4Ps. Marketing Mix
Marketing mix (Price, Place, Promotion, Product)
When marketing their products firms need to create a successful mix of: the right product sold at the right price in the right place using the most suitable promotion.
To create the right marketing mix, businesses have to meet the following conditions:
The product has to have the right features - for example, it must look good and work well.
The price must be right. Consumer will need to buy in large numbers to produce a healthy profit.
The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation.
The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.
For example, a company like Kellogg's is constantly developing new breakfast cereals - the product element is the new product itself, getting the price right involves examining customer perceptions and rival products as well as costs of manufacture, promotion involves engaging in a range of promotional activities e.g. competitions, product tasting etc, and place involves using the best possible channels of distribution such as leading supermarket chains.The product is the central point on which marketing energy must focus. Finding out how to make the product, setting up the production line, providing the finance and manufacturing the product are not the responsibility of the marketing function. However, it is concerned with what the product means to the customer. Marketing therefore plays a key role in determining such aspects as: the appearance of the product - in line with the requirements of the market the function of the product - products must address the needs of customers as identified through market research.
The product range and how it is used is a function of the marketing mix. The range may be broadened or a brand may be extended
When marketing their products firms need to create a successful mix of: the right product sold at the right price in the right place using the most suitable promotion.
To create the right marketing mix, businesses have to meet the following conditions:
The product has to have the right features - for example, it must look good and work well.
The price must be right. Consumer will need to buy in large numbers to produce a healthy profit.
The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation.
The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.
For example, a company like Kellogg's is constantly developing new breakfast cereals - the product element is the new product itself, getting the price right involves examining customer perceptions and rival products as well as costs of manufacture, promotion involves engaging in a range of promotional activities e.g. competitions, product tasting etc, and place involves using the best possible channels of distribution such as leading supermarket chains.The product is the central point on which marketing energy must focus. Finding out how to make the product, setting up the production line, providing the finance and manufacturing the product are not the responsibility of the marketing function. However, it is concerned with what the product means to the customer. Marketing therefore plays a key role in determining such aspects as: the appearance of the product - in line with the requirements of the market the function of the product - products must address the needs of customers as identified through market research.
The product range and how it is used is a function of the marketing mix. The range may be broadened or a brand may be extended