In any marketing strategy marketing mix is a very important part. This marketing mix is simply a set of marketing elements introduced to a market within a time frame.
These elements are the product, the price of the product, the promotion of the product, and the distribution of the product.
Thus we have:
1. Product
—Variety
—Quality
—Brand name
—Packaging
2. Price
—Basic price
—Discounts
—Credit terms
3. Promotion
—Advertising
—Personal selling
—Sales promotion
—Publicity
4. Distribution
—Channels
—Sales force
—Coverage
—Transport
You can see right away that the marketing mix has its own place within a marketing strategy. The moment the market (customers, competitors, suppliers, middlemen, cost of operation, etc) is assessed and there emerged a strong desire to establish a presence in the particular market, marketing mix becomes central.
The question of timing is also very crucial to a particular market and therefore should be given its share of value. The element of time is a vital factor in assessing the particular market mix to be offered to a market. Any market situation can change drastically over a short period of time resulting in major price fluctuations. By using the marketing mix as a tactical tool in a marketing plan, it is possible to adapt speedily and profitably to changes in the market.
Thus the development of the marketing mix to meet conditions at a particular point or period in time is essentially a contingency approach to marketing management.
Any discussion about the marketing mix must begin with the product. The range of products offered by an organization is called the product mix. It is important that the range and quality of the product mix is frequently evaluated and amended.
In considering products, it is important to note that people generally want to acquire the benefits of the products, rather than its features.
If we agree that customers are buying the benefits of a product, then equally organizations are selling the benefits of that product. The selling effort is not just confined to the Promotion element in the marketing mix. It begins by being designed into the product itself. So, for example, the very existence of a product range is, in itself, a selling point for a product. The same consideration applies to other aspects of the product, such as quality, brand, packaging and after-sales service, where applicable.
If quality is designed into a product, the benefits can be long product life, absence of faults and subsequent breakdowns, reliability, increase in value and many others.
One important method used to sell benefits is branding. This means applying the organization's signature to its product by the use of special names, sign or symbols.
Packaging is also an important factor in the presentation of a product to the market. Packaging provides protection for the product, reinforces the brand image and the point-of-sale attraction to the buyer.
A product will typically pass through five major stages in its life: Introduction, Growth, Maturity, Saturation, and Decline.
These five stages constitute the product's life-cycle.
If product is the most important single element in the marketing mix, then price is usually next. Price is important because it is the only element of the mix which produces revenue; the others all represent costs.
Every product needs to be promoted, that is to say it needs to be drawn to the attention of the market, and its benefits clearly highlighted.
What remains now is to make the product accessible to the costumer. This calls for distribution. Methods of distribution need to be clearly built so as to maintain a stable supply and demand market force and reliability.
These elements are the product, the price of the product, the promotion of the product, and the distribution of the product.
Thus we have:
1. Product
—Variety
—Quality
—Brand name
—Packaging
2. Price
—Basic price
—Discounts
—Credit terms
3. Promotion
—Advertising
—Personal selling
—Sales promotion
—Publicity
4. Distribution
—Channels
—Sales force
—Coverage
—Transport
You can see right away that the marketing mix has its own place within a marketing strategy. The moment the market (customers, competitors, suppliers, middlemen, cost of operation, etc) is assessed and there emerged a strong desire to establish a presence in the particular market, marketing mix becomes central.
The question of timing is also very crucial to a particular market and therefore should be given its share of value. The element of time is a vital factor in assessing the particular market mix to be offered to a market. Any market situation can change drastically over a short period of time resulting in major price fluctuations. By using the marketing mix as a tactical tool in a marketing plan, it is possible to adapt speedily and profitably to changes in the market.
Thus the development of the marketing mix to meet conditions at a particular point or period in time is essentially a contingency approach to marketing management.
Any discussion about the marketing mix must begin with the product. The range of products offered by an organization is called the product mix. It is important that the range and quality of the product mix is frequently evaluated and amended.
In considering products, it is important to note that people generally want to acquire the benefits of the products, rather than its features.
If we agree that customers are buying the benefits of a product, then equally organizations are selling the benefits of that product. The selling effort is not just confined to the Promotion element in the marketing mix. It begins by being designed into the product itself. So, for example, the very existence of a product range is, in itself, a selling point for a product. The same consideration applies to other aspects of the product, such as quality, brand, packaging and after-sales service, where applicable.
If quality is designed into a product, the benefits can be long product life, absence of faults and subsequent breakdowns, reliability, increase in value and many others.
One important method used to sell benefits is branding. This means applying the organization's signature to its product by the use of special names, sign or symbols.
Packaging is also an important factor in the presentation of a product to the market. Packaging provides protection for the product, reinforces the brand image and the point-of-sale attraction to the buyer.
A product will typically pass through five major stages in its life: Introduction, Growth, Maturity, Saturation, and Decline.
These five stages constitute the product's life-cycle.
If product is the most important single element in the marketing mix, then price is usually next. Price is important because it is the only element of the mix which produces revenue; the others all represent costs.
Every product needs to be promoted, that is to say it needs to be drawn to the attention of the market, and its benefits clearly highlighted.
What remains now is to make the product accessible to the costumer. This calls for distribution. Methods of distribution need to be clearly built so as to maintain a stable supply and demand market force and reliability.
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