Essay on marketing mix for different products
Beverage market is said to be an oligopoly market few sellers and large buyershence they form into cartel contract to ensure a mutual balance in pricing between the sellers. These changes or new introductions may be targeting a newly defined customer requirement or a niche category in the market.
Services: Services are also intangible products but they are the result of an economic activity that does not result in ownership. Features and Value creation Every product should have certain characteristics that separate it from its competitors.
Once Phillips expands into a more developed version of the eBLOCK, it also has to take into consideration that it needs to use different promotional tools to reach its target group. Selling at a lower price to these organizations allows them to pass on the price advantage to the students, who normally do not have a great deal of spendable income left to spend.
Pricing strategy of Coke is rather simple it is slightly more expensive than other soda brands that are not that popular.
Marketing mix essay pdf
Yearly they have couple of promotions that involve giving out souvenirs with Coca-Cola logos. Words: , Paragraphs: 22, Pages: 4 Publication date: June 01, Sorry, but copying text is forbidden on this website! An integrated press and public relations plan was devised and rolled out to address the first challenge and communicate the changed company and product to the audience. If a market is not tech savvy, then more traditional means may need to be employed. For example, sponsoring a major event and increasing brand visibility is a paid action. This was also reiterated through a focus on quality and value for money for the customer among other things. Of course, you need to price to make a profit. Unique Selling Proposition A factor that is shown to be the basis of why one product is better than its competitors is called a unique selling proposition or a USP. In our example, these can be after sales service, extended warranties or product support blogs or helplines. Learn as much about your current or potential customer base as you can.
Product can also be put in the following categories: destination, seasonal, daily needs, convenience. This personal contact aims to create a personal relationship between the client and the brand or product.
It may sound easy, but effective marketing takes a considerable amount of research and planning.
Marketing mix elements with examples
A product line is made up of product items which are individual units that have unique appearances, functions or price points. If there is to be a long term change in perception, it needs to be achieved through sustained and consistent actions over a significant period of time. Unique features or benefits may need to be explained. And there is exclusive distribution, where retail points are put into a specific places where consumer can exclusively get their desired product. If you run a local retail business, you will likely use direct sales at your location. Will they add to the perceived and actual benefits of the product? If your sales are more seasonal or available for a limited-time only, then direct sales are a more suitable option. Furthermore, one can expand the basic "eBLOCK" with more advance and or new applications in the future. You are more likely to see a coke ad individualized for a particular festival or in with a general positive message. Coca cola uses CSR as its marketing tool to gain emotional benefits in consumers mind. For the most part, this applies to a new company, a new brand or a new product. Creating Interest If the customer is already aware of the product or has been made aware through some activities, it becomes necessary to move them along to actual purchasing behavior.
There are a number of pricing strategies that businesses employ. The basic idea behind making a product mix is to produce and offer a product that makes it acceptable to the target-consumers; by providing them maximum satisfaction for their needs for the fulfillment of which, the product, in question, is intended.
Marketing mix uk essay
What is the marketing mix? Factory visits, meetings and interviews with designers and engineers, motor shows, sponsorships, displays at public arenas and well planned advertisement campaigns were part of this strategy. There are very few products that have no clear competition in the market. In other instances, the aim may be to increase sales further at certain times of the year such as near a major holiday. Promotion conveys all the methods and means of communication that a marketing department might use to convey information to potential customers about the product. There are a number of pricing strategies that businesses employ. Special offers and sales promotions may also be used to pull in customers while in some markets push strategies may be used simultaneously employed. No doubt it has gone through the ups and downs of business to reach that position. For the most part, this applies to a new company, a new brand or a new product. Target Market Composition — The people who make up the target market need to be considered before committing to a promotional mix. After sales service provided. If there is to be a long term change in perception, it needs to be achieved through sustained and consistent actions over a significant period of time. Pepsi and Coca-cola create strong competition to each other for a very long time. In this situation, differentiation becomes of the utmost importance for the success of any product.
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