COURSE: BACHELOR OF COMMERCE
UNIT NAME: MARKETING RESEARCH
UNIT CODE: HCB 2210
Critically discuss the research conducted on the marketing mix variables and evaluate the benefits of such information to marketing management. INTRODUCTION
The marketing mix and the 4 Ps of marketing are often used as synonyms for each other. In fact, they are not necessarily the same thing. Marketing mix is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4 Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy. According to W. J. Stanton, marketing mix is the term used to describe the combination of the four inputs which constitute the core of a company’s marketing system: the product, price, promotional activities and the distribution system. When conducting a research on the marketing mix variables, management is set on finding information relating to the demand and the preferences of the target market and focus their energy on meeting these preferences and satisfying their needs. Based on this, the information that the management looks for from the 4Ps includes: Product/Service
* What does the customer want from the product/service? What needs does it satisfy? * What features does it have to meet these needs?
* Are there any features you've missed out?
* Are you including costly features that the customer won't actually use? * How and where will the customer use it?
* What does it look like? How will customers experience it? * What size(s), color(s), and so on, should it be?
* What is it to be called?
* How is it branded?
* How is it differentiated versus your competitors?
* What is the most it can cost to provide, and...