Marketing Product Price Place Promotion – A value proposition is a simple and powerful statement of value, but it is only the tip of the iceberg. How do marketing professionals ensure they reach the target customer and bring value?
Think of yourself as a “target customer”. Think about your cell phone. What makes you want to buy a new tape? How might the following factors affect your purchasing decision?
Marketing Product Price Place Promotion
Organizations must find the right combination of factors that will allow them to gain an edge over their competitors. This combination—the marketing mix—is the combination of factors that a company controls to provide value to its target customers.
Pdf) The Influence Of Marketing Mix (product, Price, Place, And Promotion) And Service On Customer’s Decision Of Using Bsm Saving Products
There are several different ways to present the marketing mix. During the 1950s, the components of the marketing mix were conceptualized as the “four R’s” and defined as follows:
Today, this classification remains useful in understanding the main activities related to marketing. The marketing mix represents the way an organization’s broad marketing strategies are translated into marketing programs for action.
Over time, new marketing mix categories have been introduced. Most of them are more consumer oriented and try to improve the movement towards marketing and more focus on customer value. One example is the four Cs proposed by Robert F. Lotherborn in 1990:
The four CSs involve a greater focus on the customer, but overlap with the older four Ps. They also allow one to think about the marketing mix for services rather than just products. While it is difficult to think of hotel accommodation as a separate entity
Principle Of Marketing
The company sells only what the consumer specifically wants to buy. So, marketers need to learn the wants and needs of consumers to attract them one by one with what he wants.
Price is only part of the total cost of satisfying a want or need. For example, total cost can be the time cost of acquiring a good or service, as well as the cost of conscience to consume it. It reflects the total cost of ownership. Many factors affect cost, including, but not limited to, the cost to the customer of changing or implementing a new product or service and the cost to the customer of choosing a competitor’s product or service.
Communication can include advertising, public relations, personal selling, viral advertising, and any form of communication between an organization and a consumer.
In the age of the Internet, catalogs, credit cards and smartphones, people often don’t have to go to a specific place to satisfy a want or need, let alone a few places to satisfy them. Marketers need to know how their target market prefers to shop, how to be there, and how to be everywhere in order to provide shopping convenience. With the rise of the Internet and hybrid shopping models, “place” is becoming less important. Convenience takes into account the ease of purchasing the product, finding the product, finding information about the product, and several other factors.
Ps Of The Marketing Mix: A Beginner’s Guide!
Whether we refer to the four Ps or the four Cs, it is important to recognize that marketing requires attention to a number of different approaches and variables that influence customer behavior. Getting the right mix of activities is critical to marketing success.
The challenge of getting the marketing mix right is compounded by the presence of competitors who use strategies that are alternatives to their marketing mix to create market pressures. Remember, the goal of the marketing mix is to find the right combination of product, price, promotion, and distribution (place) so that a company can gain and maintain an advantage over competitors.
In the Marketing Program Mix, the term “Product” means the solution that the customer wants. In this context, we focus not only on physical products but also on solutions. Examples of products are:
Each of these products has a unique set of features, design, name and brand that are aimed at the target customer. Product features differ from competitors’ products.
Marketing Mix 4ps Promotion, Product, Price, Place
In the marketing mix, the term “promotion” refers to the communication that takes place between a company and a customer. Advertising includes both messages sent by the company and messages that customers send to the public about their experiences. Examples of advertisements are:
Marketing professionals have an increasingly difficult job influencing advertising that is not controlled by the company. Official company messages and advertisements are only part of the promotion.
In the marketing mix, the term “place” refers to the distribution of the product. Where does the customer buy the product? The “place” can be a traditional brick and mortar store or it can be online. Examples include:
In today’s world, the term “place” in the marketing mix rarely refers to a specific physical address. It takes into account a wide range of distribution channels, which facilitates the acquisition of the target customer.
Starbucks Marketing Mix (4ps) Analysis
How can a company like Starbucks, which sells hot drinks over the counter, use mobile technology to improve distribution? To find out, watch the video below:
In the marketing mix, the term “price” refers to customer costs. This requires the company to analyze the value of the product to the target customer. Examples of prices are:
Marketing professionals need to analyze what buyers are willing to pay, what the competition is, what the target price is when calculating the value of the product. Pricing is almost always a complex analysis involving many variables.
How does an organization determine the right marketing mix? The answer depends on the organization’s goals. Think of the marketing mix as a recipe that can be tweaked with small tweaks or drastic changes to support the company’s broader goals.
Marketing Mix, Product Place Promotion Price Stock Illustration
Decisions about marketing mix variables are interrelated. Each of the marketing mix variables must be coordinated with other elements of the marketing program.
Consider for a moment the simple choice of hair shampoo. Let’s think of three different brands of shampoo and call them Discount, Upscale and Premium. The table below shows some of the elements of the marketing mix that influence the decisions of target customers.
Distinctive features and highlighted ingredients (e.g. safe for colored hair), as well as an emphasis on the science behind the formula. Recommended by the stylist in the salon.
A number of reliable studies show that there is no difference in the effectiveness of Premium or Upscale shampoos compared to Discount shampoos, but communication, distribution and price are significantly different. Each product appeals to a very different target market. Do you buy your shampoo at the grocery store or salon? Your answer is likely based on the marketing mix that has most influenced you.
Product Price Place Promotion 4 Ps Marketing Signs Stock Illustration
An effective marketing mix focuses on the target customer. Each element of the mix is evaluated and adjusted to provide unique value to the target customer. In our shampoo example, if the target market is affluent women who pay for expensive salon services, then lowering the price of a premium product can really hurt sales, especially if it makes salon stylists question the quality of the ingredients. Similarly, making packaging more attractive for a low-cost product can have a negative effect if it raises the price even slightly
The purpose of the marketing mix is to match marketing activities with the needs of the target customer.
To a large extent, developing a marketing strategy follows the same sequence of activities used to define corporate strategy. The main difference is that the marketing strategy is directly influenced by the overall corporate strategy; that is, the marketing strategy must work
– not except – corporate strategy. As a result, marketing strategy should always include monitoring and responding to changes in corporate strategy and goals.
The Marketing Mix
The company One way to evaluate these various factors or contributions is to conduct a situational analysis (also called a SWOT analysis). As you may remember, a SWOT analysis involves looking at a company’s internal strengths and weaknesses and any external opportunities and threats.
Marketing strategy determines how the marketing mix can best be used to achieve corporate strategy and objectives. The central part of the marketing strategy is the target customer. While a corporate strategy may have elements that focus on internal operations or influence external forces, each component of a marketing strategy focuses on the target customer.
Focusing a marketing strategy on the target customer may seem like a no-brainer, but often organizations get so wrapped up in their strategies, initiatives, and products that they forget to focus on the target customer. When this happens, the customer loses confidence in the product or company and turns to alternative solutions.
Goals can create alignment between corporate and marketing strategies. If corporate goals are clearly defined, they can guide and reinforce every step of the marketing planning process.
P’s Marketing Mix: Image & Photo (free Trial)
As you can see, company goals provide important guidance for the marketing planning process. Similarly, marketing objectives ensure that the objectives of the marketing strategy are defined, communicated and measured.
Answer the question(s) below to see how well you understand the above topics. This short test does not count towards your grade in the class and you can repeat it an unlimited number of times.
Use this quiz to test your understanding and decide whether to (1) study the previous section or (2) move on to the next section. system: product, price structure, promotional activities and distribution system.
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