The marketing mix has elements normally known as the four Ps. They include the product, price, place and promotion.
PRODUCT This is a tangible or an intangible object or service, produced massively or manufactured in a huge scale in a given units volume. Intangible output or products are normally in the terms of service, for example the hotel and tourism industries. Product can also be code-based output like phone credits or loads. Common examples of tangible assets produced massively include vehicles or machines. An uncertain kind of service produced massively would be the operating systems for computers.
PRICE This is the figure of money that a consumer pays in exchange for a product. It can be determined by factors like, the share of the market, cost for materials, brand name or product identity, competition and the value that consumers expect of a product. Business entities add or reduce the products price incase it is available in other stores in the market.
PLACE place is the where or the location for purchasing a product. It can also be called a distribution channel. It can be a physical store or internets virtual stores. Research needs to be well carried out before determined the best sales terminal, for revenue to be maximized. Competitors should also be considered in coming up with the necessary sales point. The idea in marketing is increasing the sales revenue, so that the entitys profits can be maximized at the lowest cost possible.
PROMOTION this refers to the communications used by marketers at the market place. Promotion elements are advertising, mouth word, sale point and public relations. In a film promotion industry a particular quantity of crossover happens if promotion makes use of the four basic elements at the same time. Advertising refers to any paid communication, for example cinema commercials, internet adverts, print media, radio and the billboards. Public relations include cases of communication that are not paid for directly and can be in the form of press releases, exhibitions, deals of sponsorships, conferences, trade fairs and events or seminars. Word of mouth is the informal communication on a product through ordinary people, contended customers or persons purposely engaged in creating a mouth word momentum. Sales personnel also contribute to mouth words or public relations. Packaging should also be considered in any marketing mix. Marketing mix optimization is basically the marketing departments role in any organization.
Combination of the four Ps improves results and effectiveness of the marketing function. A small change made on a marketing mix is normally considered as a tactical change. Making of large changes on the four Ps may be referred to as strategic. For example, changing price from thirty nine dollars to fifty nine dollars can be referred to as a strategic change in the products position. But changing price from one hundred and ten dollars to one hundred and nine dollars point nine, nine (109.99) is a tactical change and may be considered a promotional offer. Marketing mix does however not indicate that four Ps elements can be options. They can not be trade offs, rather a basic marketing issue which should always be addressed. The four Ps are fundamental actions required by the marketing department if determined by default or explicitly. The marketing mix therefore provides a guide to marketers to ensure that as much output as possible is disposed in order to maximize the companys market value in the industry that it operates in, considering the other players.
PRODUCT This is a tangible or an intangible object or service, produced massively or manufactured in a huge scale in a given units volume. Intangible output or products are normally in the terms of service, for example the hotel and tourism industries. Product can also be code-based output like phone credits or loads. Common examples of tangible assets produced massively include vehicles or machines. An uncertain kind of service produced massively would be the operating systems for computers.
PRICE This is the figure of money that a consumer pays in exchange for a product. It can be determined by factors like, the share of the market, cost for materials, brand name or product identity, competition and the value that consumers expect of a product. Business entities add or reduce the products price incase it is available in other stores in the market.
PLACE place is the where or the location for purchasing a product. It can also be called a distribution channel. It can be a physical store or internets virtual stores. Research needs to be well carried out before determined the best sales terminal, for revenue to be maximized. Competitors should also be considered in coming up with the necessary sales point. The idea in marketing is increasing the sales revenue, so that the entitys profits can be maximized at the lowest cost possible.
PROMOTION this refers to the communications used by marketers at the market place. Promotion elements are advertising, mouth word, sale point and public relations. In a film promotion industry a particular quantity of crossover happens if promotion makes use of the four basic elements at the same time. Advertising refers to any paid communication, for example cinema commercials, internet adverts, print media, radio and the billboards. Public relations include cases of communication that are not paid for directly and can be in the form of press releases, exhibitions, deals of sponsorships, conferences, trade fairs and events or seminars. Word of mouth is the informal communication on a product through ordinary people, contended customers or persons purposely engaged in creating a mouth word momentum. Sales personnel also contribute to mouth words or public relations. Packaging should also be considered in any marketing mix. Marketing mix optimization is basically the marketing departments role in any organization.
Combination of the four Ps improves results and effectiveness of the marketing function. A small change made on a marketing mix is normally considered as a tactical change. Making of large changes on the four Ps may be referred to as strategic. For example, changing price from thirty nine dollars to fifty nine dollars can be referred to as a strategic change in the products position. But changing price from one hundred and ten dollars to one hundred and nine dollars point nine, nine (109.99) is a tactical change and may be considered a promotional offer. Marketing mix does however not indicate that four Ps elements can be options. They can not be trade offs, rather a basic marketing issue which should always be addressed. The four Ps are fundamental actions required by the marketing department if determined by default or explicitly. The marketing mix therefore provides a guide to marketers to ensure that as much output as possible is disposed in order to maximize the companys market value in the industry that it operates in, considering the other players.
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