In this article we discuss common product decisions and how to maximise the product element of the marketing mix. When firms decide to market products there are many decisions to make; each decision can have a long term impact on the success of the product.
What is Marketing Mix? Operates in around all countries of the world but two and distributes its products with a help of franchise system. Put the right product at the right time, with the right price tag, and promote it in the right way.
And you will be the champion. These tactics range from developing the product, deciding its price and places where it will be sold, to deciding its communication and promotional strategies.
Product mix Product is an item produced or procured by the business to satisfy the needs of the customer. It is the actual item which is held for sale in the market. The product can be tangible or intangible it can be a good or a service.
It is not necessary that the business produce the product.
It can also procure it from somewhere else. Product mix refers to the mix of all the products present in the company for sale. Just like the coca cola example above. Every product has a definite life cycle. A life cycle of the product constitute different stages a product undergoes from the time it was first thought to the time it is finally removed from the market.
A business keeps all this in mind while creating a product mix of the marketing mix. Price Mix Price is the actual amount which the consumer pays for the product.
Hence price has a great effect on the entire marketing mix. Hence businesses usually use one of these three strategies for pricing — Penetration Pricing low price kept to capture market share Skimming Pricing high price initially then lowering of price Competition Pricing pricing at par of competition The price decides where will product stand among the competition.
Hence, Place Mix is important.
Business should be clear about their target market and how to reach the same. Place mix constitute strategies of where and how the product will be available for the customers for the actual sale. Distribution Strategies include Intensive Distribution Cover as much market as you can.
Surf Companies Selective Distribution For premium products. Zara Exclusive Distribution For more exclusive products. Lamborghini Franchise system Small companies distribute on your behalf.
Coca-Cola A business can also decide between direct and indirect distribution. Direct Distribution — When the business sell directly to the customers without involving any intermediaries.
Indirect Distribution — When the business involves intermediaries in their distribution strategy. Promotion leads to brand recognition.
· The term Marketing Mix was developed by Neil Borden who first started using the phrase in “An executive is a mixer of ingredients, who sometimes follows a recipe as he goes along timberdesignmag.com The 4 P’s of Marketing – The Marketing Mix strategies The term “marketing mix” was coined in the early s by Neil Borden in his American Marketing Association presidential address.
This is one of the preliminary knowledge every marketer must have and is considered to be the basics of every marketing theory, which emerged henceforth. · An expert on marketing strategy, Peter strongly believed that next to identifying marketing opportunities, the most important decision for the marketing manager was the selection of the appropriate marketing timberdesignmag.com://timberdesignmag.com The Marketing mix is a set of four decisions which needs to be taken before launching any new timberdesignmag.com variables are also known as the 4 P’s of timberdesignmag.com four variables help the firm in making strategic decisions necessary for the smooth running of any product / timberdesignmag.com://timberdesignmag.comingcom/marketing-mixps-marketing.
· One of Kotler’s biggest contributions to the field of marketing was popularizing the idea of the Marketing Mix, also known as the Four Ps of Marketing, an idea first proposed by an academic Jerome McCarthy in timberdesignmag.com /philip-kotler-interview-four-ps-marketing.
· The marketing mix is a tool that is made up of four unique but interconnected and interdependent variables. These are called the 4P’s and are product, price, promotion, and place.
These four components help determine a clear and effective strategy to bring a product to timberdesignmag.com://timberdesignmag.com