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The concept of'marketing mix' and its elements
The concept of'marketing mix' and its elements
Importance of four ps of marketing
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Recommended: The concept of'marketing mix' and its elements
INTRODUCTION
Before discussing about the marketing mix i would like to explain the meaning of market and marketing in brief.
MARKET - According to prof. chipman market is not necessarily to a place but always to buyers and sellers who are in direct contact with one another.
MARKETING - Marketing is a process of identifying the needs of consumers , manufacturing the products according to their needs and wants and then distributing the products to the consumers where they want and when they want. Thereby creating the place and time utility.
Marketing starts before the product is manufactured and continues even after sales, in the form of after sales services.
MARKETING MIX
Marketing mix basically refers to the 4 elements which are called the 4P 's of marketing.
They are:-
PRODUCT MIX
PRICE MIX
PLACE MIX
PROMOTION MIX
Now i would be discussing all of these elements.
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Now we know the meaning and the characteristics of marketing mix and now i will be discussing the marketing mix of the cadbury company.
John cadbury, the founder of cadbury company was born on 12 aug. 1801. About 200 years ago he started selling chocolate & cocoa with other glossary in Birmingham.
Then in 1948 cadbury came into India with its products.
Cadbury has a wide variety of products. Not only the wide variety of products but also it has strong product lines. Some of them i would be discussing. The product line of chocolates, biscuits and beverages.
Cadbury has a very wide variety of chocolates ranging from normal to high priced one 's.
In another product line of biscuits it has premium oreo and in another one of beverages it has bournvita.
PRODUCT MIX As already explained product mix refers to the combination of various features related to product or services. These features are branding, trade mark, labelling etc. So these features of cadbury
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand of products in the market. Price, Product, Promotion and Place, are known as the 4Ps that make up a typical marketing mix. As marketing evolves, there are additional Ps that can also be included in the marketing mix, however, focusing on the 4 core Ps of the marketing mix, price, place, promotion and Product, taking an in-depth look at the aspects of Victoria’s Secret in general and in terms of the selected product. All the elements of the marketing mix influence each other. They contribute to the business plan for a company and if managed correctly, can give it a great success. In order to successfully master marketing mix, it needs understanding,
Before Milton Hershey had a world wide known chocolate business, he had a small, not so well known caramel business. Milton Hershey began his chocolate making business in 1893, when his father and him traveled to Chicago to attend a big job fair (Tarshis 14), but it wasn’t until 1900 when Hershey succeed in making the first milk chocolate candy bar (The Hershey Company). Hershey attended an exhibit hall of new and amazing inventions around the world at the fair in Chicago. As Hershey walked into the exhibit hall, he was struck by a delectable smell (Tarshis 14). “Hershey was already a leading candy maker. He had created the largest caramel factory in the country, but he became convinced that the future of his business would be chocolate. At the fair in Chicago, Hershey Bought chocolate-making equipment. He had it shipped back to his caramel factory in Pennsylvania. Then he hired two chocolate makers. Soon the company was churning out chocolate candies in more than 100 shapes” (Tarshis 15).
The marketing mix, which is basic to any organization, can be considered the ‘controllable’ variables that every business encounters. These controllable variables can be modified based on the uncontrollable variables (external factors found in Environmental Scan) that directly affect business operations. A company focuses on four elements in the marketing mix: Product, Price, Place, and Promotion, which are managed and coordinated through marketing programs in efforts to appeal to their target market. Marketers strive to understand what motivates consumers to purchase certain products. The marketing mix helps to break down some of these questions: What will consumers buy? How much will they spend? Where will they buy? And will they buy again?
Marketing is that broad area of business activity that directs the flow of services provided by the carrier to the customer in order to satisfy customers’ needs and wants and to achieve company objectives. Marketing is more than selling: it involves a number of business activities, including forecasting, market research and analysis, product research and development, price setting, and promotion, including advertising. Marketing also involves the finance activities such as credit and collection that are associated with ticket sales. Marketing is customer oriented…Without marketing and sales, there would be no airlines. (p. 274)
I found the main goal of the article to explain the concept of marketing. As the author implies, the concept of the marketing mix is a great tool to give an answer to the question “what is marketing”. It is a great introduction of the elements of marketing as a whole, with visual charts that sum the different marketing forces. Marketing is not about doing or not doing, its mainly about doing the right things for your operation with consideration of the resources that are available. This also sheds light over the fact that managing functions of marketing must be oriented to the market and with consideration of the marketing changes make a marketing mix that fits the resources of the firm.
Advertising also adds value to Cadbury; this is because advertising helps to make Cadbury’s products well known to its potential customers and regular customers. Cadbury sponsors the UK television soap “Coronation Street” which is viewed by quite a lot of people and a popular television programme. The packing of the product also adds value to the product, this is because chocolate is mainly popular amongst children and they only choose to have/eat something that is eye catching and not dull. Cadburys packaging for their products are highly recognisable by all their customers and some of the chocolate products such as the “wild” and “frog” chocolate bar have a cartoon character and a puzzle on the packaging made by Cadburys on the packaging this is appealing to children and also has value added to it by the way that children
In the early 1990s, further emphasise was made on ‘taste’. For example, the strapline ‘Chocolate is Cadbury’, which was built upon previous brand values, enables Cadbury to stake its claim and taking ownership of the term ‘chocolate’ and the chocolate eating experience. In the early 2000, Cadbury Schweppes introduced a new global marketing strategy, known as the ‘Choose Cadbury’. The ‘Choose Cadbury’ strategy was developed from a result of extensive research on consumer behaviour and awareness.
In order for my product to be successful, I strategize a marketing plan. Market Research is one of the main steps taken in the initial process of strategizing a marketing plan, The primary function of market research is to identify the customers needs and views. During the market research of my product, I discovered that because of the competition, (Herbal Essence Shampoo brand) my product would really need to stand out on the market. Also, during that research I discovered that Herbal Essence?s sales had dropped 6% over the last 2 years, because of their marked up prices. These were great pieces of information, as they will serve helpful during the marketing mix portion of my marketing strategy. The marketing mix is one of the first steps taken in applying an overall marketing strategy for your product. A Marketing Mix is the combination of product offerings used to reach a target market for the organization. (Armstrong & Kotler 2007) The marketing mix includes product, price, promotion and place (also known as distribution)
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
Marketing is a term that is used frequently. Generally, it is thought of as how a company advertises and sells their products or services, but upon reading several sources during the research phase of creating this paper, it was found that there are many more elements involved in marketing. Marketing goes way beyond advertising and selling; it is a focal point of a company that drives the direction the company takes.
Marketing is how a company or organization promotes the service or product the company uses to create revenue. After closely reviewing the needs of the public in an area or the market and the product or service is revised to accommodate these needs, a marketing plan would be created and executed.
A marketing mix is what businesses use to detail the main functions of business marketing and do into further explanation as of how those functions influence the success or failure of a business. There are several different marketing mix tools, the four P’s is a very useful tool explaining the main functions of a marketing mix. A basic way of describing the marketing mix is the four P’s: Product,Place, Price, Promotion. A very important part of understanding how to use this tool is asking yourself questions that will help you understand each individual part of the marketing mix. Many people use this process to check their existing business to see if there are improvements to be made. The four P’s marketing mix system could also be used before starting a new business or offering a new product to give yourself guidelines on how to run your new business.
The marketing mix is important to the sport industry because it allows a sport marketer to better understand the market they are selling in, and enables a sport marketer to generate an increase in revenue. The marketing mix contains the four p’s, which include: product, price, place and promotion. Each of the p’s in the marketing mix are all vitally important because they are what you are selling, why you are selling, where you sell it at, and how you promote what a sport marketer is selling. The marketing mix is essential to the sports industry because it enables a sport marketer to better understand their product, and improve sales.
Marketing should be a long-term investment in your business, and not just something that is switched on and off as required.