The Marketing Mix :
The marketing mix is a term which is used to describe all the activities which go into marketing a product (remember that this includes goods and services). The producer might need to find out through market research customers want from the product, and then they may change the product to produce what consumes want. Once this is achieved, the producer has to convince the consumers that their product is the one that they want and that it meets their needs better than any of their competitors products producers do this by branding their product. This involves giving product a unique name and Packaging. It is then advertised to make consumers believe that it is different to any of the competitors' brands. The product also has to be sold in places that reinforce the brand image. All these activities are part of the marketing mix for a product.They are often summarized as the 4p's.
1.Product:
This applies to the product itself, i.e its design and quality. How does the product compare with its competitors products? What is the packaging like?
2. Price:
This is the price at which it is sold.A comparison must be made with the price of competitors' products. Price should, in the long run cover costs.
3.Promotion:
This is how the product is advertised and promoted. What types of advertising media will be used? It includes discounts that may be offered or any other types of sales promotion, such as money off vouchers or free gifts.
4. Place:
This refers to the channels of distribution that are selected. That is what method of getting the products to the market are to be used? Will the manufacturer sell their products to shops that sell to the public, or to wholesalers, or direct to the customers?
Some people also talk about packaging as being a fifth P, but it can be include as art of both product and promotion. Each part of the marketing mix has to be considered carefully to make sure that it all fits together and one part does not counteract the other.For example, a high priced perfume should be wrapped in expensive looking packaging, and advertised by glamorous women, but then it should not be sold in small food stores. The 'Place' would not fit in with the other part of the marketing mix.
- Product:
- Price :
- Promotion:
- Place:
1.Product:
This applies to the product itself, i.e its design and quality. How does the product compare with its competitors products? What is the packaging like?
2. Price:
This is the price at which it is sold.A comparison must be made with the price of competitors' products. Price should, in the long run cover costs.
3.Promotion:
This is how the product is advertised and promoted. What types of advertising media will be used? It includes discounts that may be offered or any other types of sales promotion, such as money off vouchers or free gifts.
4. Place:
This refers to the channels of distribution that are selected. That is what method of getting the products to the market are to be used? Will the manufacturer sell their products to shops that sell to the public, or to wholesalers, or direct to the customers?
Some people also talk about packaging as being a fifth P, but it can be include as art of both product and promotion. Each part of the marketing mix has to be considered carefully to make sure that it all fits together and one part does not counteract the other.For example, a high priced perfume should be wrapped in expensive looking packaging, and advertised by glamorous women, but then it should not be sold in small food stores. The 'Place' would not fit in with the other part of the marketing mix.
05.09
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