Marketing Mix
The Marketing Mix (4p’s)
The marketing mix consists of Product, Price, Place and Promotion strategies that a firm uses to help them reach their objectives.
The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other.
PRODUCT STRATEGIES
When an organization introduces a product into a market they must ask themselves a number of questions.
• Who is the product aimed at? • What benefit will they expect? • How do they plan to position the product within the market? • What differential advantage will the product offer over their competitors?
Three levels of a product
Level 1: Core Product. What is the core benefit your product offers? Customers who purchase a camera are buying more than just a camera they are purchasing memories.
Level 2: Actual Product. All cameras capture memories. The aim is to ensure that your potential customers purchase your one. The strategy at this level involves organizations branding, assessed features and benefits to ensure that their product offers a differential advantage from their competitors.
Level 3: Augmented Product. What additional non-tangible benefits can you offer? Competition at this level is based around after sales service, warranties, delivery. A retail departmental store that offers a free five year guarantee on purchases of their TV sets, gives their customers the additional benefits of “peace of mind” over the five years should their purchase develop a fault.
Total Product Concept
Product Strategies
Product Decisions
When placing a product within a market many factors and decisions have to be taken into consideration. These include:
Product Design: Will the design be the selling point for the organization as we have seen with the iphone,
The marketing mix consists of Product, Price, Place and Promotion strategies that a firm uses to help them reach their objectives.
The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other.
PRODUCT STRATEGIES
When an organization introduces a product into a market they must ask themselves a number of questions.
• Who is the product aimed at? • What benefit will they expect? • How do they plan to position the product within the market? • What differential advantage will the product offer over their competitors?
Three levels of a product
Level 1: Core Product. What is the core benefit your product offers? Customers who purchase a camera are buying more than just a camera they are purchasing memories.
Level 2: Actual Product. All cameras capture memories. The aim is to ensure that your potential customers purchase your one. The strategy at this level involves organizations branding, assessed features and benefits to ensure that their product offers a differential advantage from their competitors.
Level 3: Augmented Product. What additional non-tangible benefits can you offer? Competition at this level is based around after sales service, warranties, delivery. A retail departmental store that offers a free five year guarantee on purchases of their TV sets, gives their customers the additional benefits of “peace of mind” over the five years should their purchase develop a fault.
Total Product Concept
Product Strategies
Product Decisions
When placing a product within a market many factors and decisions have to be taken into consideration. These include:
Product Design: Will the design be the selling point for the organization as we have seen with the iphone,