low price usually means an inferior good in the consumers’ eyes as they compare your good to a competitor. Consequently, prices too high will make the costs outweigh the benefits in customers’ eyes, and they will therefore value their money over your product. Be sure to examine competitors pricing and price accordingly.

When setting the product price, marketers should consider the perceived value that the product offers. There are three major pricing strategies, and these are:

Here are some of the important questions that you should ask yourself when you are setting the product price:

Placement or distribution is a very important part of the product mix definition. You have to position and distribute the product in a place that is accessible to potential buyers. Understand them inside out and you will discover the most efficient positioning and distribution channels that directly speak with your market.

There are many distribution strategies, including:

Points to remember when developing your distribution strategy:

Promotion is a very important component of marketing as it can boost brand recognition and sales. Promotion is comprised of various elements like:

Advertising typically covers communication methods that are paid for like television advertisements, radio commercials, print media, and internet advertisements. In contemporary times, there seems to be a shift in focus offline to the online world. Public relations, on the other hand, are communications that are typically not paid for. This includes press releases, exhibitions, sponsorship deals, seminars, conferences, and events. Word of mouth is also a type of product promotion. Word of mouth is an informal communication about the benefits of the product by satisfied customers and ordinary individuals. The sales staff plays a very important role in public relations and word of mouth. An extremely good example of this is online social media and managing a firm’s online social media presence.

Effective product promotion strategy:

Success of above all strategy depends upon your budget, target market, type of message you want to convey.

Importance of the marketing mix

All the elements of the marketing mix influence each other. They make up the business plan for a company and if handled rightly and can give it great success. But, if handled wrongly, the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.

A Marketing Mix Example:

Nivea

Pepsi:

iPhone,

Johnson and Johnson

All above follow marketing mix strategy.

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